And while Amazon says it will shut you down if it finds that you're sending the money back to your own accounts, you can always "pay" a spouse, family member or trusted friend who has agreed to give you back your cash. So, you can load money into your Amazon Payments account using your credit card, allowing you to rack up rewards for free. 1 e-commerce retailer is now trying to challenge PayPal in the online payments world, and to gain traction, it's offering person-to-person payments without the fees charged by similar services. Wilson then switched to a new method of buying money: Amazon Payments. The good times couldn't last forever, though: The Mint has since discontinued the dollar coin buying program.Ī Small-Scale Alternative: Amazon Payments Combined with the miles he'd already earned, he wound up with more than 4 million miles, earning lifetime Platinum status for him and his wife. That meant for every 800,000 points he put into his American Airlines AAdvantage account he scored 1 million miles, good for 40 domestic round-trip flights. He could then transfer them into an airline's frequent flyer program at a ratio of 1.25 miles per point. The card he used was the American Express Starwood card, which offers 1 point for every dollar spent. He was essentially moving money in a circle: putting thousands of dollars in charges at a time on his card, then using the cash he "bought" to pay the bill. Then he would use the money to pay off his credit card bill in full. But over the course of eight months, he would have thousands of dollars in coins delivered at a time, then walk them into the bank and deposit them into his account. So Wilson pulled out his rewards card and bought nearly $3 million in coins. Shipping was free, and the website accepted credit cards. The Presidential $1 Coin Act of 2005 sought to put dollar coins into circulation by allowing citizens to buy the coins directly from the Mint's website at face value. So Brad Wilson, founder of deal site BradsDeals, hit on a solution: Why not just use his rewards cards to buy money?Īs he explains in his book "Do More, Spend Less," the scheme was made possible by the U.S. And the last thing you want to do is spend more money than you normally would just to get points.
But it can take a while to see a significant return: If your card earns a standard 1 percent cash back, spending $10,000 on the card gets you just $100.
#Buying us mint coins with credit card free#
Rewards cards are a great way to earn free cash and travel, provided you don't carry a balance or pay a big annual fee.
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