Go Back  FlyerTalk Forums > Miles&Points > Credit, Debit and Prepaid Card Programs > Manufactured Spending
Reload this Page >

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

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

Old Dec 10, 09, 9:46 pm
  #6751  
 
Join Date: May 2002
Location: SAT
Posts: 371
Each of the CC

Originally Posted by benmaller View Post
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.
accounts I referenced say "US MINT SALE".
Each of the CC accounts I referenced have "CASH ADVANCE $0.00""

I do not know how to make it any plainer.

Remember, 50% of the people you meet are below average.
travis bickle is offline  
Old Dec 10, 09, 10:05 pm
  #6752  
 
Join Date: May 2009
Location: USA
Programs: UAL 1MM, Marriott Plat, Hyatt Globalist, AA 3MM
Posts: 828
Originally Posted by travis bickle View Post
accounts I referenced say "US MINT SALE".
Each of the CC accounts I referenced have "CASH ADVANCE $0.00""

I do not know how to make it any plainer.

Remember, 50% of the people you meet are below average.
What appears to be not understood by members of this forum is that ALL cash equivalent purchases will appear on the statement as a purchase.

Cash Advances are transactions which usally occur "inside" a branch and will post as a CASH ADVANCE. Your cash advance is usually 25% of our total available credit line. YMMV.

A cash equivelant is a "purchase" that does not incur immeadiate transaction fee of 3% and immeadiate interest calculations. Cash equivelant is defined as cash, coin, gift cards, money orders, travelers checks, gold, bonds, etc.

Just because a cash equivelant transaction appears on the statement as a purchase does not immeadiately indicate that the transaction will earn miles and/or reward points. The true test is when the data is transmitted to the airline mileage program or points progam and the miles or points actually post to your account.

Last edited by mrpickles; Dec 10, 09 at 11:11 pm Reason: corrections as noted by Happy
mrpickles is offline  
Old Dec 10, 09, 10:11 pm
  #6753  
 
Join Date: Sep 2009
Location: Austin TX
Programs: HH Dia, Hyatt Plat
Posts: 442
Originally Posted by travis bickle View Post
accounts I referenced say "US MINT SALE".
Each of the CC accounts I referenced have "CASH ADVANCE $0.00""

I do not know how to make it any plainer.

Remember, 50% of the people you meet are below average.
I should have described my question better. My coin transactions also list as US MINT SALE, however (at least in my AMEX accounts) you can expand the transaction and it give more detail on the transaction, i.e reference number, merchant address, phone, number, etc. One of the things it lists is a category. My question what does it show as the category? Something like "Government Services" vs "cash equivalent". Sorry for the confusion.
benmaller is offline  
Old Dec 10, 09, 10:21 pm
  #6754  
FlyerTalk Evangelist
 
Join Date: Nov 1999
Posts: 23,201
Originally Posted by mrpickles View Post
What appears to be not understood by members of this forum is that ALL cash equivalent purchases will appear on the statement as a purchase.

Cash Advances are transactions which usally occur "inside" a branch and will post as a CASH ADVANCE. Your cash advance is usually 25% of our total available credit line. YMMV.

A cash equivelant is a "purchase" that is similar to a cash advance but incur immeadiate transaction fee of 3% and immeadiate interest calculations. Cash equivelant is defined as cash, coin, gift cards, money orders, travelers checks, gold, bonds, etc.

Just because a cash equivelant transaction appears on the statement as a purchase does not immeadiately indicate that the transaction will earn miles and/or reward points. The true test is when the data is transmitted to the airline mileage program or points progam and the miles or points actually post to your account.

Becareful when you change your cash advance limits to ZERO, because CitiBank has informed me that once you do this you can never get it raised back up if you need it. Luckily this does not apply to me.
Chase yrs ago didnt charge any % at all when using the BA CC to puchase Savings Bonds ( this goose was killed too), anyway it went thru as a Purchase but due to how they coded it you ended up not getting any Miles.

So its possible that a charge can go thru as a Purchase and yet still no Miles or pts be had, and no extra fees ,% or anything will be assessed.

IMO its still very much a YMMV issue
craz is offline  
Old Dec 10, 09, 10:26 pm
  #6755  
 
Join Date: Jul 2009
Posts: 344
Originally Posted by mrpickles View Post
Becareful when you change your cash advance limits to ZERO, because CitiBank has informed me that once you do this you can never get it raised back up if you need it. Luckily this does not apply to me.
When I lowered mine (over secure message not CSR), Citi noted that I would not be able to raise my limit for 6 months. And this had no effect on churning AAdvantage cards, which they handed out credit 2x the limit on the -0- cash advance card
Aitchly is offline  
Old Dec 10, 09, 10:29 pm
  #6756  
 
Join Date: Jan 2006
Location: NYC
Programs: AA Gold, TSA Disparager Gold
Posts: 1,393
Originally Posted by travis bickle View Post

Remember, 50% of the people you meet are below average.
Actually, that's only true if you have a normal distribution. But I won't sidetrack this thread with a discussion on statistics
fs2k2isfun is offline  
Old Dec 10, 09, 10:55 pm
  #6757  
 
Join Date: Mar 2006
Location: Miami, FL, USA
Posts: 3,885
Originally Posted by welookgood.com View Post
#2 is NOT TRUE AT ALL. Open an online bank account with CC as funding. With Chase it's cash advance without using a PIN
Yes. In my other posts (including the FAQ) I mentioned that the two ways to do it without a PIN are to use CC "checks" or to "go to a bank", which for an online bank, the equivalent would be what you say.

The point is that "cash advances" are not relevant to this thread *at all*.
aviators99 is offline  
Old Dec 10, 09, 10:58 pm
  #6758  
FlyerTalk Evangelist
 
Join Date: Jul 2003
Location: Florida
Posts: 28,443
Originally Posted by mrpickles View Post
What appears to be not understood by members of this forum is that ALL cash equivalent purchases will appear on the statement as a purchase.

Cash Advances are transactions which usally occur "inside" a branch and will post as a CASH ADVANCE. Your cash advance is usually 25% of our total available credit line. YMMV.

A cash equivelant is a "purchase" that is similar to a cash advance but incur immeadiate transaction fee of 3% and immeadiate interest calculations. Cash equivelant is defined as cash, coin, gift cards, money orders, travelers checks, gold, bonds, etc.

Just because a cash equivelant transaction appears on the statement as a purchase does not immeadiately indicate that the transaction will earn miles and/or reward points. The true test is when the data is transmitted to the airline mileage program or points progam and the miles or points actually post to your account.

Becareful when you change your cash advance limits to ZERO, because CitiBank has informed me that once you do this you can never get it raised back up if you need it. Luckily this does not apply to me.
How the cash advance amount is set, depends on issuers.

Citi is 30% of your credit line, Chase is 20%. BofA / FIA cards are 100% - this may explain why BofA is so trigger happy to cut people's credit lines, close people's account.

Citi is the only issuer allows you to set the cash advance to 0 - it only prevents you to ask for credit line increase for 6 months, which of course, does not equal to "never". It has 0 effect, as another poster points out, on using the card's credit line to fund a bank account.

<<A cash equivelant is a "purchase" that is similar to a cash advance but incur immeadiate transaction fee of 3% and immeadiate interest calculations.>>

I am not sure you mean Cash Advance or Cash Equivalent. Only Cash Advance would do the thing you describe, i.e. incur immediate transaction fee of 3% and immediate interest calculation - not only on the Cash Advance itself, but ALL OTHER PURCHASES on the card that have not been paid. In other words, you automatically lose the grace period if you make a Cash Advance on your card.

Cash equivalent does not do the same thing as Cash Advance. However, you are right about that even Cash equivalent is coded as Purchase - it can still earn 0 mile / point if the issuer further sub-code it. You would see on your statement whether the cash equivalent purchase earns you anything. Nothing earned, nothing got transfer to your related account. The level of sub-coding is at the card issuer's end. The related account takes in whatever the CC company transfers to it.
Happy is offline  
Old Dec 10, 09, 11:09 pm
  #6759  
 
Join Date: May 2002
Location: SAT
Posts: 371
Smile Thank you for the exposition

Originally Posted by mrpickles View Post
What appears to be not understood by members of this forum is that ALL cash equivalent purchases will appear on the statement as a purchase.

Cash Advances are transactions which usally occur "inside" a branch and will post as a CASH ADVANCE. Your cash advance is usually 25% of our total available credit line. YMMV.

A cash equivelant is a "purchase" that is similar to a cash advance but incur immeadiate transaction fee of 3% and immeadiate interest calculations. Cash equivelant is defined as cash, coin, gift cards, money orders, travelers checks, gold, bonds, etc.

Just because a cash equivelant transaction appears on the statement as a purchase does not immeadiately indicate that the transaction will earn miles and/or reward points. The true test is when the data is transmitted to the airline mileage program or points progam and the miles or points actually post to your account.

Becareful when you change your cash advance limits to ZERO, because CitiBank has informed me that once you do this you can never get it raised back up if you need it. Luckily this does not apply to me.
I am sure that others -- as well as myself -- benefited from the detailed explanation.

Since you said that the "true test" is when we review the point program, it seems that we are all going to have to sit and wait [and hopefully cut back on misleading posts -- which I too have been known to make].

To benmailer -- the purchases I made from the mint show up as "OTHER SERVICES - GOVERNMENT", absolutely no mention of "cash equivalent".

However as mrpickles stated it seems we should all wait to check our CC statements with our Points Program statements.

and, fs2k2isfun, are you implying that the FT population is skewed?
travis bickle is offline  
Old Dec 10, 09, 11:15 pm
  #6760  
 
Join Date: Mar 2007
Location: California, SMF
Programs: UA, AA, AS, DL, BA, HA, WN, SPG-PL, Hyatt-Dia, HH-Dia, Marr-Pl, US Mint/VR(retired)
Posts: 938
Originally Posted by Happy View Post
You would see on your statement whether the cash equivalent purchase earns you anything. Nothing earned, nothing got transfer to your related account. The level of sub-coding is at the card issuer's end. The related account takes in whatever the CC company transfers to it.
So basically, it doesn't matter that it shows as a purchase on your online statement...we won't REALLY know for sure what's going on UNTIL our statements close for these latest of December shipments.

Instead of all the hypothesizing (and calling cc companies !), why don't we just report what happens AFTER our statements close.
PatMike is offline  
Old Dec 10, 09, 11:28 pm
  #6761  
Moderator: Alaska Mileage Plan
 
Join Date: Feb 2005
Posts: 10,271
Originally Posted by PatMike View Post
why don't we just report what happens AFTER our statements close.
Amen, brother.

My suggestions:
  1. Stop feeding the trolls.
  2. At least 20% of what is posted on this thread is bunk.
  3. Don't believe that anyone knows the universal rules for all CCs.
  4. Read before you post.
  5. Don't order if you don't understand.
  6. YMMV.
dayone is offline  
Old Dec 10, 09, 11:49 pm
  #6762  
 
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,818
Easter Egg Hunting

Pay attention folks to the way the system works. The account takes what the CC company transfers. How the account handles it depends on the programming logic behind the account. Common sense tells you not to identify accounts which continue to award benefits because their system does not make use of the additional coding. Have fun on the Easter Egg Hunt along with those looking to identify such accounts for reasons other than to achieve modest reward.

Originally Posted by Happy View Post
The level of sub-coding is at the card issuer's end. The related account takes in whatever the CC company transfers to it.
AlohaDaveKennedy is offline  
Old Dec 11, 09, 4:53 am
  #6763  
 
Join Date: Mar 2006
Posts: 1,628
cash advance v. cash equivalent

these two terms both contain the word "cash" but their origins and meanings are different.

a "cash advance" is when you receive cash or a negotiable instrument (e.g., check) directly from your credit card issuer.

a "cash equivalent" is a transaction that an awards-accruing credit/debit/charge card has specially coded so that it does not accrue awards. the term appears to have originated with amex, from whose travel centers one can purchase traveler's checks that are not cash advances (in fact, purchasing amex traveler's checks for awards was the most recent big "loophole" prior to the mint deal).

most cash advances are cash equivalents, although cash advance fees are so high they would wipe out any awards accrued. but a cash equivalent transaction cannot be a cash advance unless it involves direct receipt of cash or a check from the issuer.
crabbing is offline  
Old Dec 11, 09, 5:44 am
  #6764  
formerly known as Frugal Travel Guy
 
Join Date: Jul 2001
Location: Hilton Head Island, SC
Programs: AA Exec Plat, UA Gold, HH Gold, SPG Gold, Marriott Silver, Hyatt Platinum
Posts: 1,914
I Just Got Word

One of my blog readers just got his statement.

"Just got my spg statement and 5500 SPG points transferred over to spg from amex, $18,000.00 mint purchases did not accrue points!"

I bolded the word not
ingy is offline  
Old Dec 11, 09, 6:25 am
  #6765  
 
Join Date: Feb 2001
Location: Ann Arbor, Michigan
Programs: Airline Free Agent, Hilton Diamond, Fairmont Lifetime Platinum
Posts: 2,879
"Just got my spg statement and 5500 SPG points transferred over to spg from amex, $18,000.00 mint purchases did not accrue points!"

Soundtrack in the background by Jim Morrison and the Doors singing: "This is the THE END..."

You know it's not good when something like this makes it to the top of the Most Emailed and Most Viewed article in the Wall Street Journal!
gpapadop is offline  

Thread Tools
Search this Thread
Search Engine: