Credit Card Points Scam Stopped by US Mint
This is an example of taking reward points to the extreme.
In 2008, the US Mint began making $1 coins. A few commemorative coins with the likeness of several US presidents were sold to collectors. The cost? $1 of course. But there was a limit, and investors and collectors could only purchase 500.
But there was no limit on how many $1 Sacagawea dollar coins could be purchased at the price of $1 each. UPI reports on a few credit card users who exploited this flaw to their advantage.
Over the last two years 75 credit card holders purchased large amounts of the coins, buying $1 coins for face value. These card holders earned massive amounts of rewards points they could trade in for airline tickets and other goods.
When their cash order arrived they turned around and used that money to pay off the balance of their credit cards. Reward points for nothing.
UPI reports that the US Mint has since reclassified the collector coin purchases as “quasi-cash,” which will make them ineligible to earn points on most credit cards.