Originally Posted by
deant
The other problem is that when you return the item, they will reduce your number of miles accordingly. Unless, of course, you return the item on a different card or for cash. Most merchants will not provide a credit on anything other than the card that it was purchased.
There is a thread on buying dollar coins from the mint with a credit card. That is the closest thing to buying a bond.
You would be surprised to find out how many retail stores just ask you for your credit card and do not check. I once had to return something and gave the wrong card, big mistake since the card I gave was not a debit card. When the refund went through on my cash back card they gave me a negative cash back award, I had to call and have it fixed.
Buying things and returning them to get miles can be time consuming and chances of headaches may not make it worth it. Though, if you buy something from the skymiles mall, and get say 10 miles per dollar spent at a store like footlocker that provides free shipping and then return your purchase and put the refund on your debit card.... you may be able to rack up miles quickly. Though you won't be able to do it many times, still not as great as the presidential coins.