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Buy $1 coins from mint with credit card, pay off credit card, enjoy perks?

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Lifer
A friend of a friend has found the following:

http://www.usmint.gov/mint_programs/$1coin/?action=directShip

Basically, he's going to buy $1k worth of dollar coins with his credit card (free shipping), then turn around and pay off that $1k and reap the rewards offered by his credit card. Would it really be that easy??
 
yes, it is that easy

the only sucky part is waiting weeks to get the coins delivered. and heres the funny thing - i live literally 10 minutes from the US Mint
 
you can do this a few times I guess, before the mint cuts you off? unless you order through a business entity.
like a laundermart or something
 
Originally posted by: sdifox
you can do this a few times I guess, before the mint cuts you off? unless you order through a business entity.
like a laundermart or something
Click to expand...

nope
2 boxes (500$) per president.

they *encourage* people to buy it (hence the free shipping) to promote circulation of the coins
 
The only problem is the CC company could cancle your card before you could cash in on your cash back items just to get back at you. 😉
 
Originally posted by: mb
I'm gonna max out my cards on this
Click to expand...

I can just see the look from your 17 year old pimple-faced banker when you walk in with $5,000 in mint coins :laugh:
 
Originally posted by: LS21
Originally posted by: sdifox
you can do this a few times I guess, before the mint cuts you off? unless you order through a business entity.
like a laundermart or something
Click to expand...

nope
2 boxes (500$) per president.

they *encourage* people to buy it (hence the free shipping) to promote circulation of the coins
Click to expand...

I understood it to be 2 box per issue at a time.
 
Welcome to last summer 😉

I took advantage of this deal when I had a credit card with a limited promo period that gave 5% cash back on everything.
 
Uh...

How exactly do you plan on paying your credit card with the coins? Can you really walk into a bank with hundreds or even thousands in coins and deposit them?
 
Originally posted by: LikeLinus
So, that's it? You buy money for what it's worth and then turn around and pay it back to get maybe $10 worth of rewards?
Click to expand...

Free $10 for not a lot of hassle? Yeah I'd say that's a decent deal.
 
Originally posted by: finite automaton
Uh...

How exactly do you plan on paying your credit card with the coins? Can you really walk into a bank with hundreds or even thousands in coins and deposit them?
Click to expand...

Why not?

Most have coin machines for free.
 
Originally posted by: finite automaton
Uh...

How exactly do you plan on paying your credit card with the coins? Can you really walk into a bank with hundreds or even thousands in coins and deposit them?
Click to expand...

sure. It's legal tender. Banks can't refuse it since it's all in rolls.
 
Originally posted by: finite automaton
Uh...

How exactly do you plan on paying your credit card with the coins? Can you really walk into a bank with hundreds or even thousands in coins and deposit them?
Click to expand...

You could walk in with pennies if you wanted to. A bank deposits money in any form as long as it's legal, which this is.
 
Originally posted by: finite automaton
Uh...

How exactly do you plan on paying your credit card with the coins? Can you really walk into a bank with hundreds or even thousands in coins and deposit them?
Click to expand...

Sure, a bank can't deny the deposit. Just go in with the coins and they will take them.
 
Originally posted by: gorcorps
Originally posted by: LikeLinus
So, that's it? You buy money for what it's worth and then turn around and pay it back to get maybe $10 worth of rewards?
Click to expand...

Free $10 for not a lot of hassle? Yeah I'd say that's a decent deal.
Click to expand...

I think carrying a large sack full of dollar coins to the bank to cash in would be a bit of a hassle.

I also think this is pretty hilarious.
 
Originally posted by: ducci
Originally posted by: gorcorps
Originally posted by: LikeLinus
So, that's it? You buy money for what it's worth and then turn around and pay it back to get maybe $10 worth of rewards?
Click to expand...

Free $10 for not a lot of hassle? Yeah I'd say that's a decent deal.
Click to expand...

I think carrying a large sack full of dollar coins to the bank to cash in would be a bit of a hassle.

I also think this is pretty hilarious.
Click to expand...

Only if the sack had a giant $ image on it. 😉
 
Originally posted by: gorcorps
Originally posted by: LikeLinus
So, that's it? You buy money for what it's worth and then turn around and pay it back to get maybe $10 worth of rewards?
Click to expand...

Free $10 for not a lot of hassle? Yeah I'd say that's a decent deal.
Click to expand...

To have to wait several weeks for the coins. Then you have to drive down to the bank and deposit the money. Then drive home and to get online and pay off your CC. All that for $10?

Seriously?
 
That is not at all worth the trouble for ~$10. Wait several weeks for the coins to arrive, find $1000 in the meantime to pay off your credit card, and then go to the bank and look like a jackass when you try to deposit that many coins? No thanks. Who tf comes up with this shit?
 
Hmmm, I would love to see the face on the bitch teller at my local BofA branch when I bring in $1K coins for her to count.

Ps. Looks like you're limited to 2 boxes for a total of $500.
 
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