Precious metals dealer APMEX has announced a waitlist for a new credit card called ‘The Bullion‘. The card offers the following:
- Sign up bonus of 15,000 points (worth $150) after spending $1,500
- Card earns at the following rates:
- 4% back on APMEX purchases until 2/28/2023 (then rate drops to 3%)
- 1% back on all other purchases
- No annual fee
- This card is issued by UMB Bank
APMEX does charge a premium when using a credit card, so the 4% rate isn’t actually that attractive. This looks to be an easy pass unless I’m missing something.
If u want this card, good luck finding out if you’re approved!!!
This card will earn 5% instead of 4% for Black Friday weekend. (11/25-11/27)
Great card for people who like coins / metals and want to keep that bill separate from the rest on its own card. Apmex makes interest off the sale the consumer enjoys paying at their own pace while earning points.
This card does not appear to be “cash back”, rather it is “Apmex credit”. The points are redeemed for purchases at Apmex. Or as they say, it is Gold and Silver back.
1. Cardholders earn rewards as points that can be redeemed towards future purchases with APMEX.
I just called APMEX and they said that you get the cash discount if you pay with the bullion card. Is the card even worth it with that includes? How much cheaper can these flash sales be? I guess the only real benefit would be for early access to limited edition products.
I chatted with them earlier today. They said using the card still gets the CC rate, which is about 4% higher than the check/wire rate. After February 2023, you only get 3% back v. the 4% initial offer. So you don’t gain anything from using the card, and ultimately lose some rather than paying by check/wire.
I think the target market for this card might be those who don’t want to give out their bank details for fear of a data breach (like JM Bullion had a while back), and the card rewards essentially negate the extra CC fee, so you basically get the cash rate and still have 30 days to pay.
Now, if they say their card holders get the cash rate with no CC upcharge that could be pretty interesting. Since the card isn’t available yet they might not have finalized how it will all work. I’m sure they’re looking for feedback and discussions on forums like this to fine tune before the actual release.
Since APMEX sells on Walmart.com and eBay with no CC fees at prices comparable to their cash price at the main website, it’s possible they could do the same on their site, but just for their cardholders.
If they did let cardholders buy at the cash rate, this would actually be a solid card for those in states without sales tax on bullion. But I doubt that will be the case, tbh
bullion card more like bullshit
Is there a competition for stupidest credit card that I didn’t know about?
wut difference is this there is no bonus….smh basically just use cash then.
bullion buyers don’t carry cc balances anyway we actually have cash
Unless they offered you the top quantity tier under cash, this card is just a grift.