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Acre Gold is a gold shop. However, it is different in the fact that you pay a monthly subscription that accumulates over a long time until you have enough to buy a 2.5-gram gold bar. The gold bar you buy comes with the Acre Gold branding and is delivered right to your doorstep. Once you receive the gold bar, you can go on with the subscription until you can afford the next gold bar. It is that simple.
But, is Acre Gold a good company?
Important to mention before we go more in depth with this review!
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About Acre Gold
According to the information posted on the Acre Gold Website, Acre Gold is a business started by a group of fintech veterans. The founders understand all they need about the financial market and how the prices of commodities fluctuate.
The goal behind this company was to change how people invest in gold. Instead of buying gold from an online store or buying in pawnshops, the business allows you to save up for gold every month until you have enough to buy a bar.
Acre Gold has offices in two places; Santa Monica, CA, and Boise, ID. The business is less than two years old, as of 2021, but there are so many reviews online, an indication that there are so many people who have either bought gold through the business or are interested in the business.
Brendon McQueen is the founder of the business. He is popular for having founded Tuition.io, a student loan managing platform in 2012. Through Tuition.io, he helps former students manage more than $2 billion in debts. He later, together with others, started Shuttle Finance under which he started Acre Gold. The BA graduate of Colombia University is into tech business, which he incorporates into his modern businesses. Before he got into finance, Mr. Brendon McQueen’s focus was on socially conscious content. He was the Editor-in-Chief of Columbia Observer Magazine and later a host and producer for public radio. He was also a filmmaker.
Mr. Brendon McQueen brings his knowledge from helping students manage their debt and from Shuttle Finance to Acre Gold. The company is relatively new, and we only have to wait and see how the company performs over time.
How Does Acre Gold Work?
Acre Gold works as a layaway program. As an investor, you create an account and pay a subscription fee every month. You can choose one of three subscription plans, depending on how fast you want to afford the gold bar. There is a $50 subscription, $100, and $250 subscription. The subscription you pick determines how long it takes you to buy gold.
Once you have paid enough subscriptions to afford a 2.5g gold bar, Acre Gold will ship the bar to you. You will pay for the shipping and fulfillment fees. The gild will then ship to you discreetly. The subscription continues after the delivery and the business ships to you every time you contribute enough to buy a 2.5g gold bar. If there is some money that remains after the purchase of the gold bar, it is carried over to the next contribution.
If you contribute $100 every month, the business sends you five grams of gold bar whenever you contribute enough. You will pay a one-time fee of $12 and then after that, you are good to go. You will pay your subscriptions through ReCharge, which is a reputable online subscription service powering several subscriptions.
Acre Gold Fees and Charges
Besides the monthly subscription fee, you will pay for the shipping and fulfillment fees. The company also charges a $3.35 processing fee and a membership fee of $12 that runs as long as you hold your account. If you ever wish to cancel your subscription, you will be charged a cancellation fee of $20.
The company does not disclose the price of its gold bars. As the price of gold fluctuates, there are times you will have to contribute more to buy your gold bar. When the prices are low, you only need a few months’ contributions to get the gold. However, the business promises the best prices for gold, and the gold bars are minted from recognizable mints as a guarantee of their top-notch quality.
The Quality of Gold from Acre Gold
As an investor, you may want to know the quality of the gold you invest in and how well it will hold up against with time. Acre Gold gives informative highlights about their product so that customers can have trust in their product.
The bar features 0.9999 fine gold, which is as pure as it comes. Each bar weighs 2.5 grams for those who contribute $30 or $50 every month and can weigh up to five grams if you contribute $100 every month. The bars ship to the customer in sealed assay packages that ensure discretion so that your gold is safe. The package will show the weight and the authentication of the gold bar inside. When delivered to you, the package looks like any other and no one will suspect you have gold according to the business.
The bar has a stamped Acre Gold Logo on its observe side, showing the weight and the purity of the gold. On the reverse side, there is another Acre Gold logo. The package then goes into a soft-touch box with a display drawer. The shiny finish of the gold makes it look appealing to the buyers.
Website Ease of Use
The Acre Gold Website is simple and easy to navigate. While these two features are good, it is missing on most of the features that gold investors might want. Besides the Homepage, the only other page on the website is the About page.
The Homepage offers all the details that you want to know, including fees, the investment process, and the basics of the company. There are also testimonials from customers, all positive.
Most gold investment companies offer a blog section, an education section, and a news section. All these are missing from the Acre Gold website. If you want to learn more about investing in gold, you do that from other sources and then start investing. Also conspicuously missing is the FAQ page, so you may not know much about the company.
There are, however, social media buttons, so you can track the business activities on Facebook and Instagram. If you have any questions, complaints, or comments, you can send them through social media.
Acre Gold Customer Support
You can only reach out to Acre Gold through an email, email@example.com. Besides that, you can write to them on their social media pages, and you will get a fast response. The business doesn’t give a phone number, and there is no live chat feature on the business website.
This means that you will never get an instant response to your queries. However, the email support staff is always fast in responding to questions and complaints. On BBB, the business has responded to all complaints. Although a few responses may not be satisfactory, most of them have addressed the issues raised by the customers.
Every month after the second subscription month, the business sends a progress report to your email. This report shows your contributions and how much you have to save before you receive a gold bar. Further, when it is time to ship a gold bar to you, you will get an email with the progress of the shipment.
Email, therefore, is the main communication channel for Acre Gold. Outside of email, the business only engages customers on their social media pages. On Instagram, they post several screenshots of news related to gold and snippets that investors should know. On Facebook, the business is full of commercials and convincing people to buy gold.
What Do Consumers Say?
We browsed through their social media pages and there are so many positive comments. At the time of writing this, the business has about 20,000 followers on Instagram and 55,283 followers on Facebook. Other than a few people who say they cannot access customer support when they need it, most of the other people have good things to say about the business.
On Better Business Bureau, the business has a B- rating. This is a low rating considering that the best rating is A+. Again, the business is not BBB Accredited, which means it doesn’t meet the accreditation threshold for BBB.
Most of the reviewers on BBB complain of a lack of information and lack of contact details from the company. They say that the business doesn’t have enough communication channels and the ones available are slow-moving. Further, the customers say the business is not open about their pricing and there is no platform to track contributions. You have to rely on the report that they send at the end of the month. This lack of transparency does not sit well with some customers.
Acre Gold responds to all complaints on BBB. In general, there appears to be a communication problem with Acre Gold. Emails take so long before they get a response, and this only drags the process of seeking solutions for problems. There also appears to be delays in the delivery of gold. However, Acre Gold explained that the demand for gold has gone up since 2020 and the mints are processing several orders, which is why it is taking so long for them to deliver gold.
The star rating of this business is three stars out of a possible five stars. If some of these issues are addressed, the company doesn’t appear to have several issues.
There are no reviews on TrustPilot or any other consumer review site, so consumers only rely on BBB and social media sites.
Pros and Cons of Acre Gold
You can earn a commission when you send people to the business. The affiliate program is run by LeadDyno, and it works perfectly from the reviews we saw online. Once you join the affiliate program, the business provides affiliate resources to help you start selling. Better still, you will have a platform to monitor the live progress of your account and see your affiliate commissions as they roll in.
Is Acre Gold a Scam?
Acre Gold is not a scam. The business is new and has received a lot of negative reviews online, but there is no single review that says the business scammed them of their money. Some of the reviewers say they asked to cancel their subscription, and they received a full refund minus the $20 cancellation fee. These cancellation requests are awash on Better Business Bureau, and they appear to all have been successful.
Besides challenges with communication and transparency, the business is yet to scam someone or rather no one claims to be scammed by the business so far.
Should you invest with Acre Gold?
Acre Gold is a great platform if you never have enough money to go for large gold bars that most of the other companies offer. You can buy gold even if you only save up $30 a month. It will take you a few months before you can buy the small gold bar, but this is the easiest way to buy gold if you do not have enough savings.
If you choose Acre Gold, you will have to contend with the challenges of working with a new business. For instance, you will deal with slow customer support and slow delivery of gold. You also have to deal with the lack of a system to manage your account.
Although we do think that Acre Gold is a solid company, we believe that there are better companies out there to make your investment with.
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