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Credit Card restrictions?

CladiatorCladiator Posts: 18,050 ✭✭✭✭✭
in Precious Metals
It appears that Apmex doens't permit online orders of $5,000+ with a credit card. Anyone know why? Just a security thing? Are they mandated to do some type of reporting for $5K+ purchases?

Comments

  • SilverEagles92SilverEagles92 Posts: 6,787 ✭
    I'm not sure about the number, but I can see the reasoning

    A crook steals your credit card information, and goes to APMEX and buys bullion
    He receives the bullion
    He sells the bullion to a pawn shop or coin shop for cash

    Absolutely no trace of anything. If he uses a different address, nothing can be linked to him.

    I encountered this (not with APMEX, but at a coin show) when the dealer told me he was nervous about accepting credit cards due to identity theft. I was buying a $20 Saint, and he said bullion was especially popular with credit card fraud perpetrators.
    image
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  • BarndogBarndog Posts: 20,497 ✭✭✭✭✭


    << <i>Credit card orders exceeding $5,000 are accepted only by phone during normal business hours and may be subject to additional documentation and screening. >>

    JR Newsletter Online Edition
  • CladiatorCladiator Posts: 18,050 ✭✭✭✭✭
    Bastidges. Thanks guys.
  • gecko109gecko109 Posts: 8,231 ✭


    << <i>I'm not sure about the number, but I can see the reasoning

    A crook steals your credit card information, and goes to APMEX and buys bullion
    He receives the bullion
    He sells the bullion to a pawn shop or coin shop for cash

    Absolutely no trace of anything. If he uses a different address, nothing can be linked to him.

    I encountered this (not with APMEX, but at a coin show) when the dealer told me he was nervous about accepting credit cards due to identity theft. I was buying a $20 Saint, and he said bullion was especially popular with credit card fraud perpetrators. >>





    There is a very simple solution to this. Ship ONLY to the address of the cardholder. image
  • PerryHallPerryHall Posts: 46,238 ✭✭✭✭✭
    Don't they charge extra if you pay by credit card?

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • gecko109gecko109 Posts: 8,231 ✭


    << <i>Don't they charge extra if you pay by credit card? >>




    About 3% extra. Thats about $90 on a $3,000 order. I get my order about 3 times as fast, and never even have to put pants on. People pay for convienence all the time, why does this seem any different?
  • garsmithgarsmith Posts: 5,894 ✭✭
    With the number of people defaulting on their credit cards due to the economy is it any surprise Apmex would put a cap on CC purchases.
  • PerryHallPerryHall Posts: 46,238 ✭✭✭✭✭


    << <i>With the number of people defaulting on their credit cards due to the economy is it any surprise Apmex would put a cap on CC purchases. >>



    Does a default hurt APMEX or the credit card company? I would think it would only hurt the CC company.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • adamlaneusadamlaneus Posts: 6,969 ✭✭✭
    I'll wager that this restriction was put in place by the credit card company, and APMEX must go along if they want to take credit cards.

    Because of the 3% 'interchange fee' on all credit card purchases, I loathe to use them anymore.
    They make plenty of money even when one pays no interest at all.
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    There is no need for Apmex when you have the BST image Still by far the best place to buy
    Successful Buying and Selling transactions with:

    Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
  • PerryHallPerryHall Posts: 46,238 ✭✭✭✭✭


    << <i>There is no need for Apmex when you have the BST image Still by far the best place to buy >>

    image

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • 57loaded57loaded Posts: 4,967 ✭✭✭


    << <i>

    << <i>Don't they charge extra if you pay by credit card? >>




    About 3% extra. Thats about $90 on a $3,000 order. I get my order about 3 times as fast, and never even have to put pants on. People pay for convienence all the time, why does this seem any different? >>



    BINGO

    image
  • goingbrokegoingbroke Posts: 1,410
    I have used my CC many times with AMPEX they proses my order quickly and I receive my order FAST!. I found that when I use my CC on E Bay the payment is taken out of my account FAST and delivery is slow!. I think the 3% AMPEX charges is worth the peace of mind I get!. Also, there has been times when I have exceeded AMPEXs $5000. limit and when I called them on the phone they let me exceed the $5000. limit and buy more PMs.. I find their customer service at AMPEX great!.
    Many successful BST transactions ajia
    (x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
    mariner67, and Mikes coins
  • PerryHallPerryHall Posts: 46,238 ✭✭✭✭✭
    Why is quick shipping so important to you guys? Aren't you going to hold your PM purchase for awhile? I'd rather pay by check and save 3%.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • SportsModeratorSportsModerator Posts: 1,624 mod
    image

    Forum AdministratorPSA & PSA/DNA ForumModerator@collectors.com | p 800.325.1121 | PSAcard.com

  • goingbrokegoingbroke Posts: 1,410


    << <i>Why is quick shipping so important to you guys? Aren't you going to hold your PM purchase for awhile? I'd rather pay by check and save 3%. >>

    //// Simple answer! a bird in the hand is worth 2 in the bush!
    Many successful BST transactions ajia
    (x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
    mariner67, and Mikes coins
  • PerryHallPerryHall Posts: 46,238 ✭✭✭✭✭


    << <i>

    << <i>Why is quick shipping so important to you guys? Aren't you going to hold your PM purchase for awhile? I'd rather pay by check and save 3%. >>

    //// Simple answer! a bird in the hand is worth 2 in the bush! >>



    Huh? Do you think APMEX is going to skip town with your 1 oz silver bar?

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • CladiatorCladiator Posts: 18,050 ✭✭✭✭✭
    You're right about the shipping thing. They wanted $173 for shipping if I paid with a credit card which would have made me not go that route even if they would have allowed it. Shipping charges if paid by a check were $24.95.
  • CladiatorCladiator Posts: 18,050 ✭✭✭✭✭


    << <i>There is no need for Apmex when you have the BST image Still by far the best place to buy >>

    What I'm buying is never on the BST.
  • PerryHallPerryHall Posts: 46,238 ✭✭✭✭✭


    << <i>You're right about the shipping thing. They wanted $173 for shipping if I paid with a credit card which would have made me not go that route even if they would have allowed it. Shipping charges if paid by a check were $24.95. >>



    Why the big difference in shipping costs?

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    Clad, what are you buying??
    Successful Buying and Selling transactions with:

    Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
  • carscars Posts: 1,904


    << <i>There is no need for Apmex when you have the BST image Still by far the best place to buy >>



    You say this everytime someone mentions buying something but truth is there is hardly ever any bullion listed on the BST. Certainly no where near the selection as APMEX or anywhere else for that matter. You're lucky to find 3 bullion listings a week on there.
    Its all relative
  • fishcookerfishcooker Posts: 3,446 ✭✭
    Why the big difference in shipping costs?

    Sounds like they call the credit card fee a shipping fee.
  • PerryHallPerryHall Posts: 46,238 ✭✭✭✭✭


    << <i>Why the big difference in shipping costs?

    Sounds like they call the credit card fee a shipping fee. >>



    Credit card merchants that charge a fee for the use of a credit card are violating the terms of their agreement with the credit card company. I'm surprised someone hasn't reported them to the credit card company.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

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