US Mint credit card rewards buying dollar coins!

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Members share tips and tricks for getting the most cash back, miles, & points.
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Lazy Money Maker
 
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US Mint credit card rewards buying dollar coins!

Postby Lazy Money Maker » Fri Jun 04, 2010 3:00 am

This US Mint dollar coins free shipping offer is too good of a deal to pass up! I call it the US Mint frequent flyer miles program. This is how it goes.

The golden Sacagawea dollar coins never caught on. This pissed off Washington and lead to the $1 Coin Act of 2005. It forces the US Mint to make one dollar coins of dead presidents in an attempt to drum up the popularity of the coins. It has yet to work and the Mint is now overflowing with production of $1 coins that no one wants or uses!

They are so desperate they have been running a US Mint dollar coins free shipping program. $1 coins sold at face value with free shipping. THEY LET YOU BUY THESE COINS WITH YOUR CREDIT CARD! THIS IS EASY MONEY!

step one - Get a better than average rewards credit card. Don't settle for only 1% cash back when you can go with a higher frequent flyer miles card!

step two
- You can order up to 50 boxes (250 coins each) of the non-Presidential coins and up to 2 boxes of each Presidential dollar coin. For payment the US mint currently accepts all major credit cards. Visa, Mastercard, American Express, Discover.

step three - Cash out your points and take a first class vacation using US Mint credit card rewards!

My partner and I will be departing on a luxury first class vacation in the French Riviera using this frequent flyer miles strategy!
Last edited by Lazy Money Maker on Fri Jun 04, 2010 3:04 am, edited 2 times in total.
"Spend money to make money"


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alsteig
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Postby alsteig » Sat Jun 05, 2010 1:37 am

Love it. The only catch now is that you can only order 4 boxes of 250 coins at a time, Every 10 days. hmmmm 3 thousand points a month extra is it worth the time and effort........

LTomBerry
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Smells fishy to me

Postby LTomBerry » Mon Jun 07, 2010 11:46 pm

I would check with your CC bank to see if currency orders from the treasury go down as a normal purchase that earns points. It might be considered currency or cash equivalents and therefore go down as a cash advance, therefore triggering immediate interest. I would do some checking around on this one before you do it so as not to shoot yourself in the foot with the interest.


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fffresh
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Postby fffresh » Wed Jun 09, 2010 9:52 pm

A cash advance and cash equivalent are two different things. Cash equivalent are typically not differentiated from a purchase. Reportedly US Bank Flex Perks is the only card treating U.S. Mint credit card coin purchases as cash advances.

I know of numerous individuals earning credit card rewards through this. They have been doing so for more than two years and have had no troubles with rewards or interest being levied. The Presidential coins do have a monthly cap however the regular dollar coins have a $12,500 limit if I remember correctly.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sat Jun 12, 2010 9:17 pm

I remember there was a piece in the Wall Street Journal or New York Times a year or two back where a man claimed to cycle $800,000 through the system. On a 1% card that would be $8,000 but on a 2% that would be $16,000. Some cards may have gave upgrade benefits too for being a big spender. I'm not snubbing $16,000 but you have to to wonder how much work it took depositing those coins. What if the bank refused large coin deposits? If you have a good rewards credit card I think the US Mint dollar coins game would be worth it for some extra points. I wouldn't go out of my way and try an absurd amount like $800,000 that is almost certainly a violation of the rules. I suppose if you own a business like a laundry mat or coin wash you may actually have a legitimate need for that many coins. In summary if you do this don't get carried away turn it into a US Mint credit card scam. Play by the rules and you can legally rake up a nice amount of points.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Cucumber
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Postby Cucumber » Thu Jun 17, 2010 5:42 pm

I thought they made this so it's not possible to do anymore?? Is this still going on??

(if it is I'm gonna do it and get some easy points on my Starwood Amex :ppp )
OBAMA
Stop talking crap about him!

chuckit
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Postby chuckit » Thu Feb 10, 2011 12:40 am

I have thought about buying U.S. Mint dollar coins with my credit card from Continental to get the necessary mileage for a roundtrip flight to Kauai for me and my girl. Under what circumstances would a person be allowed to buy about $50,000 worth of coins?

When it says it's 'not comply with the indented purpose' to buy and deposit in a bank account, does that mean it's something that they dislike or that it is illegal?


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Pete838
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Postby Pete838 » Thu Feb 10, 2011 9:57 am

There is another, more lucrative method of doing this, at least this was the buzz a month or so ago.
1)Sign up on BigCrumbs.com
2) Use your American Express card to buy American Express gift cards through the Bigcrumbs link (search for American Express gift cards, and select "business") You will earn 1.6% CASH BACK from Big Crumbs. You may also be able to find coupon codes for free gift cards and free shipping. There is one type of gift card (gift box with a yellow bow) that you can buy up to $3K.
3) Receive and activate your gift cards online, registering it to yourself and your address.
4) Order dollar coins from the mint with the gift cards.
5) Circulate your legal tender currency as desired to settle all debts, public and private, in accordance with the Coinage Act of 1965, which states that any DEBT can be paid with any legal tender US currency. (i.e. Wal-Mart doesn't have to accept them for a real-time purchase, but the county tax collector or or the lender of your car note DOES have to accept them).

This way you get the points on your AMEX for buying the gift card, then 1.6% cash back from Big Crumbs.
Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
Ronald Reagan

dantheman
 
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Postby dantheman » Fri Feb 11, 2011 2:29 pm

How is buying gift cards from American Express a better way to do it? If I am not mistaken those have a 3 or 4% fee. How will that benefit me if I am buying dollar coins for credit card miles?

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Pete838
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Postby Pete838 » Sat Feb 12, 2011 7:42 am

You get the miles when you buy the gift card on your credit card; then you get cash from Big Crumbs. No, there is not a 3-4% surcharge. There is a ~$4 gift card fee, but there are often coupon codes to waive that and the shipping.
Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
Ronald Reagan



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