A brand new sort of bank card hit the market this summer time — one that offers 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 business and the valuable metallic business, mentioned Patrick Yip, director of enterprise growth for on-line gold vendor APMEX.
With the value of gold lately hitting file highs and anticipated to succeed in larger nonetheless, the choice comes at a superb time for customers occupied with increasing their wealth in a brand new manner.
“That is the right card to get you publicity to gold with out a whole lot of the complexities,” Yip mentioned. “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 upon the place you apply.
Should you apply through APMEX, you may rack up factors to purchase treasured metallic merchandise on the positioning. 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 through OneGold, factors earned on purchases will translate to cash you may make investments on the positioning. The cardboard by OneGold has the additional advantage of robotically 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 occasions 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 at present scorching,” Yip mentioned. “Persons are operating to gold as a safe-haven asset.”
Creators are billing the Bullion Card as a manner for brand new prospects to be uncovered to the asset with out the complexities, or for seasoned gold patrons to have easy accessibility to metals.
The Card’s Different Advantages
The Bullion Card has no annual charge, and factors don’t expire — so long as you will have card exercise or new purchases on OneGold or APMEX not less than 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 not less than $5,000 will get entry to the advantages of VISA Signature: journey accident advantages, misplaced baggage reimbursement, roadside help, auto rental harm waiver, buy safety, journey and emergency help service, journey cancellation and interruption insurance coverage and prolonged guarantee safety.
APMEX card customers will likely be added to the positioning’s Elite Membership. It gives early entry to gross sales or gives from the positioning, together with reductions and notifications about product availability. After two purchases, customers will obtain particular gives 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, which means they’ll go away finally.
The 4 factors per greenback spent on the websites will drop to three factors per greenback after Feb. 28, giving customers lower than a yr to learn. Value noting for large gold traders: Customers can earn solely 500,000 factors at that price per calendar yr earlier than the reward drops to 1 level per greenback on purchases on the websites.
Moreover, the cardboard gives an introductory 0% APR for the primary yr. After that, charges will improve to fifteen.74% to 25.74% primarily based on a person’s creditworthiness.
The factors can’t be used as a credit score on the steadiness 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 charge.
- Bonus factors for spending $1,500 inside 90 days.
- APR: 0% for 12 months, 15.74% to 25.74% after that.
- Annual charge: None.
- Rewards: 4% again on gold or silver purchases by 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 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 PNW contributor Steve Gilman is included on this report.