2001 Sacagawea dollars come out of hiding
Dave Allured
$500 limit per customer, anonymous mint mark. Face value, US Mint pays
for the shipping. Ordering starts today.
--Dave
Michael Benveniste
wrote:
>http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?catalogId=10001&storeId=10001&productId=16059
>
>$500 limit per customer, anonymous mint mark. Face value, US Mint pays
>for the shipping. Ordering starts today.
Do you know if the purchase will show up on my credit card as a cash
advance or merchandise?
--
Mike Benveniste -- m...@murkyether.com (Clarification Required)
Don't succumb to the false authority of a tool or model. There
is no substitute for thinking.
Dave Allured
>
> On Mon, 04 Jan 2010 11:03:32 -0700, Dave Allured <nos...@nospom.com>
> wrote:
>
> >http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?catalogId=10001&storeId=10001&productId=16059
> >
> >$500 limit per customer, anonymous mint mark. Face value, US Mint pays
> >for the shipping. Ordering starts today.
>
> Do you know if the purchase will show up on my credit card as a cash
> advance or merchandise?
Nope! If you find out, please do let us know.
--Dave
mazorj
"Michael Benveniste" <m...@murkyether.com> wrote in message
news:u9o4k55kncqp90uc7...@4ax.com...
> On Mon, 04 Jan 2010 11:03:32 -0700, Dave Allured <nos...@nospom.com>
> wrote:
>
>>http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?catalogId=10001&storeId=10001&productId=16059
>>
>>$500 limit per customer, anonymous mint mark. Face value, US Mint pays
>>for the shipping. Ordering starts today.
>
> Do you know if the purchase will show up on my credit card as a cash
> advance or merchandise?
You are purchasing a specific merchandise product, no different than if you
buy proof coins and spend them at face value. As such it is a tangible and
not fungible the way that a cash advance is. Ditto for a roll of state
quarters purchased from the Mint or a third party.
A cash advance doesn't involve exchanging anything tangible. It's just
shifting fungible numbers to your account that ultimately can be converted
into the form of cash, a check from the credit card company, or numbers that
get shifted by your authority to a third-party account, including the credit
card account that you used to buy the coins from the Mint. So even when the
merchandise happens to be coin of the realm, the two types of transactions
are apples and oranges (or nickels and tokens).
Having said that, I'll insert the standard caveat that it depends on whether
your credit card issuer has imposed special rules for such purchases.
That's not likely unless there is some government rule requiring them to do
so. Absent any such rule, I would vigorously object to that practice by
pointing out that proofs, and any other purchased coins that also happen to
be legal tender, all fall under the same category of "merchandise".
(The Mint has imposed its own rules to these special bulk sales but I don't
think they extend to credit card issuers, just to purchasers.)
mazorj
"mazorj" <maz...@verizon.net> wrote in message
news:hhvvis$rnh$1...@news.eternal-september.org...
Here's a columnist who buys presibux at face and makes money right off the
top of every order through her credit card rebates:
http://coins.about.com/od/presidentialdollars/f/direct_ship.htm?nl=1
Jud
> Here's a columnist who buys presibux at face and makes money right off the
> top of every order through her credit card rebates:
>
> http://coins.about.com/od/presidentialdollars/f/direct_ship.htm?nl=1
Besides the 'cash back' advantage, some people are also accumulating
'rewards points' that can be used for airline travel etc. Seems that I
read recently that credit card companies have caught on to this
apparent 'scam' and squashed it. Buy the coins at face value, pick up
cash back and/or rewards points, then return coins into circulation or
to the bank. Win-win for the buyer, lose-lose for the banks. Bottom
line, EVERYONE gets to pay higher interest on unpaid credit card
balances.
PC
> On Jan 6, 7:40 am, "mazorj" <maz...@verizon.net> wrote:
>
> > Here's a columnist who buys presibux at face and makes money right off the
> > top of every order through her credit card rebates:
>
> >http://coins.about.com/od/presidentialdollars/f/direct_ship.htm?nl=1
>
> Besides the 'cash back' advantage, some people are also accumulating
> 'rewards points' that can be used for airline travel etc.
That's me.
> Seems that I
> read recently that credit card companies have caught on to this
> apparent 'scam' and squashed it.
I have not ordered some for a few months so I can not comment on the
validity of that assertion. One question that comes to mind is how
can they tell whether I purchased a boatload of, say, proof sets VS
direct dollar coins?
> Buy the coins at face value, pick up
> cash back and/or rewards points, then return coins into circulation or
> to the bank.
I actually follow the spirit of the program and use them in everyday
commerce instead of dumping them at a bank. The automated checkouts
at the grocery store accepts dollar coins and this allows me to unload
a lot of them at once. The employees know who I am now and some
actually raid the coin dispenser after I visit (with manager's
approval) to help build their collections.
> Win-win for the buyer, lose-lose for the banks. Bottom
> line, EVERYONE gets to pay higher interest on unpaid credit card
> balances.
So pay your balance on time and it is not a problem.
Bob-tx
have better things to do with my time than screw around with rolls
of prezbux.
Also, for those that spend them, they are breaking even because they
are spending cash instead of using their credit card on which they
get a rebate.
I guess there are always people who look for a free lunch though.
Bob-tx
<Snip - snip>
>>>>$500 limit per customer, anonymous mint mark. Face value, US
>>>>Mint pays
>>>>for the shipping. Ordering starts today.
>>>
>
> http://coins.about.com/od/presidentialdollars/f/direct_ship.htm?nl=1
>
>
PC
> Also, for those that spend them, they are breaking even because they
> are spending cash instead of using their credit card on which they
> get a rebate.
>
In the long run, yes. But it serves to give yourself an immediate
bump if you need to pad the miles for that free flight.
mazorj
"Bob-tx" <bobw...@suddenlink.net> wrote in message
news:4b45bf9a$0$5324$bbae...@news.suddenlink.net...
> That might be a good method to earn $10 or 15 bucks a month, but I have
> better things to do with my time than screw around with rolls of prezbux.
>
> Also, for those that spend them, they are breaking even because they are
> spending cash instead of using their credit card on which they get a
> rebate.
True, but only to the extent that you are replacing credit card purchases
with presibux cash. It would take a while to dribble out $500 in small
purchases that you always make in cash, but it can be done. You also can
use them at the bank to buy other rolls (I don't know of any bank that
accepts credit cards for those), deposit them in a savings account to draw
interest, or easiest of all, deposit them in checking to write checks for
bills (unless you are kiting those bills by paying them as well with a
credit card). It already has been noted that this includes paying off the
credit card bills themselves after you've used them at the Mint to
accumulate the rebates and rewards; but it also applies to any other bills
as a convenient method for disposing of all those coins before the next
cycle of Mint purchases.
- mazorj , Exchequer of Fungible Assets