Firstly: It's all done on Tuesdays from what I understand...
Secondly: DO NOT cash in those bounties or materials until the max resets...
Thirdly: Do what I'm doing when this happens; Get 50 in each material, Max out your Van/Cru Bounties and then switch over to another game to pass the time... Like Dark Souls or something.
That way when it resets you get a butt load of marks and rep.
Actually while I'm here, can someone fill me in on something, when I went to try it I was already maxed out:
Do you get marks for cashing in bounties or is that just materials?
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Neither u get rep and experience for bounties(except exotic bounties), as far as I know there isn't a cap on rep just marks, I got my vanguard and crucible reps to lvl 2 in one week long after I'd maxed out my marks