Did you know... Royal Mint Bullion?

[Darr3nG]

Just found out (very expensively) that using a credit card to buy from the Bullion section of the Royal Mint, triggers a Cash Advance Fee (at least with HSBC - 2.99%)! Ouch!

According to the Royal Mint, "Unfortunately, we do not currently accept payments by credit card." But, they do and it is processed as a cash-equivalent transaction...  

I only used the CC for the rewards cash-back, but I've been double-hit. Ah well, lesson learned!

 

[modofantasma]

13 minutes ago, Darr3nG said:

Just found out (very expensively) that using a credit card to buy from the Bullion section of the Royal Mint, triggers a Cash Advance Fee (at least with HSBC - 2.99%)! Ouch!

According to the Royal Mint, "Unfortunately, we do not currently accept payments by credit card." But, they do and it is processed as a cash-equivalent transaction...  

I only used the CC for the rewards cash-back, but I've been double-hit. Ah well, lesson learned!

 

Ouch. Similar thing can happen with gift cards too. Not sure if it's to stop people doing various 'manufactured spending' tactics or more to combat money laundering or some other reason but definitely don't want those kind of fees or it'll wipe out the benefit of any cashback 

[paulmerton]

I've not had this problem with my credit card, which is good because their checkout still doesn't accept my debit card after several months of me pointing it out to them.

[Essendie]

The Mint went all weird about my debit card a few months ago & it was because my bank decided to change from Visa to Mastercard.
Once the new card was issued, it stopped being an issue.

Meant no 'collect' coins, but most of my buys are bullion so I used bank transfers to get the coins I was after.

For the whole time, no other place in the world had an issue with my old debit card, it was only the Mint.

[paulmerton]

1 hour ago, Darr3nG said:

Just found out (very expensively) that using a credit card to buy from the Bullion section of the Royal Mint, triggers a Cash Advance Fee (at least with HSBC - 2.99%)! Ouch!

According to the Royal Mint, "Unfortunately, we do not currently accept payments by credit card." But, they do and it is processed as a cash-equivalent transaction...  

I only used the CC for the rewards cash-back, but I've been double-hit. Ah well, lesson learned!

 

I think you should enjoy some success if you ask the mint to reimburse your losses under those circumstances. Worth a punt, anyway!

[paulmerton]

1 hour ago, Darr3nG said:

Just found out (very expensively) that using a credit card to buy from the Bullion section of the Royal Mint, triggers a Cash Advance Fee (at least with HSBC - 2.99%)! Ouch!

According to the Royal Mint, "Unfortunately, we do not currently accept payments by credit card." But, they do and it is processed as a cash-equivalent transaction...  

I only used the CC for the rewards cash-back, but I've been double-hit. Ah well, lesson learned!

 

Alternatively, ask HSBC for the fee to be reimbursed, pointing out that the face value of what you received is significantly lower.

Otherwise, why should there be no cash advance fee on commemorative coins?

[SiCole]

There site doesn't take my debit card for some reason (only site i have found with the issue) so has saved me a fortune  

[paulmerton]

1 minute ago, SiCole said:

There site doesn't take my debit card for some reason (only site i have found with the issue) so has saved me a fortune  

I find it incredible that they haven't fixed this when it's been a known problem for several months. They must be losing out on literally millions of sales revenue.

[TeaTime]

I had a similar issue when i purchased using my credit card (again, the RM website states it doesn't accept credit cards - but it does).

When i checked with my bank (Lloyds) they had just introduced a fee for credit card purchases of 'money' which included travel money, gambling and PMs. I am going to assume that purchasing ANY coins will, as far as the bank is concerned, be treated as a cash advance and charged accordingly.

I got stung for buying $1000 dollars travel cash and a couple of RM sovereigns

[LawrenceChard]

1 hour ago, paulmerton said:

I think you should enjoy some success if you ask the mint to reimburse your losses under those circumstances. Worth a punt, anyway!

A punt? No, he paid in pounds sterling!

😎

[paulmerton]

1 minute ago, LawrenceChard said:

A punt? No, he paid in pounds sterling!

😎

Reported.

[LawrenceChard]

9 hours ago, Darr3nG said:

Just found out (very expensively) that using a credit card to buy from the Bullion section of the Royal Mint, triggers a Cash Advance Fee (at least with HSBC - 2.99%)! Ouch!

According to the Royal Mint, "Unfortunately, we do not currently accept payments by credit card." But, they do and it is processed as a cash-equivalent transaction...  

I only used the CC for the rewards cash-back, but I've been double-hit. Ah well, lesson learned!

9 hours ago, modofantasma said:

Ouch. Similar thing can happen with gift cards too. Not sure if it's to stop people doing various 'manufactured spending' tactics or more to combat money laundering or some other reason but definitely don't want those kind of fees or it'll wipe out the benefit of any cashback 

Sounds like you have not read my thoughts about banks, credit cards, cashback, and rewards.

This stuff is all to get the junkies fixed on and addicted to their product.

Fancy a trial pack of crack cocaine, sir?

😎

Edited October 18, 2022 by LawrenceChard

[Darr3nG]

24 minutes ago, LawrenceChard said:

Sounds like you have not read my thoughts about banks, credit cards, cashback, and rewards.

But they offered free post, how could I say no?

[James32]

26 minutes ago, LawrenceChard said:

junkies

What you got for me the day big man?

[PrivateStacker195]

Same thing happened to me last week. However royal mint have said the order hasn't gone through because they don't accept bullion purchases via a credit card but on my credit card statement it shows the transaction has actually gone through. 

Tomorrow is my day off from work so I'll have to call both my bank and royal mint to figure out what's going on and where my items and invoice are if the payment has gone through

 

[Darr3nG]

9 minutes ago, PrivateStacker195 said:

Same thing happened to me last week. However royal mint have said the order hasn't gone through because they don't accept bullion purchases via a credit card but on my credit card statement it shows the transaction has actually gone through. 

Tomorrow is my day off from work so I'll have to call both my bank and royal mint to figure out what's going on and where my items and invoice are if the payment has gone through

 

Thanks for the heads up, I can't see the order on my Royal Mint account, but the payment is on the CC statement. Looks like I'll be on the phone tomorrow, also!

[paulmerton]

Just now, Darr3nG said:

Thanks for the heads up, I can't see the order on my Royal Mint account, but the payment is on the CC statement. Looks like I'll be on the phone tomorrow, also!

It should show up under the Transaction History page rather than the normal Open/Closed order pages.

[Darr3nG]

1 minute ago, paulmerton said:

It should show up under the Transaction History page rather than the normal Open/Closed order pages.

Yeah, looked there too but nothing showing.

[PrivateStacker195]

Just spoke to the royal mint who say that the transaction has been declined and they had the funds on hold and she just released the funds so they can be returned back to my credit card. As for the cash fee she said it's between me and my bank so I'll speak to my bank tomorrow. She then advised me to not use a credit card to purchase bullion from their website in the future lol

[SlowFrog]

32 minutes ago, PrivateStacker195 said:

Just spoke to the royal mint who say that the transaction has been declined and they had the funds on hold and she just released the funds so they can be returned back to my credit card. As for the cash fee she said it's between me and my bank so I'll speak to my bank tomorrow. She then advised me to not use a credit card to purchase bullion from their website in the future lol

Why am I not surprised to read you can get credit to buy junk, but definitely not real money! 

[SilverPlatinum]

Credit Card vs Debit Card.

Visa/MasterCard Credit Card fees: Between 1% to 3%: Fees paid by the company (Royal Mint).

Visa/MasterCard Debit Card fees: Between 1% to 5%: Fees paid by the customer.

This is why the Royal Mint moved to the Debit Card so they save a little money on their end and put it on the customer's shoulder. But this will prevent lots of customers from ordering as most customers do not have Visa/MasterCard debit card.

Edited October 18, 2022 by SilverPlatinum

[modofantasma]

6 minutes ago, SilverPlatinum said:

Visa/MasterCard Credit Card fees: Between 1% to 3%: Fees paid by the company (Royal Mail)

Royal Mail or Royal Mint? Haven't had any issues at the PO with CCs 

[paulmerton]

Just now, modofantasma said:

Royal Mail or Royal Mint? Haven't had any issues at the PO with CCs 

The Post Office isn't Royal Mail either 🤪

9 minutes ago, SilverPlatinum said:

Visa/MasterCard Debit Card fees: Between 1% to 5%: Fees paid by the customer.

That doesn't sound right!

[Essendie]

I don't get charged extra for using my debit card at the Royal Mint (or the Royal Mail.)
The only place I seem to get a charge for using it is if I buy something that costs less than £5 or so in a corner shop.

Everything is the same price whether I use cash, bank transfer or debit card.
I'm fairly sure most of the debit cards issued by the big banks in the UK have either Visa or Mastercard on them (it doesn't mean they have a credit facility).

[SilverPlatinum]

🙂Sorry guys, I meant to say The Royal Mint. I have corrected my original post.