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Using a credit card to buy gold or silver

You can do it, but you’ll pay for the convenience.

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Steven Dashiell
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Many gold and silver dealers won’t accept credit cards, such as Amex and Discover, for two main reasons: high processing fees and increased risk of fraud. However, you’ll find some dealers who will. If you’re trying to move fast on your precious metal investment, a credit card might be your best option for pure speed.

How to buy gold or silver with a credit card

Buying precious metals with a credit card is similar to paying for any other online purchase. Here’s how it works:

  1. Find dealers you can trust.
  2. Compare prices.
  3. Fill out the checkout form with your name, contact details and shipping and billing addresses.
  4. Enter your credit card information
  5. Complete your purchase.

Buying gold or silver with a credit card securely

Make sure whoever you’re purchasing gold or silver from has some security measures in place for your credit card purchases. Check for whether your dealer is verified by Visa or Mastercard when it comes to security measures and ask them about their security practices.

You might also read reviews of the website or company or see if they’re recognized by the Better Business Bureau. Since purchasing gold or silver isn’t an especially mainstream practice, you’ll want to do your due diligence to make sure your purchase is secure.

Which forms of precious metals can I buy with a credit card?

In one way or another, you can buy:

Pros and Cons

Buying precious metals with a credit card can often be summed up in one phrase: fast but expensive.

Pros

  • Speed. It could take several days for a check to arrive and clear, but a credit card payment often clears within a business day. Paying by credit card is also faster than a bank wire transfer, which requires more work to set up.
  • You’re trying to meet your card’s minimum spend for a signup bonus. Many signup bonuses require a minimum spending requirement — sometimes thousands of dollars over a specific period. Buying gold with your credit card could help you get closer to a bonus. Just make sure the processing fees don’t erase what you’ll earn in points, cash back or miles.

Cons

  • Surcharges. You may pay a “convenience fee” of up to 4% just to use your credit card. If you want to avoid this, consider paying with a personal check or wire transfer. Your dealer might even give you a discount for paying this way.
  • You want credit card rewards. It may be fun to accumulate rewards, but credit card processing fees will likely erase what you earn. The exception is signup bonuses, which can give you a big win in points, cash back or miles.
  • Purchase restrictions. Many of the places that accept credit card payments for gold and silver will restrict the amount you can buy in a given transaction. For example, they may require a purchase between $100 and $5,000. This means you might get locked into purchasing an amount you hadn’t intended for your investment.

Which sites allow you to buy metals with a credit card?

The following providers accept credit card payments for coin and bullion orders of up to $5,000, with the exception of Money Metals Exchange, which only accepts credit cards on orders of up to $575:

  • Golden Eagle
  • JM Bullion
  • Money Metals Exchange
  • SD Bullion

Alternatives to buying gold and silver with a credit card

Dealers may require government-issued ID to authenticate your purchase. When you buy precious metals with a credit card, most dealers manually review your order before shipping it to you.

Not every gold and silver dealer will necessarily accept these forms of payment, but you can try using a:

  • Debit card
  • ACH or wire transfer
  • Personal check or e-check
  • PayPal or other P2P app
  • Cash deposit at a participating bank branch
  • Money order

Bottom line

With enough research, you’ll be able to find a reputable, secure precious metals seller that accepts credit cards as payment. Just watch out for the big fees to make sure your purchase is worth the investment.

Double up on your investment by comparing reward credit cards to find a welcome offer that you can achieve while you invest in your gold purchase.

Compare rewards cards

If you’re set on using a credit card to buy gold or silver, consider a rewards card. The rewards you earn through purchases might help offset surcharges.

Name Product Welcome offer Rewards Annual fee Filter values
Blue Cash Preferred® Card from American Express
Blue Cash Preferred® Card from American Express
Up to $350: 20% back on Amazon.com purchases in the first 6 months for up to $200 back, plus $150 statement credit after you spend $3,000 in the first 6 months
6% on select US streaming services, 3% on transit and US gas stations, 6% at US supermarkets on up to $6,000 annually, then 1% after that and on all other purchases (redeem as statement credit)
$0 intro annual fee for the first year ($95 thereafter)
Earn up to $350. In your first 6 months, you can earn a $150 statement credit when you spend $3,000, and earn 20% back on Amazon purchases made with your card, up to $200 total. Having 6 months to earn a welcome offer is a rare benefit as most cards give you only 3. Terms apply, see rates & fees
Apply now
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Blue Cash Everyday® Card from American Express
Blue Cash Everyday® Card from American Express
Up to $250: 20% back on Amazon.com purchases in the first 6 months for up to $150 back, plus $100 statement credit after spending $2,000 within the first 6 months
3% at US supermarkets on up to $6,000 per year (then 1%), 2% at US gas stations and select US department stores and 1% on all other purchases (redeem as statement credit)
$0
Earn up to $250. You'll get 20% back on Amazon.com purchases in the first six months for up to $150 back, and $100 after you spend $2,000 in the first six months. This is a higher-than-average welcome offer for a card with no annual fee. Terms apply, see rates & fees
Apply now
View details
Chase Sapphire Preferred® Card
Chase Sapphire Preferred® Card
100,000 points after spending $4,000 in the first 3 months. That's $1,250 when you redeem through Chase Ultimate Rewards®
5x points on Lyft, 2x points on travel and dining and 1x points on all other purchases
$95

Up to $1,250 signup bonus

 Earn a massive signup bonus of 100,000 points with this popular travel card. That's worth up to $1,250!
Apply now
View details
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