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A bank in the Isle of Man — a possession of the British Crown located in the Irish Sea between Scotland, England, Ireland and Wales— is offering a 14-carat gold credit card to customers who have at least $168,000 (£100,000) of metal bars in their vault.
The Bullion Visa card, issued by IMGold, is the world’s first solid gold credit card backed by the precious metal itself that allows users to effectively borrow against their bullion possessions, reports FT.com (subs. required).
However, it is not the first time a bank decides to issue a credit card made of the yellow metal. In 2012 Visa teamed up with Russian bank Sberbank-Kazakhstan and launched a solid gold credit card studded with 26 diamonds, equal to 0.17 carats.
“There are people who invested in 2011 at $1,900 an ounce and now [gold] is worth less than $1,300 an ounce. They are sitting on losses and don’t want to sell. Now they can spend and get some liquidity,” Ed Pearce, managing director of IMGold, told FT.com.
The interest rate on the exclusive card, available later this year, is expected to be below 10%.
Holders may think twice about handing this credit card to a waiter.
