Royal Mint= Free Money?

brimera

I went to look at the Royal mint site to buy a £5 coin for a friend who collects coins. They are doing a 2006 £5 pound coin for £5 with free delivery!
You can use a credit card to pay for them so i used my egg money card thus getting 5p free for every one i order. this also means that you are getting cash from you credit card with no charges.

The most you can order in one go is 9, so £45 for 9*£5 coins+45p from egg and no charges for getting cash from your credit card.

Am i missing something here?
Ive checked with the royal mint page and £5 pound coins are legal tender though it warns that some retailers may not accept. It does guarantee that the post office will take them and i presume banks will, but not sure.

Ive ordered 9 and waiting for them to arrive....seems like money for nothing.
Please point out any obvious problems ive missed!

robinson79

:rotfl: :rotfl:
good plan!!


i guess if you didn't pay off your cc balance at the end of the month you would pay interest?! unless you're on 0% for purchases...

and it's a bit of a hassle spending them by the sounds of it :rolleyes:
x

croboy

I had a similar plan which involved making 10p pieces by shaving the sides off 50p pieces with an angle grinder. It didnt work out for me.

ex-egghead

Hi.

Be careful as this transaction I suspect will still get charged as a cash advance. For example it would be the same if you were to buy foriegn currency using your credit card. You may therefore find, after interest, you are infact worst off rather than better off!

Good idea though, I like it...and i particually like the shaving off the sides of 50p pieces with an angle grinder! Had a good chuckle at that!

ex-egghead

Milarky

Until you deposit the coins in a savings account, of course, you gain no interest from simply holding them. Can I suggest making a test purchase with Egg Money (or any other cashback card used) and reporting back any cases where this is treat as a 'cash' advance rather than a 'purchase' item?

kuohu

From the Mint website:

As we are expecting unprecedented demand we are issuing a limit of one per household

Slight flaw in the plan then, sadly.

marshall2k

I love this plan! Was the transaction treated as a cash advance? Did your bank accept them?

Jags_2

Isn't it going to cost you more than 45p in petrol & parking to drive to the post office and exchange them?

marshall2k

I was thinking of amassing several batches and then heading to the bank/post office on my bike. But then you have put things in perspective there, Jags; is it really worth 90p per each order? (I have 2% cashback at the mo).