Buying a Vehicle on a Credit Card
Board Monitor
Posted: Fri Jun 06, 2003 7:44 am
Post subject: Buying a Vehicle on a Credit Card
My wife and I just paid for our first minivan in full on our cash back credit card. The guy in the finance dept. at the dealership didn't seem to like this. I told him that I could beat their best rate on used vehicles (5.5%) by using credit card balance transfer offers (and of course I put a plug in for our web site). I plan on transferring most of the balance in a few days to a 0% offer that is good until May '04. We are also looking forward to using our cashback award.
I love making credit cards work for me. If you have similar stories...I would love to hear them!
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: rasca13173
Posted: Fri Jun 06, 2003 10:09 pm
Post subject: Buying a Vehicle on a Credit Card
I have a similar story...... i traded in my car and bought a brand new toyota sienna xle...with the trade in i owed 20 thousand ....financed it with a 4.74 interest rate.....then i got an offer from mbna visa offering me a cash advance of 13000 dollars with 0% interest for a year...the cash advance would cost me 50 dollars, also after my first transaction i would get a 50 dollar certificate for the sharper image....i got the cash advance and payed off the van with some off my savings....i saved about 2 thousand in interest.....got my certificate in the mail and used it to purchase a product from the shrper image.....recently discover offered me a 0% balance transfer for life, as long as i make 1 transaction a month
!. i transfered the balance from my mbna card to discover and now i can pay it off as i please............this is a great country
Author: Ira
Posted: Fri Jun 06, 2003 11:25 pm
Post subject: Buying a Vehicle on a Credit Card
Hi Curtis,
How's it going? I got an offer from MBNA for 0% on balance transfers, 0% balance transfer fees for 9 months. They gave me a $10,000.00 limit. I immediately did a balance transfer to my checking account and from there to ING bank which pays 2.3% on savings. The 0% expires in August at which time I will withdraw the $9,500.00, less the payments I've already made (more about that below), and I will have made about $200.00 on somebody else's money. Not a lot, but every little bit helps. With regard to monthly payments on the account. I had no idea what MBNA would require as a minimum on a $9,500.00 balance. I was startled when my first statement came in asking for a $15.00 (yes that's FIFTEEN dollars) minimum payment! Well if that's all they want and they're not charging any finance fees, that's what they're getting every month.
I recently did the same exact thing with Chase to the tune of $17,500.00 for 15 months, again 0% across the board. I'll make about $400.00 on this one. I haven't received my first statement yet so I can't tell you what the minimum is. I'll do this kind of transaction all day long if they'll let me!
_________________
Do not let what you cannot do interfere with what you can do.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: samuel
Posted: Sat Jun 07, 2003 12:28 pm
Post subject: Buying a Vehicle on a Credit Card
Curtis, my wife got a solicitation for that zero percent for life card too. Here's the fine print. As you say, you have to make 2 purchases per month. As you pay the card down, the payments go to the transferred balances, not the purchases. So, there will be full interest accruing on anything you purchase.
I guess you can still make this work for you, but you have to be very careful. First, of course, make sure you get those 2 purchases in early every month. Second, make sure they are very small!
I didn't see anything indicating a minimum amount on the two purchases, though I would have looked more closely if I was going to go ahead with it. For now, it seems like too much hassle and potential for screw-up.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Fri Jun 06, 2003 7:44 am
Post subject: Buying a Vehicle on a Credit Card
My wife and I just paid for our first minivan in full on our cash back credit card. The guy in the finance dept. at the dealership didn't seem to like this. I told him that I could beat their best rate on used vehicles (5.5%) by using credit card balance transfer offers (and of course I put a plug in for our web site). I plan on transferring most of the balance in a few days to a 0% offer that is good until May '04. We are also looking forward to using our cashback award.
I love making credit cards work for me. If you have similar stories...I would love to hear them!
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: rasca13173
Posted: Fri Jun 06, 2003 10:09 pm
Post subject: Buying a Vehicle on a Credit Card
I have a similar story...... i traded in my car and bought a brand new toyota sienna xle...with the trade in i owed 20 thousand ....financed it with a 4.74 interest rate.....then i got an offer from mbna visa offering me a cash advance of 13000 dollars with 0% interest for a year...the cash advance would cost me 50 dollars, also after my first transaction i would get a 50 dollar certificate for the sharper image....i got the cash advance and payed off the van with some off my savings....i saved about 2 thousand in interest.....got my certificate in the mail and used it to purchase a product from the shrper image.....recently discover offered me a 0% balance transfer for life, as long as i make 1 transaction a month
!. i transfered the balance from my mbna card to discover and now i can pay it off as i please............this is a great country
Author: Ira
Posted: Fri Jun 06, 2003 11:25 pm
Post subject: Buying a Vehicle on a Credit Card
Hi Curtis,
How's it going? I got an offer from MBNA for 0% on balance transfers, 0% balance transfer fees for 9 months. They gave me a $10,000.00 limit. I immediately did a balance transfer to my checking account and from there to ING bank which pays 2.3% on savings. The 0% expires in August at which time I will withdraw the $9,500.00, less the payments I've already made (more about that below), and I will have made about $200.00 on somebody else's money. Not a lot, but every little bit helps. With regard to monthly payments on the account. I had no idea what MBNA would require as a minimum on a $9,500.00 balance. I was startled when my first statement came in asking for a $15.00 (yes that's FIFTEEN dollars) minimum payment! Well if that's all they want and they're not charging any finance fees, that's what they're getting every month.
I recently did the same exact thing with Chase to the tune of $17,500.00 for 15 months, again 0% across the board. I'll make about $400.00 on this one. I haven't received my first statement yet so I can't tell you what the minimum is. I'll do this kind of transaction all day long if they'll let me!
_________________
Do not let what you cannot do interfere with what you can do.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: samuel
Posted: Sat Jun 07, 2003 12:28 pm
Post subject: Buying a Vehicle on a Credit Card
Curtis, my wife got a solicitation for that zero percent for life card too. Here's the fine print. As you say, you have to make 2 purchases per month. As you pay the card down, the payments go to the transferred balances, not the purchases. So, there will be full interest accruing on anything you purchase.
I guess you can still make this work for you, but you have to be very careful. First, of course, make sure you get those 2 purchases in early every month. Second, make sure they are very small!
I didn't see anything indicating a minimum amount on the two purchases, though I would have looked more closely if I was going to go ahead with it. For now, it seems like too much hassle and potential for screw-up.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:43 PM
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