These recent posts make me sad. So many people with no regard for the value of keeping this deal alive for longer periods of time simply out of their own greed. Obviously most of you have never had a good deal shut down on you before. Check out the AMEX traveler cheque thread for evidence of a GREAT deal shut down most likely by abusers such as yourselves. I know you won't change your ways and that makes me sad. Especially the part about you all TELLING the banks why you are doing this! *shakes head and leaves thread*
Location: San Diego, CA , 3 MM AA Platinum, Hilton Diamond, Starwood Gold
Posts: 276
Greed has nothing to do with it- fair and honest and openness does.
You would suggest that someone lies or is not open or truthful about where the money came from? Shame on you - sure sounds more like greed to me. Being less than honest to perpetuate a program for your benefit and telling others to do the same?
I have no idea why you would think that telling your banker why you are doing this (and offering to tell them how they can do it too) puts the program at risk. Completely different scenario than buying TC's and unfair to compare the two situations.
My success comes from building relationships and I will continue to recommend that one is open and honest and works with their financial institution instead of conspiring against it or demanding that they accept your business.
I learned about this program through Flyertalk and wanted to pay forward to other program newbies the results of my experiences. I thought this forum was comprised of point/miles enthusiasts who would enjoy learning of other's successes.
I travel the world most often in first class as a result of my point/mileage building and I earn between 25 and 30,000 miles per month with little travel or hotel stays (since my business travel has been curtailed much in the past year) and almost no out of pocket expense (and Mint purchases are only a fraction of my earnings.) I am thrilled to teach anyone who wants to do the same how I have learned to do it. I guess this thread isn't the place to do it.
Sorry that some of you are offended or upset by my posts.
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AA Lifetime Platinum, Hilton Diamond, Starwood Gold
You're wrong, it's EXACTLY the same as the traveler cheque deal. Both are used to earn excessive miles/points for buying cash or cash equivalents. And you REALLY can't see how alerting the bank managers to this deal could kill it for everyone? Really?? *boggles my mind*
(ps. bragging about how rich you are doesn't help your case in any way)
1. It's well established that banks are PISSED OFF when people bring in huge amounts of (obviously brand new) coins for deposit.
2. It costs them money to ship the coins to the Fed. reserve.
3. Banks want to know the reason for the increase in costs
4. Tellers tell managers that Mr. Rich pants comes in every week to deposit $10K in coins he bought for credit card rewards points.
5. Managers tell managers who tell managers who complain to the U.S. MINT.
6. U.S. MINT stops allowing credit card purchases.
Another variant: AMEX notices a sudden uptick in costs associated with unusually large Starpoint awards. AMEX notices that awards are being given out because people are buying large amounts of cash equivalents/cash using their rewards cards. AMEX decides to either: 1. be nasty and start charging cash advance fees as per their terms and conditions or 2. be nicer and just stop awarding points for cash equivalent purchases as they did in the case of traveler cheques.
Easy enough to understand yet? (lots of deal newbs on this site)
Every one of these loopholes seem to go through the same phases before it dies abruptly.
With all of the recent comments, we've finally reached the 4th stage.
Disbelief - Can this really work? There must be some mistake.
Elation - It really works! I can finally take that dream vacation.
Irrational Exuberance - I found something too good to be true. I have to tell someone.
Denial - It can never end. I'll chit-chat with the [airline / bank / credit card rep / customer service / fill-in here]. Boy will they be impressed and happy I'm helping promote their program.
1. It's well established that banks are PISSED OFF when people bring in huge amounts of (obviously brand new) coins for deposit.
2. It costs them money to ship the coins to the Fed. reserve.
3. Banks want to know the reason for the increase in costs
4. Tellers tell managers that Mr. Rich pants comes in every week to deposit $10K in coins he bought for credit card rewards points.
5. Managers tell managers who tell managers who complain to the U.S. MINT.
6. U.S. MINT stops allowing credit card purchases.
Your faulty links are #5 and #6. Even if #5 did happen (unlikely), #6 is laughable. The Mint does not care one bit what banks think about this.
Quote:
Originally Posted by jlgrandam
Another variant: AMEX notices a sudden uptick in costs associated with unusually large Starpoint awards. AMEX notices that awards are being given out because people are buying large amounts of cash equivalents/cash using their rewards cards. AMEX decides to either: 1. be nasty and start charging cash advance fees as per their terms and conditions or 2. be nicer and just stop awarding points for cash equivalent purchases as they did in the case of traveler cheques.
The Mint's merchant fees in this case are easily covering AMEX's costs of buying SPG points. AMEX has no interest in killing this deal.
Why don't you elaborate on this? Because I don't see it either.
heres 1 example, when I use a Bank in order to have the deposit go against what I owe for my CC, since I dont have an acct with that Bank except for my CC. Its to the coin machine well 1 week I dropped $750 the next week after $475 it stopped and the teller had to come over remove the $1 coin bag and replace it.
By the time he was done there was a nice line that formed that the other teller was dealing with by herself. When I finished my $1000 into the machine and gave him the receipt, he wasnt too thrilled how I caused them to get overburdened and wanted to know why dont I open an acct and where the Coins came from. Told him someone owed me some money and offered me the Coins as payment , what should I have done said no I want 100s. He said , dont blame you but hope this doesnt become a reg occurance that will tie us up.
IMO if a Bank isnt overwhelmed no problem, once a person starts to cause them hassles, then they simply just might look to get it stopped.
Im not saying anything is illegally done or Im in the Right and the Bank should accept whatever it is , however it is I give it to them.
I just want to stay below the radar and not call attention to myself. So yes if I was the Teller and it was explained to me and I didnt want that person coming back every so often and causing me all this extra work, Id call the Mint and explain what I was told about the Sceme, hoping that it would put an end to the Coin deposits and all the extra work it was causing me and extra costs to the Bank.
Its not a question if a person is Legally allowed to do But rather how can I stop it as its causing so much more work to be done.
Your faulty links are #5 and #6. Even if #5 did happen (unlikely), #6 is laughable. The Mint does not care one bit what banks think about this.
Glad to see you back this up with facts...
I will agree that the Mint is making money on this deal but the banks are LOSING money on this deal. Guess who has more sway over the US Govt??
Quote:
The Mint's merchant fees in this case are easily covering AMEX's costs of buying SPG points. AMEX has no interest in killing this deal.
This I'd really like to see your facts. Why then doesn't AMEX allow the purchase of ALL cash equivalents (poker chips, traveler cheques, gift cards, etc) earn points????
1. It's well established that banks are PISSED OFF when people bring in huge amounts of (obviously brand new) coins for deposit.
2. It costs them money to ship the coins to the Fed. reserve.
3. Banks want to know the reason for the increase in costs
4. Tellers tell managers that Mr. Rich pants comes in every week to deposit $10K in coins he bought for credit card rewards points.
5. Managers tell managers who tell managers who complain to the U.S. MINT. Really?
6. U.S. MINT stops allowing credit card purchases. Really?
Another variant: AMEX notices a sudden uptick in costs associated with unusually large Starpoint awards. AMEX notices that awards are being given out because people are buying large amounts of cash equivalents/cash using their rewards cards. Not so. The US Mint sells coins, dies, medals, coin sets, etc. The US Mint does NOT "report" to AMEX, "Hey, this purchase is ultimately a cash equivalence." AMEX decides to either: 1. be nasty and start charging cash advance fees as per their terms and conditions or 2. be nicer and just stop awarding points for cash equivalent purchases as they did in the case of traveler cheques.
Easy enough to understand yet? (lots of deal newbs on this site)
for over a year now. It has been occuring across the entire nation. AND I HAVE SEEN NO INDICATION OF THE MINT OR AMEX DOING ANYTHING TO SHUT IT DOWN.
Please retire to a neutral corner and cry about something else.
__________________
Just because I may look stupid does not mean I am not.
heres 1 example, when I use a Bank in order to have the deposit go against what I owe for my CC, since I dont have an acct with that Bank except for my CC. Its to the coin machine well 1 week I dropped $750 the next week after $475 it stopped and the teller had to come over remove the $1 coin bag and replace it.
By the time he was done there was a nice line that formed that the other teller was dealing with by herself. When I finished my $1000 into the machine and gave him the receipt, he wasnt too thrilled how I caused them to get overburdened and wanted to know why dont I open an acct and where the Coins came from. Told him someone owed me some money and offered me the Coins as payment , what should I have done said no I want 100s. He said , dont blame you but hope this doesnt become a reg occurance that will tie us up.
IMO if a Bank isnt overwhelmed no problem, once a person starts to cause them hassles, then they simply just might look to get it stopped.
Im not saying anything is illegally done or Im in the Right and the Bank should accept whatever it is , however it is I give it to them.
I just want to stay below the radar and not call attention to myself. So yes if I was the Teller and it was explained to me and I didnt want that person coming back every so often and causing me all this extra work, Id call the Mint and explain what I was told about the Sceme, hoping that it would put an end to the Coin deposits and all the extra work it was causing me and extra costs to the Bank.
Its not a question if a person is Legally allowed to do But rather how can I stop it as its causing so much more work to be done.
Nice to see you craz, a veteran of the traveler cheque deal and someone who knows the value in finesse when it comes to these types of schemes. Won't be long now before this gets shut down as it has reached critical mass just like the traveler cheques did and the savings bond scheme before that and the Commerce gift card scheme before that....
for over a year now. It has been occuring across the entire nation. AND I HAVE SEEN NO INDICATION OF THE MINT OR AMEX DOING ANYTHING TO SHUT IT DOWN.
Please retire to a neutral corner and cry about something else.
Funny I remember the exact same things being said the Amex Travelers Checks and even the Savings Bonds purchases of yrs ago, the Gift cards which I didnt do, and yep once everyone started explaining it all (Boastfully to get a pat on the back for thinking up such a sceme, and to justify it to the person) Well need I say more then anyone can read about them in the archives on FT
keep it up and this too will join them very quickly
It's funny (sad) that in a lot of ways, the responses here are typical of the American stereotype (truth) that we Americans just consume as much and as fast as we can with total disregard to the consequences of our actions or long term plans. (Whoaa! /Neo)
