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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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FinFIRST Blogs
Gold occupies a place of pride in Indian society. It is widely perceived as a symbol of status and a safe investment. Buying gold can involve a major financial commitment, which deters many potential buyers. However, gold can be purchased on credit using a credit card, and this can provide some breathing space while you gather funds. To further reduce the burden, the amount charged to the credit card can be broken down into EMIs and paid over a tenure of your choosing.
Why buy gold?
Gold is a secure, stable, and safe investment. It has historically exhibited an upward trend in value. Investing in gold is considered to be a sound hedge. You can also buy gold to gift or have it fashioned into jewellery. However, owing to its high value, buying gold can involve a significant cash outlay.
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Why buy gold on credit?
Paying a large amount of money outright may not be easy. People often don’t have enough liquid funds or adequate savings to do so. So, buying gold on credit can be a feasible option for many. By using a credit card to purchase gold, buyers get time until their card’s monthly due date to gather funds to clear the amount. A smart buyer will plan their gold purchase at the beginning of their credit card cycle to get the longest possible credit period.
Most modern credit cards, including all four cards offered by IDFC FIRST Bank, provide the option for converting credit card purchases into EMIs. IDFC FIRST Bank credit cards, for instance, allow users to convert any purchase, online or offline, of INR 3000 or above into an EMI with a tenure of their choosing.
By doing this for their gold purchase, users can defray the cost of buying gold over several months decided by them and pay it off from their monthly disposable income without resorting to borrowing or breaking their savings/investments. EMI transactions attract a small fee and interest, but they reduce the financial burden of a big purchase like buying gold.
Another significant advantage of buying gold on credit is that it allows you to make your entire purchase at a particular price without putting down the money upfront.
Buying gold using a credit card with an EMI repayment schedule allows you to spread the cost over many months and reduce the financial burden.
Where can one buy gold?
Gold can be bought either physically or digitally. You can buy it online through various e-commerce platforms, as well as physically from traditional jewellers. Digital gold purchase involves buying virtual units of gold (backed up by actual reserves of 24k (99.9% pure) gold from companies that sell them. Digital gold can be bought and sold online. Both physical and digital gold can be bought using a credit card with easy EMI repayment.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
