really wish chards would take credit cards

[goldlips]

1 minute ago, bluffer said:

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?

the 5% card i had was from a new company in the credit card field, they clearly offered 5% as a marketing tool and promotion to get people to sign up, i has this card for a year before they closed the deal down, not sure if they are still around, like i say ive had the 1% cash back card for 10 years at the least, my Barclaycard .5% card for at least 5 years

[richatthecroft]

4 hours ago, goldlips said:

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,

Maybe having gained all this knowledge and having being able spend ‘days reading the amazing guides’ on the Chards website-  you might well have uncovered one of the reasons Chards doesn’t take credit cards- likely due to this customer service you cite, and they provide.

Maintaining and servicing a comprehensive website must cost Chards a fair bit of time, effort and therefore, money.

It sounds like you have gained much more than a 1% discount from Chards already- without spending with them- you have gained a lot of knowledge which you will prosper from for years to come- that they supplied to you, free of charge.  

[goldlips]

2 minutes ago, richatthecroft said:

Maybe having gained all this knowledge and having being able spend ‘days reading the amazing guides’ on the Chards website-  you might well have uncovered one of the reasons Chards doesn’t take credit cards- likely due to this customer service you cite, and they provide.

Maintaining and servicing a comprehensive website must cost Chards a fair bit of time, effort and therefore, money.

It sounds like you have gained much more than a 1% discount from Chards already- without spending with them- you have gained a lot of knowledge which you will prosper from for years to come- that they supplied to you, free of charge.  

i have since visited many other websites, that all have amazing guides, provided for free, who accept credit cards, hence my 2k spend with competitors, as i have said before, a business is NOT your friend, they are not your cuddly pet dog or cat, they exist to take your money and make a profit. 

[WulfrunCoins]

I was in B&M today, guy paid for a 50p drink with a credit card, surely B&M would lose money on that transaction?

[goldlips]

Just now, WulfrunCoins said:

I was in B&M today, guy paid for a 50p drink with a credit card, surely B&M would lose money on that transaction?

they would loose money on that sale, but on the grand scheme of things, the fees are added into all other products, so they aint loosing money, its a "cost of doing buisness" i use contactless to pay for a loaf of bread or a pint of milk, as do millions of other people, but i agree with you in the sense that it is crazy that we are able to buy a pint of milk with a contactless credit card, and its what the powers that be want, as the keep pushing the cashless society on us.

[WulfrunCoins]

1 minute ago, goldlips said:

...but i agree with you in the sense that it is crazy that we are able to buy a pint of milk with a contactless credit card

To think, if he doesn't make the minmum monthly payment, that drink could cost well over £15 in late fees

[goldlips]

1 minute ago, WulfrunCoins said:

To think, if he doesn't make the minmum monthly payment, that drink could cost well over £15 in late fees

and his credit file would also take a hit lol

[WulfrunCoins]

4 minutes ago, goldlips said:

...and its what the powers that be want, as the keep pushing the cashless society on us.

Before the T-virus outbreak I used to go to the bank every week and withdraw 50p and £2 coins

Now, they won't entertain me, saying they have no bags of coinage at the bank

[richatthecroft]

27 minutes ago, goldlips said:

i have since visited many other websites, that all have amazing guides, provided for free, who accept credit cards, hence my 2k spend with competitors, as i have said before, a business is NOT your friend, they are not your cuddly pet dog or cat, they exist to take your money and make a profit. 

I didn’t respond as some kind of Chards fanboy- I rarely buy from Chards, but I do know this, as dealers go, there isn’t many surpass their guides and knowledge base- particularly their ‘old site’, which @LawrenceChardused to maintain (I’m not sure if all that content has been migrated over?). 

I haven’t a clue what mark-up the average large bullion dealer makes on say, £2k’s worth of bullion Sovereigns- but I’m guessing the margins are tight, and I guess Chards have thought long and hard of their business model, and decide on payments methods accordingly.

You’re a winner, you saved by purchasing elsewhere and gained the knowledge they offered you for free. 

Edited July 24, 2023 by richatthecroft

[goldlips]

1 minute ago, richatthecroft said:

I didn’t respond as some kind of Chards fanboy- I rarely buy from Chards, but I do know this, as dealers go, there isn’t many surpass their guides and knowledge base- particularly their ‘old site’, which Lawrence used to maintain (I’m not sure if all that content has been migrated over?). 

I haven’t a clue what mark-up the average large bullion dealer makes on say, £2k’s worth of bullion Sovereigns- but I’m guessing the margins are tight, and I guess Chards have thought long and hard of their business model, and decide on payments methods accordingly.

You’re a winner, you saved by purchasing elsewhere and gained the knowledge they offered you for free. 

i will say, im gaining more knowledge here on this amazing sight, not to mention the nice offers that appear in the for sale section, i will gladly be paying the membership fee to support this amazing community, which untill a few days ago, i never knew existed.

[goldlips]

6 minutes ago, WulfrunCoins said:

Before the T-virus outbreak I used to go to the bank every week and withdraw 50p and £2 coins

Now, they won't entertain me, saying they have no bags of coinage at the bank

one of my banks (before the plandemic) would not let me use the counters to deposit cash, they forced me to use a self service machine.

[ChrisSilver]

Like @ChardsCoinandBullionDealer have stated, there are many reasons. 

One reason why it is not advantageous for a bullion dealer to take credit cards is that it isn't possible to charge customers additional fees for using credit cards in the UK. I cite this government website here: https://www.gov.uk/government/news/card-surcharge-ban-means-no-more-nasty-surprises-for-shoppers

Therefore if they were to incorporate the additional charges of taking credit cards, they would have to incorporate it into all of their products and for ALL customers, including those who pay with debit cards/bank transfer. There is not enough margin in bullion to be able to do that and be competitive, unless of course they were specialising in ONLY selling to customers with credit cards and wanted their business to sell to only that specific niche and didn't want to be competitive for the rest of the market. 

There are many other reasons, possible charge backs and the stress and time dealing with disputes is another, all of this additional work (which may also require additional legal advise) would add to the overall costs of the business and ultimately the price of the product. 

It is understandable why most dealers do not take credit cards. 

There are some dealers who do take credit cards, though this can also come with other issues as pointed out in another topic where a member was charged a cash advance fee for doing so and daily interest on their purchase of a sovereign, it really is not recommended. 

It is best to save up and then buy precious metals with cash/funds rather than on credit. As credit you have to pay back anyway, the only thing you potentially 'loose' is any rewards (points or cashback) from using a credit card, but those 'rewards' for the consumers and built into the card processing margins, another thing that shows how credit cards add additional costs to the item for consumers. Most industries can take these costs directly out of the product margin, but bullion has very tight margins.  

Saving tip: For those who find it harder to save up money if they are tempted to spend it if it is in their bank account and who want to save for a larger precious metals item, you can consider getting an offline saving account, such as a branch only building society account with a passbook. You can send regular transfers to this account and won't be able to spend or withdraw the funds directly, you will need to go into a branch and transfer to your nominated bank account. This will make spontaneous purchases impossible, a great way for saving up for larger precious metals items. You can set up a regular standing order to this account also.  

[goldlips]

13 minutes ago, ChrisSilver said:

Like @ChardsCoinandBullionDealer have stated, there are many reasons. 

One reason why it is not advantageous for a bullion dealer to take credit cards is that it isn't possible to charge customers additional fees for using credit cards in the UK. I site this government website here: https://www.gov.uk/government/news/card-surcharge-ban-means-no-more-nasty-surprises-for-shoppers

Therefore if they were to incorporate the additional charges of taking credit cards, they would have to incorporate it into all of their products and for ALL customers, including those who pay with credit cards. There is not enough margin in bullion to be able to do that and be competitive, unless of course they were specialising in ONLY selling to customers with credit cards and wanted their business to sell to only that specific niche and didn't want to be competitive for the rest of the market. 

There are many other reasons, possible charge backs and the stress and time dealing with disputes is another, all of this additional work (which may also require additional legal advise) would add to the overall costs of the business and ultimately the price of the product. 

It is understandable why most dealers do not take credit cards. 

There are some dealers who do take credit cards, though this can also come with other issues as pointed out in another topic where a member was charged a cash advance fee for doing so and daily interest on their purchase of a sovereign, it really is not recommended. 

it is best to save up and then buy precious metals with cash/funds rather than on credit. As credit you have to pay back anyway, the only thing you potentially 'loose' is any rewards (points or cash back) from using a credit card, but those 'rewards' for the consumers and built into the card processing margins, another thing that shows how credit cards add additional costs to the item for consumers. Most industries can take these costs directly out of the product margin, but bullion has very tight margins.  

Saving tip: For those who find it harder to save up money if they are tempted to spend it if it is in their bank account and who want to save for a larger precious metals item, you can consider getting an offline saving account, such as a branch only building society account with a passbook. You can send regular transfers to this account and won't be able to spend or withdraw the funds directly, you will need to go into a branch and transfer to your nominated bank account. This will make spontaneous purchases impossible, a great way for saving up for larger precious metals items. You can set up a standing order to this account.  

hi chris, i understand the fees and risks of chargebacks etc, but this is a cost of buisness, all these risks should be understood and form part of the buisness.

you say most dealers dont take credit cards, but i dont belive that to be the case, i cant find one the big dealers (that appear on the compare pages) that do not take credit cards) and some items are cheaper then the dealer in question, but they still take credit cards.

 

one thing i do agree with chards on, is that postage is not "free" it would be much better if these dealers stated "prices includes postage" for example (for them dealers that use the term "free postage"

 

all this boils down too is been a smart shopper and saving money, especially in these harder times, all that bothers me is the price of a item, should it be gold or a item off amazon, i will buy from the cheapest seller, and also gain my 1% cashback on top of that haha.

 

Edited July 24, 2023 by goldlips

[Bratnia]

5 hours ago, Bigmarc said:

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

£15 month max, and certain things are excluded, including precious metals

https://www.chase.co.uk/gb/en/legal/Cashback-Exclusions/

[Foster88]

I can say for sure that @ChardsCoinandBullionDealer and mostly @LawrenceChard have provided a wealth of free knowledge both on their websites and Lawrence  in particular has on the forum. I’ve enjoyed reading his knowledge and advice for the past few years on here. He’s advised many of us, particularly in the ‘world’ of sovereigns.

Wether they accept credit cards or not, I think, as a business comes down to their prerogative as is yours, of course, to question why they don’t. Charge backs a nightmare for businesses and I’m sure Chards have their reasons not to accept credit cards, of which the reasons are non of our business.

[Bratnia]

13 minutes ago, Foster88 said:

I can say for sure that @ChardsCoinandBullionDealer and mostly @LawrenceChard have provided a wealth of free knowledge both on their websites and Lawrence  in particular has on the forum. I’ve enjoyed reading his knowledge and advice for the past few years on here. He’s advised many of us, particularly in the ‘world’ of sovereigns.

Wether they accept credit cards or not, I think, as a business comes down to their prerogative as is yours, of course, to question why they don’t. Charge backs a nightmare for businesses and I’m sure Chards have their reasons not to accept credit cards, of which the reasons are non of our business.

If retailers aren't allowed to discriminate and charge a premium on some payment methods in reflection of some cards levying higher costs for the retailer in order to provide the likes of cash-backs, then I'd rather retailers kept prices lower (tighter spreads on gold) rather than them widening them out for all in reflection of accepting some cards. Seems like a simple straight forward business decision, don't accept some higher cost cards in order to keep spreads/costs lower for all compared to if certain cards were accepted. It's highly likely that the business would lose more trade if it levied wider spreads than it would gain by including accepting a broader range of cards where only some were getting the likes of cash-backs.

[Bratnia]

Out of interest is that actually correct that retailers can't levy fees for certain types of cards/payments.

I ask because mother used to pay a premium on her gas/electric bills due to paying by cash (in a post office) compared to if she'd paid by direct debit.

[ChardsCoinandBullionDealer]

We appreciate all the feedback from forum members.

 

We constantly review our offering and payment methods and should we have an update in the future we will come back and post on this thread.

 

[GoldDiggerDave]

 

14 hours 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

If you don't have the cash to buy gold (or anything for that matter) then I'd have to say you can't afford it and it might not be for you.   I'm saying this as someone who's  a massive advocate of promoting people not getting in to debt and in over their heads.  

Save up some money and only buy what you can comfortably afford to hold, and please don't take this advice as patronising, I see people wading into PM's because they have watched a YT video saying its going to the moon only to no be able to afford next weeks food shopping and then have to sell the PM's at a loss.   

Start off small, start off sensible, have a plan a target a goal.   

You really don't have a grasp of the front end of the bullion market, so trying to guess how much a business is making and what costs  their bottom line can or can not absorb is beyond your understanding for now.  

If you need any help getting into gold or advice how to be debt free I'm always happy to talk. 

 

 

 

 

 

 

[MBTPSilver]

Outside of the fees, it's important to note that fraud is much higher on credit cards. A large percentage of attempted fraud transactions will be with a credit card. As such you then need both a robust system to try and hold them, and a person trained to identify and deal with these transactions manually. This adds additional costs to your business and drives up premiums, which is clearly something Chards work hard to avoid. On that balance they have probably decided it's worth more to them to keep prices lower and lose that small amount of business.

As others have said, realistically you shouldn't need to borrow to buy gold, and it would be better to save up and then buy, rather than buy and then pay off. Most cashback offers exclude precious metals, but if you have found one that's offering it on gold/silver then that's a nice find and there are plenty of other dealers that will allow Credit Cards, you'll likely find they just have slightly higher premiums as a result.

[goldlips]

guys, who said i was borrowing money to pay for gold?

 

i pay the balance in full by direct debit

[CazLikesCoins]

On 23/07/2023 at 03:08, goldlips said:

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.

Not sure why anyone would want to get in dept to buy gold. Maybe I'm missing something. Not sure what.  I did skim the post a bit. For the sake of £20 why not wait until you have the money to pay off the credit dept and use that at Chards instead?

Edited July 25, 2023 by CazLikesCoins

[goldlips]

Just now, CazLikesCoins said:

Not sure why anyone would want to get in dept to buy gold. Maybe I'm missing something. Not sure what.  I did skim the post a bit. 

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

[CazLikesCoins]

Just now, goldlips said:

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

It is a dept from the moment you use it. Even if you immediately pay it off, which'd make no sense, it's still a dept in the interim.

[goldlips]

1 minute ago, CazLikesCoins said:

It is a dept from the moment you use it. Even if you immediately pay it off, which'd make no sense, it's still a dept in the interim.

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.