Using a credit card to buy gold | finder.com
Using a credit card to buy gold

Using a credit card to buy gold

To buy gold with your credit card, you’ll probably have to pay for the convenience.

Many gold dealers won’t accept credit cards for two main reasons: high processing fees and the increased risk of fraud. However, you’ll find some dealers who will.

If you’re looking to use a credit card to buy bullion, watch out for potential restrictions:

  • The dealer may set purchase limits. For example, they may require a purchase between $100 and $5,000.
  • Some card networks may not be accepted. Some dealers bar Amex and Discover, for example, citing high fees.
  • You may pay a credit card surcharge. When you use plastic, the dealer pays a processing fee to their bank. They could choose to pass this fee along by adding a surcharge of up to 4% on your order.

To avoid a credit card surcharge, consider paying with a personal check or wire transfer. A possible perk: Your dealer might give you a discount for paying this way.

Why you should — and shouldn’t — buy gold with a credit card

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

Why you might want to buy gold with a credit card:

  • 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.

Why you might not want to buy gold with a credit card:

  • Surcharges. You may pay a “convenience fee” of up to 4% just to use your credit card. If you buy $5,000 in gold, for example, it mean that you pay a $200 fee.
  • 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.

When I buy gold with a credit card, will I need to provide ID?

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

How to buy gold with a credit card

Buying gold with a credit card is similar to paying for any other online purchase. Just fill out the checkout form with information like your name, contact details and your shipping and billing addresses. Then enter your credit card information.

Other payment methods to buy gold

  • 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

Compare credit cards

Rates last updated April 21st, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro APR for Balance Transfer Annual fee Product Description
Deserve® Classic Card
Deserve® Classic Card
24.24% variable
$39
Designed to help build credit history with no deposit required and access to benefits.
Luxury Card Mastercard® Titanium Card™
16.49% variable
0% Intro APR for for the first 15 billing cycles (with whichever is greater: $5 or 3% balance transfer fee)
$195
Enjoy unique excursions, privileged access to exclusive events and insider opportunities.
Indigo® Platinum Mastercard® Credit Card
23.9% variable
$75 annual fee for the first year ($0 to $99 thereafter)
With this card you get a 23.9% variable APR.
Barclaycard Ring™ Mastercard®
10.49% variable
$0
A low, variable APR on purchases, balance transfers and cash advances.
Barclaycard Arrival Plus® World Elite Mastercard®
17.24%, 21.24% or 24.24% variable
0% Intro APR for 12 months (with whichever is greater: $5 or 3% balance transfer fee)
$0 annual fee for the first year ($89 thereafter)
Enjoy 40000
bonus miles after you spend on purchases in the first 90 days — that's enough to redeem for a $400 travel statement credit toward an eligible travel purchase.
Credit One Bank® Visa® with Free Credit Score Tracking
19.15% - 25.24% Variable
$0 to $75 first year annual fee for the first year ($0 to $99 thereafter)
Get 1% cash back rewards on eligible purchases including gas, groceries, and services such as mobile phone, internet, cable and satellite TV, terms apply.
Credit One Bank® Unsecured Platinum Visa®
19.15% - 25.24% variable
$0 to $75 first year annual fee for the first year ($0 to $99 thereafter)
Give your credit a boost with credit line increase opportunities, a fee may apply.
The First Access VISA® Credit Card
29.99% variable
$75.00 for first year. After that, $48.00 annually.
Access credit even if you have poor or limited credit history.
Simmons Bank Visa® Platinum
9.50% variable
$0
The Simmons Bank Visa® Platinum Card offers multiple perks, including one of the lowest available APRs on the market.
Credit One Bank® Unsecured Visa® with Free Credit Score Tracking
19.15% - 25.24% variable
$0 to $75 first year annual fee for the first year ($0 to $99 thereafter)
Get 1% cash back rewards on eligible purchase, terms apply.
Simmons Bank Visa® Platinum Rewards
11.50% variable
$0
Excellent Credit Required - Applicants that do not have excellent credit will not be approved

Compare up to 4 providers

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US Credit Card Offers

Important Information*
Deserve® Classic Card
Deserve® Classic Card

APR

24.24
variable

Annual fee

0 For the first year
More info
Luxury Card Mastercard® Gold Card™
Luxury Card Mastercard® Gold Card™

APR

16.49
variable

Annual fee

0 For the first year
More info
The First Access VISA® Credit Card
The First Access VISA® Credit Card

APR

29.99
variable

Annual fee

75 For the first year
More info
Indigo® Platinum Mastercard® Credit Card
Indigo® Platinum Mastercard® Credit Card

APR

23.9
variable

Annual fee

75 For the first year
More info
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