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In 2010 on a Sunday afternoon, my wife and I bought a heavy duty Ram pickup that cost over $50k. We paid entirely by credit card. We did have to call for credit increases and it took two different cards to hit the total. You can only imagine the Capitol One points, especially since we have a commercial card that pays even higher than normal points.
Anyway, that and paying for tuition with a credit card is ancient history. This year the dealer would not take a credit card claiming the limit is now $1000. As far as I know my wife is making the monthly payments with a credit card. When possible we make every purchase that way. We do not pay interest or penalties because we pay off the card monthly. In fact we have automatic payments made from our bank to 3 different credit cards so that we always pay the minimums. Once in a long while we are late paying and that saves penalties but not of course ridiculous interest payments. We never charge with the idea of using a credit card for a loan or time payment.
It would be highly abnormal to be able to pay your car payment directly with a credit card
It would be highly abnormal to be able to pay your car payment directly with a credit card
I was surprise that was accepted in 2010. With the recent purchase, no way. We were able to pay nearly $200k in college tuition with the credit card. Lots of points there. Currently we still pay for almost everything except mortgage by credit card.
In 2010 on a Sunday afternoon, my wife and I bought a heavy duty Ram pickup that cost over $50k. We paid entirely by credit card. We did have to call for credit increases and it took two different cards to hit the total. You can only imagine the Capitol One points, especially since we have a commercial card that pays even higher than normal points.
Anyway, that and paying for tuition with a credit card is ancient history. This year the dealer would not take a credit card claiming the limit is now $1000. As far as I know my wife is making the monthly payments with a credit card. When possible we make every purchase that way. We do not pay interest or penalties because we pay off the card monthly. In fact we have automatic payments made from our bank to 3 different credit cards so that we always pay the minimums. Once in a long while we are late paying and that saves penalties but not of course ridiculous interest payments. We never charge with the idea of using a credit card for a loan or time payment.
Yes, but how do you make a car payment using your credit card, without incurring fees? There are services like ChargeSmart, but they cost more than the points which can be gained. Or is it that you do pay a fee, but your commercial card rewards are greater?
Slightly OT question. I had my credit pulled again recently as part of a refinancing application for my mortgage. They showed me Experian, Transunion, and Equifax. All three of my scores were 40-50 points higher than the single score they showed me at the dealership.
What gives? I thought there were only 3 credit bureaus.
There are different versions from each bureau as well. I didn't know this, but check out this thread: Ugh, credit scores.
I've also heard that the auto dealerships use a credit score that is tailored to an auto loan, a mortgage broker to a mortgage, a CC company to a CC...
Regarding the CC for the car; if the transaction fee is similar to most retail transaction fee, the dealer would lose money on a lot of new cars. MOST new cars in a non luxury dealer, the dealer is thrilled if he grosses $1000. On a $25K car, he would pay $750 in transaction fees.
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