You have some serious issues. You attempt to prove your knoweledge of this world, yet you yourself are blind. Why don't you sit and contemplate these things a bit. I hope that one day you look back on this and realize your error. No one here-neither Thucydides nor I-have brought this upon you. You suddenly decide to attack this forum and this country for no reason. I am through with your incompetence, goodbye.

to uh, be clear - i was joking. i don't actually understand how my post could be read as anything but a... joke.

i do that a lot - crack jokes. if you want to say its not funny, i guess thats for you but im still going to crack jokes. i have fun on this forum and i love you motherfuckers.

i love you too.

@kING...fUCKING MORON. How about you actually do a little research on the topic. Until then, shut the fuck up . You like to insult people on a personal basis when you are too ill-informed to debate an issue on the fact. So....go learn the facts, dumbass. Until then....you should just go crawl into a hole.

@Thucy....Oh...YAY! You admit that you were joking. Well good for you. If you can't comprehend why your post wass NOT undestood as a joke...then you apparently don't read the forums very often. I can joke about the sky being blue and have some asshole call me a liar.....so...er....for a mod, you don't understand the forums much, do you? Maybe the next time you post a joke....make it clear. you know...ad a " :P " or a " lol " or " jk " which are the general internet indicators that I just made a sarcastic/joking comment. You see....maybe you thought it was a joke in your mind....but we can't hear your sarcasm.

I guarantee that a number of the people arguing against me didn't think it was a joke UNTIL you just said so...and were just arguing a point against me because they will disagrew with me no matter what I say. Because, genreally speaking, the people posting on these forums have *zero* integrity. and wouildnt know a principled stand if it knocked their head off.

Krellin, I forgive you. I hope that one day you will meet Jesus and repent from your ways.

@dexter - an ounce is a unit of measure (as in dry or fluid ounces) as well as both a unit of mass and a unit of weight. However, gold, as bought and sold, is done so by mass using a balance. In that you are correct.

I knew Thucy was joking. I think it was obvious.
krellin is quite eccentric sometimes.

No, krellin is not only eccentric, he is OUT OF HIS MIND.
At least, that's what I gather from his political and religious views expressed on this forum.

Its like shooting angry, poorly educated fish in a barrel, really.

Its fun for a while, but it gets boring after a bit.

We are all avoiding the real issue here. Thucy's joke was actually pretty funny. Gimme more of those, please.

And yes, I admit I thought "would that actually work?", for a moment. I wonder how many of you did too.

krellin... calm the hell down and get back on topic or just leave the forums for a while to cool off. I can't believe people are getting so uptight around here.

As far as the scheme, you are losing a little, since the money you are paying to the CC banks are gaining interest for them (sure, it's only a month worth of interest, but it quite possibly could be more for you to put the cash in a quick CD, gain the interest, then pay the CD off.

Well, if you have an intro rate of 0% like I do on my latest one, you could max it out and make something theoretically. But the problem is, I think the payment would qualify as a "cash advance" and that comes with it's own fees and sometimes negates the rewards. That's why I use cash at the casino (not the card) and pay the other bills (which I would normally have paid cash for) with the CC, then just pay one CC bill each month.

Actually, most CC companies do not treat it as cash advance, otherwise the strategy wouldn't really work. However, you have to pay off the amount immediately to avoid paying interest. Therefore, you have to either a) carry the coins from previous delivery to bank, deposit them and pay off your CC or b) pay off CC with other account money and use coins to pay off mortgage and such. Since carrying around boxes of coins is not really practical, b) is the way to go. However, since everyone will definitely love you if you try b) on them, a) is also a possibility ;)

I know this doesn't work in Canada. If you go to the Canadian mint to get one of there special coins, you can not use a credit card without it being considered a cash advance.

@Draug: In the US, most (if not all) of the CC companies have been treating it as a normal purchase. So as long as you pay the bill off in full, you don't pay any interest or financing fees. It's a pretty ugly loophole.

@ulytau: A lot of people taking advantage of this have been simply brining the coins directly to the bank for deposit, even in the original mint packaging.

@joey1: Clearly the Canadians had a bit more forethought

The mint is fully aware of what is going on. They aren't happy about it and they are even limiting the amount you can purchase ($1000 per 10 days, or something like that) and they put up a notice (basically a request) that you shouldn't immediately deposit these coins, but instead circulate them by spending.

They know they are footing the bill for this scheme through the credit card transaction fees and shipping/handling costs, but I think they are letting it continue since they are desperate to offload these coins.

@FK

I fail to see how I'm losing any money at all.

I have a non-interest bearing checking account that I use to pay my CC, so I'm not losing any money there. I may my CC each month, so I'm not losing any money there. I'm buying *money*, so I'm not losing any money there. All I'm getting is the rewards, which is a net positive.

I should mention that I don't actually plan on depositing the coins when I get them. I actually like $1 coins and plan to use them. I have been going to the bank getting a small amount for some time now, this is just a much more convenient and rewarding way of doing the same thing.

@fortknox, you don't pay any interest if you pay off your bill in full each time; interest only kicks if you don't.

And if you have a zero interest introductory as long as the bill is paid on time each month, you can stretch the purchase over several months without paying any interest.

Well that was short lived.

You can now no longer purchase coins with a CC. Shame, because I was actually going to spend the ones I got : (

Short lived? It has been going on for years! Some people have racked up millions of miles.

Although, it was only recently that publicity of this scheme blew up on the internet and media outlets. It's about time they closed the loophole. Effectively a free cash advance that also earns points/miles!? Pure, simple arbitrage.

I guess it takes a humongous wave of people utterly raping the system followed by widespread media coverage to compel them to fix things.

"raping the system" lol good phraseology.