Sep 2, 2011Hi, Sometime back US Mint allowed the use of creditcards to buy $1 coins of their websites. A lot of users exploited this by buying 1000s of $1 coins on their credit card and using the same coins to pay back those credit card bills. Note: This was perfectly legal albeit "an abuse of the system".
Since then the website only allows debit cards and other non-credit card options to buy $1 coins. On those lines, what if you were to buy a prepaid debit card using your credit card and then use the prepaid debit card to buy $1 coins? Will that work? Sure, prepaid cards will have a fee involved but comparing it to the miles collected - it will be negligible. Am I missing something?
Since then the website only allows debit cards and other non-credit card options to buy $1 coins. On those lines, what if you were to buy a prepaid debit card using your credit card and then use the prepaid debit card to buy $1 coins? Will that work? Sure, prepaid cards will have a fee involved but comparing it to the miles collected - it will be negligible. Am I missing something?
#3
LongviewTX , Sep 1, 2011 12:40 pm
Quote:
Since then the website only allows debit cards and other non-credit card options to buy $1 coins. On those lines, what if you were to buy a prepaid debit card using your credit card and then use the prepaid debit card to buy $1 coins? Will that work? Sure, prepaid cards will have a fee involved but comparing it to the miles collected - it will be negligible. Am I missing something?
From http://www.usmint.gov/mint_programs/$1coin/?action=directShip : Originally Posted by Febian
Hi, Sometime back US Mint allowed the use of creditcards to buy $1 coins of their websites. A lot of users exploited this by buying 1000s of $1 coins on their credit card and using the same coins to pay back those credit card bills. Note: This was perfectly legal albeit "an abuse of the system". Since then the website only allows debit cards and other non-credit card options to buy $1 coins. On those lines, what if you were to buy a prepaid debit card using your credit card and then use the prepaid debit card to buy $1 coins? Will that work? Sure, prepaid cards will have a fee involved but comparing it to the miles collected - it will be negligible. Am I missing something?
The United States Mint has eliminated the credit and debit card purchase of $1 Coins through its Direct Ship Program effective July 22, 2011.
So I think you're missing that debit cards are also not allowed
#4
AlohaDaveKennedy , Sep 1, 2011 10:22 pm
"an abuse of the system?"
Not a chance - we only dumped coins at the banks after we found out their value was based on the faith and good credit of the US Government! Even federally chartered banks were balking at taking the coins. AMEX even went so far as to refuse to allow credit card transactions to buy them for fear they would turn as worthless as Confederate currency.
Glad the Mint finally came to its senses and pulled them all out of circulation. Oops - my bad!
Not a chance - we only dumped coins at the banks after we found out their value was based on the faith and good credit of the US Government! Even federally chartered banks were balking at taking the coins. AMEX even went so far as to refuse to allow credit card transactions to buy them for fear they would turn as worthless as Confederate currency.
Glad the Mint finally came to its senses and pulled them all out of circulation. Oops - my bad!
Quote:
Since then the website only allows debit cards and other non-credit card options to buy $1 coins. On those lines, what if you were to buy a prepaid debit card using your credit card and then use the prepaid debit card to buy $1 coins? Will that work? Sure, prepaid cards will have a fee involved but comparing it to the miles collected - it will be negligible. Am I missing something?
Originally Posted by Febian
Hi, Sometime back US Mint allowed the use of creditcards to buy $1 coins of their websites. A lot of users exploited this by buying 1000s of $1 coins on their credit card and using the same coins to pay back those credit card bills. Note: This was perfectly legal albeit "an abuse of the system". Since then the website only allows debit cards and other non-credit card options to buy $1 coins. On those lines, what if you were to buy a prepaid debit card using your credit card and then use the prepaid debit card to buy $1 coins? Will that work? Sure, prepaid cards will have a fee involved but comparing it to the miles collected - it will be negligible. Am I missing something?
#6
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There were free lunches for 3 or 4 years. It appears we ate all of the food, though.Originally Posted by Febian
Guess it is true, there is never a free lunch. Oh well.