Money Blue Book

I have two small piggy banks that sit atop my office desk at home. One is a coin bank in the shape of a dog, and the other is shaped like a light blue colored pig that I received as a free giveaway when I opened a new Citibank business checking account not too long ago. These two little guys are the gatekeepers to the spare change that I occasionally bring back in my pockets. Everytime I come home with loose coins, I usually drop them into my piggy banks. Since I use reward credit cards for the vast majority of my purchases, I don’t usually bring home too many bits of spare change. However, over a period of months and a year, even the occasional chipping in can turn a small stash into a tidy sum.

How To Handle Quarters, Dimes, Nickels, and Pennies

Before Coinstar came along with their green coin sorting kiosk machines, I had no convenient way of getting rid of my spare change, especially the nickels, dimes, and pennies. Quarters I could always keep around to use for coin operated laundry washers and dryers, snack vending machines, and leave a few in my car for parking meters and toll booths. But nickels and pennies are pretty much useless since their small denominational value require many more of them to be carried around to be worth anything. Initially I tried hauling my jar of pennies, nickels, and dimes to my local bank branch to have them exchanged for paper bills. However, the bank teller usually responded by handing me a few empty orange paper coin rolls, instructing me to roll the spare coins up myself before handing them over. The process was tedious and inconvenient, and eventually I gave that method up.

Coinstar Coin Counting Machines At Your Local Supermarket Are Free If You Redeem For Gift Cards Instead Of Cash

When Coinstar came along and started placing their coin sorting machines at various supermarket locations, I was delighted to finally have a hassle free way of getting rid of my useless spare change. All you had to do was pour your loose change into a metal sorting compartment and wait for the machine to sort through your deposit. After a few noisy minutes of coins rattling and falling into the hopper, your contribution would be automatically tallied up. A paper receipt would pop out, listing your total balance for you to redeem at the checkout register. The whole process was easy, effortless, and rather entertaining, in a Las Vegas casino slot machine sort of way. Like driving my vehicle through a car wash, watching the digital coin counter tick away the numbers up the money count was always amusing to me (but then I’m an easily amused person). In the spirit of slot machines, I’ve always thought the green Coin Star machines would be able to attract more customers if they’d only install more bells and whistles that would light up while the coins were being counted.

The biggest drawback of using Coinstar and the myriad of imitation coin sorting kiosk services has always been the service fee that the machines usually charged and deducted from your total tally. Prices vary among different services, but Coinstar charges a fee of exactly 8.9%. That’s a pretty cumbersome fee deterrent for those who need this sort of service.

The good part is that Coinstar now offers a better way to redeem your coins for free. To get hassle free coin counting, all you have to do now is select the gift card payment option instead of cash. The gift card option is available for a variety of popular retailers including Amazon.com (my favorite choice), iTunes, Starbucks, Circuit City, J.C. Penny, Linens and Things, Pier 1, Borders, AMC, Old Navy, and more. If you choose the gift card redemption method, Coin Star will waive the machine transaction charge and you’ll get the service for free.

Some Banks Now Have Free Coin Sorting Kiosks For Customers and Non Customers Alike To Use

One of the local banks in my area has been offering free coin machines for some time now. At Chevy Chase Bank, a regional bank with a heavy presence in the Washington DC metro area of Maryland and Virginia, they offer complimentary Change Express coin machines for customers and non customers alike to use. There is no fee to use the coin counters, but you’ll have to wait in line for a bank teller to redeem your money.

For those who live in New Jersey and the surrounding states, Commerce Bank (Commerce Bankcorp was recently acquired by TD Bank), also offers its own free coin machine called Penny Arcade, available to both customers and non customers. This nice perk seems like a growing trend among local banks and credit unions as more and more of them do away with the 3% or more coin machine fees of the past.

The scenario I am about to paint is very real. Let’s say you are planning for a dream vacation. Or maybe it’s your honeymoon and you are eager to fly somewhere romantic and spend a week at some remote tropical destination. Or maybe you are splurging for an exciting few days on a luxury cruise ship. Either way, rather than booking your travel reservations through a traditional travel agent, you decide to do it yourself through an online discount travel broker such as Expedia, Travelocity, or Orbitz. You don’t like to use credit cards so you decide to pay your reservations using a debit card or even by check. A month passes and now it’s only a week before your scheduled trip. Suddenly you get a phone call or an email advising you that your travel plans have been halted indefinitely because the travel agency that scheduled your itinerary has declared bankruptcy or gone out of business. Maybe it’s not the travel agent but the airline or cruise ship company that has gone bankrupt. The chances of that happening may be slight, but the consequences can be financially disastrous. That’s why it’s important to protect your upfront reservation money by using credit card payment. Under the Fair Credit Billing Act (FCBA), credit card consumers who purchase with a Visa, Mastercard, or American Express card are afforded substantially more purchase protections then those who make payment using cash, money orders, or debit cards. These days, airline credit cards also offer a wide variety of free miles and travel rewards to encourage their use.

How To Get A Refund When Your Airline Or Travel Agency Goes Bankrupt

A few days ago, I read in the news that Aloha Airlines had filed for Chapter 11 bankruptcy protection. Shortly after that, low cost ATA airlines joined the bankruptcy bench as well. Around the same time, I checked my Facebook account and saw that one of my friends was freaking out about the recent ATA bankruptcy filing. Apparently she had purchased several tickets for a trip to Hawaii on ATA airlines and had received e-mail word from the bankrupt company that all flights were now being halted and canceled with no refunds being honored. The total amount in danger was in excess of a $1,000. Thankfully I later found out she had made payment using her trusty credit card instead of using her debit card like she normally did. Because she paid by credit, she was able to dispute the charge and fully recover her money through the credit company by calling on the charge back provision for services un-rendered. Thousands of other customers may not be so lucky and may ultimately lose their money. If my friend had purchased using cash or debit, she would have fallen into a long uncertain line of unsecured creditors hoping for a handout from the bankruptcy court. Even those who had purchased additional travel insurance would have been unable to rely on it as the vast majority of travel and flight insurance policies do not cover air carrier insolvency.

Assuming you made the right decision by purchasing your tickets with a credit card, the minute that you hear news of the demise of your airline or travel agency, you should immediately dispute your credit card charge. By doing so, you have a much higher chance of getting your money back. Don’t pin your hopes on a favorable resolution by calling your travel agent or contacting the airline company directly since they will probably be swamped with angry calls at that time. You are likely to encounter nothing but a newly installed automated refund phone line or website designed to deflect inquiries. Sometimes airlines will offer the ability to transfer your flight to a bigger codeshare partner airline, but that is not always the case. Most online discount travel sites such as Hotwire or Priceline are unlikely to issue refunds in the event your airline goes bankrupt.

To dispute a credit charge, contact your credit card issuer, whether it be Citibank, Chase, or American Express, and request a charge back pursuant to the Fair Credit Billing Act. Under the Act, open-end credit accounts such as credit cards are governed by a strict set of federally mandated dispute settlement procedures. Disputes regarding fraudulent credit card charges, unexplained transactions, and charges for goods and services you didn’t accept or weren’t delivered as agreed are all covered. Here are the steps you will need to take to guarantee your credit card purchase rights:

1. Write to the credit card issuer at the address given for billing inquiries or bill disputes (not the address for sending payment), and be sure to state your name, card account number, and address.
2. State that your airline or travel agency has declared bankruptcy and has ceased operations, that you will not receive the services that you charged to your account, and that you are requesting a billing error credit along with a charge back while the credit company is investigating the matter.
3. Enclose a photocopy of the ticket, itinerary or receipt if possible, and indicate the price of the transportation and the date it was purchased. Remember to keep the original copies. If the transportation was partially used, identify the used and unused segments.
4. You must send the dispute letter by U.S. postal service, preferably by certified mail, with a tracking number and return receipt requested.
5. You must also submit your billing dispute letter so that it reaches your credit card company within 60 days after the first bill containing the error was mailed to you.

Don’t Think That It Can’t Happen To You

The airline travel industry has been rocked by soaring jet fuel prices lately and lingering questions persist about the ability of certain airlines to remain operational. As such, airline companies have struggled to keep a lid on costs while still keeping airline ticket prices competitive. However, there are simply too many airlines out there competing for too few passengers, and the intense competition has caused some companies to drop out or engage in mergers. Even the big airlines are not immune. In the last few years, most of the major airlines have filed for Chapter 11 bankruptcy protection at some point or another, including U.S. Airways, United Airlines, Air Canada, Northwest Airlines, and Delta Airlines.

When a company files for Chapter 11 bankruptcy, passengers and customers who aren’t protected by third party payment protection lose everything. During a Chapter 11, the airline corporation continues to run its business operation as normal while it undergoes debt and contractual restructuring. However, during this time, it is not bound or required to honor prior purchase obligations under the grant of an automatic stay that prevents creditors from collecting unpaid debts while the bankruptcy protection is in force.

At the end of the restructuring period when the troubled company finally emerges from bankruptcy, which may take months or even years, the bankruptcy court usually gives the company a fresh start by granting a partial or full relief from all outstanding debts. If you were one of those unlucky few who purchased tickets using an unprotected method of payment, then you are out of luck and will likely end up with nothing. Consumers usually fall into the category of unsecured creditors. Under bankruptcy law, unsecured creditors have the lowest priority in terms of prevailing in their claims against the residual assets of a bankrupt company. This is one of the many reasons why I am such a staunch proponent of the use of reward credit cards by responsible consumers.

Updated List Of All The Best Credit Card Deals and Offers Available

I use credit cards to pay for everything, and over the years I’ve racked up a tremendous amount of credit card rewards, cash back rebates, and bonus airline miles. I use a personal combination of credit cards to maximize my rewards and free cash rebates for different purchase categories. Certain cards even offer instant $100 gift card rewards for new sign ups that I like to apply for and take advantage of.

You might notice that some of the following offers are business credit card related. Keep in mind that anyone can apply for a business credit card, even ordinary consumers and individuals who don’t actually own a small business. Simply by submitting your social security number (SSN) as your business ID, you can properly apply for a business card as a sole proprietorship.

So aside from a few wads of emergency cash that I always carry around, would you like to know the selection of credit cards that are tucked away in my wallet at all times?

Here Are the Credit Cards I Carry Around and Actively Use:

1. Starwood Preferred® Guest American Express Card – Earn 1 Starwood point for every $1 spent. Without a doubt, the Starwood credit card is the most versatile travel rewards card. Read my (detailed review). Points can be applied towards Starwood network hotels and most frequent flyer programs. You can also earn an extra 25% frequent flyer bonus. Currently offering a wealth of sign up bonuses. See below.
2. American Express Blue Cash® – Get up to 5% cash back on eligible purchases, and up to 1.5% cash back on everything else. The card offers a tiered rebate program – after total annual purchases exceed $6,500, you get the higher rebate. Until then, you earn 1% back on the special categories and 0.5% on everything else. Read my (detailed card comparison).
3. Bank of America WorldPoints Platinum Plus Credit Card – Get 1% cash back for every net retail purchase dollar spent, redeemable for free travel rewards, free airline tickets, merchandise, gift cards, and cash. For this program, Bank of America is also offering a 0% balance transfer promotion for the duration of 15 billing cycles (essentially 15 months). There is no annual fee.
4. Bank of America Cash Rewards Platinum Plus Mastercard – Earn 1% cash back on all purchases with this Bank of America cash rewards credit card. The cash back reward earning potential is unlimited and there is no cap. Cardholders also get a 0% APR interest offer on balance transfers and direct deposits for the first 15 billing cycles. This is a very popular card option for Bank of America account holders like myself.

Free $200 Gift Card Offer – Credit Card Sign Up Promotions:

1. Citi Premier Pass Elite Card – is offering a $200 store gift card reward after you make $600 of purchases within 3 months. The gift card is redeemable with the 20,000 reward points you’ll receive. With this card you earn 2 points for purchases at supermarkets, drugstores, gas stations, and for commuter transportation. Plus you also earn 1 reward point for every mile you fly. $75 annual fee applies.

Cash Back Offers – Credit Card Sign Up Promotions:

1. Citi Forward Card – is currently offering up to 8,500 bonus points after you sign up for paperless statements and make $250 in purchases within the first 3 months of account opening. The total potential Citi ThankYou points that you receive at sign up can be redeemed for a quick gift card with extra reward points to spare. The Citi Forward card itself offers 5 ThankYou points for every $1 you spend on restaurants and entertainment. 1 reward point for every $1 you spend on other purchases, with no annual fee.
2. American Express Starwood Preferred® Guest Card – is currently offering up to 10,000 Starwood points after you make your first purchase. The instant points are redeemable for a $100 gift card to Amazon.com and a wide array of popular retailers. The points can also be redeemed for hotel stays and converted into airline frequent flyer miles for free flights (1.25 miles per point). Plus, you can also earn an additional 15,000 points if you spend $15,000 in 6 months. With the usage reward points you would normally earn with the card and all of the promotional bonuses, you can earn a grand total of 40,000 points, which is redeemable for a free $400 gift card or 50,000 frequent flyer miles (enough for 2 free roundtrip airline tickets).
3. American Express Gold Card – is currently handing out 10,000 membership reward points for new sign ups when you spend $500 in 3 months. After your first purchase, the points can be instantly redeemed for a $100 gift card at a wide array of popular retailers. You also get access to special Gold Card events such as exclusive concerts and sporting events. With this offer, the first year’s annual fee is waived.
4. Citi Premier Pass Card – is offering the equivalent of a $100 store gift card after you make $300 worth of purchases within the first 3 months. The gift card is redeemable with the 10,000 reward points you’ll receive. With this credit card you earn 1 reward point for every dollar spent and 1 reward point for every 3 miles you fly. You also earn 1 point for every 3 miles flown by anyone else whose tickets you buy with the card. There is no annual fee.
5. Discover Business Card – is currently offering an instant $100 sign up bonus after you spend $1,000 within the first 3 months of receiving this card offer. With the Discover Business card, you or your business can earn up to 5% cash back on qualified purchases that cover business related expenditures as well. The card also offers a 12 month, 0% balance transfer and purchase promotion with a 3% balance transfer fee, capped at $75.
6. Citi Business Card With ThankYou Network – is currently offering 10,000 ThankYou® Points After $250 in purchases, redeemable for a $100 gift card. You can also earn 3% back on eligible business purchases.
7. Chase Freedom Credit Card – is currently offering 5% bonus cash back in popular, rotating categories like gas, groceries, airlines, home improvement and more.
8. American Express Preferred Rewards Green Card – is currently handing out 5,000 membership reward points for new sign ups. After your first purchase, the points can be instantly redeemed for a $150 gift card. With this offer you can earn unique travel rewards, and the first year’s annual fee is waived.
9. Bank of America Major League Baseball Extra Bases Card – Along with the $50 gift card bonus, earn points redeemable for baseball merchandise and airline tickets.
10. Bank of America NASCAR Race Points Platinum Plus Visa – An addition to the $50 gift card, earn a point for every dollar spent, redeemable for NASCAR events and merchandise. Top redeemable reward: Become a crew member for a day.
11. Bank of America NFL Extra Points Platinum Plus Visa – Get a free $50 gift card, and earn a point for every dollar spent, redeemable for NFL sporting events and merchandise. Top redeemable reward: Tickets to the Super Bowl.

Anyone can make money online with eBay by selling products, but you have to be prepared to put in a lot of time and effort doing manual labor, packaging, and shipping goods. If you are willing to put your back into it, you can easily make quite a bit by buying the most popular consumer products from wholesellers and selling them on eBay. So many people claim to offer wholesale lists on eBay, but don’t even bother with them. Their sources are useless and the majority will try to swindle you. It’s a dangerous world out there so first, a few general rules of caution to abide by that will save you plenty of time, money, and headache. Unfortunately, many people disregard these rules every day, and lose thousands of dollars to scammers.

1) Never Buy Products From Anyone Who Wants To Be Paid By Western Union.

If someone asks for payment by Western Union, do not respond to them and avoid them immediately. Their low priced merchandise might be tempting, but it will almost always be a scam. Remember, it is your own responsibility to verify the reputation and legitimacy of the seller. Western Union is not responsible for the non-receipt or quality of any goods or services.

Common Western Union scams include, but are not limited to the following:

1. Seller asks you to pay by Western Union and tells you that the transaction will be safe because you can make the payment out to someone you know, but put the seller’s address on the payment. You are then instructed to tell the seller the money transfer control number (MTCN) of the payment so he can go to Western Union and verify that you have made the payment. Once you receive the shipment, you are then supposed to contact Western Union and change the payment recipient’s name to the seller’s real name so that the seller can pick up the money. It’s a scam everytime because once the seller knows the address or the control number, he can obtain the payment with no problem. Many Western Union agents in foreign countries never ask for proper identification.
2. Seller asks you to pay by Western Union and tells you to make the payment using Western Union’s secret question feature. The way this feature works is the Western Union agent will ask a secret question to whoever is picking up the money, and the person picking up the payment must answer correctly in order to collect the money. It’s a scam everytime because many times Western Union agents, particularly those outside of the United States, do not ask the question, and only care if the person knows the address or control number. Western Union even advises on their website not to rely on the secret question feature.

2) Never Use An Escrow Service Other Than Escrow.com

Escrow is verified and recommended by eBay. Note that Escrow.com will handle transactions in any country in the world, except Romania and Indonesia. Fraud is so rampant in those countries that Escrow.com cannot effectively and safely help you transact with sellers in those countries. What Escrow.com does is ask both the buyer and seller to agree on terms. The buyer must then send the required funds to Escrow.com. Once Escrow.com receives the funds, they notify the seller to ship the goods. Once the buyer receives the goods and confirms that everything is in order, the buyer notifies Escrow.com to release the funds to the seller.

Escrow.com is safe for both buyer and seller because the buyer does not have to release the funds to the seller until they receive shipment and verify everything is correct. It is safe for the seller as well, because even if a buyer claimed non-receipt of the shipment, the seller could provide Escrow.com with the tracking number for the shipment and a shipping manifest showing what was sent and received. In which case, Escrow.com would then release the funds to the seller.

Common Escrow Scams Include, But Are Not Limited To The Following:

1. Seller tells the buyer that they prefer an escrow company other than Escrow.com. The seller gives the buyer the website address of the escrow company they prefer, and indicates that this is the only escrow company they trust. The buyer goes to the website and discovers a cleverly designed site that looks legitimate, with promises of safety and security. It’s a scam because the website is actually owned and operated by the seller or the seller’s associate. Once the buyer sends their money to the so-called escrow company, they will have actually sent their money straight into the hands of the scammer.
2. Seller tells the buyer that they will do the deal securely through SquareTrade.com. It’s a scam because SquareTrade does not act as an escrow service. They do not approve deals or hold funds for anyone. All SquareTrade does is allow eBay sellers to place a SquareTrade seal on their auctions, which shows that the eBay seller is willing to allow SquareTrade to help resolve any future disputes. Anyone who claims that they will use SquareTrade like an escrow service is a fraud. The seller may even send the buyer a spoofed e-mail, one that looks like it came directly from SquareTrade. However, it will be a fake.
3. Seller tells the buyer they will use a shipping service called TNT, and that the buyer should send their payment to TNT, in which case TNT will hold payment until they can inspect and ship the seller’s merchandise to the buyer. It’s a scam because TNT is a shipping company and not an escrow service. They do not hold funds or inspect shipments on anyone’s behalf. The seller may even send the buyer a spoofed-mail, one that looks as if it came directly from TNT, complete with logo and tracking number for the shipment. However, the e-mail will be a fake.

3) Always Request That You Pay A Seller By One Of The Following Methods

1. Credit Card – Safe because most credit card companies will refund your money if you file a proper fraud complaint.
2. Escrow.com – Safe because it protects both buyer and seller, as mentioned in Rule # 2.
3. PayPal – Usually safe for purchases under $2,000, because PayPal will let you use a credit card and will verify the seller’s address, banking information, and identity (do not send money to someone through PayPal if they are listed as “unverified”).
4. Letter of Credit (LC) – Basically, this is like using your bank as an escrow service. For example, you can go to your bank and apply for a letter of credit for the dollar amount you need to pay the seller. Your bank will freeze the funds in your account, and issue a letter to you and the seller’s bank verifying that they are holding the money and that they will transfer the funds to the seller’s bank account as soon as delivery of the goods to you is confirmed.

Do Use Bank Wire Transfers Until Identity Has Been Verified and Confirmed

Be very careful with any seller that requests payment in advance by T/T (telegraphic transfer), also known as bank wire transfer. This is a tricky gray area because some legitimate international sellers do require money by T/T in advance. Sometimes it is for a deposit, and sometimes they want the full transaction amount. Before sending money by T/T, make sure you ask for the following:

1. Seller’s full name,
2. Seller’s address,
3. Seller’s telephone number,
4. Seller’s company name,
5. Seller’s business license number,
6. Seller’s bank’s name and telephone number,
7. A scanned or faxed copy of the seller’s identification card or driver’s license,
8. References from companies the seller has worked with before, preferably in your country.

Tell the seller you need this information to run a thorough background check. You can then use a service such as Intellius.com to run a background check on them. You can also hire an international buying agent in the seller’s country to go to the seller’s physical location and buy the items for you in person, and then ship them to you. Most buying agents will charge a reasonable fee to securely buy for you.

Remember, if the seller is legitimate, he will understand your need for verification and will comply. If the seller hesitates, resists, says he cannot delay anymore, or demands that you send payment as soon as possible, you should become very suspicious and perhaps reconsider the transaction. The seller is very likely a fraud. Do not let greed or haste overcome your common senses.

4) To Assure Sellers That You Are An Honest And Legitimate Buyer, You Should Become Verified

1. Obtain a DnB (Dun & Bradstreet) number. This can be accomplished by applying for a credit builder account at dnb.com. Dun & Bradstreet will verify your company information including company name, address, owners, and ongoing debts (credit cards) or lines of credit.
2. Get PayPal Verified – Open a PayPal account. Once you have one, apply to become a verified premier member. PayPal will verify your address and identification by depositing two small amounts of money into your bank account or credit card. Afterwards, you must verify the total amounts that were deposited to prove that you are the owner of the bank account or card.
3. Get an Alibaba Trustpass Membership – See the list of wholesale sources below for more information.
4. If you are in the United States, become a member of the Better Business Bureau Online.

5) Verify The Seller’s Identity

If a seller tells you that he or his company has a website, run a WhoIs check on the website to see if the seller’s name and address match the internet registrar’s record for the site owner. Beware of anyone who doesn’t have a name and address listed in the WhoIs section of their domain, or of anyone who just recently registered the domain.

6) Develop Your Own Private List Of Trusted Wholesale Suppliers

1. Worldwide Brands – Worldwide Brands carries over 4,000 products and they also provide drop shipping services. That means they can ship products directly to your customers, and you do not need to keep any inventory or perform any shipping. They are an eBay Certified Solution Provider, and they are also a member of the Better Business Bureau.
2. NAWCA – (North American Wholesale Co-Op Association) is another fantastic source for over 100,000 products via their 2,000 distributors, many of which can perform drop shipping for you. The NAWCA was founded by a collective of wholesalers and distributors in 2001. Highly recommended for eBay sellers.
3. Ingram Micro – Ingram Micro is the second largest electronics distributor in the world. They offer very good pricing.
4. Tech Data – This company operates a huge electronics distribution center in the United States.

Buyer and Seller Community Portals - There are excellent wholesale deals to be had here, but because these sites are part of the unregulated wild, wild west of international wholesellers, you have to be extra careful and vigilant in sorting the diamonds from the rough. There are definitely more scammers here than legitimate sellers. Be careful:

1. Alibaba – Alibaba is a well trafficked source for wholesale buyers and sellers to connect on the internet. You should check this site frequently and sign up for trade alerts for whatever you are buying or selling. Your priority should be to deal with Alibaba companies that are Trustpass verified, although that in of itself is not always a sure guarantee of reliability. You can also become an Alibaba Trustpass member yourself. For a small fee, Alibaba will have a third party credit agency contact you to verify your name, address and company identity. Once you are an Alibaba Trustpass member, you will have more credibility, and sellers and buyers alike will take you more seriously. However, do note that scammers are everywhere. Please read my personal scammer experience for more insight.
2. Exporters Singapore – Similar to Alibaba, but this site requires all members to pay a fee after a 30 day trial period. This method helps to keep scammers out.
3. Power Source Online – Power Source Online is a computer parts trading exchange for dealers, brokers and services companies. You can find cheap computer parts and components for resale.

Note: The rest of the communities listed below are similar to Alibaba, with less traffic, but it is advised that you review and join as many as possible to maximize your opportunities.

1. Global Sources
2. EC 21
3. Rusbiz
4. EC Plaza
5. Importers
6. Trade India
7. Offer 21
8. Fuzing