Less than a month ago (until 11/15/2011), one could get a better-than-free cash advance from their credit card, courtesy of US Mint.
It’s was easy, too: order $1,000 worth of one-dollar coins on your cash-back credit card, collect 2% (that’s free $20 for you), and skip paying credit card cash advance fees and interest. Surprise your friends and cashiers! Pour them into a cloth bag for the realistic-looking money medieval pouch! For a while, I thought this would make those heavy gold-colored coins take off.
Looks like the fate of the dollar coins is now sealed. Starting November 15th, US Mint added 5% shipping surcharge, and no longer takes credit cards for payment. Given the general lack of popularity of these coins (my dry cleaning lady asked me to PLEASE stop paying with them!), I think this is another case when a potentially good idea went bust.
So long, dollar coin! Welcome back, dollar bill!
