I have a 360 that i made a gamertag for my nephew on and got a free month of gold for it. Then i made another account for my brother and his gamertag also got a free month even though i used the same credit card and info on both gamertags. So i guess itll work more than once. I dont know about unlimited though.
After you have created 3 the 4th will be Silver by default. However, if you have created 3 and delete one before you make a new one, that new one will also once again be a Gold membership account. I've done it loads of times this way.
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