Gold debit card

[Urbandreamer]

OK, I'm not sure that this is the right board, but then I can't think of another board where it would fit.

I'm just back from a bitcoin convention, but this isn't either about bitcoin (crypto board) or about investing.

One of the companies there was offering a gold debit card.
Money is the subject.

Give them money, it gets converted to gold in a Swiss bank. Buy groceries with the debit card and gold is sold to pay the vendor.

I've checked and they are not the only company doing this.
DYOR, this isn't an advert.

FWIW the one at Cheatcode was Tallymoney and it's regulated as a e-money provider.
Why offer it to bitcoiners? Well an answer to that really does belong on the crypto board. Suffice to say that I wasn't surprised.

Anyway, I thought that the concept might be of interest to some on TLF.

I'll let any interested find direct links, but here is a link to a review that I found.
https://investingreviews.co.uk/reviews/ ... ey-review/
Here is an article about competitors.
https://nomadcapitalist.com/finance/gol ... ebit-card/

[stevensfo]

OK, I'm not sure that this is the right board, but then I can't think of another board where it would fit.

I'm just back from a bitcoin convention, but this isn't either about bitcoin (crypto board) or about investing.

One of the companies there was offering a gold debit card.
Money is the subject.

Give them money, it gets converted to gold in a Swiss bank. Buy groceries with the debit card and gold is sold to pay the vendor.

I've checked and they are not the only company doing this.
DYOR, this isn't an advert.

FWIW the one at Cheatcode was Tallymoney and it's regulated as a e-money provider.
Why offer it to bitcoiners? Well an answer to that really does belong on the crypto board. Suffice to say that I wasn't surprised.

Anyway, I thought that the concept might be of interest to some on TLF.

I'll let any interested find direct links, but here is a link to a review that I found.
https://investingreviews.co.uk/reviews/ ... ey-review/
Here is an article about competitors.
https://nomadcapitalist.com/finance/gol ... ebit-card/

Thanks. I don't have an account like this, but I like adding to my lists for future reference.

The only one I remember looking at a few years ago was Glint Pay:
https://glintpay.com/
Typical review which, as usual, should be taken with plenty of salt:
https://www.asmarterchoice.org/glint-pay-review/

There are others and it's worth checking how long they've been around.

Unless you know that gold will keep going up or at least keep up with inflation, I don't really see the point.

However, I'd choose this over a Bitcoin card any day!

Steve

[Urbandreamer]

Unless you know that gold will keep going up or at least keep up with inflation, I don't really see the point.

However, I'd choose this over a Bitcoin card any day!

Steve

If the volume of gold increases at a rate of about 1%pa (through mining) and the supply of GBP increases averages 6% (through government/ BoE actions), then the price of gold measured in pounds will keep rising.

There IS a reason why you have to pay more than £1 for a gold sovereign.

As for Bitcoin: Very many bitcoiners believe in sound money and believe a somewhat lower growth in money supply is a prerequisite of that.

“I don't believe we shall ever have a good money again before we take the thing out of the hands of government,

[1nvest]

I'd rather have a regular credit card and the option to sell some of gold or bitcoin each month to pay that cc bill off.

US$ monthly changes for bitcoin and gold



When you sell some of whichever is most-up at the time that's a form of partial rebalancing and cost-averaging. Much of investing is about averaging in, and out, and down over time, as that is inclined to lead to a average outcome - where a "average" outcome is typically a good outcome.

You don't actually buy/spend this way, but imagine that you bought at the start of the credit card bill month cycle when something might have cost the equivalent of one ounce of gold at that time. You've 'borrowed' at 0% interest (as you pay the bill off each month) and at month end it might cost only 0.9 ounce of gold to pay off the cc bill payment, you in effect bought the item at a 10% discounted price (you have more ounces of gold remaining = your gold increased in purchase power).

That can flip the other way around, ended up paying 1.1 ounce of gold instead of 1 ounce due to the price of gold having declined that month (between the purchase date and paying off the cc bill date). With the choice of two (or more) assets you can repeatedly just sell some of whichever is most-up/least-down and over time that is inclined to average out in a favourable manner.

Consider a extreme case of May 2017. If you bought a item at the start of the month it might have cost 1 bitcoin. By delaying that payment until the end of the month (credit card bill paid off) bitcoin had risen near 70% that month (the item you bought in effect cost a little less than 0.6 bitcoin).

January 2025 cc bill paid of using bitcoin, February gold paid the bill, March credit card bill paid off using gold, as that was the most up that month. Could be considered a form of 'cash-back'.

[stevensfo]

Unless you know that gold will keep going up or at least keep up with inflation, I don't really see the point.

However, I'd choose this over a Bitcoin card any day!

Steve

If the volume of gold increases at a rate of about 1%pa (through mining) and the supply of GBP increases averages 6% (through government/ BoE actions), then the price of gold measured in pounds will keep rising.

There IS a reason why you have to pay more than £1 for a gold sovereign.

As for Bitcoin: Very many bitcoiners believe in sound money and believe a somewhat lower growth in money supply is a prerequisite of that.

“I don't believe we shall ever have a good money again before we take the thing out of the hands of government,

Interesting topic and one that I'd need time to get my little head round. e.g. how costs of their debit card system compare with simply buying, storing and selling gold, then transfering proceeds into bank account when required. The Tallymoney account costs 36 quid a year and a commission for buying gold with fiat.

What puts me off a little is the language and images used in their website. Having a debit card like this is 'cool'? Are they aiming the card at students?

Fully protected. Every milligram is 100% insured (forget the banks’ £85k limit nonsense)

Right, okay, will do. After all, you say it's nonsense.

I would rather know up front where the company is based, for how long, who is the CEO, business address etc.

Steve

PS Due Diligence used to be so easy. These days it means hours and hours of reading reviews online.

[Urbandreamer]

I'd rather have a regular credit card and the option to sell some of gold or bitcoin each month to pay that cc bill off.
.......

Consider a extreme case of May 2017. If you bought a item at the start of the month it might have cost 1 bitcoin. By delaying that payment until the end of the month (credit card bill paid off) bitcoin had risen near 70% that month (the item you bought in effect cost a little less than 0.6 bitcoin).

January 2025 cc bill paid of using bitcoin, February gold paid the bill, March credit card bill paid off using gold, as that was the most up that month. Could be considered a form of 'cash-back'.

While this isn't the crypto board, I do think that it is worth noting that as 1nvest says, you can pick and chose what you spend. Provided that you give yourself that choice. There is a cost to holding gold, it's physical and at risk of theft. Despite that I hold a physical gold ETF, that I can partially liquidate to cover spending.

On the subject of debit cards, I have one that I can switch between spending bitcoin, other crypto or GBP. Sadly gold isn't a direct option with it. Discussion of that really belongs on the crypto board, where I have posted about my experiences. I also use a normal credit card.

[XFool]

Good grief! What is the point?

I also have a "normal credit card" - seems to work OK to me. I guess all this could just be some people's 'hobby'? In which case, fair enough.

[Urbandreamer]

Good grief! What is the point?

I also have a "normal credit card" - seems to work OK to me. I guess all this could just be some people's 'hobby'. In which case, fair enough.

You know that I use to work beside people who would not have a credit card. Debt was something that really concerned them.
That is one point for debit cards.
Likewise there are those who have religious reasons for not borrowing money.

I know, I know. We have had this conversation before. Everyone should behave and think as you do.

A debit card based upon gold may never appeal to you, however some desire to hold their liquid wealth in a reserve currency that is not subject to government QE or money printing. Some of them are old fashioned enough to wish to avoid bitcoin.

That is the "point" that may interest some.

[XFool]

Good grief! What is the point?

You know that I use to work beside people who would not have a credit card. Debt was something that really concerned them.

OK. But "concerned them" in what way? Morally or practically? I was brought up to be wary of debt and I realise a credit card if just that, 'credit'. But, as I pay it off every month it is merely legal 'debt' not 'real' debt AFAIAC.

That is one point for debit cards.
Likewise there are those who have religious reasons for not borrowing money.

OK. But that indicates no credit card, what is the problem with an ordinary debt card as long as they stay fully in credit?

I know, I know. We have had this conversation before. Everyone should behave and think as you do.

Of course! I'm glad you realise this.

From my point of view I always like things to make sense to me.

[Urbandreamer]

You know that I use to work beside people who would not have a credit card. Debt was something that really concerned them.

OK. But "concerned them" in what way? Morally or practically? I was brought up to be wary of debt and I realise a credit card if just that, 'credit'. But, as I pay it off every month it is merely legal 'debt' not 'real' debt AFAIAC.

As did I. However they seemed to feel that such a card would drag them into debt. Possibly someone in their family had previous problems. Wasn't there a board on TMF called "dealing with debt"? I seem to recall back in the 90's advice to cut up credit cards was common.

But as I think that I stated, we are not all Xfool.

Though in some circles we are all Sparticus Satoshi