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Were You Able to Take Advantage of this?

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Sat, 07/23/2011 - 12:15
micharch
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Joined: 02/22/2009
Posts: 479

The U.S. Mint said today it will no longer accept credit-card payments for dollar coins purchased from its website. Too many people were using the program just to get frequent-flier miles.
 
In a statement today, the Mint said:

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 noticed the problem back in 2008, and put limits on how many coins people could order
 
http://www.npr.org/blogs/money/2011/07/22/138610663/dollar-coin-loophole-closes-for-frequent-fliers?sc=nl&cc=pmb-20110722

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Sun, 07/24/2011 - 00:18
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Jewel's picture
Jewel
User offline. Last seen 2 weeks 6 days ago. (Offline)
Joined: 03/27/2009
Posts: 878
Re: Were You Able to Take Advantage of this?

 I'd never be that creative, micharch - or underhand. Surely the airlines that reward them should take back the frequent flyer miles. I can't believe that's not fraudulent rather than just an abuse of the program. 

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