really wish chards would take credit cards

[CaptCaveMan]

2 minutes ago, goldlips said:

why do people assume, using a credit card puts you in debt?

Because using a Credit Card is using/creating debt to make your purchases on 'credit', even if you pay it off in full every month as we do.

Personally I prefer to use a CC for bigger purchases including bullion due to the additional protection provided.

[goldlips]

1 minute ago, CaptCaveMan said:

Because using a Credit Card is using/creating debt to make your purchases on 'credit', even if you pay it off in full every month as we do.

Personally I prefer to use a CC for bigger purchases including bullion due to the additional protection provided.

you are totaly correct, i forgot about section 75 protection.

[Darr3nG]

[CazLikesCoins]

Just now, goldlips said:

a debt that incurs no interest, you clearly dont understand how a credit card works.

the smart people use a credit card and pay it off in full at statement due date, while the money stays in the bank earning interest.

Your goalposts have wheels on them lol. I was replying to your statement: "why do people assume, using a credit card puts you in debt?" Now you agree with me that it is indeed a dept, with your comment "a debt that incurs no interest"

Not sure why you're being a bit rude with the "clearly dont understand how a credit card works." Unless you're trolling, which I don't mind as I like a bit of fun so carry on. Clearly I've been misusing my credit cards for the last 30 years in entirely the wrong way. I think I'll go out, max out my cards and regard the negative statement balance as a non dept 🤪 

[goldlips]

1 minute ago, CazLikesCoins said:

Your goalposts have wheels on them lol. I was replying to your statement: "why do people assume, using a credit card puts you in debt?" Now you agree with me that it is indeed a dept, with your comment "a debt that incurs no interest"

Not sure why you're being a bit rude with the "clearly dont understand how a credit card works." Unless you're trolling, which I don't mind as I like a bit of fun so carry on. Clearly I've been misusing my credit cards for the last 30 years in entirely the wrong way. I think I'll go out, max out my cards and regard the negative statement balance as a non dept 🤪 

you are right, it technically is a debt, a debt that is paid in full at statement day, i dont see it as debt though, as the money is in a bank account ready to pay it off in full, on the day the statement needs paying.

[goldlips]

you also stated this "Not sure why anyone would want to get in dept to buy gold", so ill ask (as you use credit cards) why would anyone want to get in debt for buying groceries at tesco?

[CazLikesCoins]

1 minute ago, goldlips said:

you are right, it technically is a debt, a debt that is paid in full at statement day, i dont see it as debt though, as the money is in a bank account ready to pay it off in full, on the day the statement needs paying.

So now we agree its a dept, but you don't see it as a dept, and you're keeping the money to pay off the credit debt in your bank, just for one calendar month, to gain interest. You must be a billionaire or have a very good bank if going to all the trouble of buying gold on a card to protect a month's worth of bank interest is worth it to you lol. I want to join your bank. Sounds amazing. See. I can do credit cards too, I'm all grown up just like you  

You are funny. I like you. Let's be friends 😄

 

[CazLikesCoins]

4 minutes ago, goldlips said:

you also stated this "Not sure why anyone would want to get in dept to buy gold", so ill ask (as you use credit cards) why would anyone want to get in debt for buying groceries at tesco?

People use cards to buy groceries usually as a last resort. Buying gold on credit is a choice. Buying food isn't.

Also, I have credit cards, but they get used on risky purchases for the financial protection. A dodgy website offering a big discount on something I don't need, my dodgy garage mechanic  who likes to invent nonexistent repairs, deposits on goods yet to be received ect. Cards are simply a financial insurance if used properly. I don't use them for day to day living.

Edited July 25, 2023 by CazLikesCoins

[goldlips]

Just now, CazLikesCoins said:

People use cards to buy groceries usually as a last resort. Buying gold on credit is a choice. Buying food isn't.

LOL, ill leave it at that - there we have it folks, people use cards to buy groceries as a last resort.

[CazLikesCoins]

6 minutes ago, goldlips said:

LOL, ill leave it at that - there we have it folks, people use cards to buy groceries as a last resort.

Well they do. Have you not seen how many people can't make ends meet whether they're working or not these days. Many live hand to mouth on credit until they can no longer afford monthly payments. It's commonplace now and getting worse. Anyway, I like humour, not serious topics so lets get back to your magical credit cards that cause no dept and are funded by the magical bank accounts that churn out loads of interest per month that you use to pay of the credit dept. Non dept. I'm just being daft really. Enjoy your day. I shall bugger off too.

Edited July 25, 2023 by CazLikesCoins

[goldlips]

its called been smart with money

money sits in bank account earning interest, credit card then gains 1% cash back, put it this way, im buying pm (from online retailers) cheaper then you could possibly buy it, for the reasons stated, interest earned in the bank, then 1% cashback, whos the one using credit cards smartly?

[CazLikesCoins]

4 hours ago, goldlips said:

its called been smart with money

money sits in bank account earning interest, credit card then gains 1% cash back, put it this way, im buying pm (from online retailers) cheaper then you could possibly buy it, for the reasons stated, interest earned in the bank, then 1% cashback, whos the one using credit cards smartly?

N/A

Edited July 25, 2023 by CazLikesCoins
off topic

[Darr3nG]

I'm with @goldlips on this one...

I use my credit card for absolutely everything, including grocery shopping, and pay it off in full every month.

The cash-back accumulates, which I then use to pick up some additional precious metals every so often.

I'll be honest and say that I hadn't really thought about it being a "bad thing"... is it really that bad?

 

As for a response to the original post, it never bothered me that Chards doesn't accept CC payments - I've still bought from them regularly, as their service is absolutely top-class.

I do miss @LawrenceChard - it's been too long since he's posted on here!

 

[goldlips]

2 minutes ago, Darr3nG said:

I'm with @goldlips on this one...

I use my credit card for absolutely everything, including grocery shopping, and pay it off in full every month.

The cash-back accumulates, which I then use to pick up some additional precious metals every so often.

I'll be honest and say that I hadn't really thought about it being a "bad thing"... is it really that bad?

 

As for a response to the original post, it never bothered me that Chards doesn't accept CC payments - I've still bought from them regularly, as their service is absolutely top-class.

I do miss @LawrenceChard - it's been too long since he's posted on here!

 

its not a bad thing, i think some people think we use credit cards and have a rolling balance that incurs interest, which of course would be madness to incur interest on gold.

[Paul]

Credit is not suitable for everyone, and if misused, it can lead to financial difficulties.

I wanted to share my thoughts on using a credit card to buy gold. When done wisely, it can lead to success and profit.

As I've mentioned before, having a Royal Mint account manager has been highly beneficial for me, primarily due to the credit account they offer. With a credit limit of £10,000, the key advantage is that it is interest-free. To keep the credit facility, I need to meet my monthly commitment, paying off at least 15% of the debt or £150 per £1000 of credit used. Moreover, the credit limit is flexible, allowing me to make purchases without having to pay off a previous item first.

Thanks to this method, I have been able to acquire my most valuable gold pieces. Without spreading the cost through interest-free credit, I would have missed out on these opportunities. While I may not be able to afford a 2oz gold coin with a lump-sum payment, I can manage the monthly 15% payment for a £5,000 purchase.

To fund the monthly 15% payment for my Royal Mint balance, I use an IHG Rewards Mastercard. This card earns me 1 point for every £1 spent, which I can later redeem for stays at reputable hotels like Regent, Holiday Inn, Hotel Indigo, and Crown Plaza. As of now, I have accumulated nearly 50,000 points, and these points alone can cover a three-night stay in Newcastle, valued at approximately £100 per night. This represents a significant saving or, in other words, a free three-night getaway.

However, it's crucial to mention that if I were to fall into the trap of paying usurious interest on the balance, my finances would be in trouble. With an APR of over 30%, any benefits I gained from the points would quickly be wiped out by interest payments.

Others might use a card with airmiles or cashback rewards in a similar manner to what I have done. However, it requires considerable willpower and discipline.

In conclusion, utilizing credit in this way may not be suitable for everyone, as it demands financial discipline that not everyone possesses.

[CazLikesCoins]

4 hours ago, goldlips said:

im buying pm (from online retailers) cheaper then you could possibly buy it

N/A

Edited July 25, 2023 by CazLikesCoins
off topic

[goldlips]

1 minute ago, Paul said:

Credit is not suitable for everyone, and if misused, it can lead to financial difficulties.

I wanted to share my thoughts on using a credit card to buy gold. When done wisely, it can lead to success and profit.

As I've mentioned before, having a Royal Mint account manager has been highly beneficial for me, primarily due to the credit account they offer. With a credit limit of £10,000, the key advantage is that it is interest-free. To keep the credit facility, I need to meet my monthly commitment, paying off at least 15% of the debt or £150 per £1000 of credit used. Moreover, the credit limit is flexible, allowing me to make purchases without having to pay off a previous item first.

Thanks to this method, I have been able to acquire my most valuable gold pieces. Without spreading the cost through interest-free credit, I would have missed out on these opportunities. While I may not be able to afford a 2oz gold coin with a lump-sum payment, I can manage the monthly 15% payment for a £5,000 purchase.

To fund the monthly 15% payment for my Royal Mint balance, I use an IHG Rewards Mastercard. This card earns me 1 point for every £1 spent, which I can later redeem for stays at reputable hotels like Regent, Holiday Inn, Hotel Indigo, and Crown Plaza. As of now, I have accumulated nearly 50,000 points, and these points alone can cover a three-night stay in Newcastle, valued at approximately £100 per night. This represents a significant saving or, in other words, a free three-night getaway.

However, it's crucial to mention that if I were to fall into the trap of paying usurious interest on the balance, my finances would be in trouble. With an APR of over 30%, any benefits I gained from the points would quickly be wiped out by interest payments.

Others might use a card with airmiles or cashback rewards in a similar manner to what I have done. However, it requires considerable willpower and discipline.

In conclusion, utilizing credit in this way may not be suitable for everyone, as it demands financial discipline that not everyone possesses.

nice to see fellow smart "shoppers" what you are doing is the smart way of shopping, some people simply cant grasp this fact.

[goldlips]

1 minute ago, CazLikesCoins said:

How would you know that lol? Are you Mystic Meg as well 🤣

Besides if you're trying to buy from Chards on credit I doubt it lol. 

What have you got to say about that huh Mr Smartypants? 🤪

(Just having a bit if fun, not really meant seriously x)

i explained it to you x

[Darr3nG]

3 minutes ago, Paul said:

it requires considerable willpower and discipline.

 

^ I think this is the key piece... I would never consider letting the card go unpaid, but I can see where some may fall into the dangerous trap!

[Paul]

Just now, Darr3nG said:

^ I think this is the key piece... I would never consider letting the card go unpaid, but I can see where some may fall into the dangerous trap!

100% this ^^^

[goldlips]

1 minute ago, Darr3nG said:

^ I think this is the key piece... I would never consider letting the card go unpaid, but I can see where some may fall into the dangerous trap!

i have over £60k credit limits across all cards, yes 60 thousand, my cash back card currently holds a balance of arround £3k at moment, from gold, and car insurance renewal and my normal spends, all to be paid in full on statement day, netting me at least £30 in cash back this month.

 

you are totaly correct it needs willpower and discipline

[CazLikesCoins]

3 hours ago, goldlips said:

i explained it to you x

N/A

Edited July 25, 2023 by CazLikesCoins
off topic

[Darr3nG]

2 minutes ago, goldlips said:

netting me at least £30 in cash back this month

Only £26 in mine  but I will just pickup 1oz silver and turn that frown upside-down!  

[CazLikesCoins]

4 minutes ago, goldlips said:

i have over £60k credit limits across all cards, yes 60 thousand, my cash back card currently holds a balance of arround £3k at moment, from gold, and car insurance renewal and my normal spends, all to be paid in full on statement day, netting me at least £30 in cash back this month.

 

you are totaly correct it needs willpower and discipline

All silliness aside, if it works for you that's all that matters. Who is to say what's right and wrong. We're all controlled by the financial institutions anyway and if they want to pull the plug on these systems they will and we'll all be stuffed. 

[goldlips]

1 minute ago, Darr3nG said:

Only £26 in mine  but I will just pickup 1oz silver and turn that frown upside-down!  

enjoy that free 1oz of silver buddy, because it is free, you have earned cash back on what you would normaly spend anyways, had you used a debit card you would never of gained this free oz, doing what you do, your probably getting around 12 oz of silver a year for free.