Coin buyers charged the purchases, sold in boxes of 250 coins, to a credit card that offers frequent-flier mile awards, then took the shipments straight to the bank. They then used the coins they deposited to pay their credit-card bills. Their only cost: the car trip to make the deposit.
Their only cost: the car trip to make the deposit.
Waiting for the "frequent flyer mile strategy leads to global warming" headline.
bakedjake
6:45 pm on Dec 8, 2009 (gmt 0)
A popular credit card forum saw reports that American Express was shutting down cardholders who were doing this to accumulate points.
LifeinAsia
7:02 pm on Dec 8, 2009 (gmt 0)
Actually, forget about points- why weren't people doing it on cash back cards?
buckworks
7:15 pm on Dec 8, 2009 (gmt 0)
This illustrates a principle well known in SEO circles: by the time an amazing magic secret technique is being discussed on forums, it's too late to do you much good.
jecasc
8:58 pm on Dec 8, 2009 (gmt 0)
Is a frequent flyer mile really worth a mile? So can this guy with two million miles now fly two million real miles? Or is this like other customer loyalty programs where you gather 10.000 points after spending 10.000$ and exchange them into a 10$ barbecue grill.
weeks
10:15 pm on Dec 9, 2009 (gmt 0)
Is a frequent flyer mile really worth a mile? So can this guy with two million miles now fly two million real miles? Or is this like other customer loyalty programs where you gather 10.000 points after spending 10.000$ and exchange them into a 10$ barbecue grill.
The latter, not the former.
SuzyUK
10:27 pm on Dec 9, 2009 (gmt 0)
yes and the latter works too, it's not always a $10 BBQ
Take the case of the guy who spent $300 real money by swiping his c/card 6 days for a $50 dollar room (though never spending a night in the room) then claiming his 3 x "free" nights over the new year period at the same luxury hotel - 3 x $600 dollars = $1800.. I'd say that's a worthwhile investment.
