New rules regarding Credit Card rewards?

[ssawka]

I was wondering if anyone has heard anything about new laws when it comes to credit card rewards and/or airfare? I am a AAA member and also have the AAA credit card that pays us rewards. Anyway, we've been saving them all year and accumulated $400 in AAA gift vouchers. I just got back from the AAA office after trying to reddem them for airfare. Anyway, the TA told me I can't redeem all of them due to new money laundering laws that recently went into affect. I left the office without buying the tickets because I wanted to verify the law. I've been Googling, but I can't find anything, so I figured I'd ask the experts!

 

[SuzanneSLO]

I was wondering if anyone has heard anything about new laws when it comes to credit card rewards and/or airfare? I am a AAA member and also have the AAA credit card that pays us rewards. Anyway, we've been saving them all year and accumulated $400 in AAA gift vouchers. I just got back from the AAA office after trying to reddem them for airfare. Anyway, the TA told me I can't redeem all of them due to new money laundering laws that recently went into affect. I left the office without buying the tickets because I wanted to verify the law. I've been Googling, but I can't find anything, so I figured I'd ask the experts!

It looks like a possible crack down on gift cards of any kind may be in the works. it doesn't seem to have anythign to do with how you got the card (reward) or what you plan ot use it for (travel).

The Federal Financial Crimes Enforcement Network proposed new regulations on July 1 relating to "providers and sellers of stored value." There is a little about it here:
http://www.civicresearchinstitute.com/moneylaundering/news_archive/07_1_2010.html

So no change in the law yet, but AAA may already be getting nervous. -- Suzanne

 

[Pakey]

I redeemed airfare miles two weeks ago without any problem (mine are not through AAA).

 

[mrsklamc]

Was there no supervisor there? That article made it sound like it only applied to transactions over $2k

 

[ssawka]

Was there no supervisor there? That article made it sound like it only applied to transactions over $2k

You know it was the end of the day and I didn't want to argue without having all my facts. The TAs statement kind of blind-sided me. Anyway, I'm going to send DW to a different office and see if she get's a different story. My only thought is that the gift vouchers could count against the TA's commission and that's why he didn't want to accept all of them. If they give us further trouble, I guess I will be canceling that card and getting a Disney card instead.

 

[ssawka]

Well, DW got it straightened out today. Apparently they can only take up to $200 worth at a AAA office. Anything greater than that needs to be sent to HQ and they will send out a reimbursement check. The TA I had yesterday was just clueless!

 

[mlittig]

Glad it worked out for you

 

[Swimalie]

I was going to ask my husband about this. He works in money laundering enforcement with the Treasury Dept. They wouldn't have anything to do with credit card rewards that I know of. But I can ask if you all want.