Mad to buy car on CC?

YorkshireBoy

SuzieSue wrote: »

Thanks, I don't really know anything MT cards. Do they give the same sort of credit limits as other credit cards?

Credit limit isn't affected by account features in my opinion/experience. But in general, MBNA are known to be one of the more generous providers. My highest limit is with them, at £25K.

PoundCityKing

If you can get good rates why not? Sounds like a good idea to me, plus you have added protection I think

gwapenut

I agree it is a good idea, however you have just as much protection if you just pay a small deposit on credit card.

However - many garages allow you to pay car deposits without a credit card surcharge. Cna you just pay a high deposit for now, maybe with no handling charge, and then negotiate the CC fee on a lower amount later?

Also - the car dealer can't possibly be paying 3% in CC fees. They are profiteering, so ask them what you would have to pay them as a fee to cover their costs, and no more, and see if they'll agree to that. I paid a 1% fee for my car many years ago (and got 1% cashback on my card plus 0% purchases period).

missmental

Hi,

Thanks for all the replies. I bought the car today, £6,500 on the 0% card!
I aim to pay it off within 20 months. So I think it's a good deal.

Mysteek

I once bought a car on a credit card, it was the only option for us at the time. When I asked the sales guy if I could pay this way he said it was fine and we went through all the paperwork but when I went to the cashiers window to pay she said that it was a fee of 1.5% to pay by credit card. I explained that the sales guy hadn't mentioned any fee when we went through the figures and signed the paperwork. I said I would be cancelling the purchase of the car as I wasn't given the full facts beforehand and they waived the fee. I don't think I would do it again though unless it was the only way

Derek_Pringle

Frankly it’s very stupid thing to do that because you may suddenly find yourself in debts like I did. I thought I can do anything with CC and only to realize what a mess I have created not for me, but also my whole family due to the debt. I was regularly getting calls for repayment; it was hellish experience for me… Finally had to go with VA-Advice.co it was the alone savior for me, so I will say don’t think CC is free money; it is something we have to pay!

Kendall80

bigheadxx wrote: »

But the APR is annual, so 3% per year whereas on a c/c it is a one off charge of 3%. There are alsor better fees with longer interest free periods.

^^ This.


Also, if you haggle a little you can get the garage to absorb the fee. I bought my car last year on a 0% TSB card. Paid no CC fee and have just transferred the debt to a 2 yr 0% balance transfer card for a 0.55% fee. Where my situation may differ is I have the 9k cash I wouldve otherwise used in 5% current accounts earning me interest. So i've not taken on a net debt so to speak.

Jaffa_cake

Wow,

Some very clever folk on here.

My mind boggles with credit cards.
I just use mine during the month, and at the end of that month, pay teh whole lot off.
I know I am paying early, but I feel better that way