Credit card payment for a 2nd hand car

Help13

Hi all.

Just wondering if someone could give me some guidance.

I would like to pay for a second-hand car using my credit card.
I have the cash in my current account.
I am wondering if I can transfer the cash from my current account to my Tesco credit card ahead of the deal and then on the day of the purchased transfer the cash that is sitting waiting on my credit card to the seller's bank account??

I am trying to do this for two reasons.
The extra safety and to collect clubcard points?

Would be very grateful if anyone has any experience of such a payment method.

THANKS VERY MUCH.
M
:A

Paully232000

Help13 wrote: »

Hi all.

Just wondering if someone could give me some guidance.

I would like to pay for a second-hand car using my credit card.
I have the cash in my current account.
I am wondering if I can transfer the cash from my current account to my Tesco credit card ahead of the deal and then on the day of the purchased transfer the cash that is sitting waiting on my credit card to the seller's bank account??

I am trying to do this for two reasons.
The extra safety and to collect clubcard points?

Would be very grateful if anyone has any experience of such a payment method.

THANKS VERY MUCH.
M
:A

Assuming the garage let you pay by CC, and you don't mind paying the extra in fees for the ability to do so then should be ok to pay by CC.
However, If you mean letting your CC have a positive balance then this could be an issue as your CC company may/will not allow this, especially as it is not likely to be just a few ££.

Why not just pay with your CC and then pay your CC off in full by the end of the month, thereby not incurring interest. Or am I misunderstanding your post?

lisyloo

Does your seller accept credit card payments? e.g. are they a car dealer.
If you're just buying off a private buyer then they almost certainly won't have the factility to accept a credit card payment (paypay exists but there will be a charge).

If it's a dealer then they still might want to charge a fee to cover their charges.

You first need to find out what payment methods the vendor accepts.
Secondly if it's a private buyer you won't get any safety. As long as the car is roadworthy then it's "sold as seen". If you get "wear & tear" issues on the way home - then tough.

Can you clarify whether it's a dealer or private buyer?
Also clarify what payment methods they will accept.

YorkshireBoy

Help13 wrote: »

The extra safety and to collect clubcard points?

The first may be obtained by paying the dealer a deposit by credit card.

As to the second, the dealer will charge circa 3%* (if they'll do it at all for the balance...especially if it's large). What's the value to you of the Clubcard points?


* If he doesn't, the car is overpriced (by at least the fee he's charged by his merchant acquirer and is prepared to waive)!

Edit: Scrub that!

Help13

The problem is that I am buying from a private seller.
There is no garage involved.

Oooh! What extra fees would I incur for the ability to pay by CC?

I pay the CC off each month religiously, so am ultra-keen not to incur any fees or surcharges.
Thanks.

YorkshireBoy

OK, let's try again!


What's the available credit on the card? How much of do you need to use?

Help13

Can you clarify whether it's a dealer or private buyer?
Also clarify what payment methods they will accept.[/QUOTE]

Hi. It is a private buyer.
He will accept a bank draft or a transfer to his bank account.
I am wondering if I could transfer a positive balance from my CC to his bank account?

Thanks.

Help13

Sorry, I am new to this forum lark.
So please be patient with my disjointed answers and posts.
In answer to YorkshireBoy...
I think the available credit on the card is now 9.5k.
I am paying 4.5k for the car.

Tixy

If its a private seller there is no way to get s75 protection from using your credit card.

YorkshireBoy

Unless you've a long 0% promotion on the Tesco card you're not going to make this work.


If you do have a 0% promotion, the best you'll get is a 0% loan for x months for a 1.25% fee by exploiting Sterling travellers cheques (and keeping your savings for longer...which presumably are, or should be, making a lot more than this in interest).

Help13

YorkshireBoy wrote: »

Unless you've a long 0% promotion on the Tesco card you're not going to make this work.


If you do have a 0% promotion, the best you'll get is a 0% loan for x months for a 1.25% fee by exploiting Sterling travellers cheques (and keeping your savings for longer...which presumably are, or should be, making a lot more than this in interest).

My savings are not making anything at the moment.

I don't want a loan.
I want to pay the money on to my CC ahead of buying the car.
Then, if possible, transfer the money to the Vendor's bank account using my CC.
I guess, is what I am really asking is...Is it possible to make a payment to an individual's bank account using my credit card?

Sorry if I am confusing everybody...
And thanks too for taking the time to share your knowledge.