Tuesday, October 13, 2009

Make Free Money By Buying Coins From the U.S. Mint: Peter Robbing Paul

The Consumerist reports a scheme in which anyone can instantly make 2% or more. The scheme is to buy coins from the U.S. Mint. The coins are shipped free to you and you may use a credit-card to buy them. If the buyers sues a rewards card, for example, a 2% cash back or an air miles crad, the buyer makes a nice profit on the transaction.

The advantage or disadvantage of this scheme is that you have to carry these coins to the bank to deposit them. For someone with nothing to do, this is great exercise, and you get paid.

If such scheme were to work, it would be like Peter robbing Paul, since the U.S. Mint must pay credit-card fees. On the plus side, the credit-card companies and banks might end up paying a little of those rewards do you really think?).

In other words, it's your left pocket robbing your right pockets, since you are funding the U.S Mint losses - with your taxes.

(Thanks to Skype friend Miad for pointing out the scheme)

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