| Author |
 Topic  |
|
|
argent_pur
Penny Sorter Member
78 Posts |
 Posted - 07/06/2010 : 20:41:12
|
|
What do you think? Have you done it? Personally, PM's are the one thing I WILL buy with credit cards. I'm in the habit of paying them off in full when I get the bill anyway, but even if I have to pay a month of interest, a few extra bucks is a small price to pay IMHO. I don't buy all my PM's this way, of course, but if I find something I want, I'll use the CC occasionally.
|
|
|
Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 07/06/2010 : 21:06:21
|
Same as CASH if you pay your credit card bill in full. However, paying with CASH is much more anonymous and does not leave an audit trail. I use my credit card to buy coins on EBAY. Nothing wrong with using a credit card; and my AMEX gives me 1.5%-5% CASH BACK on every purchase I make - I pay it off in full each month.
Using a credit card as a CASH substitute for convenience is fine. I do not recommend using it if you have to borrow the money from the credit card company and incur debt. Debt is slavery to the system...  |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
|
Edited by - Country on 07/06/2010 21:09:37 |
 |
|
|
brian0918
Penny Collector Member
USA
315 Posts |
Posted - 07/06/2010 : 21:20:00
|
In theory, if major inflation hits, then those with huge credit card debts will see those debts wiped out, as their wages and the value of their assets increase dramatically, while their CC debts stay the same (assuming fixed interest rates). Because of this, I've seen people suggest maxing out CC's to buy PMs.
However, that theory ignores the transitional stage (e.g. paying the CC bills while begging your boss for a raise, and trying to afford a loaf of bread). It also does not consider the possible scenario where there is price inflation on some things (e.g. food, gas), but price deflation on other things (e.g. wages, assets, PMs). Given the govt's ability to completely manipulate and distort the market, this possibility should not be ruled out. |
"The man who speaks to you of sacrifice, speaks of slaves and masters. And intends to be the master." -- Ayn Rand
Searched: $2230 Nickels; Liberty: 1; Buffalo: 4; War: 20; 2009: 2; 2010D: 8 |
Edited by - brian0918 on 07/06/2010 21:21:15 |
|
|
|
fb101
Administrator
USA
2856 Posts |
Posted - 07/06/2010 : 21:24:37
|
| as long as you pay it off every month. |
 |
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 07/06/2010 : 21:30:26
|
In all things, use moderation. When I decided that I didn't like the direction my "getting rich through equities" was taking... and that precious metals was the way to go, I didn't have any money. Credit cards were the only way I could afford to buy silver and gold. However, what I did do at the same time, was to stop my monthly deferred compensation contributions, and used that amount to service the debt incurred on the cards. Since I began, silver and gold have been up 15 - 16% each year, on average, while the highest interest I was paying was no more than 5.99%. The remaining balances I carry now (and do not plan on lump sum paying off) are two "fixed for life" 2.99, and one other 0% until May 2011. As I expect a huge rise in PM's in 2011, the plan will be to cash out enough next year to pay off the zero percent balance when it reverts to 8.24 variable... and still let the other ride. Just be careful to not get in over your head. You wouldn't want to have to sell some of your stash at a time not of your choosing, just because some bank decides to rescind all its offers and change the rules to their advantage... which they have been known to do.  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 07/07/2010 : 07:35:59
|
| Don't even think about it, unless you have a great income stream (aka, a good job) and you are good at handling finances and can start setting aside the cash early to get it paid off on time (so no interest is due) |
"May your percentages ever increase!" |
|
|
|
Jangles
Penny Sorter Member
31 Posts |
Posted - 07/07/2010 : 11:30:48
|
| I always use CC unless the seller charges extra for using CC, then I pay cash/check/MO. I pay it off every month, never pay interest, and get cashback/reward points for using it. |
|
|
|
Kurr
1000+ Penny Miser Member
2906 Posts |
Posted - 07/07/2010 : 11:44:12
|
Using a CC is NOT the same as cash, even with 0% interest.
Your purchase, how much it was, where it was spent, and many, MANY other things are tracked.
You also are in a differant realm legaly due to the agreements signed, reporting transactions, who can view your transactions, data mining facilities, third parties, etc etc. Kind of like having an interest bearing account opens you up to taxation laws.
Nothing is "free". |
The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
|
|
|
|
JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 07/07/2010 : 11:45:14
|
I would support the use of plastic, however some PM distributor's will give you a discount for paying in non-credit card forms, Like cash etc. So the benefits are negated by the slight premium plastic may bring to the buyer.
It may not still be in practice, it was when i first looked into buying precious metals. |
Selling Copper cents. $0 FV available at 1.4xFV. Also interested in trading for wheat pennies and other coins Please pm me for requests or inquiries.
|
|
|
|
argent_pur
Penny Sorter Member
78 Posts |
Posted - 07/07/2010 : 12:12:13
|
All great replies...different dealers charge different amounts:
APMEX= 3%
Provident Metals= 2.3%
MintProducts= 0.0%
Scottsdale Silver= 0.0%
Yes, I set aside cash and pay my balances in full every time I use CC's, plus I get the reward points (which I always redeem for cash). I just bought a Mexico 20 peso gold coin last night from MintProducts.com They charge more per coin than APMEX, but their shipping charges are 1/3 of what APMEX charges, and I get reward points for using a CC. Gov't tracking is an issue, but I prefer not to spend my life looking over my shoulder. I'll pay my taxes (even if I don't like it:)) |
|
|
|
Kurr
1000+ Penny Miser Member
2906 Posts |
Posted - 07/07/2010 : 12:22:49
|
Please don't anyone think my reply had ANYTHING to do withnot paying your taxes.
It was just touching upon the fact that if we did not commit manyof the acts we do that wee would not be eligible to be taxed to begin with. Very complicated subject, and I do not claim to understand it fully at all.
If you agree to be taxed, and we do in MANY ways we do not know or understand, and you are taxed, pay what you owe and be honorable. |
The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
|
|
|
|
Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 07/07/2010 : 12:37:27
|
in my experience you pay for using the credit card. its either an explicit tack on like at apmex or reflected in a higher cost than apmex like some of the other dealers you mentioned.
stopping deferred comp deferrals is a great idea as long as you have the discipline to keep saving. the best minds in finance expect tax rates to rise, so there is a negative value to deferral. also, most deferred plans are massive targets for govt regulation or confiscation. some influential administration members advocate requiring pensions and 401ks buying govt annuities and bonds. so you can avoid these tax/regulation/confiscation risks by biting the bullet and withdrawing your deferrals. also, once withdrawn, you open yourself up to an entire world of investment choices beyond those offered by your employer. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
|
|
|
|
Market Harmony
1000+ Penny Miser Member
USA
1274 Posts |
Posted - 07/07/2010 : 12:48:12
|
quote:
Originally posted by Lemon Thrower
in my experience you pay for using the credit card. its either an explicit tack on like at apmex or reflected in a higher cost than apmex like some of the other dealers you mentioned.
+1 |
goto the new and improved realcent: http://realcent.org |
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 07/07/2010 : 13:33:44
|
At the time of my original large purchase (2003) there were no "add ons" for using credit cards. Having purchased some gold at $322, and several thousand ounces of silver at $4.50, I'm happy the way things have turned out. The original "investment" has tripled. Any discipline required on my part is just paying down the bills a little faster than necessary each month. Started with twelve credit card balances, have it down to four now. I am NOT recommending this course for anyone else, just sharing what my own experience was. There will always be some excuse not to purchase precious metals if you wait until you have cash. JMHO  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 07/07/2010 : 13:35:40
|
If you ARE in the habit of paying off your credit card each month, using one for an occasional purchase to buy on a dip can be handy if you don't have free cash to otherwise take advantage. When prices of silver dip, they usually rebound within a week or so.  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 07/08/2010 : 01:57:33
|
argent,
you sound like you know what you are doing.
Be wise, and you should be fine. |
"May your percentages ever increase!" |
|
|
| |
Topic |
|
Using Credit Cards to Buy PM's
Forum Locked
