Buy Gold with Credit Card: Is it profitable to buy gold jewelry using a credit card? The important thing to know before those who have this doubt before giving the card is that there are some restrictions of the RBI on buying jewelry using credit cards. In 2013, the RBI had taken some steps to control the import and retail consumption of gold. The main thing was that gold should not be paid as EMI through credit cards. Also, gold coins cannot be purchased using credit cards.
Convenient payment: Since you buy gold using credit cards, there is no need to carry a large amount of cash. It is more secure and convenient.
Reward points and cashback: Many credit cards offer reward points, cashback or discounts on jewelry purchases.
Interest-free period: Most credit cards offer an interest-free period of 45-50 days. If the full amount is paid before the due date, interest charges can be waived.
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High interest rates: If the full amount is not paid on time, interest rates on credit cards can be as high as 40% per annum.
Debt: Buying gold with a credit card without proper planning can lead to debt.
Compare offers: Use a card that offers cashback, discounts or rewards
Plan a budget: Buy gold within your financial limits. Make sure you can repay the credit card bill without affecting other expenses.
Use a credit card with benefits: Some premium credit cards offer great reward points.
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