whizbee

Try telling them your grandfather decided to give you a treasure chest full of coins for your birthday

amileonbucks

Can anyone list the CCs that are not canceled when purchasing coins and depositing in bank account to pay card? Thanks in advance!

Stoughton

Which cards do not accumulate miles/points for the dollar coin purchases?


US Bank’s Flexperks card. If you encounter others, please send a private message to iahtraveler so that this list can be updated. Please DO NOT post which cards still accumulate points/miles in the open coin thread.

http://www.flyertalk.com/forum/miles...in-thread.html

Andy2

Dude, you are taking that concept way too seriously.

There were a few minor incidents of cards being cancelled by a few users who maxed out their cards with purchases of coins and who likely lived in areas such as parts of California with high default rates that the credit card companies were looking for reasons to dump customers.

With the new limits on coin purchases, it would appear nearly impossible to get you card cancelled for purchasing $1,000 every 10 days.

I'm having troable getting more than the allowed $1,000 per 10 days. They seem to have matched my 2 accounts after ignoring the fact that I had multiple accounts since the beginning of the program. When the limit is exceeded they seem to put the order on hold and never release it.

happy2traveler202

I absolutely agree it was probably people who totally abused this program that got cancelled. There are reports of people ordering $20,000 or more at a time, having the ups guy load it directly into their trunks, and then heading to the bank to deposit them. I wouldn't be too concerned as long as you don't try to order more than the limit and do put them into circulation rather than simply depositing in your account.

nwa330

I was thinking of taking it one step further and shipping them directly to my bank.

mrpickles

I object to your description of an order of $20k as being an abuse of the program. At the time, large orders were allowed and encouraged by the US Mint. I for one have placed multiple orders of $24,750 in the same day and had them shipped without delay.

I am one of hundreds who did this and there was no abuse of the program. The reason it got heat was because of a flyertalker who only did $10k in her lifetime and then vomited all of the details to a WSJ reporter who jumped on the story. I was told first hand by witnesses who saw her explaining all of the details and talked his ear off, even so far as to point him to this thread.

We were all buying these coins without any problems until this happened during StarMega Do 1. Within 4 weeks the program began to change drastically.

I am still purchasing about $3k a week using my techniques and anticipate another change in the program prior to year end.

LLM

You mean me? UPS was just here today, commenting on just one small box instead of the good old days when UPS was doing good volume with this program.

crabbing

lest there be any confusion, mrpickles is a textbook example of how to do this right, both by recognizing the potential of the program and by talking to their credit union and making sure it was willing to accept all of the coins beforehand. i think the term "abuse" should be reserved for a certain individual who was strongly suspected of falsely claiming that a shipment of 20 boxes or so was stolen after delivery.

this program is a win for the mint and for consumers like us. but not for the banks who are entrenched in their ways and unwilling to accept any conversion of paper money into metal. reading between the lines, it was probably bank hostility that lead to the changes in this program over the past year.

MikeMpls

How is it a win for the mint when the coins are returned to banks which return them to the Fed? That's absurd.

Banks will stock what their customers demand. Apparently, that's not yet dollar coins.

Despite his attempt to pin the blame on "Pat", it appears that mrpickles deserves a good share of it for documenting the scheme so well on-line:

If you want something kept secret, don't post it, ever! Google is your best friend ... or worst enemy.

(It's kind of funny, though, how his handle fits the WSJ writing style so well -- everyone is referred to as "Mr." in the WSJ. )

Blue17

Does this also apply to Mint E-Gift Certificates ?

IAHtraveler

The Federal Reserve and The Mint are 2 separate entities. The Mint is meeting their requirement of making X number of coins per year. In the overall scheme of things, it's not good for the gov't (or the general population, in turn) if it's costing The Fed so much to store these things, but The Mint is winning.

Someone has reported doing this in the past and I had no reason to doubt them.

How is that abuse? We were not breaking any rules and ordering exactly as allowed by The Mint, and depositing as allowed by our banks. Some banks changed policies and we shifted our business elsewhere. If UPS wasn't making money from it, they wouldn't have continued to ship them, either.

Happy

Update to facilitate future search in case anyone has the need.

Faxed the Certificate of Non-Receipt together with copy of UPS shipping label, Tracking Summary (both showed package weighed 14.4lb) and Mint packing slip showing $1000 shipped to the fax number 1-317-837-6950 given by CSR on June 18 Friday. Also mailed the hard copies on June 19 Saturday.

Called June 21 Monday and was told they got the CNR which has since forwarded to HQs for processing.

Called today June 24 to inquire the status and talked to a supervisor named Rose. She re-iterated the 4 to 6 weeks processing time stated on the signed CNR form. I pointed out the weight shown should be a clear proof the package did not contained 4 boxes, but only 3. She said the HQs have mechanism to verify the claim and mentioned that they "periodically" Xray packages before shipping. (I gather she means "randomly".) I told her if they have the Xray picture of this package, they would see only 3 tiny boxes and a bunch of packing paper in it. She actually giggled on this comment.

In any case, she did say the latest status was, CNR was forwarded to HQs on June 21. She said as today is June 24, it would be only 24 to 48 hours the HQs got the CNR. If HQs has started the process, the order status would change from current status of "shipped" and "close" to "open" again, if HQs decides to reship the missing $250.

Unfortunately she said they are ready for the release of some uncirculated coins 2nd week of July and the HQs would be very busy in preparation of that. She cautioned me to only call back after July 15th.

I would call back nonetheless right after July 4th holiday if no replacement by then.

MikeMpls

I'm well aware that the Fed & the Mint are two distinct entities. However, the objective of the Circulating $1 Coins program is not to make X number of of coins per year but to get them in circulation so that a 3rd distinct entitiy (the U.S. Bureau of Engraving) can save billions by ceasing to print $1 bills. Parking them in the Fed does not get them in circulation.

bmw745ion19s

I was planning to get a Continental Mastercard and just order a boatload of these as I have a legitimate promotion for my business I can use to help circulate them.

Ive read several comments about new cards/accounts having problems...

is this something I will need to address with the CO Mastercard before I can spend $25k or so in just coins?

Thanks!

In case anyone is wondering I want to use the CO card for points for first class tickets and status...if you have a better suggestion please feel free to let me know!