Bank Wire vs. Credit Card
- Thread starter piepiezzz
- Start date
- Status
wonka27
Brilliant_Rock
- Joined
- Jun 22, 2004
- Messages
- 628
I used bank wire and it was extremely smooth. Usually a bank will charge you a fee, but it is insignificant compared to the savings you will be receiving. I think pricescope vendors would not try to do something to make your transaction unsafe, because they have high reputations and would like to keep it that way.
I'd certainly recommend it for its ease and savings, given you are probably working with a class-act establishment.
I'd certainly recommend it for its ease and savings, given you are probably working with a class-act establishment.
moremoremore
Ideal_Rock
- Joined
- Mar 15, 2004
- Messages
- 6,825
It's perfectly safe! It may cost you 25 bucks or so to do the bank wire. You can do the wire online or go to the bank and they do it! I've done it...
hoorray
Ideal_Rock
- Joined
- May 16, 2003
- Messages
- 2,798
Bank wires are safe and easy to do. However, in general, you should still do your homework on the vendor. It is the same as giving them cash, so make sure they are reliable. (Do a search here to see what other experiences are, check the BBB, etc. Most PS vendors have great reputations, and in general, I would think it is very safe.) You don't want to be trying to chase them down for a refund for some reason tho.
As a way to make the decision and see the stone before sending any $$, we had my stone sent to a local appraiser for analysis and our viewing before we wired the money. Once we decided to keep the stone, we wired the $$ and the appraiser released the stone to us. It meant 2 trips to get all the timing to work, but it was an additional safety net, that was important to my DH.
GOod luck!
As a way to make the decision and see the stone before sending any $$, we had my stone sent to a local appraiser for analysis and our viewing before we wired the money. Once we decided to keep the stone, we wired the $$ and the appraiser released the stone to us. It meant 2 trips to get all the timing to work, but it was an additional safety net, that was important to my DH.
GOod luck!
verticalhorizon
Brilliant_Rock
- Joined
- Mar 9, 2004
- Messages
- 840
I was comfortable using a bank wire b/c:
1.) the reputation of GOG and their return policy
2.) the cost savings (CC companies charge vendors a percentage for processing if used, so it's win-win)
3.) understanding that a lot of $$ is tied up with in-house inventory. Wire transfers probably allow vendors to keep going back to their source and get more diamonds on a quick schedule.
1.) the reputation of GOG and their return policy
2.) the cost savings (CC companies charge vendors a percentage for processing if used, so it's win-win)
3.) understanding that a lot of $$ is tied up with in-house inventory. Wire transfers probably allow vendors to keep going back to their source and get more diamonds on a quick schedule.
- Joined
- Jul 21, 2004
- Messages
- 9,150
piepiezzz,
There are two big reasons that people use credit cards for major purchases. The most important is that they want to borrow money and make monthly payments. The credit card companies are in a much better position to make an attractive offer than the jewelers. More power to them. I gather this isn't your case.
The other issue is the recourse that the credit card companies afford if you have a problem with the vendor. The idea is that if you are unhappy for any reason, you have the ability to return the merchandise and get your charges refunded directly by the CC company, even if the seller opposes it. This is difficult to do and there are some definite restrictions but it’s a valuable service from the CC companies. Personally, I think it’s worth the 2%. I buy expensive things with a CC from a storefront as well, by the way.
In order to file a claim with a credit card company, you will need to explain specifically what your problem is and how this differs from what was agreed to when you made the purchase. Most online and storefront jewelers have a policy something like “guaranteed return for 10 days if you are unhappy for any reason” but it’s important to check the fine print on this policy because there may be critical restrictions.. If you ask for a return within the required period, and under the required terms, and they refuse, you’ve got your case. You’ll get your money back. If they haven’t broken the terms of the agreement, you’ll lose so it’s important to read the terms of the sale before you plunk down your money (or CC). Again, this is true of both storefront and online purchases.
The other big issue can be if you make a return within the terms and the company refuses to refund on the basis that what you returned was not the same as what you received. This can be sticky and it can get the shipping companies, the appraisers, and everybody’s insurance company involved as well. This sort of thing is extremely rare but, as a consumer, I would like to have the CC company involved if this ever came up.
I say use the Credit Card and pay the fee unless you've got a fair amount of direct personal experience with the store. It’s cheap insurance.
Neil Beaty, GG ISA
Independent Appraisals in Denver
There are two big reasons that people use credit cards for major purchases. The most important is that they want to borrow money and make monthly payments. The credit card companies are in a much better position to make an attractive offer than the jewelers. More power to them. I gather this isn't your case.
The other issue is the recourse that the credit card companies afford if you have a problem with the vendor. The idea is that if you are unhappy for any reason, you have the ability to return the merchandise and get your charges refunded directly by the CC company, even if the seller opposes it. This is difficult to do and there are some definite restrictions but it’s a valuable service from the CC companies. Personally, I think it’s worth the 2%. I buy expensive things with a CC from a storefront as well, by the way.
In order to file a claim with a credit card company, you will need to explain specifically what your problem is and how this differs from what was agreed to when you made the purchase. Most online and storefront jewelers have a policy something like “guaranteed return for 10 days if you are unhappy for any reason” but it’s important to check the fine print on this policy because there may be critical restrictions.. If you ask for a return within the required period, and under the required terms, and they refuse, you’ve got your case. You’ll get your money back. If they haven’t broken the terms of the agreement, you’ll lose so it’s important to read the terms of the sale before you plunk down your money (or CC). Again, this is true of both storefront and online purchases.
The other big issue can be if you make a return within the terms and the company refuses to refund on the basis that what you returned was not the same as what you received. This can be sticky and it can get the shipping companies, the appraisers, and everybody’s insurance company involved as well. This sort of thing is extremely rare but, as a consumer, I would like to have the CC company involved if this ever came up.
I say use the Credit Card and pay the fee unless you've got a fair amount of direct personal experience with the store. It’s cheap insurance.
Neil Beaty, GG ISA
Independent Appraisals in Denver
- Joined
- May 3, 2001
- Messages
- 7,516
In reality it is pretty much a break even for us vendors, our discount is about what the cc companies charge us, but there is no risk of chargebacks and we do not have to wait for three or more days for the cc company to release our funds.
It makes it real easy for us to be sure that you are who you say you are and takes a lot of the worry out of sending thousands of dollars worth of merchandise to a mysterious voice over the phone.
Wink
It makes it real easy for us to be sure that you are who you say you are and takes a lot of the worry out of sending thousands of dollars worth of merchandise to a mysterious voice over the phone.
Wink
Superidealist
Brilliant_Rock
- Joined
- Sep 10, 2003
- Messages
- 655
You may want to ask if the vendor offers a "Pricescope discount". Some will allow you to pay with a credit card at the bank wire price if you mention that you found them through Pricescope.
Rank Amateur
Brilliant_Rock
- Joined
- Feb 26, 2003
- Messages
- 1,555
When I use cash I consider it a favor to the vendor for better-than-expected service. I like to tip with cash at a restaurant as well.
- Joined
- Jul 12, 2004
- Messages
- 4,054
I have to agree with denverappraiser and ame. I work for a major financial institution and have had to dispute a major purchase. A little off-topic but in 1993 I had custom made front doors and sidelights installed. They were in excess of $10K which was a lot of money back then. There were some finish problems and they were not square. I filed a dispute with the credit card company. To make a long story short, the manufacturer flew a rep up from San Diego to inspect them and they agreed to remake the entire set. This probably would not have happened if I paid by check.
- Joined
- Jul 21, 2004
- Messages
- 9,150
Ame's comment bears repeating. Debit Cards are not the same thing. They cost you the same to use but they have neither of the benefits that I listed in my last post. If you decide to pay the pay the fee, use a real credit card.
Neil Beaty, GG ISA
Independent Appraisals in Denver
Neil Beaty, GG ISA
Independent Appraisals in Denver
I think I would be inclined to pay w/ a credit card for the stated reasons and ease. I have had a couple of things go wrong w/ the actual transaction. Once, I was debited twice!!! Another went into the wrong account. If you are dealing w/ overseas transactions, these are not easy fixes. BTW, if you want to go forward w/ the wire transfer, many banks will do it for free. You have to ask. Or, maybe I'm used to my small town bank.
- Status
300x240.png)