This was posted 3 years 4 days ago, and might be an out-dated deal.

Related
  • expired

Buy $50 Worth of Gold from RushGold and Get 100 Miligrams as Free Bonus (Valued at around $8 in Today's Prices)

81
Buy $50 Worth of Gold from RushGold and Get 100 Miligrams as Free Bonus (Valued at around $8 in Today's Prices)
Go to Deal
ginmi on 24/04/2021 - 12:16 rush.gold (146 clicks)
Last edited 24/04/2021 - 13:58

Rush Gold is an Aussie fintech based in Sydney formerly known as SendGold.

What they do is essentially digitise ownership of fractions of physical gold bullions stored in a vault based in Australia and insured by Lloyds of London.

They hold an AFSL and are regulated by AUSTRAC. They have also won several awards for tech innovation from the likes of Finder and Fintech Australia.

You can learn more about how their platform (web app and mobile apps for Android & iOS) works here:
https://rush.gold/how-it-works/

Finally, they have also recently launched a digital debit Mastercard which you can use through Apple Pay, Google Pay and Samsung Pay to pay for things directly from your gold holdings wherever Mastercard is accepted.
The card costs $10 one-off activation fee and you also get charged 1% of the value of your purchase whenever you buy something:
https://rush.gold/rush-debit-card/

This feature received quite a lot of media coverage when it was first released which means that at the very least, Rush Gold have a decent PR firm ;)

The referral program is quite simple:
Refer a friend and when they sign up and buy at least $50 (AUD) worth of gold, you both get 100mg of free gold added to your respective accounts.
No limit on the amount of referrals one can make from what I can tell.

Based on the Perth Mint, 100mg of gold is about $8 AUD as of today.

Found this review on Finder. Keep in mind it may be biased as they are likely being paid and also gave Rush an award earlier this year:
https://www.finder.com.au/rush-review

According to the above review, the fees are as follows:
* a 1% trading fee (capped at $10) charged by Rush for any buy or sell orders
* no fee for sending or gifting gold
* Fees for adding money to your account: Paypal - 2.6% + $0.5. POLi - 0.1% capped at $3. Bpay - $1.05 regardless of amount
* All insurance and storage costs are included and there are no account opening fees or minimum transaction spends.

Maybe Mods can add this to the referral system.

Referral Links

Referral: random (3)

Both Referee and referrer receive 100mg gold when the referrer purchases at least $50 of Gold.

Financial Fintech Investment Precious Metals

Related Stores

Rush Gold
Rush Gold

closed Comments

  • nfr on 24/04/2021 - 12:29
    +4

    they have also recently launched a digital debit Mastercard which you can use through Apple Pay and Google Pay to pay for things directly from your gold holdings wherever Mastercard is accepted

    When I buy stuff with gold, I'm effectively selling gold to fund the purchase, wouldn't there be a tax event everytime I make a purchase?

    • dscott85 on 24/04/2021 - 12:37
      +3

      If so, I’d imagine that’d cause a lot of trouble at tax time? Not to mention the company states they charge 1% of the purchase price to use this service…

    • aert on 24/04/2021 - 13:44

      I believe so, paying in anything other than AUD would do that. Gold, Bitcoin, USD,…

  • dbk123 on 24/04/2021 - 12:29
    +1

    anyone using both Perth mint goldpass and rush.gold?, would be handy to compare the benefits.

    • ginmi on 24/04/2021 - 14:11
      +1

      Didn't know about GoldPass. Thanks for the heads up!

      Looking at section 7 of their PDS, their buy and sell fees are on a sliding scale where the fee in percentage terms goes down as the transaction value goes up.

      Rush Gold charges 1% regardless of the transaction value but the fee is capped at $10.

      GoldPass allows you to also buy silver (not just gold) and as you are dealing with the Perth mint, all your holdings are directly guaranteed by the WA state government (which still has a AAA credit rating to the best of my knowledge).

      GoldPass also doesn't charge anything to deposit money in your account.

      • dbk123 on 24/04/2021 - 15:11
        +1

        The other benefit of GoldPass is the that you can collect the physical gold compared to Rush Gold

        • Delilahgetsaround on 26/04/2021 - 04:17

          Just to note. There has been a lot of difficulties collecting physical bullion at Perth mint. Up to a 6 month wait going from pool allocated to physical.

          • dbk123 on 27/04/2021 - 00:02
            +2

            @Delilahgetsaround: Agree, but I guess the surety to be able to collect the gold still outweighs the benefit over rush.gold

  • Grok on 24/04/2021 - 12:46
    +1

    Looks for ages, couldn’t find anything on commissions or brokerage or holding costs or anything about buying, selling or holding the gold.

    Wouldn’t that be important on an “investment”?

    • ginmi on 24/04/2021 - 13:41

      Good point!

      The only info I was able to easily find on their website was in the FAQs under "how much does it cost":

      Setting up a Rush Gold account is free. There is no cost to receiving gold, or sending (paying or gifting) in gold. There are fees associated with buying or selling gold which are detailed on the app at the time of the transaction. Our current transaction fees are 1% of your purchase, or 1% of your gold sale, both capped at $10 per transaction so this reduces quickly with larger transactions. Also, depending on how you pay for your gold, there may be a third party bank fee.

      Given they hold an AFSL, I assume there is a PDS floating around somewhere but I don't remember downloading one when I signed up to the account.
      When I'm logged into my account I see this.

      • gadget on 24/04/2021 - 13:45
        +1

        I believe any promoter of a financial product is required to provide a PDS for products they offer and you should be able to get hold of that without signing up first.

  • Bunnyburger on 24/04/2021 - 12:54
    +2

    Inject the 100mg into the bloodstream and winning!

  • gadget on 24/04/2021 - 13:37
    +2

    How do actually own gold if you can only cash out in $ and not take the real thing? Also where's the PDS which states the exact terms of the product? I can't see it anywhere on the site.

  • ginmi on 24/04/2021 - 13:54

    Found this review on Finder. Keep in mind it may be biased as they are likely being paid and also gave Rush an award earlier this year:
    https://www.finder.com.au/rush-review

  • amorn on 24/04/2021 - 14:18

    where is the referral code?

    • ginmi on 24/04/2021 - 14:27
      +1

      Can't share it publicly as it's against OzBargain rules.

      Hopefully the mods will add Rush to the referral system soon.

  • dbk123 on 24/04/2021 - 15:14
    +2

    Not being able to collect your Physical Gold means, its still a risky investment. I understand that Lloyds is insuring the users but still, on the other hand Perth Mint GoldPass beats it for long term secure investment and you can collect your gold too. Also, the price per ounce gold is cheaper in GoldPass.

  • dbk123 on 24/04/2021 - 15:17
    +1

    Another benefit with GoldPass is to convert your gold into Ethereum Crypto or Token.
    https://pmgt.io/
    Reminds me of history, when currency was backed by physical gold.

  • internet-stranger on 24/04/2021 - 18:47

    Even for Ozbargin this doesn’t seem worth it.
    After buy and sell fees, and as long as the price of gold doesn’t drop looking at $3.50 profit…..

    • internet-stranger on 24/04/2021 - 18:50

      Ok, so bought $50 for $52.11 via PayPal (lazy) and after referral have $56.68 total.
      Sold and transfer to bank account, total is $54.77 being deposit.
      So $2.66 after minus the $2.11 fee to buy, and have to wait a few days for it to clear.

  • demiurge on 24/04/2021 - 19:00
    +2

    Lol digital gold. Scam product if there ever is one. The whole point of gold is you get something physical.

    • hanofee on 24/04/2021 - 19:40
      +1

      The gold ETF been traded on ASX exchange for a few years now, under Gold, PMGold or QAU ticker. The paper silver exist too. So, the idea of digital gold is neither new nor scam. I don't know about this one though as they're new.

    • Grok on 25/04/2021 - 10:17

      Yes because when the zombie apocalypse happens people will respect your physical ownership of gold and give you what you need to survive.

  • amorn on 10/05/2021 - 12:28

    POLi - 0.1% capped at $3. did they just increase it to 1%?

    • hanofee on 10/05/2021 - 12:39

      Not sure but when I tried last month, it was somehow showing about the same charge as BPay for that $50 ($1-ish), so ended up just doing Paypal for simplicity

Login or Join to leave a comment
Login Join