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Buying money to make money - Captain's Log, Supplemental — LiveJournal [Update Journal]
September 26th, 2008
08:28 am

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Buying money to make money
The U.S. Mint is offering a wonderful program, where they offer sets of 250 $1 coins for $250, charged to a credit card, with free shipping. I just bought the maximum-currently-available of $2500 worth (2 sets of $250 for each of 5 presidents) with my cash-back credit card. I intend to deposit it all (maybe all except $25-$50 in coins to spend) in my bank as soon as it comes in. Between (1) the cash back on the item, (2) having the money in my checking account for roughly a month earning 4% interest, and (3) hitting the threshold for the much higher cash back tier a few months earlier, I expect to make north of $100 on the deal, for very little work.

Plus, it seems like a fun thing to try doing.

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From:perpetualponder
Date:September 28th, 2008 01:24 am (UTC)
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When reading credit card fine print I seem to recall special transaction fees for cash-like purchases. I suggest checking with your credit card company to see if that applies to you.
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From:petercooperjr
Date:September 28th, 2008 11:27 am (UTC)
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According to what I've read in random places on the Internet, it doesn't apply in this case. The U.S. Mint usually sells coins that are more like collector's items, so credit card companies see their transactions as purchase-like and not cash-like. I also have confidence that I can dispute anything weird that happens with the credit card company.
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