04.07.2025 13:51
Those who buy gold with credit cards to meet their cash needs and then immediately sell it for cash have come under the radar of banks and government institutions. There are discussions about imposing legal sanctions on citizens who engage in indirect cash withdrawals using this method.
The number of people who buy gold with credit cards provided by banks and then convert it into cash has increased recently, leading to a risk of penalties.
Legal experts indicate that individuals who buy gold with a credit card and fail to pay their debts may face charges of "intentional fraud." Banks have also closely monitored customers engaging in such transactions, and some are preparing to file criminal complaints against them. Messages sent to users warn that "if transactions are made for the purchase of gold, foreign currency, crypto assets, repayment of overdue loans, off-system transfers, or cash conversion using your credit card, your card may be closed."
REGULATORS ARE ALSO MONITORING, NOTICES ARE BEING SENT
Not only individual users but also jewelers involved in gold buying and selling are under scrutiny. The Revenue Administration may impose penalties such as fines, document cancellations, and suspension of activities on jewelers facilitating 'cash conversion chains' through credit cards and engaging in tax law violations. It has even been reported that some jewelers have received official notices threatening license revocation.
TRANSACTIONS ARE AUTOMATICALLY MONITORED
Newly developed risk analysis systems automatically detect gold purchase transactions made with credit cards of 500,000 TL and above. Following such expenditures, an audit process is initiated for the user and the business within a short period.
WARNING OF PRISON SENTENCE
Experts emphasize that buying gold with a credit card and selling it on the same day not only poses a debt risk but also carries potential criminal liability. It is stated that such transactions should be conducted with caution to avoid legal proceedings.