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A new type of credit card hit the market this summer — one that gives users rewards not in cash or travel milesbut in precious metals.
The Bullion Card lets users apply points toward purchases of precious metals like gold and silver, or toward investments in precious metals.
It’s a first for both the credit card industry and the precious metal industry, said Patrick Yip, director of business development for online gold seller APMEX.
With the price of gold recently hitting record highs and expected to reach higher still, the option comes at a good time for consumers interested in expanding their wealth in a new way.
“This is the perfect card to get you exposure to gold without a lot of the complexities,” Yip said. “You just spend as you normally would on your card and you’ll be exposed to precious metals.”
How It Works
The card is a joint venture between APMEX and online investment platform OneGold. The rewards you get depend on where you apply.
If you apply through APMEXyou can rack up points to buy precious metal products on the site. Users will get 4 points per dollar spent on purchases on APMEX.com and 1 point per dollar on all other purchases. Those points can then be spent like a gift card on the APMEX site to buy precious metals.
For cards through OneGoldpoints earned on purchases will translate to money you can invest on the site. The card through OneGold has the added benefit of automatically applying your points toward the investment you choose. This allows you to passively get involved in precious metals without having to own and store gold bars or other physical assets.
Why You Might Want Rewards in Gold
In times of economic uncertainty, the value of gold goes up as people turn to the tangible asset instead of the stock market. When the value of stocks, bonds, cryptocurrency and cash are all declining, precious metals increase in value.
“Gold is currently hot,” Yip said. “People are running to gold as a…
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