Did you know you can spend money to buy money which SAVES YOU MONEY?
Do you have a rewards credit card? Does it offer you cash back for purchases? Then you can use this little “cash-hack” to earn rewards without really spending any money. For example, if your credit card offers you 1% cash back on purchases then you can use this little “hack” to earn that 1% and not actually spend any money while earning that reward. So if you spend $1,000 you’ll get $10 free. Spend $10,000 and you get $100. Spend $100,000 and… you’re an idiot. But you get the basic idea.
Free money?! But how?
Here’s how. The U.S. Mint is selling Presidential $1 coins at face value with free shipping and handling. That means you can buy money from the U.S. Mint, receive the money in the mail, deposit the money in your bank and then pay off your credit card with that money! See?! You can earn rewards from your credit cards and it doesn’t have to cost you anything at all. It’s even better if you have a rewards card with a higher cash back percentage, 3% is the current leader I believe, but any free money in this economy is good news, right?
Wow, never thought I’d live to see the day George Washington’s face on a coin gives me a woody.
Hmmmm…sounds like legal money laundering.
So crazy it might work. Im sure Mr. Geek is giving it a go as we speak.
Sadly I have no cashback card to work with.. or do I? I’ll have to check my membership rewards.. I recall $50 and $100 account credits with X amount of points.
The other thing is to make this viable, you need to buy $250-$500 worth of coins at a time. Which Im sure most people don’t have to spare.
The whole point is that you don’t need the money to spare. As long as you buy the coins at the beginning of your billing period they should arrive and be deposited in your bank before you need to pay the bill for them. Then you pay your bill and presto-chango, free rewards cash!