Never posted here but it seems like I've found a good deal (free money is always a good deal) - not sure how long it is until they figure it out and close the loophole. Got a marketting email about this earlier today;
stake are offering 10 AUD off gift cards. So…
- 10 USD gift card costs 10 USD (actual value of shares) + 5.99 USD (flat fee for gift cards) + 0.07 USD (conversion) + 1 USD (2% credit card fee or 1 USD minimum).
- That's 22.66 AUD in total (@ the time of writing - this might change a bit).
- But if you take off 10 AUD that's 12.66 AUD
- For which you get 13.29 AUD worth of shares (for 12.66, which is an instant profit of ~5%)
So this doesn't scale with value - the 2% card fee + 0.7% conversion fee makes it unprofitable at values above 37 USD - but if you are willing to make a tonne of small purchases and then sell up (or if you happen to want to invest in US shares) then you can actually make money.