I ran across this at FlerTalk, this is a site for road warriors, airline miles enthusiasts and hotel points mavens of all kinds. They have jumped all over this program. They have a thread with nearly 5000 posts. One of the posters has created an FAQ:
FlyerTalk Forums - View Single Post -
Buy Presidential Dollar Coins with CC @ Face Value, Free ShippingThe US Mint is apparently busily trying to get $1 coins into circulation even though the public isn't too enthused and therefore the banks don't want to carry the coins. So to push the coins, the mint has a program that allows individuals to order rolls/boxes of current production on-the-run $1 coins. To induce purchases, the mint offers free shipping and allows you to pay with a credit card (and the charge is treated as a purchase rather than a cash advance). So the game is to buy as many $1 coins as they will let you, charge it on a credit card that gives you a cash back reward (such as the Schwab Visa that kicks out 2% or the Pen Fed Visa that does the same to the tune of 1.25%), cash the coins in at the bank when they arrive, skim the float, and then pay the CC bill when it comes due. And the mint loves the deal because the $1 coins cost something like 20 cents to make, so its really easy for them to eat the CC transaction fees and the shipping.
You can also open one of those Airline cards where you spend $750 over 4 months and then get enough miles for a free airfare. Kind of an interesting deal.