credit card news
Many people have “gold” cards, but how many of us have cards that are backed by actual precious metal reserves?
If the creators of the new GolVerCard have it right, anyone who is even a little concerned about global economics should seriously consider signing up for the card that’s based on gold and silver bullion rather than government-backed currencies.
If that sounds a little paranoid and survivalist to you, there are actually some pretty good reasons to want a card backed by gold and silver. As global currencies like the Euro face pressure, and even talk of dissolution, precious metals become a safe haven. The worse things get, the more attractive gold and silver are and the better they hold their value.
How does the GolVerCard work?
The new GolVerCard – which is a mash-up of the words gold and silver – is actually more of a personal banking account than it is a credit card. In fact, the account operates like a secured card, with funds being deposited and then drawn against by the card holder.
If you like the idea of a secured card but don’t want to meddle with precious metals, you have plenty of options.
Your deposits are converted into your choice of gold and/or silver and then held in a secure vault as physical bullion. Account holders can also choose to fund their accounts with their own gold or silver coins or bullion.
In that regard, it’s sort of like a safety deposit box, but one you can draw on and use like a debit card.
What are the requirements for a GolVerCard account?
Because it isn’t really a credit card at all, just about anyone can obtain a GolVerCard. With a minimum of $100 (or the equivalent in numerous other currencies) along with some verified banking information, a GolVerCard account can be opened and funded within two or three business days. A few days after that, you can expect to receive your actual card.
You can fund a GolVerCard account with any one of 15 major currencies, with the conversion rate set by the London spot price for the precious metals on the day the funds are received.
It’s also worth noting it costs nothing to open a GolVerCard account — deposits and transfers are also free of charge.
Other advantages of the GolVerCard
In addition to having the protection provided by actual gold and silver bullion, the GolVerCard offers a few extra benefits to holders:
- Visa or MasterCard backed
- No pre-set spending or daily withdrawal limits
- No fees for purchases or ATM withdrawals
- Withdrawals can be made in more than 80 currencies worldwide
- Free automated bill pay system
- Free GolVerCard account management app
- Free GolVerCard security device for PIN management
For depositors with more than $10,000 to open an account, there is at least one extra perk that comes with a GolVerCard account – a card made of solid silver and gold. And for deposits of more than $30,000 you’ll receive a solid gold 24 karat (.999 pure) card embossed with your name and card number.
The new GolVerCard is a unique personal banking system, and one that surely won’t appeal to every consumer. However, for those individual who want the protection and security of gold and silver bullion, this is one way to get it.
A word to the wise, though. You may want to think twice about handing your solid gold card over to the waiter the next time you’re picking up the tab.
Photo credits: getoufofdebt.org, golvercard.com