is Buying Gold with a Credit Card Legal

So is it legal to buy gold with a credit card, or is it against credit card policy and could it end up getting your account closed.

Well In this video we’re going to call directly and find out, but most importantly also talk about, how to buy gold and then sell it for cash, or buy gold and meet the minimum spend and then get your rewards and then sell it for cash.

is buying gold with a credit card legal

Basic Idea:
A: Buy with a credit card and flip it for cash: spend the money or invest it, for example, real state.
B. You want to buy the gold and then sell it to meet your minimum spend.

1. Call Customer Service ( joke, you’re calling because your dad said, that our economy is falling)
Chase: since they are one of the most common banks and use the same policies as everyone else.

Q1: is it okay to buy gold with a credit card, or that up to the Merchant?
– yes it’s okay
Q2: Does buying Gold Count as a Cash Advance?
– depends on the merchant, not us
Q3: Can I meet my minimum Spend with that purchase
– Yes

Summary of what happened:

2. How do you buy gold and where do you go

Tip: Buying with a wire-no Limit ( gives you a 4% discount usually)
Buying with credit usually give you a $5,000 dollar limit ( which is perfect for meeting the spend) – No discount

Website:
www.Goldsilver.com
– 4% extra – no limits that I noticed up to 16k for 10oz
www.sdbullion.com
– Limit of $5000 and they’ll charge you a 4% fee ( or remove a discount )
www.moneymetals.com
– Limit of $500 on credit card but you can use PayPal with your credit card, but they will charge you a 4% fee

Tip: Troy Aunce is just a unit of measurement
999.9 just means how refined and how pure it is. So, in this case, its considered, pure gold.
Basically the purer the gold the better it is.

3. Cost: if you’re doing this to flip for cash or Sign up bonus

Example: you want to buy 2oz to meet your minimum spend of 3k,( this way you get your bonus) you go ahead and buy our choice brand: $1,592.47 per ounce Total cost $3,184.94

– Gold Price: Fluctuates
– Mark up: usually 4% extra for using a credit card = $127.39
Selling back discount:
Example buy back our choice: $3,053.18
But they Sell it for: $3,184.94
Difference = $131.76

Wire $25 and check Free

Total Loss: $259.15 or 8-9% loss

Conclusion:

A. For minimum Spend, if your going to get back $500 to $700 then it might be a good option. But you can just use plastiq to pay your rent and only pay 2.5% instead of 9%.
B. To invest the money: this only makes sense if your investments
– Your investments will make you over 9%
– If you have a special no-interest promotion
Tip: get PayPal credit and get 6month to pay interest-free

Overall: it’s possible but I don’t really think it’s the best option.

Ps. You know those gold bricks you see on tv, well those weigh around 400 oz, meaning they cost almost 630k

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