American Express statement change of terms regarding gold and silver bullion

[devil21]

Just an interesting data point I noticed. Stuck into this month's AMEX statement is a change of terms that, starting Jan 15 2021, AMEX will charge the "cash advance" rate for precious metals bullion purchases. They will be in the same classification category as cash advances, travelers cheques, and other cash or cash equivalents. AMEX now says gold and silver are money starting 1-15-21?

[Matt4Liberty]

Just an interesting data point I noticed. Stuck into this month's AMEX statement is a change of terms that, starting Jan 15 2021, AMEX will charge the "cash advance" rate for precious metals bullion purchases. They will be in the same classification category as cash advances, travelers cheques, and other cash or cash equivalents. AMEX now says gold and silver are money starting 1-15-21?

Damn, I have to look into this. I have used Amex for all my recent precious metals purchases.

[oyarde]

I dont use a card

[devil21]

Damn, I have to look into this. I have used Amex for all my recent precious metals purchases.

I make sure I stick with paper statements and notices for this reason. They aren't going to slip anything by me.

I dont use a card

Me either, so the interest rate effect wasn't particularly important to me. AFAIK, they can't retroactively charge such a high rate on bullion purchases that make up an existing balance. I was more intrigued by the reclassification of metals into the "cash" category and what it could foretell about the nature of bullion after the effective date, as well as whether they'll apply the much higher rate as a way to dissuade cardholders from buying on their cards and perhaps why that would be.

[oyarde]

I make sure I stick with paper statements and notices for this reason. They aren't going to slip anything by me.



Me either, so the interest rate effect wasn't particularly important to me. AFAIK, they can't retroactively charge such a high rate on bullion purchases that make up an existing balance. I was more intrigued by the reclassification of metals into the "cash" category and what it could foretell about the nature of bullion after the effective date, as well as whether they'll apply the much higher rate as a way to dissuade cardholders from buying on their cards and perhaps why that would be.

i dont think most card companies are overly enthused about the possibility someone would buy 15k in gold or silver and default which probably happened some in the last crash and could again in the next

[oyarde]

most places selling metals on line are going to charge a higher rate for cards and lesser rate for check . They basically give you back the four percent the card companies charge them .

[oyarde]

They probably dont like people charging lottery tickets , Broke guy charges 300 to 400 in Daily 3's , thinks he has an excellent shot at winning 500 to 800 but if he doesnt he cannot pay .

[oyarde]

I noticed last crash credit card banks start doing drastic $#@! when they see the odds of defaults raise like this past March when economies were shut down 6 weeks at a time. Last time I had a card I'd had for years that cut my credit limit from 16K to 5K . With no change in my income , employment or credit score. Damage control I guess

[devil21]

They probably dont like people charging lottery tickets , Broke guy charges 300 to 400 in Daily 3's , thinks he has an excellent shot at winning 500 to 800 but if he doesnt he cannot pay .

In my state lottery is cash only.
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May or may not be related, but also worth noting that the US Mint is raising silver Mint Direct product prices effective Tuesday 10-13. A 25% increase for boxed/cert'ed Eagles and some products even higher percentage.

I'm trying to find out if plain bullion prices are going up accordingly, also. Hopefully apmex replies monday since they are one of the few direct Mint wholesalers and they would know if prices are going to jump. Whether they choose to share that info, however....

[oyarde]

In my state lottery is cash only.
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May or may not be related, but also worth noting that the US Mint is raising silver Mint Direct product prices effective Tuesday 10-13. A 25% increase for boxed/cert'ed Eagles and some products even higher percentage.

I'm trying to find out if plain bullion prices are going up accordingly, also. Hopefully apmex replies monday since they are one of the few direct Mint wholesalers and they would know if prices are going to jump. Whether they choose to share that info, however....

Good Lord , not sure what that does to sales , thats gotta lower it . Currently a 2020 regular West Point Eagle is about 60 with shipping, the sold out Philadelphis Proof was about 70 with shipping and just next week the S mint Proof is scheduled to be available and the 75th Anniv of end of WW II version. So the one I was going to buy will now be near 90 ? Ya I dunno about that

[devil21]

APMEX's reply about loose bullion. Who knows if true or why loose bullion prices wouldn't be changed even when every other Mint silver product is.

Thank you for contacting APMEX. At this point, we have not received notification that our prices will increase on various U.S. Mint products. While this may be subject to change, we will do everything we can to ensure our pricing is not impacted.

[devil21]

I reread the change of terms before throwing the statement out. In addition to physical precious metal bullion it also categorizes "digital precious metals products" under the cash advance category.

Anybody have any idea what a "digital precious metals product" is? A metals backed digital currency perhaps?

[r3volution 3.0]

I reread the change of terms before throwing the statement out. In addition to physical precious metal bullion it also categorizes "digital precious metals products" under the cash advance category.

Anybody have any idea what a "digital precious metals product" is? A metals backed digital currency perhaps?

Pool accounts I suppose

Anyway, the change in terms is interesting, they must seeing a huge increase in bullion purchases.