Can I get cashback on gold purchase with chase?

Malkytheheed

If I use my chase debit card to buy gold in Costco (UK) will I get the cashback? Obviously I can't buy it with a credit card. 

grumbler

Malkytheheed said:

If I use my chase debit card to buy gold in Costco (UK) will I get the cashback?

Cashback Exclusions

...

Precious metals

...

That said, you say 'gold', but, most likely, mean gold jewellery. I don't know whether jewellery counts as 'Precious metals' and is excluded.

Obviously I can't buy it with a credit card.

Not obvious to me.

Bigwheels1111

Ask chase.
What are you looking at ?

Just managed to talk my mate out of buying gold, in coin form.
Coins are CGT free.
A 1oz Britannia gild coin is £1487.31, selling value is £1438.32.
When you buy you are £48.63 down on each coin.
£1580.40 per coin was the best price in the last 10 years.
The cost / reward is not worth it.

Malkytheheed

Gold bullion 

Bigwheels1111

Malkytheheed said:

Gold bullion 

At what price ?.
For what size.
The selling % hurts.
Tavex buy coins back at 0.03%, others charge double or more.

Malkytheheed

Bigwheels1111 said:

Malkytheheed said:

Gold bullion 

At what price ?.
For what size.
The selling % hurts.
Tavex buy coins back at 0.03%, others charge double or more.

What you on about? That's not my question at all. 

Malkytheheed

Bigwheels1111 said:

Ask chase.
What are you looking at ?

Just managed to talk my mate out of buying gold, in coin form.
Coins are CGT free.
A 1oz Britannia gild coin is £1487.31, selling value is £1438.32.
When you buy you are £48.63 down on each coin.
£1580.40 per coin was the best price in the last 10 years.
The cost / reward is not worth it.

You shouldn't buy it with a view to selling it for profit like that. It's an alternate store of wealth. And a hedge against inflation. 

Bigwheels1111

Malkytheheed said:

Bigwheels1111 said:

Malkytheheed said:

Gold bullion 

At what price ?.
For what size.
The selling % hurts.
Tavex buy coins back at 0.03%, others charge double or more.

What you on about? That's not my question at all. 

I just wanted to point out that the 1% cashback is irrelevant.
You pay more for the gold than it’s worth.
So you are loosing money the second you buy it.
If your ok with that buy buy buy.

dr_adidas01

Nope gold would be classed as precious metals, which is excluded from earning cashback with Chase Bank. 

lr1277

I don't know for definite so the following are speculative questions.

If you are buying at Costco, how would Chase know you are buying gold? Unless you have to go to a special till?

Say you bought frozen food, a bunch of bakery goods and the gold on one purchase (at a regular till), how would Costco differentiate those items to Chase?

If you bought gold at bullion dealer, then I suspect Chase would know. If you have to go to a specialist till at Costco, then I suspect Chase would know.

masonic

I think you would qualify for the 1% cashback by going to Costco and paying a 7% premium (there's only one way to find out), but you could buy closer to the market rate by using a specialist dealer and foregoing cashback. This would probably work out better overall.