Gold with Credit Card

[Neeranam]

I want to buy gold with my credit card but the shops I tried today want 3% for the service. 

Had anyone bought gold with a CC without paying the fee? 

[ukrules]

I had the same problem when buying some computer parts a while back, they wanted to add 3%  onto the price as well if I used the credit card

I said no and paid in cash but it was only about 12k Baht so I had it in my pocket anyway, I guess I would have either paid the 3% or went to the ATM if I didn't have it on me at the time.

I doubt you're going to find a way around this, they're passing the bank charges (and possibly a little extra) on to you.

Edited March 18, 2021 by ukrules

[Neeranam]

2 hours ago, ukrules said:

I had the same problem when buying some computer parts a while back, they wanted to add 3%  onto the price as well if I used the credit card

I said no and paid in cash but it was only about 12k Baht so I had it in my pocket anyway, I guess I would have either paid the 3% or went to the ATM if I didn't have it on me at the time.

I doubt you're going to find a way around this, they're passing the bank charges (and possibly a little extra) on to you.

I wouldn't mind a standard charge but we're talking about 15,000 for one purchase of a 20 baht bar. 

Thing is I get 5% cashback, well crypto back. 

He also said I'd have to show my passport, but changed when I showed my Thai ID card. 

 

 

[ukrules]

7 minutes ago, Neeranam said:

Thing is I get 5% cashback, well crypto back.

That 5% has got to come from somewhere, I guess we now know where ????

[Lacessit]

18 minutes ago, Neeranam said:

I wouldn't mind a standard charge but we're talking about 15,000 for one purchase of a 20 baht bar. 

Thing is I get 5% cashback, well crypto back. 

He also said I'd have to show my passport, but changed when I showed my Thai ID card. 

 

 

15000 baht commission or fee on 20 baht of gold is daylight robbery.

I pay cash, if the commission on the sale of 10 baht is more than 1000 baht, I walk away. Most gold dealers will negotiate downwards.

[ctxa]

OP it's easy. Sell some crypto and deposit the money from selling it into your Thai bank, however much that gold is worth...

...Then since you are Thai, and have a Thai ID Card. Go to the bank, explain them in Thai that you need X amount of cash withdrawn from your account, hand them your passbook and ID Card, grab the cash, go to the gold shop and pay it in cash. 

PS: If you use some of those P2P exchange platforms, you might charge extra for selling your crypto, hence you not only don't end up paying 3% more than you obtain in gold, you might very well end up having 3% extra than you obtain in gold..

Edited March 18, 2021 by ctxa

[Surelynot]

The EU banned this charge........the good old days when someone actually looked after us in the UK....... rather milk us dry giving contracts to their buddies.

[Oxx]

9 hours ago, Surelynot said:

The EU banned this charge........the good old days when someone actually looked after us in the UK....

Of course, that only meant that the prices went up to cover the credit card companies high fees.  And that penalises people who don't use credit cards.

[Neeranam]

On 3/18/2021 at 5:43 PM, ukrules said:

I had the same problem when buying some computer parts a while back, they wanted to add 3%  onto the price as well if I used the credit card

I said no and paid in cash but it was only about 12k Baht so I had it in my pocket anyway, I guess I would have either paid the 3% or went to the ATM if I didn't have it on me at the time.

I doubt you're going to find a way around this, they're passing the bank charges (and possibly a little extra) on to you.

I guess they're is no way around it, but I'll shop around. 

[YT3k72Em]

I think credit card companies are not too keen on you buying gold with a cc. It's akin to buying cash, as it can instantly be converted back to cash, and is therefore a way to avoid the interest that they would make off a cash advance.

There is a high risk of fraud too for the same reason.

[Ban Mai Guy]

I, have bought gold with a CC. The 3% that the shop is charging you I believe is the fee that the CC company is charging the shop for transaction. It's kind of like when you buy gasoline back in the states some places charge more for paying with a CC over cash. It's the shops way of making sure they are not the ones paying that usage fee.

[Ban Mai Guy]

I, have bought gold with a CC. The 3% that the shop is charging you I believe is the fee that the CC company is charging the shop for transaction. It's kind of like when you buy gasoline back in the states some places charge more for paying with a CC over cash. It's the shops way of making sure they are not the ones paying that usage fee.

[jackdd]

On 3/18/2021 at 9:58 PM, Surelynot said:

The EU banned this charge........the good old days when someone actually looked after us in the UK....... rather milk us dry giving contracts to their buddies.

The EU also limited the maximum fee the credit card payment processor may charge to 0.3% though.

 

 

On 3/18/2021 at 7:53 PM, Neeranam said:

Thing is I get 5% cashback, well crypto back. 

So pay the 3% which the shop has to pay to the credit card payment processor and you are still 2% in the plus?