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Key Highlights:
- Credit cards are used to buy gold at most jewellery shops in India and online.
- Many platforms and jewellers let you buy gold over time, which makes it easier to spend without having to pay the full amount all at once.
- Checking for processing fees, GST charges, and credit card offers may help you save money on your next purchase.
Are you interested in knowing the best way to buy a gold chain on EMI in India? Today, you can simply use your credit card to buy gold at most jewellery shops, bullion platforms, and even some online marketplaces. However, before you swipe, you need to follow certain protocols to make your purchase valuable. Read on to find out what to choose from, how EMI plans work and what to avoid.
Buy Gold Using Credit Card
Indians have a strong connection with gold. Sellers usually offer the best services for buying gold due to competitive markets and heavy demand throughout the year. Brands like Tanishq, Malabar Gold, Kalyan Jewellers, and Joyalukkas are some of the most trusted jewellery names that accept credit cards in their stores. Credit cards can also be used to pay on sites like MMTC-PAMP, Augmont, and SafeGold, including platforms that offer digital gold investments.
However, not all platforms allow credit card payments for bullion goods or gold. You may want to check for payment choices that are available while planning your next purchase in gold.
What is EMI? Can we buy gold jewellery on EMI
Here’s how EMI works. You use a credit card to buy something, and then either at the store or through your bank's application, you can split the payment into monthly payments. The term can be anywhere from 3 to 24 months, based on the lender and the platform.
Buying jewellery, bars or gold coins on EMI is the most common question asked by buyers. The short answer is yes. Most stores and online platforms allow you to pay over time with partner banks and NBFCs. People who don't want to pay for the whole thing at once can now get jewellery, coins or a gold chain on EMI.
Credit card gold purchase offers
Many banks and jewellery stores offer special credit card deals for buying gold. They usually target peak buying festivals such as Dhanteras, Akshaya Tritiya, and Diwali. Some common types of offers you might notice are:
- EMI with no processing fee on some credit cards
- Bonus reward points for buying gold
- Cashback up to a certain percentage on sales over a certain amount
- Interest-free loans for a short time.
Before you buy, always check your bank and the jeweller's websites. These deals can save you a good amount of money over time.
Gold purchase on credit card: Things to watch out for
It's easy to buy gold with a credit card, but here are certain guidelines you should remember.
1. Processing Fees
There may be a small fee for using a credit card to buy gold on some sites. This is often between 1% and 2% of the value of the deal.
2. GST Charges
The 3% GST on gold is the same whether you pay with cash, UPI, or a credit card. The amount of tax you owe doesn't change how you pay it.
3. Interest on Credit Cards
You will have to pay interest on your card balance if you don't switch to EMI. This can quickly cancel out any benefits that come with your purchase.
4. Reward Points
A lot of banks don't count gold sales toward their reward points programme. Before you think you will gain points on the purchase, check your card's terms.
5. Limit on Spending
A big buy of gold can use up all of your available credit. Before you place a big order, make sure you have enough room.
A Quick Look at Gold on EMI
| What Would You Like to Buy on EMI? | Availability | Typical Tenure |
| Gold jewellery that is commonly owned | Yes, at most big jewellery stores | 3 to 24 months |
| Gold coins | Of course, on some platforms | 3 to 12 months |
| Gold bars and cookies | Of course, on some platforms | 3 to 12 months |
| Digital gold | Changes based on the platform | Varies |
Understand the best way to use a credit card and buy gold on EMI
Buying a gold chain on EMI, or gold jewellery or gold coins or bars, is completely your choice and depends on your investment plans. You can use the plans offered by sellers and banks to save money on your next big purchase. Understand whether there is a clear benefit on offer, like reward points or a zero-cost EMI plan and more. If not, using UPI or a debit card to pay keeps things easy and low-cost.
Can we buy gold using a credit card in India? Yes, and it's not too hard to do. Credit cards can be used at most big jewellery stores and online stores, and you can easily pay for anything from a gold chain to a full gold biscuit with EMI. Make sure you’re aware of any extra fees and GST charges that might apply.
The Aditya Birla Capital platform, which is powered by MMTC-PAMP, also offers different solutions to buy gold. Visit their website or download the ABCD application to find out more.
FAQs – Frequently Asked Questions
Can I buy gold with a credit card and pay in small instalments over time?
Yes, most banks and jewellery stores let you pay for gold items over time with an EMI plan. It's a wise call to first ask your bank about the terms they offer and the charges that apply.
Do I have to pay extra if I use a credit card to buy gold?
Yes, there may be a 1% to 2% fee to handle credit card transactions. No matter how you pay, an additional 3% GST charge will also be applicable.
If I purchase gold on a credit card, do I get reward points?
It's up to your card. Check your credit card's terms and conditions before you buy gold because some banks don't include it in their credit points programme.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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