Buy Gold With Credit Card?

[OMGImInPattaya]

Can you buy gold jewellery or ingots at Thai gold shops using plastic? This would be using a major Western money-center bank credit card.

[dabhand]

In a weak moment I bought some gold bracelets for the wife, using a UK bank issued credit card, from a gold shop on Pattaya Klang.

I would expect most of the gold shops would oblige.

[CharlieH]

I would think that would depend entirely on the individual shop, and there wouldnt be a blanket answer for all them in Thailand.

[Satcommlee]

If they trust you, they will charge you around 3%, Chances are they will be worried about a charge back or fraud and wont accept it.

[OMGImInPattaya]

Further information...I'm a expat with retirement visa. I could provide documents like passport and/or Thai DL copies if they wanted until the charge cleared.

[dabhand]

As I recall, the gold shop took a copy of my passport.

Not sure about any interest charge, but likely they did add the usual 3% or so.

[Koosdedooes]

Some places will, others will not, those that will typically charge a 3% fee for CC transactions...so you need to ask at the shop you intend purchasing from...there is no single answer

Some will let you buy gold jewelry on a CC, but will not let you buy gold bullion on a CC and they can get very paranoid about the purchaser doing a transaction reversal on the CC.

Typically when buying gold in Thailand..cash is king.

[D3030]

In Pattaya, I assume most do..

Travel away from the tourist spot, some gold shops don't..

[bubba1]

You can but expect to pay a lot more.

[OMGImInPattaya]

Thank you for the replies...just wanted to know if there is no blanket policy of not taking them.

I've since discovered that American Gold Eagle bullion coin dealers take credit cards so may just go with one of them. These are more internationally accepted and the gold content and purity is of international standard. There is a 3-4 percent markup for CC purchases there too.

Edited May 24, 2016 by OMGImInPattaya

[Koosdedooes]

Thank you for the replies...just wanted to know if there is no blanket policy of not taking them.

I've since discovered that American Gold Eagle bullion coin dealers take credit cards so may just go with one of them. These are more internationally accepted and the gold content and purity is of international standard. There is a 3-4 percent markup for CC purchases there too.

American Eagle coins along with Krugerrand's and a few others strictly speaking are 22 karat coins, Thai gold is normally 23 karat...ergo Thai gold has "more" gold in the alloy, internationally accepted ?...gold is gold once the gold content is established its all the same...

gold coins have a higher premium attached to them, and dependent on where you buy them, some have tax imposed others not, dependent of whether they are classed as "legal tender"...for example, buy Krugerrand's in South Africa, as they are considered legal tender, you do not pay the VAT on the coin, provided if its bought and kept in the country, take it out the country and you legally need to pay VAT on the coin

Not sure about American Eagle coins, but there is certainly a percent premium to pay above the actual value of the gold.

[OMGImInPattaya]

Thank you for the replies...just wanted to know if there is no blanket policy of not taking them.

I've since discovered that American Gold Eagle bullion coin dealers take credit cards so may just go with one of them. These are more internationally accepted and the gold content and purity is of international standard. There is a 3-4 percent markup for CC purchases there too.

American Eagle coins along with Krugerrand's and a few others strictly speaking are 22 karat coins, Thai gold is normally 23 karat...ergo Thai gold has "more" gold in the alloy, internationally accepted ?...gold is gold once the gold content is established its all the same...

gold coins have a higher premium attached to them, and dependent on where you buy them, some have tax imposed others not, dependent of whether they are classed as "legal tender"...for example, buy Krugerrand's in South Africa, as they are considered legal tender, you do not pay the VAT on the coin, provided if its bought and kept in the country, take it out the country and you legally need to pay VAT on the coin

Not sure about American Eagle coins, but there is certainly a percent premium to pay above the actual value of the gold.

Thanks for the feedback. What i meant to say is the weight is more standardized in that i can purchase Gold Eagles in internationally recognized weights of 1, 1/2, 1/4, and i believe 1/10 ounces. The coins actually weight slightly more than an ounce because they are mixed with a bit of other metals for hardness but the gold weight is as stated. Of course, the gold in either Thai ingots/jewerly or Eagles is the same. (One hopes in the thai case.) I'm willing to bear the coinage and CC surcharges for my purposes of having an internationally recognized, anonymous, and portable form of exchange.

Eagles are internationally recognized and so easy to sell worldwide (more so than Thai gold me thinks). i believe they are also legal tender as they are stamped with a face-value of $50. They can be purchased from dealers without any state or federal taxes and with free shipping. I assume if being carried abroad, they would only need to be reported to US customs or incoming customs authorities if the total value exceeded that allowable for currency/financial instruments.

Edited May 24, 2016 by OMGImInPattaya

[sandgroper2]

US gold eagles, you only have to look at the price of gold, and the price of the coin, 20% mark up. Bad investment. Rather buy shares in the Sydney Harbour Bridge. TV, so many experts.

[OMGImInPattaya]

US gold eagles, you only have to look at the price of gold, and the price of the coin, 20% mark up. Bad investment. Rather buy shares in the Sydney Harbour Bridge. TV, so many experts.

It's only about 5.5% for cash and about 10% for credit card purchases. For the amounts I would be buying, there is no shipping or insurance charges and there are no excise or sales taxes. These are not for strictly investment purposes and as I mentioned, I have no problem with these surcharges for the purposes to which I intend to use these coins.

[sandgroper2]

US gold eagles, you only have to look at the price of gold, and the price of the coin, 20% mark up. Bad investment. Rather buy shares in the Sydney Harbour Bridge. TV, so many experts.

It's only about 5.5% for cash and about 10% for credit card purchases. For the amounts I would be buying, there is no shipping or insurance charges and there are no excise or sales taxes. These are not for strictly investment purposes and as I mentioned, I have no problem with these surcharges for the purposes to which I intend to use these coins.

There was a fairy named nuff, fairenough. The 20% i mentioned related to eg. if gold is $1000 an ounce, you will pay $1200 for the gold content. And as millions of eagles are in circulation, they will never be a collectors item, just worth the scrap value for the gold. But as that is of no concern to you, its all irrelevant. P.S. on your figures, if purchased on cc. you would be ;paying 30% more than the gold is worth. Look at bullion or gold , or silver, collectors pieces. With 25 years experience in this field, i am quite knowledgeable.

[OMGImInPattaya]

US gold eagles, you only have to look at the price of gold, and the price of the coin, 20% mark up. Bad investment. Rather buy shares in the Sydney Harbour Bridge. TV, so many experts.

It's only about 5.5% for cash and about 10% for credit card purchases. For the amounts I would be buying, there is no shipping or insurance charges and there are no excise or sales taxes. These are not for strictly investment purposes and as I mentioned, I have no problem with these surcharges for the purposes to which I intend to use these coins.

There was a fairy named nuff, fairenough. The 20% i mentioned related to eg. if gold is $1000 an ounce, you will pay $1200 for the gold content. And as millions of eagles are in circulation, they will never be a collectors item, just worth the scrap value for the gold. But as that is of no concern to you, its all irrelevant. P.S. on your figures, if purchased on cc. you would be ;paying 30% more than the gold is worth. Look at bullion or gold , or silver, collectors pieces. With 25 years experience in this field, i am quite knowledgeable.

I'm sorry but I am not following you...but I do not have much experience buying physical gold/gold coins so maybe you can enlighten me. At this moment, the market price for gold is $1244 an oz. and I can buy paying cash/bank wire from reputable coin dealers a 1 oz American Eagle gold bullion coin for $1313. How is that a 20% premium for the gold in the coin...I get a difference of $69 or 5.5%? The cost using a card comes out, using my calculation, a 10% premium...still nowhere near your 30%. Am I missing something or miscalculating?

As I mentioned, I'm not buying Proof or uncirculated coins but standard issue 2016 gold bullion coins. The Proof or uncirculated coins cost an additional $100-200 and then one really would be paying several hundred dollars more than the actual gold content is worth. I am not buying them for any collectible value but as a form of payment and savings (for my own reasons).

Edited May 24, 2016 by OMGImInPattaya

[starky]

Thank you for the replies...just wanted to know if there is no blanket policy of not taking them.

I've since discovered that American Gold Eagle bullion coin dealers take credit cards so may just go with one of them. These are more internationally accepted and the gold content and purity is of international standard. There is a 3-4 percent markup for CC purchases there too.

American Eagle coins along with Krugerrand's and a few others strictly speaking are 22 karat coins, Thai gold is normally 23 karat...ergo Thai gold has "more" gold in the alloy, internationally accepted ?...gold is gold once the gold content is established its all the same...

gold coins have a higher premium attached to them, and dependent on where you buy them, some have tax imposed others not, dependent of whether they are classed as "legal tender"...for example, buy Krugerrand's in South Africa, as they are considered legal tender, you do not pay the VAT on the coin, provided if its bought and kept in the country, take it out the country and you legally need to pay VAT on the coin

Not sure about American Eagle coins, but there is certainly a percent premium to pay above the actual value of the gold.

Thanks for the feedback. What i meant to say is the weight is more standardized in that i can purchase Gold Eagles in internationally recognized weights of 1, 1/2, 1/4, and i believe 1/10 ounces. The coins actually weight slightly more than an ounce because they are mixed with a bit of other metals for hardness but the gold weight is as stated. Of course, the gold in either Thai ingots/jewerly or Eagles is the same. (One hopes in the thai case.) I'm willing to bear the coinage and CC surcharges for my purposes of having an internationally recognized, anonymous, and portable form of exchange.

Eagles are internationally recognized and so easy to sell worldwide (more so than Thai gold me thinks). i believe they are also legal tender as they are stamped with a face-value of $50. They can be purchased from dealers without any state or federal taxes and with free shipping. I assume if being carried abroad, they would only need to be reported to US customs or incoming customs authorities if the total value exceeded that allowable for currency/financial instruments.

Whats not standardised about Thai gold? Couldnt be anymore precise to be honest. A baht is half an ounce dead on if you buy bullion slightly less for jewelry. If you want less than that get 2 salung ,which is half a baht or quarter of an ounce 2 baht is an ounce. Catching on? Honestly I would leave the gold alone you dont seem to have much of a clue. You want to know about using a credit when it is easy enough just to ask in the shop, then you want to buy eagles which are less pure and worthless as an investment then claim you dont care about fees and surcharges. Mate if you want to buy gold just buy some and like most purchases expect to pay more if you use a credit card. Simples.

[RolandRat]

In my experience, people who want to "buy Gold with a credit card" and state they dont care about fees etc is because they have no intention of paying the credit card.

They get the card, move overseas, hike the card to the limit and forget about it. Thats why they buy Gold, easier to revert it back to cash, and not withdraw cash as it is more likely to ring alarm bells at the card company.

Just a theory of course.

[OMGImInPattaya]

As some have said, it seems that you can. During my morning walkabout today, i noticed about half of the gold shops displayed Visa/Mastercard decals in their windows.

(Bonus glimpse of OMG ?)

[CharlieH]

Jewelly ?

[sandgroper2]

US gold eagles, you only have to look at the price of gold, and the price of the coin, 20% mark up. Bad investment. Rather buy shares in the Sydney Harbour Bridge. TV, so many experts.

It's only about 5.5% for cash and about 10% for credit card purchases. For the amounts I would be buying, there is no shipping or insurance charges and there are no excise or sales taxes. These are not for strictly investment purposes and as I mentioned, I have no problem with these surcharges for the purposes to which I intend to use these coins.

There was a fairy named nuff, fairenough. The 20% i mentioned related to eg. if gold is $1000 an ounce, you will pay $1200 for the gold content. And as millions of eagles are in circulation, they will never be a collectors item, just worth the scrap value for the gold. But as that is of no concern to you, its all irrelevant. P.S. on your figures, if purchased on cc. you would be ;paying 30% more than the gold is worth. Look at bullion or gold , or silver, collectors pieces. With 25 years experience in this field, i am quite knowledgeable.

I'm sorry but I am not following you...but I do not have much experience buying physical gold/gold coins so maybe you can enlighten me. At this moment, the market price for gold is $1244 an oz. and I can buy paying cash/bank wire from reputable coin dealers a 1 oz American Eagle gold bullion coin for $1313. How is that a 20% premium for the gold in the coin...I get a difference of $69 or 5.5%? The cost using a card comes out, using my calculation, a 10% premium...still nowhere near your 30%. Am I missing something or miscalculating?

As I mentioned, I'm not buying Proof or uncirculated coins but standard issue 2016 gold bullion coins. The Proof or uncirculated coins cost an additional $100-200 and then one really would be paying several hundred dollars more than the actual gold content is worth. I am not buying them for any collectible value but as a form of payment and savings (for my own reasons).

I aint no know all, I googled , are they a good investment. I posted the results. More people should do the same before sprouting off on here. Not knocking you mate, your not interested in value of them. P.S. They are only 22 karat gold.

Edited May 25, 2016 by sandgroper2

[sandgroper2]

For my money its opals, i buy from the miners who dig them up,cut and polish them and sell them. No middlemen. And they are getting scarce.

[OMGImInPattaya]

US gold eagles, you only have to look at the price of gold, and the price of the coin, 20% mark up. Bad investment. Rather buy shares in the Sydney Harbour Bridge. TV, so many experts.

It's only about 5.5% for cash and about 10% for credit card purchases. For the amounts I would be buying, there is no shipping or insurance charges and there are no excise or sales taxes. These are not for strictly investment purposes and as I mentioned, I have no problem with these surcharges for the purposes to which I intend to use these coins.

There was a fairy named nuff, fairenough. The 20% i mentioned related to eg. if gold is $1000 an ounce, you will pay $1200 for the gold content. And as millions of eagles are in circulation, they will never be a collectors item, just worth the scrap value for the gold. But as that is of no concern to you, its all irrelevant. P.S. on your figures, if purchased on cc. you would be ;paying 30% more than the gold is worth. Look at bullion or gold , or silver, collectors pieces. With 25 years experience in this field, i am quite knowledgeable.

I'm sorry but I am not following you...but I do not have much experience buying physical gold/gold coins so maybe you can enlighten me. At this moment, the market price for gold is $1244 an oz. and I can buy paying cash/bank wire from reputable coin dealers a 1 oz American Eagle gold bullion coin for $1313. How is that a 20% premium for the gold in the coin...I get a difference of $69 or 5.5%? The cost using a card comes out, using my calculation, a 10% premium...still nowhere near your 30%. Am I missing something or miscalculating?

As I mentioned, I'm not buying Proof or uncirculated coins but standard issue 2016 gold bullion coins. The Proof or uncirculated coins cost an additional $100-200 and then one really would be paying several hundred dollars more than the actual gold content is worth. I am not buying them for any collectible value but as a form of payment and savings (for my own reasons).

I aint no know all, I googled , are they a good investment. I posted the results. More people should do the same before sprouting off on here. Not knocking you mate, your not interested in value of them. P.S. They are only 22 karat gold.

i think ive said several times I'm NOT looking to purchase these coins as an investment but as a medium of exchange/store of value...just as one would buy a stash of $100 bills to keep in one's safe.

the overall metal content in the coins (by weight) is equal to 22 karat. each coin contains 1 oz of gold and weighs slightly more than an oz.

[Pib]

Over the years in occasionally buying jewelry in Thai gold shops they will indeed accept a credit card (for those that accept cards vs cash only) but with around a 3% surcharge.