New Card with big limit!

cfw1994

A proper "first world problem" here.....

I am buying an electric car next year.
It will mean at some point paying a big lump (which I have stashed away).
However, the finance is all done online, & I am reliably assured they will take credit card for payment (which I did the deposit with).
Seems like a possibility to take advantage of getting some big points (we are talking over 30k here!)
However, I am, apparently, already at the limit on my normal (Tesco) credit card, & they will NOT allow split payments
Boo!
Anyone know any cards offering benefits for purchases that MIGHT offer a bigger limit given a decent salary and perfect Experian credit history?!
Could Amex be a possibility?

BoGoF

Think it highly unlikely you will get any new card with a limit near what you want especially with an existing maxed out card.

foxy-stoat

Try them all if you like and report back.

It would be obvious to clear your tesco credit card with the money you have stashed away and use that to buy your new car with.

Willing2Learn

And ignore your 'perfect' Experian credit score as the car finance company won't see it. (and neither will any prospective card companies you wish to court)

MallyGirl

Amex can give big limits but even if the finance will accept the lot on a card, and that is a big but, they may well not accept Amex. If they do it might be worth exploring an Amex charge card rather than credit card - you will have to pay infull at the end of the month but that might get around the high limit issue.
Alternatively Barclaycard gave me the highest limit (just short of £20k though) and a long 0% on purchases deal.
You would need to be on a very 'decent' salary to get the sort of limit you are looking for

eskbanker

BoGoF wrote: »

Think it highly unlikely you will get any new card with a limit near what you want especially with an existing maxed out card.

foxy-stoat wrote: »

It would be obvious to clear your tesco credit card with the money you have stashed away and use that to buy your new car with.

I could be wrong but believe that OP meant that their credit limit is as high as Tesco will allow, rather than that their card is maxed out (which wouldn't need the 'apparently' as it would be evident on statements):

cfw1994 wrote: »

I am, apparently, already at the limit on my normal (Tesco) credit card

cfw1994

BoGoF wrote: »

Think it highly unlikely you will get any new card with a limit near what you want especially with an existing maxed out card.

It is not max'd out - ie, it is used a bit but cleared every month - but yes, I suspect getting a new one with a bigger limit would be a stretch.

Willing2Learn wrote: »

And ignore your 'perfect' Experian credit score as the car finance company won't see it. (and neither will any prospective card companies you wish to court)

So what would they use to estimate a limit for me?
I thought Experian was one of only about three big credit checking agencies.

MallyGirl wrote: »

Amex can give big limits but even if the finance will accept the lot on a card, and that is a big but, they may well not accept Amex. If they do it might be worth exploring an Amex charge card rather than credit card - you will have to pay in full at the end of the month but that might get around the high limit issue.
Alternatively Barclaycard gave me the highest limit (just short of £20k though) and a long 0% on purchases deal.
You would need to be on a very 'decent' salary to get the sort of limit you are looking for

Aye, good points: my Tesco one is just shy of £20k, but they simply don't go higher. I would guess my salary is decent enough to justify it (I recall getting a big limit YEARS ago to pay for a big family holiday in one lump, then paid off later, & that was probably about the same ratio of limit:salary....

but these days I think my chance of gaining on this are pretty low overall.
Worth asking the question though: I do know the car manufacturer allows a £75 'transaction' charge (they send another buyer rather more detailed paperwork than intended!), which would cover charges, but nevertheless I suspect a debit transfer may well be our only option.

eskbanker

cfw1994 wrote: »

Willing2Learn wrote: »

And ignore your 'perfect' Experian credit score as the car finance company won't see it. (and neither will any prospective card companies you wish to court)

So what would they use to estimate a limit for me?
I thought Experian was one of only about three big credit checking agencies.

They'll use their own proprietary and unpublished algorithms and risk analysis methodology, which will include data sourced from Experian but also other information you provide when applying and maybe even other data they can find about you!

Sncjw

Big question. How much do you earn?

cfw1994

Sncjw wrote: »

Big question. How much do you earn?

without wanting to expose real numbers...how much do you think I need to earn? 2x, 3x, 4x, 5x the limit I'm after? 10x?

I suspect if Tesco have a hard limit under 20k, then without looking into cards that might have an annual payment that could nullify any benefits, my cunning plan will fail....

Terry_Towelling

Sorry, cfw1994, but are you saying you want to pay the balance to the car dealer with a credit card or do you want to settle the finance (already done online) with the finance company by using your credit card?

I find it hard to believe a dealer would accept that much by credit card (given the service charge they'd have to pay their processing bank). However, if they will take your card, why not just bung £10K cash at them and put the remaining £20K on your card?

If, on the other hand, you are saying you wish to settle the finance agreement that is in place by paying it with your credit card you may come a cropper if the transaction is treated as 'cash' and get hit with a large handling fee and interest from day 1.

By the way, when someone asks you how much you earn, think carefully before answering - there is a difference between how much you get paid and how much of that you actually earn:)