Archive for January, 2008

MMQ January 2007 Update

January 31st, 2008

Another update to my million miles quest. January was an okay month in that I accumulated 3,647 miles. 500 miles from E-Rewards for filling out surveys and 3,147 from credit card spending.

Total miles accumulated is now 31,044. I’m still a long way from my goal of a million miles but I’ve just begun. I’m looking into the possibility of doing some mileage runs this summer. 968,956 miles to go!

Observation on lax ATM area security.

January 30th, 2008

Around midnight awhile back my girlfriend and I were visiting a Wachovia ATM which is located inside one of their branches and is protected by one of those card reading slots which you have to insert your ATM card in order for the door to be unlocked.

A friend that was with us asked “What if I’m another bank’s customer and just wanted to use the ATM?” which was a valid question so we tried using her Bank of America card to see if it worked and it sure does.

Next we started trying various other cards, such as Starbucks gift cards and NYC Metrocards (train fare cards) and they all worked! We should’ve tried a card without a magnetic strip just to see if literally anything that fits into that slot works.

So the next time you’re using an ATM inside a bank’s branch late at night, don’t assume that only people with that bank’s card can get through those doors. Also good to know if you ever get chased by wild animals and a need a place to hide.

Also note this isn’t only a Wachovia deal. A quick test at the HSBC branch next door revealed that they used the exact same card reading slot required to get in the door.

Highest Yielding Bank Accounts List Jan 08

January 30th, 2008

With the recent rate cuts a lot of bank have been dropping the rates on their accounts. You can still get an effective 5% APY though.

Name of Bank / Effective Yield (APY) / Minimum
Countrywide Savings 5.00% $10,000
Shorebank 5.00% $1
Alliant CU 4.85% $5
Savings Square 4.80% $1
Corus Bank Ultimate MMA 4.75% $10,000

Credit Card? Can I see some ID please?

January 22nd, 2008

On my recent trip to California with my girlfriend I noticed an extremely disturbing trend out there. Almost everywhere you go merchants ask for ID when you choose to pay with a credit card. Some merchants even have minimum amounts like $20 minimum for them to accept a credit card.

These two things annoy me a great deal.

You shouldn’t be required to show ID. It’s against the merchant agreement with the credit card companies to require ID. Requiring ID doesn’t prevent fraud as it’s extremely easy to create an ID with name and a picture to match. The credit card companies don’t want the hassle of showing ID because they want using a credit card to be as easy as using cash (or easier).

Sign Requiring ID for CC Transactions

The minimum purchase amount is total BS. It’s also against the merchant agreement to set up an arbitrary minimum purchase amount. The whole point of a minimum purchase is basically because of profit margins. Merchants will typically pay $0.30 cents or so per transaction plus 2-3% free. By setting a minimum purchase, the $0.30 cent fee gets spread over a larger dollar amount so they don’t lose money on say $1 purchases. However setting a minimum amount like $20 is ridiculous. If you think $10 credit card purchases are a hassle then don’t accept credit cards.

Disneyland is a mixed bag. At Disneyland when I purchased 2 day admission tickets at the front gate for $132 I was not asked for ID. Neither was I asked at the gift shops where I bought my “I’m Bringing Grumpy Back T-Shirt” and Mickey Mouse hats where my purchases totaled roughly $50. However at two food locations we frequented where the purchases were around $15 and $10 respectively. Both cashiers… I mean “cast members” asked me for ID. Perhaps the training isn’t consistent in the differing departments.

The Consumerist has a great post on information for reporting merchants that require a minumum purchase or require you to show ID.

Back from California

January 21st, 2008

Back from California, haven’t been doing much lately. My first class starts on the 25th. My efforts have been directed more towards reading other blogs than actually writing on my own. Here’s two blogs I enjoy.

Consumerist – Great GREAT blog involving personal finance and consumer complaints (and sometimes praise). Check out: 6 reasons to keep more than one credit card, get basic tax info with publication 17, 7 things to regularly check on your car to save money

Slate – The explainer section usually takes up tons of my time with interesting stuff. Check out: Leave the Gun, Take the Cannoli, Why the Mafia Loves Garbage, The Good News About the Recession

Expect a series of posts regarding various things regarding my California trip such as flying on Virgin America, the economics of Disneyland, etc. etc.

HJL is on hiatus.

January 11th, 2008

Currently getting away from it all in California. My sister who lives out here just had her kid last month too so I’m seeing my niece for the first time. That’s all -Hejustlaughs

Million Miles Quest 2007 Year End Summary

January 3rd, 2008

The last time I updated was at the end of August and my mileage total then was 23,350. Since then I haven’t made much progress as I haven’t flown anywhere or been actively looking to obtain miles.

I earned an additional 4,047 miles exclusively through credit card purchases bringing my total to 27,397.

Summary:
Citi AAdvantage Mastercard – 26562 miles
Points.com – 10 miles
E-Rewards – 500 miles
Opinion Place – 325 miles

Total miles earned in 2007: 27,397

So I have enough for a flight but I still have 972,603 miles to earn before I hit that million mile mark. I know at this rate it’ll take me 40 years or so but hopefully as I age I’ll be able to charge more everyday expenses and fly more often.