Very neat CC rewards usage idea

[disneysteve]

The $500 limit is per coin issue, per order. I count 8 issues on the site and if you could order them all (if all were currently in stock) that would be $4,000. I believe you could just do a second order and do it all over again, too.

You're right. I hadn't clicked through the site. There are other circulating coins that can be ordered. I think I will give this a trial run and order one $250 box of coins to see how it goes. I'll report back.

ETA: I just ordered a $250 box of the Washington $1 coin. We'll see what happens.

[ilr58]

Seems like a pretty sound strategy although it depends really on how valuable your time is worth. You would have to really be able to buy a lot of coins for it to make sense.

[Slug]

I think this is a great idea. Thanks for posting it.

If you use one of the new 2% cards like the Fidelity one, you can bank $80 on the $4,000 investment. I will wait until the beginning of my next credit card billing cycle and do the same myself.

[simpleyme]

I just received the notice from chase about their takeover of my WaMU account and in it states:

- We treat cash like charges to your account as cash advances and charge cash advance fee for them.These charges include wire transfers ,the purchase of money orders and the use of your card in the connection with gambling transactions

it also goes on to say they can change anything at any time for any reason so I personally would be afraid to buy money at least with a chase card

[Bimmer]

I just received the notice from chase about their takeover of my WaMU account and in it states:

- We treat cash like charges to your account as cash advances and charge cash advance fee for them.These charges include wire transfers ,the purchase of money orders and the use of your card in the connection with gambling transactions

it also goes on to say they can change anything at any time for any reason so I personally would be afraid to buy money at least with a chase card

The CC company will only see where the purchase is made at, not what was bought. You can buy things besides money from the US Mint. You can also claim you are buying a collectible, not cash (who knows if the dollar coins will really take hold in America? These could be valuable a few years down the road).

[disneysteve]

The CC company will only see where the purchase is made at, not what was bought. You can buy things besides money from the US Mint.

Exactly. I don't see how they could count this as a cash advance.

[simpleyme]

I just thought that was a weird line in my card holders agreement , makes me think they watch you a little more closely than I would like ;-)

how would they also know if you bought a money order or if the transaction was connected to gambling ?I thought just the amount was reported and the merchant code,not what you bought

[disneysteve]

how would they also know if you bought a money order or if the transaction was connected to gambling ?I thought just the amount was reported and the merchant code,not what you bought

Can you buy a money order with a credit card? I think the post office only takes cash. Not sure about other places.

As for gambling, the CC companies stopped allowing those charges years ago when they passed the ban on internet gambling. Folks were using their credit card to fund their online gaming accounts at foreign-based internet casinos. Since the activity itself was made illegal, using your card for that purpose was also disabled.

[boosami]

Can you buy a money order with a credit card? I think the post office only takes cash. Not sure about other places.

You cannot buy a money order or cashier's check with a credit or even debit card. Believe me, I've tried. Occasionally I have to buy something and it requires one of those forms of payment. I have tried at the PO and at that random supermarket kiosk. They only take cash.

You can do Western Union with CC, and I'm pretty sure that would be treated as a cash advance.

[all4money]

Thanks for the post. I placed an order for my mom who collects these coins. Now all she lacks is getting rolls of John Adams and Martin Van Buren... maybe those guys will be available some day with this offer.

[sweeps]

Steve, here's a followup to your idea: Free $250 Gift Card or $250 for Student Loans.

[mrpaseo]

Update

DisneyDave,
I think it's time for an update on my experiance with his adventure. The short story is, it went exctly as planned.

The long story.
I purchased the maximum amount of dollars per coin ($500 dollars worth) for a total of $3,500. I tried to do a second order after these were received and the order was denied. With my experiance with the mint, you can not use a different credit card if you use the same address, you cannot use a different address if you use the same credit card. The only way to do a double order, is to get a friend or relitive to order the item for you (In my experiance it happens all the time). On certain items, I know of people getting parents, sisters, brother, uncles etc ordering for them.

I then took this $3,500 and depsited it into my local bank, then transfered it all to ING direct. No issues all around save for one lady at the bank did not enjoy taking the dollars in. The fix for that, we slowely brough them in over a few weeks time.

Some of the dollars are no longer available, however, an opportunity has presented its self to us this past week. With the 2009 Native American – Agriculture dollar coin, you can order up to $5,000 for this coin alone. Add to this the other dollars and you can order up to $7,500 ($5,000 + $2500 from other dollar coins) right now.

See available dollar coins here

NOTE: For the Native American Agriculture dollar they note:
For this special program:
*The United States Mint pays for standard shipping and handling of domestic orders. Any special handling will be paid by the customer.
*Orders are limited to twenty boxes ($5000) per coin issue.
*Specific coins are available only while supplies last.
*Please allow approximately 1-2 weeks for shipping.
*All sales are final.


The remaining dollar coins (Andrew Jackson, James Madison, Thomas Jefferson, John Adams, George Washington) they note:
For this special program:
*The United States Mint pays for standard shipping and handling of domestic orders. Any special handling will be paid by the customer.
*Orders are limited to two boxes ($500) per President.
*Specific coins are available only while supplies last.
*Please allow approximately 1-2 weeks for shipping.
*All sales are final.

Additional notes:

1. They pay shipping, this will cost you NOTHING except time.

2. They will leave these in your mail box or where ever your mail is dropped off. I suggest you watch for them (They deliver quickly, and they will not charge your cc until they deliver so you should know about 2 days out).

3. They DO NOT deliver to a PO Box.

4. They will deliver to your work, but your work address must be on your credit card account. I belive you can get this added to your cc if you call them and add the address.

Good luck, I hope this helps you all earn rewards and interest.
Ray

[Goldy1]

or I could just use a couple coupons at the grocery store and get a couple bucks in savings it's an interesting idea but one where your time is worth more than a couple bucks. lol
or I could charge more of my other itmes instead of cash. My rewards aren't as good as they used to be. I had a card a few yrs ago that literally was paying me 5% back at grocery stores. IT totally rocked, but now it's like 2% or less.

[sweeps]

or I could just use a couple coupons at the grocery store and get a couple bucks in savings it's an interesting idea but one where your time is worth more than a couple bucks.

Why does it need to be an either-or proposition? $250 in free money is nothing to sneeze at.

[AlligatorBaby]

No. TD bank, formerly Commerce, counts coins for free.

Do you have to be their customer?