I used it on 3 pre orders once I figured out I could do it. I think it only works on new pre-orders, not stuff already ordered. I too got the Meredith Duran on pre-order yesterday. I had to calculate though the amount since for pre-orders it doesn't deduct it from the amount shown on the settlement page, but it did show it taken out of that money on the open orders page. There it showed I only paid for tax. So I have $3.60 left after calculating the pre-orders and then I am done.
This was fun, I wanna do it again.