Overview: Key Company Information
Out of all the Gold Buyers we dealt with, CashforGoldCo was probably the worst. We ranked them above Cash for Gold USA only because they have a much better BBB Rating. Overall, the experience was not a good one, as we were unable to get in touch with their customer service representatives after a couple different calls, plus they offered less for our gold than any other company – just more than one third of what the top paying company offered.
|Company Name||Insurance||Payment AMT||BBB|
|$1000||$54.77||A-||12 Days||2 Yrs|
Requesting a Pack
Requesting a pack online or over the phone is again pretty easy with this company. They call them “SecurePacks.” This is slightly ironic because the pack they sent us for mailing was arguably the least secure for shipping through the mail of any of the packaging materials we received. Shipping took a couple days longer than the other companies, but this could be due to the fact that they are on the other side of the country, so it’s safe to say they still got things mailed quickly.
Packaging, Instructions, & Shipping Quality
On the right you can see the silver coin and gold ring we sent CashforGoldCo, along with all the material they provided us in the SecurePack. The gold pack included:
– Introduction Letter
– Instructions & Packing Brochure
– Prepaid USPS Label
– Plastic Bag for Valuables
On their website, CashforGoldCo advertisers secure FedEx shipments, yet the label we received with our SecurePack is a USPS shipping label. If we weren’t paying close attention, this could have caused a lot of problems getting mailed in the wrong place. It’s also the only place that did use USPS for shipments. There was no mention of the insurance they advertise anywhere on the package or in the letter either.
The worst part about this packaging is how flimsy it is. Essentially, it’s just waterproof paper. While this means it’s unlikely our ring and silver dollar are going to get damaged, we wouldn’t be comfortable sending more delicate items in this manner. Not only that, but you can hear the valuables clinking together whenever the package moves. Postal theft has been a problem for some of these companies in the past, so if your package sounds like valuables clanking together constantly, it would be easy for things to get damaged or stolen.
Processing Time & Communication
After shipping the prepaid package on January 5th, a check was written and sent on the 11th. Not bad for being completely across the country and it being over the weekend. We didn’t hear from them at all – they simply processed the valuables and sent the check out to us.
Check & Payment Amount
CashforGoldCo.com offered us less for our gold than any of the other companies that we tested. They didn’t itemize the payment for the gold or silver like most of the other companies did either, simply cutting us a check. You can view that check below:
Check received from CashforGoldCo.com for 4.4 DWT of 14K Gold and a Silver Dollar.
Sending us only $54.77, CashforGoldCo.com offered us less cash for our gold than any of their competitors. At only $54.77, it was just a little more than one third of the payout we received from our highest buyer, and was just more than half of the average payout.
With the check in hand, we then wanted to see how they handled the process of getting our valuables back to us. Since they only give us 12 days to return the check, we didn’t waste much time in contacting them.
We first contacted them on 1/19, a couple days after getting the check in the mail, which is well within the 12 day guarantee period. We called to inform them that we were sending it back, but it went to someone’s voicemail. Not a company voicemail – it went to some individual. King of strange. We didn’t leave a message that time, but when the same thing happened the next day (1/20) we just left a message saying we were sending the check back, which is what we did. We got our products back in the mail after a little more than a week, but as you can imagine it was a very worrisome process. This is the exact kind of thing we want to help you avoid when selling your gold online.
Through the entire process, we never even heard from a customer service representative. That’s pretty concerning. Don’t count on much help from them if you do choose to work with them.
We recommend you stay far away from CashforGoldCo. As if paying the lowest amount of any of the companies we tested wasn’t enough, the service is terrible (or non-existent) and is sure to give you headaches if you don’t just accept the extremely low payment and go on your way. Work with one of our Top 4 Gold Buyers if you’d like a good deal when selling your gold online.
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The shipping was slow and they tried to get me to do an "immediate payment" instead of sending me my quote but overall wasn't a terrible company to work with.