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 Replies: 10 / Views: 1,792 |
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New Member
Canada
24 Posts |
Hey guys, just thought I'd share a way to make a bit of money on your XforX purchases from the RCM. I purchase mine using a cash-back credit card (1.25%), so it is essentially free money, since shipping is included and there are no taxes. I believe you can also purchase at one of the RCM Boutiques using your credit card. Be careful though, some credit card companies MAY consider coin purchases as a "cash like" transaction (similar to cash advance). You will be dinged with fees from the bank for this. I think with 95% of the cards though you should be safe. In my mind, buying coins is a "purchase", not a cash-advance. |
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Pillar of the Community
Canada
1747 Posts |
BE Careful with this ideology, in the US, the Mint was selling the new dollar coins, and people were buying thousands, then taking them to the banks and depositing them, strictly to get the points on their CC. This volume would be difficult because the RCM order limits, not to mention the difficulty most people have of trying to cash in their coins. For a small scale $1.25 for free is still free money, you can now go and buy a can of POP. |
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Pillar of the Community
Canada
1747 Posts |
Sorry didn't finish the story so the US mint wont let you use a CC to order the coins anymore.
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New Member
 Canada
24 Posts |
ace, I definitely agree with you on that. I meant it more from a collector's perspective. If you want say 3 of the $100 for $100's and 3 of the $50 for $50's as a collectors item, then cashback on $450 is an extra bonus. Also, if you were purchasing some of their other coins priced in the thousands, the cash-back can certainly add up.
Edited by ap1991
06/09/2014 6:43 pm
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Pillar of the Community
Canada
6768 Posts |
That's nice, thanks for info.
need also to know, what does the "cash back" means...I always press "NO" in the retail stores for the Cash-back option, since do not sure if it something worth or just kind of sales trick....
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Pillar of the Community
Canada
1747 Posts |
He is talking about a reward program offered by many Credit card companies, instead of collecting points you get $$$$
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CCF Master Historian of USA Commemoratives
 United States
12258 Posts |
Quote:
Sorry didn't finish the story so the US mint wont let you use a CC to order the coins anymore. Can you clarify your statement? I use a CC to pay for all of my US Mint purchases. Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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Valued Member
United States
149 Posts |
The US Mint used to sell the dollar coins by the bag (up to $1000 in a bag I believe), for free shipping and for face value. So several people would buy the coins with their credit card, and then take the bags of coins to the bank to cash them in and pay off the credit card payment. this meant that they earned points / rewards and would just keep cycling through the coins this way.
to counter this the US mint now bans the use of credit cards to buy large volumes of dollar coins. you can buy the collector versions which sell at a premium with a credit card, as there is little risk of someone just cashing it in at a bank. But for face value purchase of dollar coins it can no longer be a credit card.
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Pillar of the Community
Canada
1751 Posts |
I know on the other forum, some with a rep, who can sell in higher amounts have done this. You do need to know how your card works. To answer the ? About cash back at a store, it allows a customer to include a withdrawal for cash from their bank account if it debt it, or else from their credit card. I hope this helps.
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Pillar of the Community
Canada
2984 Posts |
For 1.25% cash back on your credit card to be worthwhile you need to buy a lot of these coins. Per $100 is only $1.25. per $1000, $12.50. I suppose if you spend $10,000 on them you would get $125. But if you have a lot of money you would be better off putting it into GICs.
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Pillar of the Community
Canada
1747 Posts |
Thanks for the clarifications, that was exactly what I meant
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Replies: 10 / Views: 1,792 |
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Posted 06/09/2014 5:53 pm
