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any unwritten not to's

corradovr6
Contributor

any unwritten not to's

I've read that using cards at casinos can trigger cash advances. is there anything to think about when buying gold/silver online and/or through PayPal 


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Message 1 of 7
6 REPLIES 6
longtimelurker
Mega Contributor

Re: any unwritten not to's


@corradovr6 wrote:

I've read that using cards at casinos can trigger cash advances. is there anything to think about when buying gold/silver online and/or through PayPal 


The guiding principle is "Could this issuer view this as purchasing a cash equivalent?"    Issuers vary in their tolerance or attentiveness.  Unfortunately, this might change from time to time and vary with profile, so not all that useful!

Message 2 of 7
CWA1984
Regular Contributor

Re: any unwritten not to's

If your going to buy silver eagles as an example from someone like APMEX I'd call your credit card issuer whether it's Amex, Chase, Discover, etc. and just tell them what you are plan on doing beforehand and see if they have any issues with it.  I did buy a silver eagle from APMEX before as a gift for a friend and I used a credit card for the purchase which I believe was chase but that was a while ago.  Just called them up and told them what I planned to do and they said it was fine.  So when in doubt just ask the issuer OP.   

Message 3 of 7
Loquat
Moderator

Re: any unwritten not to's

If you're worried about such transaction going through as a cash advance I would suggest (if the lender allows) dropping your cash advance limit to almost nothing.

As for the purchase itself, if it's outside of your normal spend then it could trigger a fraud alert.
Message 4 of 7
longtimelurker
Mega Contributor

Re: any unwritten not to's


@CWA1984 wrote:

If your going to buy silver eagles as an example from someone like APMEX I'd call your credit card issuer whether it's Amex, Chase, Discover, etc. and just tell them what you are plan on doing beforehand and see if they have any issues with it.  I did buy a silver eagle from APMEX before as a gift for a friend and I used a credit card for the purchase which I believe was chase but that was a while ago.  Just called them up and told them what I planned to do and they said it was fine.  So when in doubt just ask the issuer OP.   


If the CSR tells you it will be a cash advance, then this is useful (and presumably you don't do it1).   But if the CSR says it won't be, and it is, probably no recourse.   Unfortunately, my guess is that a lot of the time a CSR won't/can't know, as the classification is done by an automated processs

Message 5 of 7
CWA1984
Regular Contributor

Re: any unwritten not to's


@longtimelurker wrote:

@CWA1984 wrote:

If your going to buy silver eagles as an example from someone like APMEX I'd call your credit card issuer whether it's Amex, Chase, Discover, etc. and just tell them what you are plan on doing beforehand and see if they have any issues with it.  I did buy a silver eagle from APMEX before as a gift for a friend and I used a credit card for the purchase which I believe was chase but that was a while ago.  Just called them up and told them what I planned to do and they said it was fine.  So when in doubt just ask the issuer OP.   


If the CSR tells you it will be a cash advance, then this is useful (and presumably you don't do it1).   But if the CSR says it won't be, and it is, probably no recourse.   Unfortunately, my guess is that a lot of the time a CSR won't/can't know, as the classification is done by an automated processs


That's why you get the name of the CSR and keep a record of what date and time you called about the issue.  So if you have an issue later you can call up with the name of who you spoke to and date and time so you can show you weren't trying to break any rules.  I've never had an issues with this so if someone else has that's news to me in regards to buying precious metals with a credit card after calling up the issuer and them saying it was okay.  Plus if your going to a site like APMEX (using this site because I've only ever done this once and it was using this site) they accept credit cards and it's not unheard of for people there to buy precious metals using a credit card.  If your buying a couple of silver eagles spending less $200 than I doubt you are going to have issues if the CSR gets back to you saying it's okay.  Now if you are trying to spend 14k buying precious metals on credit card with a $14,100.00 limit than yeah your probably going to have issues.       

Message 6 of 7
longtimelurker
Mega Contributor

Re: any unwritten not to's


@CWA1984 wrote:

@longtimelurker wrote:

@CWA1984 wrote:

If your going to buy silver eagles as an example from someone like APMEX I'd call your credit card issuer whether it's Amex, Chase, Discover, etc. and just tell them what you are plan on doing beforehand and see if they have any issues with it.  I did buy a silver eagle from APMEX before as a gift for a friend and I used a credit card for the purchase which I believe was chase but that was a while ago.  Just called them up and told them what I planned to do and they said it was fine.  So when in doubt just ask the issuer OP.   


If the CSR tells you it will be a cash advance, then this is useful (and presumably you don't do it1).   But if the CSR says it won't be, and it is, probably no recourse.   Unfortunately, my guess is that a lot of the time a CSR won't/can't know, as the classification is done by an automated processs


That's why you get the name of the CSR and keep a record of what date and time you called about the issue.  So if you have an issue later you can call up with the name of who you spoke to and date and time so you can show you weren't trying to break any rules.  I've never had an issues with this so if someone else has that's news to me in regards to buying precious metals with a credit card after calling up the issuer and them saying it was okay.  


While that MIGHT work, the official policy for issuers tends to be as in Amex: "This written Agreement is a final expression of the agreement
governing the Account. The written Agreement may not be contradicted by any alleged oral agreement. "

 

So even a recording of an identified CSR saying "Oh, that's fine" will not override in theory.    An issuer may decide to play nice but don't have to (and issuers have been adding stuff similar to the last sentence recently, presumably they felt a need"

Message 7 of 7
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