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This was figured out by FlyerTalk last year and worked for about 3 months before the Mint caught on and changed the terms of credit purchase to be a cash advanc

by frisco 16y ago

This was figured out by FlyerTalk last year and worked for about 3 months before the Mint caught on and changed the terms of credit purchase to be a cash advance, which doesn't qualify for rewards and carries additional interest terms. That said, it was pretty clever and awesome while it worked. WSJ article: "US Helps Frequent Fliers Make A Mint" http://online.wsj.com/article/SB126014168569179245.html http://online.wsj.com/article/SB126014168569179245.html

encoderer 16y ago
That's not true, at least not absolutely true. I've done this as recently as a month ago. I've been doing $2000 a month for the last year on my Bank of America 2% cash back rewards card ($40 cash a month into my bank account). The way the Mint reacted was by imposing a new limit to the dollar amount one can buy in a month.
- ryanwaggoner 16y ago
  With all due respect, is this really the best way you can think of to convert time and risk into $40? Just seems like a lot of hassle for not a lot of money...
  - Timothee 16y ago
    I agree with you that it doesn't seem much. However, it looks like an easy way to get the frequent flyer bonuses discussed in that other thread :)
  - encoderer 16y ago
    Truthfully, it takes absolutely no time at all. I'm not so wealthy that I'll turn down $500 a year for virtually no work. I don't think I'll ever be. Buying the coins takes a matter of minutes. They sit at home until I need to run to the bank. And at the bank, depositing rolled coins is painless. Never had even a hiccup at the bank. My usual contracting rates for smaller projects are $75 to 100 an hour so this is right inline with that.
smeatish 16y ago
I did this last month for $1k (the new mint limit) and it was NOT charged as a cash advance.
- jonah 16y ago
  From the mint page: "There is a 4-box [250/box] $1 coin limit for every 10-day period on any and all $1 coin orders."
bobf 16y ago
I'm fairly certain FatWallet (Finance) figured it out before it was discussed FlyerTalk. Lots of great finance/deals there, if you aren't in the know already.

by frisco 16y ago

encoderer 16y ago

That's not true, at least not absolutely true. I've done this as recently as a month ago. I've been doing $2000 a month for the last year on my Bank of America 2% cash back rewards card ($40 cash a month into my bank account). The way the Mint reacted was by imposing a new limit to the dollar amount one can buy in a month.

ryanwaggoner 16y ago
With all due respect, is this really the best way you can think of to convert time and risk into $40? Just seems like a lot of hassle for not a lot of money...
- Timothee 16y ago
  I agree with you that it doesn't seem much. However, it looks like an easy way to get the frequent flyer bonuses discussed in that other thread :)
- encoderer 16y ago
  Truthfully, it takes absolutely no time at all. I'm not so wealthy that I'll turn down $500 a year for virtually no work. I don't think I'll ever be. Buying the coins takes a matter of minutes. They sit at home until I need to run to the bank. And at the bank, depositing rolled coins is painless. Never had even a hiccup at the bank. My usual contracting rates for smaller projects are $75 to 100 an hour so this is right inline with that.

smeatish 16y ago

I did this last month for $1k (the new mint limit) and it was NOT charged as a cash advance.

jonah 16y ago
From the mint page: "There is a 4-box [250/box] $1 coin limit for every 10-day period on any and all $1 coin orders."

bobf 16y ago

I'm fairly certain FatWallet (Finance) figured it out before it was discussed FlyerTalk. Lots of great finance/deals there, if you aren't in the know already.