Buy Gold With a Credit Card

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Buy Gold With a Credit Card

Buying Gold With A Credit Card Can Cost You Money

Many of us, when looking to buy gold, want to use a credit card. There are myriad reasons we prefer using a credit card when buying gold: fraud protection, ease of use and reward points to name a few.

Well, using that credit card to buy gold online may just cost you hundred, if not thousands, of dollars. Let me explain this from a gold dealer’s perspective. When you buy gold with a credit card, the dealer is running the risk of a fraudulent purchase. Not because you are going to try to rip them off, but because there is always some wiseguy out there purchasing bullion with a credit card and then disputing the purchase.  This can be very costly and charge backs can be filed (depending on the credit card) for up to 180 days, and is a big headache for any dealer. Think about this: the dealer could ship product out the door and, half a year from now, find out it was fraud and they are out the money. When someone steals another person’s identity or credit card and makes a purchase with it the gold dealer is the one left holding the bag. For this reason many gold dealers no longer accept credit cards, as the risk is just too high.

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