Would you like to know how to earn airline miles almost for free? To be more precise, about four million of them at almost no cost at all. Well keep reading to learn how one man took advantage of a loophole in the system, and find out how to earn airline miles for next to nothing. But there’s one catch. Unless you can work our a similar method, the horse has already bolted on this one, and the opportunity to benefit from this one mans legal scheme is now finished. Read on to see how he did this.
If you have a credit card the chances are that you also have some form of reward card associated with it. Usually the way you earn rewards is buy spending money. The more you spend the more you earn. But the rewards that you earn are usually only worth a fraction of the amount that you spent. Quite often between one and ten percent. Sometimes you can even earn these points as airline miles. So how can you earn four million airline miles with your card if the rewards are so small? Wouldn’t it take a fortune to earn that amount of points? Yes it would take a fortune to earn those points, and yes the rewards are still small, but one man worked out a way to do it without spending a single cent.
Brad Wilson, founder of deal site BradsDeals, worked out that he could use his rewards card to buy money. This was all thanks to a scheme made by the government.
The Presidential $1 Coin Act of 2005 sought to put dollar coins into circulation by allowing citizens to purchase the coins directly from the mints website for face value. The shipping was free of charge and they allowed people to purchase the coins with their credit cards.
Over the next eight months Brad Wilson would buy a total of $3 million worth of coins. He would buy a few thousand at a time, take them to his local bank and deposit the money back into his own account. He was basically just moving the money in a circle.
At the time he was doing this his credit card company was offering his 1.25 miles for every dollar he spent. Having racked up 4 million airline miles it has also earned him and his wife lifetime Platinum status.
Thought it was a good idea? Don’t try it now.The mint has discontinued the program, so you have missed out.