wise2u

Coins are still a cheaper method, you can order up to $3000 per month. Wal mart will accept them for money orders and charge you less than $1 for it.
If your going to mention the story about the cops getting called on someone doing this at walmart, tell the whole story, the simple minded manager thought they might be counterfeit and after the cops checked it out, they told the purchaser "no problem, have a nice day"
I just started with the coins and have been looking for a way to pay mortgage payments and earn points...this seems like the easiest, cheapest way.
This service is good for people who need to build credit and have rent reported and improve their credit. The cost is too much for people who already have credit, are looking for points or trying to get over a spending requirement to gain welcome points. Coins are a much better option.

$1000 in coins weighs about as much as a heavy bag of groceries, if it's too much for you lightweights, put them in a piece of carryon luggage with wheels.

BobRoss

Sure, you carry $3,000 in coins on the NYC subway and tell me how that works out for ya

QL_714

..then don't. Others will see a need for it and will. To each his own.

sbm12

Been there, done that. Really not that big a deal, especially considering the plethora of bank branch locations all over the city.

Paying the $50 fee may seem like a good idea but you are willfully overpaying for the miles. If it is to hit a threshold bonus or something it might be worth it in a very limited manner but generally speaking you're still coming out on the losing end of the deal.

Do you really want to pay $2,500 for 100,000 miles? If you answered yes then you are the CC companies' dream come true.

BobRoss

I agree, for raw miles earnings it's a bad deal. I'm not really interested in the miles themselves, but getting the 15,000MQM (or 15+15,000MQM if I hit $60K) via the DL AMEX.

Now, they don't accept AMEX so this is all just thought-stuff, but:

($60 per mo + $2,400/rent) * 12 = 29,520mi @ 2.44 CPM ($720/year fee).

Pretty terrible, I agree.

It is about another $30,000 in spend thus with this particular AMEX you get another 15,000 MQM and 15,000 mi. ~45,000 mi @ ~1.6 cpm, which is definitely a little on the high side but doesn't seem terrible to me. The 15,000 MQM for $720 is a bit better, though, especially if it bumps you up over to PM or DM and you take some nice choice bennies.

The coin thing is absolutely a great way to do it, you just have to buy $3,000 worth of coins every month (not to mention whatever ethical cost you may attach to it). Then you have to collect them (somewhere you can sign for the package). Then you have to lug them to your bank and deposit them. Finally, you take that and pay off your CC. This isn't "free" in the sense of opportunity cost (then again, neither is the 2% fee), so yeah, it's definitely a better CPM but it's not sufficient to compare $0 cost vs 2.25% (or whatever it is).

With the CC method, you sit at home, do a click or two, and are done. No dealing with the bank or the mint. No carrying $3,000 worth of uninsured coinage through NYC mass transit (which bears some risk, however small). And, occasionally the mint has an IROP and you have to deal with service recovery.

broadwayblue

But the truth is to some people $2,500 is not a bad price to pay for 100,000 miles. I mean that's half the cost of an international business class ticket. Granted, you have to deal with award availability and such. But not everyone wants to jump through hoops buying and cashing in hundreds of pounds of coins or redeeming travelers checks to get the cheapest possible miles.

BobRoss

Of course, you can probably get 15,000 for better than 4.8cpm on flights, but the nice thing is you don't have to leave your house.

williampaid

Trust me, we hear you guys loud and clear. If we can find a way for FTers to get the miles for something they have to pay each month, while not incurring more costs than purchasing miles directly from the airlines, then our service may be of benefit to you. Also, we understand the desire to accept Amex, but they're a whole different ball game.

We have had our marketing team do a little research on our end with regard to the airline's fees for purchasing miles. Not that you don't know this, but there is a cost per mile or % cost of total miles purchased, plus a transaction fee, plus up to a 7.5% tax. Now, some airlines charge less per mile the more miles you purchase at once, etc. Without knowing what "special deals" the airlines have for their preferred members, this seems to be pretty consistent among the major carriers.

When developing WilliamPaid.com, we partnered with the world's largest credit card processor and spent a tremendous amount of time with them creating this product. While we may not be able to solve "your" particular desires today, other than using what we have, it doesn't mean that there isn't a discussion to be had with our processor that this market exists, and, collectively, try to come up with a solution.

Like I said, your comments and feedback have been great, and I think you understand our business. I can't really say I understand the whole "coins" deal, but I trust you guys do!

We're on it.

Thanks,

Jeff Golding

cordelli

Jeff,

I'll explain (try) the coin deals in as few words as possible.

The mint will "sell" dollar coins to the public, without any fees, and with free shipping. They need to get them in circulation

People buy the coins, up to the max allowed by the mint every ten days, because there's no fee, and they get miles from the deal.

UPS or whoever drops off boxes of dollar coins on people's front door.

Those people need to spend those coins so they can pay their credit card bill and do it all over again.

The mint doesn't want you just taking the coins and depositing them, but you check out the very long thread about it, you will see there's no mint police.

If you have a way to dispose of thousands of dollar coins on a regular basis, you can rack up lots of miles without any fees.

The full thread is here - http://www.flyertalk.com/forum/miles...-shipping.html

Vacation time

Is there anyway we can pay some student loans off using this service if not is this on your horizon ???

matt860

Jeff, thanks for being so responsive. It appears there are a number of people who are even willing to pay the 2.45% extra, because your service is really unique. But any additional help you can offer will get more of us interested.

saaru

From a purely miles earning perspective this is a fairly expensive way to earn miles. A good way would be to just use your card to pay taxes online @ a cost of $1.95 for every hundred vs $2.45 for WilliamPaid

Hi5z

I have questions regards to the pay taxes and I have yet gotten a solid answer from any posts.

1. Is there a maximum amount on how much you can over-pay your taxes?

2. Considering pay1040.com currently offers AMEX discount, if you pay more than $100,000 on your state tax, the convenient fee will be reduced from 2.35% to 2.10% which is close to the 1.95% payusatax.com offers. Unfortunately the latter does not accept AMEX. Question is, is it certain overpaying taxes won't raise red flag in IRS?

3. If you over-paid your taxes, do you have to call IRS to request a refund? or IRS will automatically mail to you in couple weeks? or do you have to wait until you file your tax return in order to claim the refund?

whizbee

The fees make it pointless to charge it to my CC for the miles. I saw this site a couple months earlier... couldn't see anything about the fee structure until after I signed up.

williampaid

Got it. Thanks, Mike.

Jeff Golding