jamesteroh

Too bad everyone didn't share our logic on this. If they did there would be a lot fewer bankruptcies, but then the credit card companies would also be making a lot less.

jamesteroh

I use my Hilton Am Ex card for my larger coin purchases, mainly due to the fact that I value hilton points at over 1 penny each and get 3 points for each dollar charged so that is over a 3.5% return. I also can get diamond status very easilly if for some reason my stays are down in just a couple months of spending on that card and using my delta Am Ex you can easilly get a 20 to 30K mileage MQM boost on each depending on the type.

I haven't had any problems with Am Ex, but I put through a large amount of business purchases on the card as well and pay the card off in full at least weekly (everytime I get a reimbursement check or make a mint deposit I go online and pay the card off in full so I don't come close to maxing the card out at month end).

If I was making only mint purchases or only paying the card once a month (therefore getting me very close to maxing out), I am sure I could run into problems with them as well.

AlohaDaveKennedy

Don't be so sure. In my case the mint was not the only purchase and my cards were always paid off early. Unless you are Clark Rockerfeller and use the social security number of another murderer to get your credit with AMEX, you might run into The Spanish Inquisition. "Clark" apparently was good with the cardinals which says something about the quality of membership in the AMEX Country Club. Clark's AMEXworthiness was documented in the WSJ Magazine.

mikeef

Of course, if nobody carried balances (most recent stats I've seen are that about 50% do), rewards programs would suffer big-time.

If people are going to be stupid, I'm happy to be the beneficiary.

Mike

jamesteroh

Hopefully I don't run into the issue of a FR with Am Ex. If I do that may be enough for me to close my account. I think it's pretty foolish on the part of Am Ex to p*ss off good customers who make them a lto in transaction fees.

Our relationship banker from our one company bank was saying in the credit card industry that people that pay their bills in full are also considered deadbeats because they aren't making anything in interest. Seems that a creditor would be better of having a customer pay in full and making the transaction fee revenue off of them thyan having a customer that doesn't pay their bill at all.

QL_714

Amex does not consider someone who makes Mint purchases a good costumer.

thegasguru

In my case, I'll have several dozen transactions in a month on my Amex, only 2 or 3 of which will be Mint purchases. Does anybody know if that makes me less vulnerable to a FR?

jamesteroh

If AMEX has such a problem with it, they should just stop offering rewards on those purchases. On my hilton card, I can easilly charge $20 to $40K in non mint purchases for business expenses.

Tronic

Just called my bank (a credit union) and asked about depositing the coins and they said they must be unrolled and that if deposited via a teller it would be a 5% fee but if I was willing to use the coin counter it would be 1% which doesn't seem like much but its basically like paying $500 for a reward ticket that costs 50k miles so that's out.

I'm gonna call around and see but which chain do you guys think I'll have the best luck with? Yes, I know that they've all been talked about in this thread individually but after reading the last 100 pages it's just the same thing repeated.

These are the national chains I have in my area:
Wells Fargo
Capital One
Comerica
BofA
Chase
Citibank
BBVA Compass
+ a handful of regional/state banks

I know it varies by branch but who should I try first for overall acceptance?

elkhornne

Never had a problem with Wells Fargo. YMMV

GoingAway

Do us a favor and just go create a secondary account and deposit the coins as if it is business as usual. Calling in advance does nothing except tell them you are up to something, unless you are going to be a huge coin player which in that case it should be a business account. They will tell you if there is an issue, and you deal with it then by changing banks or branches.

jamesteroh

If the purchases to the mint are only for $1k and are on the same am ex card, you should be fine if some of the other transactions are for larger items. If you are making 3 $10K a month purchases to the mint and the other transactions are things like $2 charges at starbucks, you run a bigger risk of a FR.

I have a few different credit cards I use for my hilton and delta am ex purchases, and I try to put other charges on the cards issued in my family members names such as for online purchases and places where you swipe the card yourself like grocery stores to avoid having only mint purchases on those card numbers as well.

QL_714

What they could do is code it as a cash advance.

jamesteroh

Not sure if they could legally get away with it. The US Mint is not a bank. You are making a purchase with the card, just happens that purchase is a box of coins. It's like going into a coin shop and purchasing coins, they aren't going to treat that as a cash advance.

I am surprised some credit card issuers haven't tried that. Problem is they are making a pretty penny in transaciton fees and the card holders will just go to the competitions card.

GoingAway

Some have and they can as there is usually cash equivalent terminology in the t&c of the cc which they can leverage here