I was just wondering if you were still doing this? Your last post was in December of last year.

Thanks.

need to know legal implications. is non-compliance considered, in any way, a legal infraction?

thanks for info.

The better way is to fund a new checking account with the 0% interest card. The funding should (need to verify it first) count as a purchase. You could easily do $2,000 or more funding, claim the new account bonus and reward points. Of course, then you’re supposed to pay off your high interest accounts with the new check.

They may split up ur order during shipping but u can definitely order larger amounts.

So, to answer your question, yes, to me, it’s worth it to make close to a couple hundred dollars a month as a result of a few keystrokes and a little bit of heavy lifting going from the 2nd floor of my building to the lobby to deposit the coins…I certainly don’t make money that quickly at my job.

I don’t know what banks you guys use, but BB&T takes them right away, doesn’t make me break each roll, or label, or any of the stuff you guys mention. AND it shows up in my account almost instantaneously.

Oh, and my credit card does NOT see it as a cash advance…

So far, I’ve put about $12,000 of these coins into circulation. Actually the US Mint should be paying ME for doing this for them!!

I know it’s not much, but it doesn’t work out to be a “free” transfer if that’s the case?

Anyone seeing that? Or am I just the lucky one

Chase Visa said this would be considered a cash advance and likened it to ATM, therefore subject to their fees.

I questioned about coin collectors and he said they pay cash because of this reason. If dealing with legal tender, then Chase Visa wants a fee.

I talked to Chase “security” in Oommpaloompa and they didnt’ have a clue who or what the U.S. Mint is.

I think this might work? But very risky. What if it doesn’t? You going to spend hours with your credit card company to work out that you tried to do an end run and got caught?

(BTW: I just wanted it for the Southwest Air credits – 3 transactions +/- = free ticket.)

If you don’t mind lugging over 89 pounds worth of coinage into your local bank, then disregard. But whether you do this all at once, or in chunks, we’re talking about some significant manpower.

(My data comes from the US Mint website, which lists $1 coins at 8.1 grams each. 5,000 coins comes to over 89 lbs.)

Course, maybe you can count extra savings by canceling your gym membership as a result of your “dollar coin muscle tone regimen”.

The only thing to check would be how your rewards get doled out. Some companies that do cash rewards will only give out money a couple of times a year.

the other issue is the security and weight needed to transport $5,000 worth of coins from your address to the bank. its not like you can carry them in your hands. maybe two bricks at a time, but you’d need a dolly to carry these. plus you need security so no one jacks you while you take them to the bank.

unethical ? whiggah paleeeze!
The (bank) CC co’s have more ways to screw you as you are trying to get things under control… come on! 24% just because… they decide to? (yes, read the fine print they can, and do, do that) while (cc owning) banks pay you 2% on your money?!?! Who’s dickin who here?

This is a great way to work the system to get things back in control.

My only question would be the likelihood that someone who currently has a lot of debt on other credit cards would be approved for a new credit card with a long-term 0% APR offer on purchases, considering the current credit card market climate and the restrictions on approvals of new applicants.

Unfortunately, or fortunately depending on how you view it, the only people that can qualify for credit cards right now are likely to be able to afford to pay off their debt without taking such measures.

Very innovative idea. Thanks for the tip on the coins as well.

With the amount of time I would be carrying this debt (maybe 8 months left to CC Debt payoff) I would probably just accept 1 balance transfer fee or go for a 2.9% with no bal transfer fee.

Currently on two 0% deals, one expiring in August, and one in December.

Good luck to everyone who is like me still paying off this type of debt!

Or another good one:
Pay off the stupid credit cards and quit using them.

Why is everyone looking for the easy way out these days, rather than just working hard and cleaning up their own mess?

Michael: The importance of reducing your spending should go without saying. This is just a method for further accelerating your debt repayments. And no, there are not very many free balance transfers left. Moreover, those that are out there are typically shorter term (e.g., six months).

Are credit cards not offering free balance transfers anymore?