Rewards when buying Gold Bullion with a UK-issued card?
Jul 1, 2022, 12:36 pm
#1
Original Poster
Join Date: Jan 2007
Location: Channel Islands, UK
Programs: BA Blue
Posts: 556
Rewards when buying Gold Bullion with a UK-issued card?
I have a UK American Express Everyday Platinum Credit Card (mouthful!). Since I have had it for over a year, it gives 0.5% cashback.
I was looking to buy some gold bullion with my Amex, to get cashback, however... I know metals and coins can be treated as cash advance. I looked into Amex's terms and conditions, and I can't find a definition of what is a cash advance, nor can I find anything about what is eligible and not eligible for cashback... The only thing I could find that was not eligible was "warehouses - e.g. Costco", which is strange, because they used to be partners with Costco until a couple of years ago - I guess it was an acrimonious split.
Does any one know if you can buy gold bullion, and get cashback, with the Everyday Platinum CC? Thank you.
I was looking to buy some gold bullion with my Amex, to get cashback, however... I know metals and coins can be treated as cash advance. I looked into Amex's terms and conditions, and I can't find a definition of what is a cash advance, nor can I find anything about what is eligible and not eligible for cashback... The only thing I could find that was not eligible was "warehouses - e.g. Costco", which is strange, because they used to be partners with Costco until a couple of years ago - I guess it was an acrimonious split.
Does any one know if you can buy gold bullion, and get cashback, with the Everyday Platinum CC? Thank you.
Jul 2, 2022, 3:27 pm
#2
Join Date: May 2002
Location: Arizona
Posts: 5,689
No matter where you buy gold if you use a credit card you are paying more than you need. So no matter what you are overpaying. Just because the price may be the same does not mean anything. It means the seller can afford to pay the merchant fee.