Those of you reading this blog has at least one credit card with 1% cash back on everything. If you have a Countrywide savings account along with this Visa Rewards card like me, you can get 2% cash back on everything. That is how I made 10 bucks free when I ordered $500 of John Quincy Adams Coins from the U.S Mint department. From the website:
To encourage robust national circulation of $1 Coins (non-numismatic, circulation-grade coins), the United States Mint has introduced the Circulating $1 Coin Direct Ship Program. This program makes it easy for retailers, financial institutions, and other interested parties to obtain smaller quantities of $1 coins than can otherwise be obtained from the Federal Reserve.
The $1 coins, wrapped in rolls of 25, are available in quantities of $250 (1 box) or $500 (2 boxes).
For this special program:
* The United States Mint pays for standard shipping and handling of domestic orders. Any special handling will be paid by the customer.
* Orders are limited to two boxes ($500) per President.
* Specific coins are available only while supplies last.
* Please allow approximately 1-2 weeks for shipping.
* All sales are final.
Shipping is free and you can pay with a credit card. Since my Countrywide visa is 2% cash back, I can get $10 in free money. Once the coins arrived, I simply take it to the bank and deposit. I know $10 is not a lot of money, but this is pretty much a free cash advance. Besides, free money is free money. Some people who are struggling to pay their rent can use this instead of paying a hefty price for doing a real cash advance.
Top Cash Back Gas Credit Cards:
- 5% Discover Open Road Card
- 3% Chase PerfectCard MasterCard, 6% first 3 months
Yes. I ordered it. I don’t think you have to worry about stealing. It’s no difference that ordering a laptop online.
Hustler,
Have you actually done this operation?
Is the time it took really worth the 10 dollars in profit? My only concerns in doing this is not that my credit card company would not give me my 1% cash back but that someone will steal the coins from me..
TFM,
I think you are mistaken. In order to be a cash advance, you must call or request a cash advance check. Unless you can find the fine print of what you are talking about, then this is no difference than buying something from Amazon or shopping at Walmart.
I’d be careful about doing this deal. Most credit cards have terms that allow them to treat purchases of “cash equivalents” as cash advances and start charging interest right away. That would eliminate any profit on this deal.