really wish chards would take credit cards

[goldlips]

chards, you clearly do not want me as your customer, nor want  to deal with me.

 

i have spent £2k at your competitors, all willing to accept my plastic.

 

one of my credit cards give me 1% cash back (getting me back £20 on my 2k spend) this card also gives me up to 56 days to pay for my purchase.

 

i understand you have to pay fees to take credit cards, but this is simply a cost of doing buisness, maybe in time you will responder your position, as i will not deal with any business that does not want me as a customer based on what payment option i choose to use.

[Thelonerangershorse]

Whilst I agree with you completly, I can also see their point of view, and sadly I have to agree with that as well.

[BackyardBullion]

Having dealt with credit card companies and payment processing from accepting credit cards I can wholeheartedly see why Chards does not take them. 

I don't either!

[Gordy]

I can see both sides too but this forum is deffo not the place to hold a public rant against one of our members.

[Earthmetal]

9 hours ago, goldlips said:

I will not deal with any business that does not want me as a customer based on what payment option i choose to use.

I wish everyone would take that stance with all the 'Don't accept cash' places that have sprung up in the last two years.

[Paul]

1 hour ago, Earthmetal said:

I wish everyone would take that stance with all the 'Don't accept cash' places that have sprung up in the last two years.

The 'we only take cash' places also have a trend on the high street 

[Bogart]

John Lewis once said they would never take credit cards. How times have changed.

[Bigmarc]

Maybe chards are forward thinking. 

https://www.chards.co.uk/guides/buy-gold-with-crypto/1051

 

[ZRPMs]

I personally like cash. I do use debit card but when I can, use cash. This is my choice. I understand that there are more and more ways to pay these days. So many, to be honest I haven't kept up.

From a retailers perspective. There comes a point when you just have to decide the payment methods you can support. Each method comes with its own processing costs. I can imagine that credit card processing is at the more costly end of the scale, especially if in the past they have had to endure some fraudulent charge backs. I remember a conversation with a local dealer on credit card charge backs. He said that he had a couple of charge back's before he chose not to accept credit cards any more. The time it took to deal with the matter was beyond a joke and ultimately the funds that he lost use of for a considerable length of time just wasn't worth it.

I think Chards as a retailer accepts cash (GBP,USD,EURO), cheque, debit card, bank transfer (BACS, CHAPS) and even some crypto's. Surely they are trying to appeal to as many customers as possible. I would have thought a better measure not to use them would have been their prices, however, they are pretty fair with these as well. Especially when their customer service is taken in to account. They have always been 5 star with me when I have bought from them.

[ZRPMs]

As a post script to my post. I would say that Chards decision not to accept credit cards is a business decision and not a personal one against you @goldlips 

[HonestMoneyGoldSilver]

We're entitled to a rant every now and then. I don't think there's any problem with what @goldlips has said, it's just their opinion. They perhaps don't know Chards are a member of this forum

As for Chards, I don't see anything wrong in what they are doing either. If it was me I'd do the same thing

Chards is a well-established and large enterprise but there are larger dealers out there - notably APMEX and SDBullion. What terms do they offer? If you want to use a credit card they charge 4.17% (APMEX) and 4.16% (SD) extra. The same premium applies to PayPal

If it costs APMEX more to accept payment from PayPal or Credit Card they can pass that cost on to the customer. In the UK I believe it would be illegal for Chards to charge more for using a Credit Card than cash or to suggest to customers that they should use one payment method over another

Under those circumstances it's totally understandable why Chards wouldn't accept credit cards or PayPal

Consumer rights: payment surcharges - GOV.UK (www.gov.uk)

Payment surcharging is when a fee is charged for the use of a particular means of payment, such as a credit card. Consumers are often unaware of these fees until the final stages of a transaction, when a purchase decision has already been made.

New rules prohibit traders from levelling a surcharge in relation to a wide variety of transactions, and surcharges are limited in some other circumstances. This prohibition comes into force on 13 January 2018 (existing restrictions remain in force in the meantime).

-------------------------------

businesses are not allowed to charge extra for paying by debit or credit card, including American Express and linked ways of paying such as PayPal or Apple Pay

[Foster88]

One thing to realise is that recently the drive towards a cashless society that is undoubtedly happening is happening fast, especially since the covid pandemic.

Every time you pay by contactless or card, the money you spend is immediately devalued.

For example if you pay for something by card that costs £100, the retailer might have to pay 2% fees. So they actually get £98.00 and £2 goes to the bank or card processing company. This is just a hypothetical example of course.

If you paid £100 in cash, the retailer gets £100. No fee to pay.

I appreciate that cards have their place when making payments both in person and online but a future without cash is quite worrying.

 

 

[CANV]

42 minutes ago, Foster88 said:

One thing to realise is that recently the drive towards a cashless society that is undoubtedly happening is happening fast, especially since the covid pandemic.

Every time you pay by contactless or card, the money you spend is immediately devalued.

For example if you pay for something by card that costs £100, the retailer might have to pay 2% fees. So they actually get £98.00 and £2 goes to the bank or card processing company. This is just a hypothetical example of course.

If you paid £100 in cash, the retailer gets £100. No fee to pay.

I appreciate that cards have their place when making payments both in person and online but a future without cash is quite worrying.

 

 

yeah but any business will have to pay to bank that cash.   there was a time 'pre covid' when some firms actively didn't want cash as dealing with it and security was so expensive.   remember cash back..  

[Bogart]

Yes it is  strange that a business putting cash into an account has to pay for that privilege. Banks poor things struggling to make a bob or two🙄

[goldlips]

hi guys. thanks for the replys

first of all that is just my opinion, i am not trying to insult a business, however i learnt many years ago a business is NOT your friend, i learnt this lesson with amd, intel and nvidia for example.

as stated, i prefer to use 1 of my credit cards for the reason stated, 56 pays to pay off the balance, nut more importantly i get 1% cashback, which soon adds up over the year, if i order pepsi or gold at the end of the year this cash back is a decent amount, in another way, it reduces everything i buy by 1%

 

lets look at this for a example:

Best Value Sovereign Gold Bullion Coin:

Atkinsons Bullion and Coins £380.93 - delivered

Chards Coin and Bullion Dealer £382.87 - delivered

 

using my cashback card these prices fall to £377.12 and £379.04 respectively, i would PREFER to use chards (even at the slightly more expensive price, as they are most local dealer to me and i always prefer to use local business if possible, if atkinsons can do this price while taking a hit on credit card fees, why cant chards, from what i can see it is only chards that do not accept credit cards out of all the online gold dealers in the uk.

 

another things "online" is the key word here, these company's are selling online, i dont think im aware of any uk online retailer who refuses to accept credit cards, its all very strange to me.

 

so rant over, all im saying is, i get 1% back when using my card, also i can buy gold or a bottle of pepsi, using this credit card and i have up to 56 days to pay for these items, hope this helps.

[ChardsCoinandBullionDealer]

3 hours ago, goldlips said:

hi guys. thanks for the replys

first of all that is just my opinion, i am not trying to insult a business, however i learnt many years ago a business is NOT your friend, i learnt this lesson with amd, intel and nvidia for example.

as stated, i prefer to use 1 of my credit cards for the reason stated, 56 pays to pay off the balance, nut more importantly i get 1% cashback, which soon adds up over the year, if i order pepsi or gold at the end of the year this cash back is a decent amount, in another way, it reduces everything i buy by 1%

 

lets look at this for a example:

Best Value Sovereign Gold Bullion Coin:

Atkinsons Bullion and Coins £380.93 - delivered

Chards Coin and Bullion Dealer £382.87 - delivered

 

using my cashback card these prices fall to £377.12 and £379.04 respectively, i would PREFER to use chards (even at the slightly more expensive price, as they are most local dealer to me and i always prefer to use local business if possible, if atkinsons can do this price while taking a hit on credit card fees, why cant chards, from what i can see it is only chards that do not accept credit cards out of all the online gold dealers in the uk.

 

another things "online" is the key word here, these company's are selling online, i dont think im aware of any uk online retailer who refuses to accept credit cards, its all very strange to me.

 

so rant over, all im saying is, i get 1% back when using my card, also i can buy gold or a bottle of pepsi, using this credit card and i have up to 56 days to pay for these items, hope this helps.

Hey @goldlips,

 

We appreciate your comment and after speaking with Lawrence there is a whole host of reasons as to why as a business we do not currently accept this payment method.

We do however constantly look at ways of improving our service and would hate to think we have lost you as a customer due to this.

For any more information please email info@chards.co.uk and we will be happy to speak.

 

Thanks,

Chris 

[Agaupl]

3 hours ago, goldlips said:

hi guys. thanks for the replys

first of all that is just my opinion, i am not trying to insult a business, however i learnt many years ago a business is NOT your friend, i learnt this lesson with amd, intel and nvidia for example.

as stated, i prefer to use 1 of my credit cards for the reason stated, 56 pays to pay off the balance, nut more importantly i get 1% cashback, which soon adds up over the year, if i order pepsi or gold at the end of the year this cash back is a decent amount, in another way, it reduces everything i buy by 1%

 

lets look at this for a example:

Best Value Sovereign Gold Bullion Coin:

Atkinsons Bullion and Coins £380.93 - delivered

Chards Coin and Bullion Dealer £382.87 - delivered

 

using my cashback card these prices fall to £377.12 and £379.04 respectively, i would PREFER to use chards (even at the slightly more expensive price, as they are most local dealer to me and i always prefer to use local business if possible, if atkinsons can do this price while taking a hit on credit card fees, why cant chards, from what i can see it is only chards that do not accept credit cards out of all the online gold dealers in the uk.

 

another things "online" is the key word here, these company's are selling online, i dont think im aware of any uk online retailer who refuses to accept credit cards, its all very strange to me.

 

so rant over, all im saying is, i get 1% back when using my card, also i can buy gold or a bottle of pepsi, using this credit card and i have up to 56 days to pay for these items, hope this helps.

Some one pays for that 1%. Always. In fact they probably pay more than that. That 1% benefit is completely unsustainable and just make believe. Imho. 

[Agaupl]

15 hours ago, CANV said:

yeah but any business will have to pay to bank that cash.   there was a time 'pre covid' when some firms actively didn't want cash as dealing with it and security was so expensive.   remember cash back..  

can you buy fx with a credit card with no fees? And a good rate? I can understand credit card for proofs etc but not for bullion. The margins are so tight. If businesses want to accept CC then fair enough. But I’d never accept CC on principle or practicality. 

[Bigmarc]

Chase offer 1% cashback on a debit card. Everyone is a winner. 

[goldlips]

50 minutes ago, Agaupl said:

Some one pays for that 1%. Always. In fact they probably pay more than that. That 1% benefit is completely unsustainable and just make believe. Imho. 

how is it make belive, and they have been substaining this 1% cash back to me, for around 10 years now, im putting at least 1k a month through this card, others could be putting 5k or 10k a month through their card, i also remember having a 5% cash back credit card at one point.

[goldlips]

1 hour ago, ChardsCoinandBullionDealer said:

Hey @goldlips,

 

We appreciate your comment and after speaking with Lawrence there is a whole host of reasons as to why as a business we do not currently accept this payment method.

We do however constantly look at ways of improving our service and would hate to think we have lost you as a customer due to this.

For any more information please email info@chards.co.uk and we will be happy to speak.

 

Thanks,

Chris 

hi chris thanks for your response, it may help to know that i have always wanted to dip my hand in gold, and hold some physical stock of it, i found you through google, and spent days reading the amazing guides on your website and looking through your items, building up some knowledge on gold buying, from spot price to learning that sovs )for stacking at a cheap gold price) was probably the best way to go, im sure you can understand, after spending days on your website to finaly wanting to buy some gold from you, how frustrating and annoying it was to find out you dont take credit cards, that was the most annoying thing about it.

[ZRPMs]

You may find that your spending patterns are sold. If your ok with this, fine. I think credit card transactions cost the retailer at least 2.5% plus a transaction fee to process the payment. between those that get caught in the 29.99% trap, the transaction fee's and the data sales this is how the company make their money. If you can make it work for you and don't mind the data mining. That's fine. 

 

[bluffer]

35 minutes ago, goldlips said:

how is it make belive, and they have been substaining this 1% cash back to me, for around 10 years now, im putting at least 1k a month through this card, others could be putting 5k or 10k a month through their card, i also remember having a 5% cash back credit card at one point.

they have been sustaining it by charging more for other services to you and others.   banking is not a charity, it has to come from somewhere.

[goldlips]

Just now, bluffer said:

they have been sustaining it by charging more for other services to you and others.   banking is not a charity, it has to come from somewhere.

they are using it as a incentive to use the card, see it as a promotional tool, the credit card company are the ones taking the hit on their bottom line. they are clearly making enough money to keep this offer in place, one of my Barclaycards offers 0.5% cashback

[bluffer]

1 hour ago, goldlips said:

they are using it as a incentive to use the card, see it as a promotional tool, the credit card company are the ones taking the hit on their bottom line. they are clearly making enough money to keep this offer in place, one of my Barclaycards offers 0.5% cashback

and they are making that money back and probably more in other ways.  there is no hit on the overall bottom line.  as soon as it hits the bottom line, they pull it.  where did all the 5% cashbacks go if it doesnt hit the bottom line?