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Discussion Starter #1
Do all dealers take credit cards? Or is this not done because of the fee they charge to the merchant. I have a credit card offer for balance transfers ending by May 1st, (discover) that states, all transfers are at O% finance indefinately if recieved by May 1st. I want to put 35,000.00 from the purchase of the car and just pay the min fee required and put my money in a high interest account. This way I will have 0% on the car loan and actually be making 2% or more on my money. Sounds like a win win to me. All I have to do is make sure i make at least 2 purchases a month and never miss a payment. Should be easy. Any thoughts?
 

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1. Some dealerships accept credit cards.

2. You're talking about a PURCHASE, not a balance transfer. You'd have to purchase the car with one credit card, then transfer that balance to your Discover card.

3. Read the fine print, there's usually a fee associated with balance transfers, though there's also usually a limit to that fee.
 

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Discussion Starter #4
MattG said:
1. Some dealerships accept credit cards.

2. You're talking about a PURCHASE, not a balance transfer. You'd have to purchase the car with one credit card, then transfer that balance to your Discover card.

3. Read the fine print, there's usually a fee associated with balance transfers, though there's also usually a limit to that fee.

I am aware of the purchase with one card and transfer to the discover. Not a problem at all to do.

This promotion involves no transfer fees as well. I put on the spectacles on the details.
Now I just have to see if the dealer will accept a card.
 

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The problem with this is that you would need at least a $35,000 credit limit on your credit card and then you would have to have $35,000 worth of credit on your Discover card.

I dont know if many credit cards offer limits that high, or if Discover would let you do a balance transfer for that much.

But if Discover lets you do it, and you can charge it on several credit cards, then go for it.

I know that one car in town in town will only let you charge
$5000 on a card, and another dealer added a surcharge if you went to their parts or service department and paid by credit card.

But then I've also read about someone who put a Ferrari on their Amex card.
 

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I don't know if they will let you charge it, but if they do, you have to be sure you understand how these 0% balance transfer offers work. I had one of them (it was a fairly small amount), and was surprised... If you make a purchase, and then pay that amount, the payment is applied to the balance transfer portion of your debt. Only once the balance transfer is completely paid off, your payments are applied to your purchases. So if there is interest on new purchases, you'll be paying interest as soon as you use the card. If you really want to take advantage of the balance transfer offer, you shouldn't be using that card for any purchases.

I've been getting plenty of offers with 0% for both balance transfers and new purchases. Those are of course only for a limited time (like one year), but if you plan to pay off the debt quickly, it's probably a better option.
 

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Most dealers have a 2-5K charge limit. It has to do with the 2-3% surcharge that the card company charges them. Some even transfer that charge over to you if it's a high enough charge.
 

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We used to allow credit cards for deposits up to $10,000 with out any fees, if they cancelled their order we would either credit back the card minus any fees or print a company check for the full amount.
As of a year ago, we limit credit card deposits to the amount of $5,000. We do not charge fees when a client pays for service done to their automobile using a credit card, no matter what the bill is.
 
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