A brand new sort of bank card hit the market this summer time — one that provides customers rewards not in money or journey miles, however in treasured metals.
The Bullion Card lets customers apply factors towards purchases of treasured metals like gold and silver, or towards investments in treasured metals.
It’s a primary for each the bank card trade and the valuable metallic trade, stated Patrick Yip, director of enterprise improvement for on-line gold vendor APMEX.
With the worth of gold just lately hitting file highs and anticipated to succeed in increased nonetheless, the choice comes at time for shoppers serious about increasing their wealth in a brand new approach.
“That is the right card to get you publicity to gold with out plenty of the complexities,” Yip stated. “You simply spend as you usually would in your card and also you’ll be uncovered to treasured metals.”
How It Works
The cardboard is a three way partnership between APMEX and on-line funding platform OneGold. The rewards you get rely on the place you apply.
For those who apply by means of APMEX, you may rack up factors to purchase treasured metallic merchandise on the location. Customers will get 4 factors per greenback spent on purchases on APMEX.com and 1 level per greenback on all different purchases. These factors can then be spent like a present card on the APMEX website to purchase treasured metals.
For playing cards by means of OneGold, factors earned on purchases will translate to cash you may make investments on the location. The cardboard by means of OneGold has the additional benefit of routinely making use of your factors towards the funding you select. This lets you passively become involved in treasured metals with out having to personal and retailer gold bars or different bodily property.
Why You Would possibly Need Rewards in Gold
In instances of financial uncertainty, the worth of gold goes up as individuals flip to the tangible asset as an alternative of the inventory market. When the worth of shares, bonds, cryptocurrency and money are all declining, treasured metals improve in worth.
“Gold is presently sizzling,” Yip stated. “Persons are working to gold as a safe-haven asset.”
Creators are billing the Bullion Card as a approach for brand spanking new prospects to be uncovered to the asset with out the complexities, or for seasoned gold consumers to have easy accessibility to metals.
The Card’s Different Advantages
The Bullion Card has no annual payment, and factors don’t expire — so long as you’ve got card exercise or new purchases on OneGold or APMEX a minimum of each two years.
Customers can get 15,000 bonus factors by spending $1,500 inside 90 days of opening an account — a $150 worth.
Customers with a spending restrict of a minimum of $5,000 will get entry to the advantages of VISA Signature: journey accident advantages, misplaced baggage reimbursement, roadside help, auto rental injury waiver, buy safety, journey and emergency help service, journey cancellation and interruption insurance coverage and prolonged guarantee safety.
APMEX card customers shall be added to the location’s Elite Membership. It gives early entry to gross sales or affords from the location, together with reductions and notifications about product availability. After two purchases, customers will obtain particular affords on their first, third, fifth, seventh and tenth anniversaries.
Be Conscious of These Pitfalls
A number of of the cardboard’s greatest options are introductory, that means they’ll go away ultimately.
The 4 factors per greenback spent on the websites will drop to three factors per greenback after Feb. 28, giving customers lower than a 12 months to profit. Price noting for large gold buyers: Customers can earn solely 500,000 factors at that price per calendar 12 months earlier than the reward drops to 1 level per greenback on purchases on the websites.
Moreover, the cardboard affords an introductory 0% APR for the primary 12 months. After that, charges will improve to fifteen.74% to 25.74% primarily based on a consumer’s creditworthiness.
The factors can’t be used as a credit score on the stability you owe on the cardboard.
The Bullion Card Key Options
Key options embody:
- Get rewards for getting or investing in gold or silver.
- No annual payment.
- Bonus factors for spending $1,500 inside 90 days.
- APR: 0% for 12 months, 15.74% to 25.74% after that.
- Annual payment: None.
- Rewards: 4% again on gold or silver purchases by means of APMEX or OneGold, 1% again on all different purchases.
- Rewards to be used on APMEX or OneGold.
- Stability transfers: 0% APR for 12 months on transfers made inside 60 days.
Apply by means of APMEX or OneGold, relying on the place you wish to use your rewards.
Contributor Cassidy Alexander is a Florida journalist with expertise writing about training, native authorities and private finance. Reporting from former Penny Hoarder contributor Steve Gilman is included on this report.