American Express Membership Rewards - A "free" way to get $500 closer to spending thresholds

:-:

Stumbled across this potential opportunity being sponsored by the United States Mint.


Circulating $1 Coin Direct Ship Rolls - John Quincy Adams (Y01) (http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?catalogId=10001&storeId=10001&productId=14506&langId=-1)

To encourage robust national circulation of $1 Coins (non-numismatic, circulation-grade coins), the United States Mint has introduced the Circulating $1 Coin Direct Ship Program. This program makes it easy for retailers, financial institutions, and other interested parties to obtain smaller quantities of $1 coins than can otherwise be obtained from the Federal Reserve.

The $1 coins, wrapped in rolls of 25, are available in quantities of $250 (1 box) or $500 (2 boxes).

For this special program:

* The United States Mint pays for standard shipping and handling of domestic orders. Any special handling will be paid by the customer.
* Orders are limited to two boxes ($500) per President.
* Specific coins are available only while supplies last.
* Please allow approximately 1-2 weeks for shipping.
* All sales are final.

Link (http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?catalogId=10001&storeId=10001&productId=14506&langId=-1)



Basically, you can use your credit card to buy $500 worth of dollar coins (which will be shipped to you for free) and then redeposit them in your bank to pay off the card. At the end, it costs you nothing and you earn miles/points/cash back/etc. and get $500 closer to your spending threshold.

The US Mint has already released 6 presidents. Based on the release schedule (link (http://www.usmint.gov/mint_programs/$1coin/index.cfm?action=schedule)), it plans to release 4 presidents every year. Only John Q. Adams is part of this offer and there is no mention of doing this for future presidential coins.


Here is a little more information regarding the direct ship program:


Only Need a Few? Try the Circulating $1 Coin Direct Ship Program! (http://www.usmint.gov/mint_programs/$1coin/index.cfm?flash=yes&action=directShip)

Is a $1,000 box of Presidential $1 Coins too much for your needs? Here's your solution: the Circulating $1 Coin Direct Ship Program. Now you can get circulating Presidential $1 Coins (non-numismatic coins) in quantities of $250 or $500, shipped directly from the United States Mint to you! The coins will arrive in boxes of 25-coin rolls within about two weeks, and the United States Mint will pay the standard shipping and handling costs (domestic orders only).

For the Circulating $1 Coin Direct Ship Program, the United States Mint accepts credit cards (VISA, MasterCard, American Express, and Discover) and debit cards issued as check cards with a VISA or MasterCard logo. The United States Mint cannot process debit cards that require a PIN (personal identification number).

Please note that for this special program:

* Orders are limited to two boxes ($500) per President
* Specific coins are available only while supplies last
* All sales are final
* Any special shipping and handling is the responsibility of the customer

For more information or to order, go to: Circulating $1 Coin Direct Ship Rolls (http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?catalogId=10001&storeId=10001&productId=14506&langId=-1)




So it looks like VISA, MasterCard, American Express, and Discover cardholders and VISA and MC check cards can take advantage of this offer. ^

Link (http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?catalogId=10001&storeId=10001&productId=14506&langId=-1)



P.S. Not really sure where to post this. It is available for many cards, including Amex, but I didn't think it would get a good audience in S.P.A.M.. Mods?


Edit to add: Okay, I also posted this in the Other Credit Card Programs forum since it is available to non-Amex card holders too: http://www.flyertalk.com/forum/showthread.php?p=9871341

Basically, you can use your credit card to buy $500 worth of dollar coins (which will be shipped to you for free) and then redeposit them in your bank to pay off the card. At the end, it costs you nothing and you earn miles/points/cash back/etc. and get $500 closer to your spending threshold.

So it looks like VISA, MasterCard, American Express, and Discover cardholders and VISA and MC check cards can take advantage of this offer. ^
My fear would be that the CC company treats this as a cash advance rather than a purchase. (I couldn't find anything on the web site, but only did a cursory search.) Since you are receiving cash, it seems reasonable. And, while the mint is covering standard shipping, I can't see them also picking up the CC processing fees. Much better (from the mint's point of view) to let you pay the cash advance fee, which would wipeout the miles/points benefits.

Edit: Looks like it's already being discussed here (http://www.flyertalk.com/forum/showthread.php?t=833911).

Moderator Hat On

Since we already have an ongoing thread on this topic (HERE (http://www.flyertalk.com/forum/showthread.php?t=833911)), I'm going to close this thread.

Moderator Hat Off