Investing in silver has always been a good way of preparing for the uncertainty of the future, and there has never been a better or easier time to buy than now. With new online precious metals dealers coming into existence all the time it is becoming easier to purchase gold and silver online than it is anywhere else.
To invest in silver using your credit or debit card, visit JMBullion.com as they accept Visa, MasterCard, and AMEX payments.
One of the best ways to pay for purchases of silver online, and any other online purchases for that matter, is by way of credit or debit card. Paying with a credit card has numerous advantages, though the overriding upside is that they allow transactions to be paid for immediately, unlike other methods which cause you to wait for undisclosed periods of time before payment is actually completed.
The purpose of this article is to discuss, in-depth, everything you need to know about paying for precious metals purchases online via a credit or debit card.
Quicker Processing
When purchasing silver through retail sites on the internet first came to be, the primary way of paying for a purchase was to write out a check, put it in the mail, and then wait until it is received and processed by the company who you were buying from. This process is fairly straightforward and easy to follow, but the fact that you might end up waiting weeks at a time before your postage arrives and the check is processed made some people hesitant to purchase silver online.
While checks are a viable payment option, it was quickly discovered that paying for silver purchases online via a credit or debit card was not only a lot easier than sending a check in the mail, it took far less time. The fact that credit card transactions happen much more immediately than a paper check transaction means that your metal will get in the mail faster and thus reach your door faster.
Customer Protection
Another reason online shoppers are more frequently turning to credit and debit cards as a way of making payment is due to the fact that they feel as though the credit card company will help protect their funds. What I mean by this is if, for example, your credit information falls into the wrong hands and is used by someone other than you, you can file a dispute with your credit card company and be returned the funds you never actually spent.
This extra level of security and the fact that you have a world-renowned company to fall back on in times of trouble gives some people comfort that paying with a paper check does not provide.
While most gold and silver dealers online adhere to ethical business practices (stick to BBB accredited dealers like JM Bullion), a very small minority do not, and it is these people that can end up taking advantage of your willingness to purchase silver. Of course no payment method is 100%, without a doubt, fool-proof, but by paying with a credit or debit card you are doing your best to make a safe and secure payment that will not end up coming back to bite you in the rear.
Purchase Fees
The only drawback of using your credit or debit card for online silver purchases is the fact that since retail margins in the precious metals market are so tight, the online sellers have to pass all their processing fees back to the customer. This practice is very similar to what happens on PayPal transactions – the retailer only may have a 1% margin on your purchase, thus they can’t afford to pay the 3-4% that PayPal or Visa/MasterCard charge to process the money.
Because of this, as a customer you will end up paying a 3-4% premium to pay for your purchase with a credit or debit card. You will have to weigh the pros, namely speed and ease of transaction, vs. the cons, which are the 3-4% purchase fee, to decide on which payment method is best for you.