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 valuable metals.
The Bullion Card lets customers apply factors towards purchases of valuable metals like gold and silver, or towards investments in valuable metals.
It’s a primary for each the bank card trade and the dear steel trade, mentioned Patrick Yip, director of enterprise growth for on-line gold vendor APMEX.
With the worth of gold not too long ago hitting report highs and anticipated to achieve larger nonetheless, the choice comes at time for customers excited by increasing their wealth in a brand new manner.
“That is the right card to get you publicity to gold with out plenty of the complexities,” Yip mentioned. “You simply spend as you usually would in your card and also you’ll be uncovered to valuable metals.”
How It Works
The cardboard is a three way partnership between APMEX and on-line funding platform OneGold. The rewards you get depend upon the place you apply.
When you apply by way of APMEX, you’ll be able to rack up factors to purchase valuable steel merchandise on the location. 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 valuable metals.
For playing cards by way of OneGold, factors earned on purchases will translate to cash you’ll be able to make investments on the location. The cardboard by way of OneGold has the additional benefit of routinely making use of your factors towards the funding you select. This lets you passively get entangled in valuable metals with out having to personal and retailer gold bars or different bodily belongings.
Why You Would possibly Need Rewards in Gold
In instances of financial uncertainty, the worth of gold goes up as folks flip to the tangible asset as a substitute of the inventory market. When the worth of shares, bonds, cryptocurrency and money are all declining, valuable metals improve in worth.
“Gold is presently sizzling,” Yip mentioned. “Persons are operating to gold as a safe-haven asset.”
Creators are billing the Bullion Card as a manner for brand spanking new clients to be uncovered to the asset with out the complexities, or for seasoned gold consumers to have quick access to metals.
The Card’s Different Advantages
The Bullion Card has no annual price, and factors don’t expire — so long as you have got card exercise or new purchases on OneGold or APMEX at the very least 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 at the very least $5,000 will get entry to the advantages of VISA Signature: journey accident advantages, misplaced baggage reimbursement, roadside help, auto rental injury waiver, buy safety, journey and emergency help service, journey cancellation and interruption insurance coverage and prolonged guarantee safety.
APMEX card customers can be added to the location’s Elite Membership. It gives early entry to gross sales or presents from the location, together with reductions and notifications about product availability. After two purchases, customers will obtain particular presents on their first, third, fifth, seventh and tenth anniversaries.
Be Conscious of These Pitfalls
A number of of the cardboard’s finest options are introductory, that means they’ll go away ultimately.
The 4 factors per greenback spent on the websites will drop to three factors per greenback after Feb. 28, giving customers lower than a 12 months to learn. Value noting for giant gold traders: Customers can earn solely 500,000 factors at that price per calendar 12 months earlier than the reward drops to 1 level per greenback on purchases on the websites.
Moreover, the cardboard presents an introductory 0% APR for the primary 12 months. After that, charges will improve to fifteen.74% to 25.74% based mostly on a person’s creditworthiness.
The factors can’t be used as a credit score on the stability you owe on the cardboard.
The Bullion Card Key Options
Key options embrace:
- Get rewards for purchasing or investing in gold or silver.
- No annual price.
- Bonus factors for spending $1,500 inside 90 days.
- APR: 0% for 12 months, 15.74% to 25.74% after that.
- Annual price: None.
- Rewards: 4% again on gold or silver purchases by way of APMEX or OneGold, 1% again on all different purchases.
- Rewards to be used on APMEX or OneGold.
- Steadiness transfers: 0% APR for 12 months on transfers made inside 60 days.
Apply by way of 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 Penny Hoarder contributor Steve Gilman is included on this report.
