Can you buy gold with a credit card online?

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antidovish
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Can you buy gold with a credit card online?

Postby antidovish » Tue May 21, 2013 5:19 pm

Had an idea- I'm looking to buy some gold coins and there is a credit card signup bonus that gives 25,000 points after spending $2000. Being that I was going to get the gold anyway, could I charge it to the account to earn the bonus or do the banks now allow you to do that?

ps. please answer my other question too in the other category.


Bksuper
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Postby Bksuper » Tue May 21, 2013 6:01 pm

Depends who you're buying the gold from, I think. If you're buying the gold at an official market base rate from a bank or financial institution as an investment product, my guess would be no, or only with a credit card surcharge fee that would completely negate the rewards. If you're buying from a dealer or jewelry store, then you could probably pay with credit card, but then that would be built into a higher price.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

cashback
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Location: NY

Postby cashback » Tue May 21, 2013 6:07 pm

Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

Bksuper
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Location: California

Postby Bksuper » Tue May 21, 2013 7:15 pm

^Its suggesting you buy from a retail broker and pay a 3% surcharge. This may allow you to hit minimum spend for a one time bonus and be ahead this once, but you won't find a credit card that will reward you more than 2% at a gold dealer for the long term rewards and you'll be paying a 2.5% to 3% surcharge to buy the gold, plus the price of the bullion itself at a dealer that sells to consumers will be higher per ounce than a bank or investment broker, taking a bank draft.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

cashback
Centurion Member
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Posts: 793
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Location: NY

Postby cashback » Tue May 21, 2013 8:18 pm

Bksuper wrote:This may allow you to hit minimum spend for a one time bonus and be ahead this once


Thats exactly what OP is asking about
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

CCG
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Location: Austin, TX

Postby CCG » Sun May 26, 2013 5:55 pm

Anyone who buys gold in increments of $3,000 to $5,000 at a time, this strategy is a no-brainer.
  1. Apply for a new credit card offer that has a good bonus.
  2. Use the new card to pay for your gold coins. The dealer will charge a 2.5% to 3% premium, but it's still quite easy to come out ahead after receiving the rewards bonus.
  3. Most credit card offers require spending of $1,000 to $5,000 within the first 3 months to receive the bonus. Since you're using the card to buy the coins, meeting that requirement should be quite easy for you.
Here are some of the top bonus offers on the market right now:
[sapphirepreferred].[/sapphirepreferred][Premier Gold Card].[/Premier Gold Card]
My favorite signup offer is from a business card. The minimum spend to receive the bonus is quite high, but if you plan on spending that much on coins or bullion, then this is probably the best one for you to go with. You can apply as an individual (sole proprietor) using your Social Security Number for the tax ID. Your name and business name would be the same (unless you have a separate DBA).
[ink plus].[/ink plus]

antidovish
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Location: KY

Postby antidovish » Thu May 30, 2013 5:12 pm

These are the answers I wanted to hear. I had thought my idea might have been too good to be true with perhaps the credit card companies not allowing it. What a relief to hear that I have the green light to purchase my gold coins and earn big fat rewards in the process! With the spot price hovering around where it is I think we could be entering an opportune moment to accumulate more. With QE continuing indefinitely our currency will be devalued eventually, hard assets can hedge against that.



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