Texansde46 wrote:I have a question for any of you out there that do this program, lets say i purchase $1000 worth of coins on my credit card then take the coins to the bank and then pay off my debt to the creditor with those $1000 coins. Haven't i really spent a $1000 to get those frequent flyer miles? I keep hearing people tell me you can do this program without spending any money but it doesn't make sense to me, you have to pay back the credit card company. Would really appreciate anyones explanation.
DarrellEW wrote:Anyways, now that this has had so much public attention recently, it will probably be coming to an end sometime soon.
Pete838 wrote:I don't think so.
22 July 2011/12 pm"The United States Mint has eliminated the credit and debit card purchase of $1 Coins through its Direct Ship Program effective July 22, 2011. Customers who wish to purchase $1 coins through the Direct Ship Program can still do so by wire transfer, check, or money order. Customers who wish to purchase the coins by wire transfer may fax their order to: (202)756-6585. Customers interested in purchasing by check or money order may do so by writing to:
United States Mint
PO Box 71192
Philadelphia, PA 19176-6192
Please download the order form and follow the instructions provided on the form. (Order Form).
The Mint has determined that this policy change is prudent due to ongoing activity by individuals purchasing $1 coins with credit cards, accumulating frequent flyer miles, and then returning coins to local banks. Local banks, in turn, returned coins to the Federal Reserve. While not illegal, this activity was a clear abuse and misuse of the program.
The Mint has undertaken several aggressive internal and external actions to mitigate this issue, including restricting chronic and repeated use of credit cards, contacting customers who frequently placed large numbers of orders to ensure they were using the coins for legitimate business purchases, and other measures. While these measures eliminated a significant amount of misuse in the program, we believe some abuse still exists. Eliminating the credit and debit card purchase of the $1 coin is the next step in our efforts to root out abuse in this program and ensure it is better targeted toward fulfilling its intended purpose–which is to get the $1 Coin into greater circulation.
Thank you for your understanding and your continued support of the $1 coin program.
The United States Mint
Camelback wrote:Sorry, think again. Per usmint.gov:
22 July 2011/12 pm"
Was nice while it lasted.