Credit Cards
We do not accept payment by credit card.
Reasons
The main reasons we don't accept credit cards should be obvious, but we get asked so many times, we have provided this page to explain. Hopefully it may save us some time doing the same thing in telephone conversations.
- Commission
Credit card companies charge commission. This can vary from under 2% to over 5%. This cost has to be borne by someone, and it is ultimately the customer, even though this is hidden from the consumer in many cases. We reckon credit cards would cost us about 5%, and we would have to add this to the price. Anyone buying investment gold would have to be stupid to pay 3% extra.
- Our Margins
Our gross profit margins vary from under 2% to about 10%, depending on size of transaction. There is quite simply no room for credit card commissions.
- Fraud
The credit card industry frequently publicises the total cost of credit card fraud, and its measures to combat fraud. We sell commodities with a very high resale value, and we would be a prime target for credit card fraudsters.
- Mail Order & Internet
The credit card companies have special procedures and rules for mail order and internet credit card transactions. These are known as C.N.P. transactions, standing for Cardholder Not Present. These are much more open to fraud for obvious reasons. Additionally, the cardholder can reject the transaction up to 12 or 18 months afterwards. Actually the credit cards companies are currently introducing new security measures which should allow mail order transactions to be more secure.
- Transaction Size
Credit cards are a very convenient way of paying for small transactions, but not as good for large ones. This is because credit card transactions are charged as a percentage, while cheques and transfers are charged per item.
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Type of Goods
Buying a book from Amazon isn't very likely to attract fraudsters, buying 100 Krugerrands is!
- Policy
We do, in fact, have credit card facilities. We simply choose not to use them.
Gold is Money
You would not expect to be able to buy your holiday foreign exchange by credit card. Similarly there are many other type of transaction for which credit cards are not an option. House purchase, mortgage payments, share purchases, most business to business transactions, many forms of insurance, all spring to mind. Gold in the form of gold bars and gold coins is simply another form of money. It is unreasonable to expect to buy any investment, or make any large financial transaction by credit card.
Some Gold Dealers Accept Credit Cards
We have absolutely no doubt that some of our competitors may well accept credit card payments. In this case they will be more expensive than us, often very considerably so. If you wish to pay more than necessary then you are not a typical Chard customer.
Debit Cards
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Common Credit Cards
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