Credit cards are one of the most secure ways to make payments for anything, and this is especially true when it comes to buying items online. In silver bullion, credit cards again are a popular way of making payments online. Unlike other types of merchandise, however, credit cards are not always the best choice for payments of silver. There are a lot of added costs that are involved in processing credit card transactions for the sellers, so they will almost always charge a premium for these types of orders. With that said, credit cards are still a top choice among buyers for payments.
Most major credit card types will be accepted by silver dealers. These brands include Visa, Mastercard, and their associated various card types. The exception to this rule is American Express. Often times AMEX is not accepted by silver websites due to more complicated processing, but you may find a site from time to time who will take your order. If American Express is your only card and a dealer won't take it, consider alternative payment methods such as a check or bank wire.
What to Check as a Buyer
As a buyer, a credit or debit card purchase is only going to be as effective as your precautions allow it to be. The first thing that you should make sure of is that you are on a secure checkout platform. A secure webpage is denoted by an "https" in the URL. The letter to make note of is the "s" at the end of the standard http. These types of secure pages work as a tool that disallow anyone from seeing your private financial and other personal information. What they do is take your information via encrypted numbers and letters and then transmit the information directly to the payment processor and/or your bank. In other words, no one is taking a look at your information who shouldn't be. In fact, even the silver dealer doesn't know anything more than that you successfully completed payment.
If the page you are paying on does not have the "s" at the end, you should reconsider completing the transaction. Not only will your information not be encrypted and secure, but anyone from keyloggers and hackers to the company itself will have easy access to your information. Always take precautions when paying for items online, be it silver or anything else.
The limits on your credit or debit card are more something that you will need to personally take care of rather than the dealers themselves. Many debit and credit cards have daily limits on them, and a lot of these figures are going to breeched with an order of silver. Since silver purchases can easily run into amounts in the range of several thousand, your best bet is to check with your bank or credit card provider first. Silver dealers will frequently have declined cc or bank card orders that are a result of the card not being able to meet the order size. While this is an issue that is usually resolvable, it is worth looking into in order to prevent any issues with your purchase.
The fees for most silver orders online will be passed onto the buyer. In most cases, they are going to be about $1-$2 over spot per ounce. Of course, this is also dependent on the price of silver at any given time. For orders of a few thousand dollars or less, credit cards will still be the most practical payment method, even with the fees included. Many sites will have a minimum order in place for bank wires, and sending a wire is not going to be nearly as convenient as simply entering your card information online. So long as you are personally OK with the slightly higher prices at checkout, fees shouldn't be a reason to not pay with a credit or debit card.