Comments on: Busting Cashback Tiers with Mint’s $1 Coin Direct Ship Program

By: Wizard Prang

Wizard Prang — Thu, 20 Aug 2009 15:20:52 +0000

Probably because of the public backlash. Given a choice between notes and coins, people want notes (lighter, easier to carry, don’t announce their presence by jangling), while governments prefer coins (last longer).

The “other countries” forced the change (no pun intended) by ceasing production of the banknotes in question.

Personally, I wish they would get rid of cents – particularly since it costs more than a cent to make a cent…

By: Greg

Greg — Thu, 19 Mar 2009 17:48:27 +0000

One plus for the coins; if you are keeping an emergency stash around the house they resist fire and water damage very well.

By: JCash

JCash — Wed, 18 Mar 2009 00:02:02 +0000

This is what I’d be concerned with – has no one else had issues with this being processed as a cash advance? I feel like I remember reading somewhere in one of my card’s T&C about “cash equivalent” purchases being processed as a cash advance, but I don’t recall the details…

By: Andrew

Andrew — Tue, 03 Mar 2009 18:22:55 +0000

This is awesome! I just ordered $250 worth at first to make sure my bank doesn’t process it as a cash advance, which would obviously negate (and more) any benefits of this program. If they don’t, sky’s the limit!

By: Nergock

Nergock — Tue, 03 Mar 2009 00:20:57 +0000

Or you can buy a gift certificate at Nordstorm and then turn around and cash out the gift certificate.

By: Fred

Fred — Sun, 01 Mar 2009 00:52:40 +0000

Jim,

They may also care because their earnings predictions are based on the percentage of people who will be able to take advantage of the offer. For instance, if everyone did as you suggest, Amex would be paying 5% for a much larger percentage of the charges.

100 people who charge $3000 per year cost amex a far different amount than 1 person who charges 300,000. The latter gets nearly $15,000 back.

I realize there are other factors (e.g., as long as they get their fee, as you mentioned)… it would be interesting to see the spreadsheets that helped them come up with the $6500 bottom.

By: Glenn Lasher

Glenn Lasher — Sun, 01 Mar 2009 00:17:34 +0000

“I still do not understand why the Mint just does not stop making paper $1 bills.”

The mint doesn’t make bills; they’re issued by Bureau of Engraving and Printing, while the mint makes coins. This disassociation is probably part of the problem.

Like you, I wish the $1 bill would just die.

By: Glenn Lasher

Glenn Lasher — Sun, 01 Mar 2009 00:14:12 +0000

“Speaking of which… how heavy would that be?”

The coins weigh 8.1g each, so $2500 would be 20.25kg or about 45 pounds.

By: Monkey Monk

Monkey Monk — Sat, 28 Feb 2009 20:51:10 +0000

Wow . . . that was badly worried.

What I meant to say was “I don’t see any ethical or legal problems with doing this.”

By: Monkey Monk

Monkey Monk — Sat, 28 Feb 2009 20:49:58 +0000

I don’t see any ethical or legal reasons for doing this. How is this different from making any big-ticket purchase at the beginning of the year to help max out your tiers (e.g., planning a vacation after the start of the year)?

My only problem with doing this myself would be problems with shipping. Are the coins shipped insured?

By: The Arabic Student

The Arabic Student — Sat, 28 Feb 2009 17:18:40 +0000

You, sir, are a very smart man. I’m going to go look into buying some right now. Although my credit card doesn’t have tiers, it still gives cash back, so this is a good idea for anyone who has a cash back card.

By: James

James — Sat, 28 Feb 2009 15:32:11 +0000

Does anybody know if the 2-box cap for each coin type is per order, or per person forever?

By: momo

momo — Sat, 28 Feb 2009 06:11:01 +0000

I also look for errors in the coins. You might find a $1 coin worth $1000.

http://coins.about.com/od/errorcoinsdievarieties/a/edge_lettering.htm

By: monstergolf

monstergolf — Fri, 27 Feb 2009 21:33:32 +0000

I ordered $1500 in coins. The UPS driver left them on my porch when I wasn’t home. This is a little risky. However, I had no trouble taking them to the bank. Much cheaper than a balance transfer!

By: bb

bb — Fri, 27 Feb 2009 17:21:07 +0000

Well, you didn’t really answer my question. Who exactly do you see as losing in this proposition?