@CreditCuriosity wrote:
@NoMoreE46 wrote:
@CreditCuriosity wrote:
@NoMoreE46 wrote:
Trying to buy crypto or precious metals are usually considered high risk tranactions by issuers.
jM
Precious metals that is kinda silly imho as long as from a reputable place whether JM Bullion or Costco etc. As long as you don't buy near your CL you should be fine as known many people that haven't had an issue with it. Crypto unsure about. Might not be the smartest thing to due due to fees althoug with costco you can buy with black card 2% and in theory AR 4.5% = 6.5% off. Seems like a winner if can get it their if you are into collecting precious metals.
I was thinking of buying buillions/metals with respect to MS would be considered as a cash advance.
This is from AMEX:
Effective January 15, 2021, we are updating this sub-section to add precious metal coins and bullion to the definition of Cash Advance in your Cardmember Agreement.
guess depends on lender and how it codes if l3 data etc.
I can provide some data points on this... over the years I've purchased PMs from JM Bullion/Provident (and a few others) and never had a problem.
I usually used either Discover or one of my Freedom cards during the respective Paypal quarters, where the 5% either canceled out the CC fee or there was a small gain. In all my purchaes the amounts were very modest (always under $500) so nothing crazy that would be likely to trigger an algorithm. Keeping in mind the quarterly limit of $1500 on Disco/Freedom it would be silly to use either for a large PM purchase so most folks would likely be fine.
I came across some chatter on the interwebs that Amex may have reversed their policy of treating PM purchases as cash advances, although I'm not sure why anybody would want to use an Amex for that anyway since there are nearly always better options (sign-up bonus spending aside, but I'm not sure I'd use it for that, either).
Only speaking for myself, I'm comfortable making a modest (to me) purchase of PMs with a credit card. I don't have a Costco membership, but if I did and I was in the market for a gold bar I'd be comfortable using my U.S. Bank AR since I've made oddball purchases in that amount before and they didn't flinch (a $2500 purchase isn't 'normal' for me, but I have done it a few times before so it's not unheard of, either). IMO it's all about what's consistent with one's historical and usual spending patterns (and resources, of course).
Just my 2¢.
