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Buy Presidential Dollar Coins with CC @ Face Value, Free Shipping

Buy Presidential Dollar Coins with CC @ Face Value, Free Shipping

Old Dec 10, 09, 4:16 am
  #6706  
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The dollar coin deal has made www.instapundit.com , probably the leading center-right blog in the world:

"ARBITRAGE: Airmile hackers use mileage credit-cards to buy $1 coins that they use to pay the CC bills. “Airmile hackers figured out that they could buy dollar coins (free shipping!) from the US Mint, using credit cards that gave them airmiles for purchases. Then they took the dollar coins straight to the bank and deposited them, paying off the credit card bills before any interest was incurred. The only cost was gas for the bank-runs.” Never underestimate humans’ ability to game the system . . . ."

2 pm December 9. Links to here:

http://www.boingboing.net/2009/12/08...ckers-use.html
toomanybooks is offline  
Old Dec 10, 09, 8:33 am
  #6707  
 
Join Date: May 2002
Location: SAT
Posts: 371
And now, the rest of the story (FWIW)

Well,

on 11/05 I ordered $500 worth of TJ coins on each of three CC.
Each order was to the same name and the same address.

All three orders were shipped on 12/08.
All three orders entered as PURCHASES on the following cards:
CITI/HHonors Card; DL AMEX; and SPG AMEX.

Hope that 2010 is as prosperous [although I doubt that will occur].
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Old Dec 10, 09, 8:57 am
  #6708  
 
Join Date: Oct 2009
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Time to quietly return to assisting our government

Thanks for informing folks of the proper way to stop any bank attempt to generate cash advance fees.

Citizens using a legitimate and legal process to assist the government in circulating new coins and to recapitalize the banking system have certainly been maligned.

Perhaps if the good folks here would stop wasting time boasting, displaying photos, and providing unnecessary details, we all could quietly return to work assisting our government to create jobs and circulate money to help the country pull out of a deep recession?


Originally Posted by Euroflyer View Post
I like the new little boxes without trays.

Time will tell, but my cash advance card limits are untouched while pending charges show even $500 increments.

FYI: When I called in, a Mint representative said it was too late to cancel a partial or full order once it had started being prepared for shipment, but if I really wanted to cancel an order I could simply refuse to accept the shipment when it is delivered. So, if your credit card is being hit for a cash advance, I guess you can tell the UPS guy to send it back and hope it all works out OK for you.

I don't see the reason for all this fuss. The Mint introduces a program, we follow the program & don't return any of the ordered product or try to claim fraudulent missing shipments, and people complain when the program is a roaring success?! The credit card companies are obviously making a profit or they wouldn't accept Mint charges. UPS makes a profit (minus the hernia bills for their staff!). The banks decide for themselves whether they want to accept the coins and charge whatever fees we're willing to pay or simply refuse them outright. What's the problem? Somebody getting something for nothing from the government?! Do the words "government bailout" and "stimulus money" ring a bell?! I'm not asking Obama to loan me a few billion. I just wish he'd get the Treasury to sell me some more savings bonds on my credit card so I can stop carrying all those damn coins!!
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Old Dec 10, 09, 9:09 am
  #6709  
 
Join Date: Sep 2009
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Originally Posted by travis bickle View Post
Well,

on 11/05 I ordered $500 worth of TJ coins on each of three CC.
Each order was to the same name and the same address.

All three orders were shipped on 12/08.
All three orders entered as PURCHASES on the following cards:
CITI/HHonors Card; DL AMEX; and SPG AMEX.

Hope that 2010 is as prosperous [although I doubt that will occur].
Are you able to tell if the purchase was coded as a cash-equivalent? Previously my Mint transactions on my AMEX cards (HH / SPG) have been listed as "Other - Government Services"

I have presidents arriving this morning, I'll update how they post on my Schwab card when i see the transaction.
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Old Dec 10, 09, 10:24 am
  #6710  
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Originally Posted by AlohaDaveKennedy View Post
Perhaps if the good folks here would stop wasting time boasting, displaying photos, and providing unnecessary details,
Perhaps the other good folks could refrain from repetitive posts chiding others for what they are free to do.
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Old Dec 10, 09, 10:30 am
  #6711  
 
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Originally Posted by dayone View Post
Perhaps the other good folks could refrain from repetitive posts chiding others for what they are free to do.
+1.
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Old Dec 10, 09, 12:34 pm
  #6712  
 
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Originally Posted by dayone
Perhaps the other good folks could refrain from repetitive posts chiding others for what they are free to do.

Originally Posted by WBurcham View Post
+1.
-1
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Old Dec 10, 09, 1:53 pm
  #6713  
 
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newly arrived presidents are showing up as eligible transactions for cash back rewards on my CC.
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Old Dec 10, 09, 2:10 pm
  #6714  
 
Join Date: Jul 2008
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MY credit cards will not set my cash advance limit to $0

Been trying to get my two primary CCs to set my cash advance limit to $0 and neither will do it. They say the cash advance limit is a percentage of available credit limit.

Any ideas on how to get 'em to comply with my request????
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Old Dec 10, 09, 2:13 pm
  #6715  
bdd
 
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I contacted HSBC Premier World MasterCard today and they refused to lower my cash limit (which is the same as my credit/purchase limit).
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Old Dec 10, 09, 3:07 pm
  #6716  
 
Join Date: Jan 2008
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When I got my new BA/Chase credit card I called and asked them to set my cash advance to o.They said " no " however they told me only a pin based transaction could be a cash advance.So if you don't ever use a pin you will never have a cash advance.I don't know if this is true with all credit cards.just Chase.
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Old Dec 10, 09, 3:39 pm
  #6717  
 
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Is there some pressing reason why you want to do this? The only thing I could think of would be that you have issued additional cards to other people whom you do not fully trust. As jkoenig51 suggests, if you never use a PIN with your CCs, the chances of a thief being able to extract a cash advance from your card is pretty slim.

I see two advantages to having high cash advance limits:

1. It serves as an unofficial montior of your credit status with the card issuer. Some accounts, as yours might be, are simply a fixed portion of your limit, while others fluctuate and go as high as the full charge limit. You can sometimes see how well you are esteemed by your card issuer if the cash limit goes up or down. Of course, in the current economy with card issuers yanking credit across the board, this is less of a useful tool.

2. The Get-The-Hell-Out-of-Dodge Plan. There is something reassuring about having a lot of cash advance capability from my cards, just in case I find a dead stripper in my bathroom, I foul-hook a few bricks of cocaine while trolling, or some other life-altering emergency that you have but a few hours to flee.
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Old Dec 10, 09, 3:47 pm
  #6718  
 
Join Date: Mar 2006
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You need to use a PIN, use one of the CC company's "checks", or show up personally at a bank to get a cash advance. What reason would you want to set it to zero? Just don't use it.
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Old Dec 10, 09, 4:43 pm
  #6719  
 
Join Date: Dec 2009
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Hi guys, Just logged on to US Mint site, where they have the following caveat posted when you click on any of the Presidential dollar direct-ship coins:

"The purchase of $1 coins under the Circulating $1 Coin Direct Ship Program is a cash equivalent or cash-like transaction. Ordinarily, such purchases are not eligible for credit card rewards, cash-back, cash rebate, and similar programs. Check with your card issuer for its terms and conditions."

So I called Amex (Delta Skymiles) and they confirmed this transaction would be like a cash advance so no mileage or purchase credit.

But you guys in this forum seem to have been doing this with such success, even as recently as this morning, so I was wondering whether this caveat on the US Mint site is new. Has anyone else seen that before? Or do they just post that to scare people off and it's really fine??
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Old Dec 10, 09, 4:51 pm
  #6720  
 
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Originally Posted by Paminablue View Post
Hi guys, Just logged on to US Mint site, where they have the following caveat posted when you click on any of the Presidential dollar direct-ship coins:

"The purchase of $1 coins under the Circulating $1 Coin Direct Ship Program is a cash equivalent or cash-like transaction. Ordinarily, such purchases are not eligible for credit card rewards, cash-back, cash rebate, and similar programs. Check with your card issuer for its terms and conditions."

So I called Amex (Delta Skymiles) and they confirmed this transaction would be like a cash advance so no mileage or purchase credit.

But you guys in this forum seem to have been doing this with such success, even as recently as this morning, so I was wondering whether this caveat on the US Mint site is new. Has anyone else seen that before? Or do they just post that to scare people off and it's really fine??

ATTENTION ALL NEWBIES!!!!!

PLEASE READ THE THREAD THROUGH BEFORE CALLING ANY CREDIT CARD COMPANIES OR POSTING THIS STUFF HERE.

YOU MIGHT BE SURPRISED TO SEE THAT MANY OF YOUR QUESTIONS HAVE ANSWERS SO YOU DONT NEED TO CALL THE CC COMPANIES.

DONT MEAN TO BE AN A** BUT THIS IS GETTING RIDICULOUS

Thx
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