MilesBuzz! - 950 Free Miles Again from CurrencyToGo.com

July 1 marked the start of a new quarter, so it's time for everyone to get another 950 FF miles by charging $950 worth of traveller's checks to your mileage-yielding credit card at http://www.currencytogo.com

http://www.flyertalk.com/forum/Forum112/HTML/000035.html
http://www.flyertalk.com/forum/Forum1/HTML/004517-2.html

Free delivery in a couple of business days (make certain the shipping charge is zero before pressing that final button). No more than $1000 per calendar quarter, and you have less chance of problems if you limit it to $950. They also have foreign currency, although it may not be at very good rates.

This is the nicest public service that Chase Bank provides, and it is open to non-customers also http://www.flyertalk.com/forum/smile.gif

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Middle_Seat

Middle_Seat -- Not to rain on your parade, so to speak, but don't you think the exchange rates Chase uses are quite unfavorable?

For example:

Today's interbank exchange rate (used by credit card companies and banks when converting ATM withdrawals) is $ 1.4040 for U.K.£ 1.

Chase, however, uses the rate of $ 1.49659 for U.K.£ 1.

Let's say you buy $ 950 worth of U.K.£ through Chase's currencytogo.com. You'll receive about U.K.£ 635.

Now, if you were to use your ATM card in UK and withdraw U.K.£ 635, you'd be debited $ 891.50 plus $ 1 that your bank would charge for ATM use abroad (at least that's what my bank does), total of $ 892.50.

Granted, you'll get 950 FF miles, but at the cost of $ 57.50!

Discrepancies in exchange rates for more "exotic" currencies (e.g., South African Rand) are even larger.

Not a very good value, IMHO!

I believe Middle_seat is suggesting this only for the purchase of traveler checks in US currency

"They also have foreign currency, although it may not be at very good rates."

<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Eugene:
Middle_Seat -- Not to rain on your parade, so to speak, but don't you think the exchange rates Chase uses are quite unfavorable?</font>

I'm glad to see an analysis of this, as I also know qualitatively that the exchange rates were not very good.

I purchased a small amount of Canadian dollars (upcoming trip) and the balance as US$ traveller's checks. As soon as I receive them, I deposit them in my checking account. They are charged as purchases, not cash advances.

Another way to do this, $99 at a time, is to buy a $100 gift certificate at Home Depot and then use it to buy a $1 item with $99 cash back. The cashiers have looked at me funny, but never refused this.



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Middle_Seat

One question middle_seat, if you charge them on a non Chase credit card as an example using a citi credit card will this transaction be viewed as a purchase or a cash advance? I called chase and they said with a Chase card it is viewed as a Purchase, thus no interest, they were not sure how other banks view it.

Oh, I see, it was meant to refer just to the US$-denominated travelers cheques! Stupid me, sorry for misunderstanding...

<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Always Travel Ready:
One question middle_seat, if you charge them on a non Chase credit card as an example using a citi credit card will this transaction be viewed as a purchase or a cash advance? I called chase and they said with a Chase card it is viewed as a Purchase, thus no interest, they were not sure how other banks view it.</font>

Two months ago when I first did this, with my Citibank credit card, it charged as a purchase and I got the miles. I assume it still works that way.



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Middle_Seat

Thanks Middle_Seat this seems like a pretty easy way to earn 950 miles. Just curious, why not do it for the entire 1,000?

<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Always Travel Ready:
Just curious, why not do it for the entire 1,000?</font>

In those earlier threads was mention that some folks had inexplicable problems getting the system to accept their orders for $1000. Maybe the computer rounded them up to $1000.01 or something. So, the conventional wisdom became to settle for $950.



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Middle_Seat

I called CitiBank about charging travelers checks, and they treat them as cash advances with huge fees and interest from the date
of the transaction. No miles either.
Bummer http://www.flyertalk.com/forum/frown.gif

<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Georgia Peach:
I called CitiBank about charging travelers checks, and they treat them as cash advances with huge fees and interest from the date
of the transaction. No miles either.
Bummer http://www.flyertalk.com/forum/frown.gif</font>

I believe, and certainly hope, that this is different than what the CSR told you. This is a transaction with Chase Bank, using a Citibank (or other mile-earning) credit card. Cash advances are bummers, but I anticipate that this will continue to be a purchase.



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Middle_Seat

<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Georgia Peach:
I called CitiBank about charging travelers checks, and they treat them as cash advances with huge fees and interest from the date
of the transaction. No miles either.
Bummer http://www.flyertalk.com/forum/frown.gif</font>

Citibank treats the currencytogo as a purchase. Not a cash advance!!!! I know from experience!

Don't forget this famous thread so you know the warnings about to many purchases!!

http://www.flyertalk.com/forum/Forum1/HTML/001969.html



[This message has been edited by chix (edited 07-14-2001).]

Middle_Seat thanks for clearing up the computer glitch that allows you to order $950 in travelers checks from Chase but not the $1000 that they advertise. I could never figure out why their ads stated you could order $1000 worth,but when it came time to indicate your mailing preference, they only gave me the choice of going to my local Chase bank branch! I called and emailed their customer service people, who said, " they would look into it." Nothing has obviously been done. The key here- as you indicated- is to order $950 worth,not $1000. But why did you mention that " it's July,a new quarter" As Iunderstand Chase's rules,one could technically order every day until one "maxes" out on a credit card. Of course, It is probably prudent for all of us not to abuse the curreny to go deal. Having said that, this seeems like a particularly trouble free way to add miles to your favorite Visa card.

<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by JoeT:
Middle_Seat thanks for clearing up the computer glitch that allows you to order $950 in travelers checks from Chase but not the $1000 that they advertise.</font>

My idea that they have round-off errors is merely a guess.

<font face="Verdana, Arial, Helvetica, sans-serif" size="2">But why did you mention that " it's July,a new quarter" As Iunderstand Chase's rules,one could technically order every day until one "maxes" out on a credit card.</font>

For some reason, I recalled that you could do this only once a calendar quarter, and only up to $1000, and a minumum of $500 to avoid a shipping fee. I'd love to hear otherwise...I could enjoy being greedy http://www.flyertalk.com/forum/wink.gif

(edited to fix html error)
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Middle_Seat

[This message has been edited by Middle_Seat (edited 07-14-2001).]

Re the limitations, read the thread refenced a few posts above this one. I made 2 purchases last quarter, several weeks apart, and will be trying another in a few days. No problems yet.

I have been told by Chase that you are allowed 4 per year from "original purchase." For example, I ordered checks in November charged to my citibank card (came thru as purchase $950 US Travelers checks, a few English pounds for a trip) and order 3 more times. When I tried again, I was denied and called thinking you were allowed 4 per year. You are, but it isn't per calendar year. So...the order will just not show up. I then tried ordering for my husband, - also denied. They go by your address - doesn't matter on name or credit card. For those of you afraid of charges being cash advances (you don't have to worry about this one) reduce your cash advance limit to $10.00 I would never get cash this way anyway, and just in case some purchase would be treated this way, it would then be denied because you wouldn't have enought available as a cash advance.

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DtG

This offer doesn't work if your mileage-earning credit card is AMEX. The website says Chase only takes VISA and MC.
Bummer http://www.flyertalk.com/forum/frown.gif

Thank you for the tip. However, I just applied and at the end it said that my purchase would be paid for by debiting my account. I used a Citibank credit card. I cancelled because I was afraid it would be a debit and not a charge. Does it always say that but still charges your card?

Thank you.

<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by mpp798:
Thank you for the tip. However, I just applied and at the end it said that my purchase would be paid for by debiting my account. I used a Citibank credit card. I cancelled because I was afraid it would be a debit and not a charge. Does it always say that but still charges your card?

Thank you.</font>

Yes, don't worry, be happy!

I've ordered $950 twice now-May & July-no problem & both charged ok to my Visa.

First time I did this I charged to a non-Chase Visa card - had no problems and no addl charges whatsoever.

Second time I charged to my Chase Visa - it was billed as a cash advance with interest. The Chase cc CSR new nothing about it and it took 2 days speaking with both parties to get the fees reversed.

Figure that one out.

I thought it was time for a new batch of travelers checques from currencytogo.com since it's a new quarter. However, I was quite disappointed to see the following message on their website:

"Due to the World Trade Center disaster we are currently not able to accept Currency To Go orders. If you would like to purchase foreign currency or Travelers Cheques please call 1-888-CHASE-84 or visit one of our convenient branch locations in NY, NJ, CT or TX."
http://www.flyertalk.com/forum/frown.gif

It appears that there's no more free miles unless they let you order w/nosurcharge via the toll free number.

Due to the World Trade Center disaster we are currently not able to accept Currency To Go orders............

http://www.chase.com/chase/gx.cgi/FTcs?pagename=Chase/Href&urlname=personal/prodservs/currencytogo

I placed an order on September 10, needless to say the checks never arrived. I have spoken with Chase three times since then. The last time was today when I discovered that they had NOT credited my credit card, as promised after the attacks. In speaking with Chase today they told me that the Currency to Go division had been located in the World Trade Center http://www.flyertalk.com/forum/frown.gif They are planning on resuming operations when they are able to complete relocation of the division.