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Are There Hidden Fee's With Silvertowne?

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Valued Member
crystalH's Avatar
Canada
85 Posts
 Posted 01/14/2012  10:24 am Show Profile   Bookmark this topic Add crystalH to your friends list Get a Link to this Message Number of Subscribers
Last week I purchased a 5 oz silver bar for $159 and free shipping. I put it on my credit card. Today I called my credit card to confirm the actual transaction was $159. However I was charged $166.70

This is a copy and paste of the reciept they sent me:

REPO140-000505 SilverTowne Trademark 5oz .999 Silver Bar-SilverTowne Trademark 5oz .999 Silver Bar 1 $159.00 $159.00




Order Notes:
None
SubTotal: $159.00
Shipping: FREE SHIPPING
Tax: $0.00
Total: $159.00





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swrbxxx's Avatar
Canada
834 Posts
 Posted 01/14/2012  10:46 am  Show Profile   Bookmark this reply Add swrbxxx to your friends list Get a Link to this Reply
The price listed on the site is cash price/ cheque/ wife transfer
Because you paid with credit card there is usually a 2-4% increase in price
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Bizybackson's Avatar
United States
1817 Posts
 Posted 01/14/2012  11:08 am  Show Profile   Bookmark this reply Add Bizybackson to your friends list Get a Link to this Reply


Almost all PM dealers have two different prices between using check/money order/wire transfer versus credit card. While it is easier and safer to use a credit card, the dealer generally won't eat the 3% lost on the transaction. Depending on the size of the bullion order, I find it's much cheaper to either send a USPS money order or authorize my bank to send a wire transfer for the amount. Generally, I am uncomfortable with buying volatile PMs on credit. Silvertowne has some great deals, and their free shipping deals can't be beat.
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Silverhawk74's Avatar
United States
3670 Posts
 Posted 01/14/2012  11:43 am  Show Profile   Bookmark this reply Add Silverhawk74 to your friends list Get a Link to this Reply
"and their free shipping deals can't be beat."

I agree....

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collect4fun's Avatar
United States
1151 Posts
 Posted 01/14/2012  5:37 pm  Show Profile   Bookmark this reply Add collect4fun to your friends list Get a Link to this Reply
CC terms must have changed since I had my antique store 10 years ago. Then you could not charge more if someone was using a CC, you either ate the cost as a business expense or you just built it into your cost of goods sold.
New Member
PigsRFlying's Avatar
United States
10 Posts
 Posted 01/14/2012  9:11 pm  Show Profile   Bookmark this reply Add PigsRFlying to your friends list Get a Link to this Reply

"The price listed on the site is cash price/ cheque/ wife transfer"

A wife transfer? I may be down for that.. Who determines how much silver she is worth or in some rare cases how much gold she may be worth?
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jeffrose's Avatar
United States
1432 Posts
 Posted 01/14/2012  9:22 pm  Show Profile   Bookmark this reply Add jeffrose to your friends list Get a Link to this Reply
Was the difference due to the exchange rate since you bought in US dollars but paid in Canadian? Just a thought
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mkfarm's Avatar
United States
667 Posts
 Posted 01/14/2012  9:56 pm  Show Profile   Bookmark this reply Add mkfarm to your friends list Get a Link to this Reply
Good catch. I am not sure when you bought the silver but here is the current exchange rate.

159.00 USD = 162.593 CAD
Edited by mkfarm
01/14/2012 9:57 pm
Pillar of the Community
United States
2168 Posts
 Posted 01/14/2012  10:23 pm  Show Profile   Bookmark this reply Add angel2004 to your friends list Get a Link to this Reply
Exactly what I was thinking for the price difference exchange rate
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biggfredd's Avatar
United States
9104 Posts
 Posted 01/14/2012  11:38 pm  Show Profile   Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply

Quote:
CC terms must have changed since I had my antique store 10 years ago. Then you could not charge more if someone was using a CC, you either ate the cost as a business expense or you just built it into your cost of goods sold.


It's always been that way. To get around it, dealers give a cash discount.
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biggfredd's Avatar
United States
9104 Posts
 Posted 01/14/2012  11:39 pm  Show Profile   Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply
, PigsRFlying!
Rest in Peace
biggfredd's Avatar
United States
9104 Posts
 Posted 01/14/2012  11:42 pm  Show Profile   Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply
The CC company may be charging to do USD/CDN, and they have lousy rates.

I'm surprised ST ships free to Canada.
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Silverhawk74's Avatar
United States
3670 Posts
 Posted 01/15/2012  12:27 am  Show Profile   Bookmark this reply Add Silverhawk74 to your friends list Get a Link to this Reply
"I'm surprised ST ships free to Canada."

Me too as I see know way one could keep from loosing money in doing so, as which they probably do. Comes down to how many of you Canuck's are taking advantage of it I guess....

I try and undercut the ebay world by offering free shipping in the lower 48, an that is even on larger items like the set die-cast robots and train sets. Very foolish really, as it is REAL HARD to turn any profit when doing so. There is a reason the guys with stores who price stuff high, and have many feed-backs, via many sales an experiences, and WILL NOT BUDGE on price or shipping, and will let it set till the cows come home....

I am far from the smartest guy in this type of game, but I don't buy into that theory, and I am probably wrong for not being more firm an stubborn like the fore mentioned....

I simply look at it like this....

When you have to pay to list, and an item sits to long, it ties up money, space an time, and essentially becomes an UN-productive product. So I list it real high, then simply drop price in certain INCREMENTS and TIMES, until I find that bid in or buy it now I am looking for....

For example, I have 77 oz. of the shinny stuff listed now on ebay. Started 4400 buy it now, and bid in 4 grand. one guy told me I should just put a mask on, lol....

IF, someone clicked buy it now when I had it listed that high, they would have paid 57 plus bucks per oz., but you guys have seen what I go after, it aint exactly low quality. DO I WANNA SELL, HECK NO, that is why I listed it so high. If someone did buy it now, I certainly would not have been holding a gun to their head to do so. I even listed it in the wording as DOUBLE SPOT, just is what it is. I lowered it to buy it now 3875, and bid in 3500 even steven....

Even if somebody bid in an won it, I would loose 490 immediately to ebay an ebay (pay-pal lol), and ten more plus for ship. So clear three grand. Could one take about same amount, and buy a 100 bar, YES. Would it be as nice an rare as my set, no....

So, I think I am more then fair an upfront on how I operate, and I think many could MOVE SOME PRODUCT, if they lowered prices some when need be to make a sale, and create economic flow. I make money for ebay, USPS UPS, the gas station, etc....
Edited by Silverhawk74
01/15/2012 02:49 am
Valued Member
crystalH's Avatar
Canada
85 Posts
 Posted 01/15/2012  5:14 pm  Show Profile   Bookmark this reply Add crystalH to your friends list Get a Link to this Reply
I asked silvertowne about it and they said they didnt charge me anything over $159 but my credit card company may have a fee because I purchased something from the states when I'm from Canada...or something along those lines.
Valued Member
United States
362 Posts
 Posted 01/16/2012  6:42 pm  Show Profile   Bookmark this reply Add ICanSeeYou7687 to your friends list Get a Link to this Reply
Ya, just to clarify... I just bought something from SilverTowne (more then I wanted to but couldn't resist!

But I paid with my credit card and was charged exactly what they said I would. I would call your credit card company and check... I would be annoyed by that lol
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Ed_B's Avatar
United States
4008 Posts
 Posted 01/16/2012  7:49 pm  Show Profile   Bookmark this reply Add Ed_B to your friends list Get a Link to this Reply

Quote:
For example, I have 77 oz. of the shinny stuff listed now on ebay. Started 4400 buy it now, and bid in 4 grand. one guy told me I should just put a mask on, lol....

Yeah, Hawk, that is pretty funny. Thing is, no one is forcing anyone to bid on your auction or buy it now. This is how the free market works. If you have something that is worth X to someone, then they should be willing to pay you X to get it. If it is not worth X to others, then they do not have to bid on it or buy it. Either way, you are only making an offer that can be freely accepted or rejected with no coercion involved. As they say, "It's just business".
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