Using credit card to purchase car

I had this funny thought. My amazon card currently gives me 4 percent cash back. If I use that card to purchase a car. Would I get 4 percent cash back. It’s kind of like a discount. Then I’ll just refi at a credit union. Is this kind of behavior possible?

I put a big deposit on a car back years ago using a credit card, but it was a non-cash-back card. You got nothing to lose by trying, mijo!!! :smiley: :+1:

Haha not buying a car anytime soon. I usually do it when there is a manufacturer deal. Either low rates or cash back. I think my next car will be a Tesla. I’ll prolly need 1 in about 5 to 10 years. Whenever my benz dies

The dealer will absolutely accept credit cards for the money down portion, at least. I’ve done that. Not sure how it works with full purchase price. Your credit card, on the other hand, likely has a max annual amount on how much in total purchases it will give you the 4% on. Or in the fine print, it may exclude certain types of purchases from the cash back amount.

I’ll do you one better–why don’t you pay my tax prep bill with your credit card. I’ll charge you $100 million. You’ll get $4 million back. I’ll immediately write you a check for $98 million. Ergo, we effectively are splitting $4m between the two of us. (Pretty good deal if you ask me. Just a couple hours worth of work.)

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no max on it. its a limited thing ending Feb 2021. I got it for every single thing. its why i got like $600 ish cash back for 2020.
anyways the key on rewards isnt to spend just to get cash back. but to use for your everyday spending and get a 1 to 10% discount on what you would have bought anyway. usually everyday purchase is 1% cash abck. i get 2% on my fidelity. some have rotating categories that go up to 5%. and for hotels they can go up 10% cash back. for the past year i used amazon cuz 4%.

Why would you buy a Tesla?

Why wouldn’t he buy a Cybertruck?

I mean Tesla.

If you live in a large-ish city and your commute is longer in time than distance, electric cars generally make sense. And while some competitors may have better overall finish quality, none keep comparable residual value.

What is the resale on Tesla. I know most electric cars are ■■■■ on resale. Bigger depreciation than luxury cars. I want a Tesla because of the tech features particularly ai. Would be nice to not have to drive anymore.

IMO the residual value doesn’t really matter too much. Depreciation on new cars is so steep that it doesn’t matter which one you buy. You’re the fool in every case.

will nerdy pay your income taxes on the $100 mil?

I’m sure Greenman has got the taxes all figured out!!! :+1:

True that. Except pick ups. And some last a longer time. With lose maintenance

Pick ups lose their value really fast as well. Car purchase is a risk transfer from an expert to a layman. Obvi the layman can benefit from his purchase but in general he is the loser in the transaction.

Ok. Are you saying that because your investment seems to among the “least retarded” but still very retarded, you’re good to go?

Not really an investment. But most people need a car. It’s like a necessary cost. And some like to have nice things. Matter of preference. But yes I agree it is a waste of money. Best to buy use and buy cheap. But I want a Tesla because it has good customer satisfaction.

Trend in Canada is toward bigger vehicles and 84 month loans.

Federal tax payment via credit card goes through a 3rd party processor who charge you for using a credit card, lowest being 2.75%. So 4% cash back would help but cannot split 2% each.

Most dealers will only allow a portion of the purchase price to be paid via credit card. I have tried :slight_smile: