New Card with big limit!

Grey_Critic

Money Laundering. Whilst you may not be doing so the car dealer would not accept £10k in used fivers, they are required to ensure that their transactions comply with the regulations. The dealers I know have a much lower limit for cash payments. If you have the money in the bank (why would you not?) then a simple BACS payment would solve the problem.

Terry_Towelling

Grey_Critic wrote: »

Money Laundering. Whilst you may not be doing so the car dealer would not accept £10k in used fivers, they are required to ensure that their transactions comply with the regulations. The dealers I know have a much lower limit for cash payments. If you have the money in the bank (why would you not?) then a simple BACS payment would solve the problem.

I wasn't being that literal when saying to throw cash at the dealer - it could be cheque or debit card or bankers draft or BACS or Faster Payment - I was just trying to point out that it is still possible to put £20K of the £30K on a credit card if the dealer will take it.

Anyway, I'm still unsure whether OP is talking about paying a dealer or settling with a finance company

Ben8282

Your post implies that you currently possess only one credit card (Tesco) which is at almost 100% utilisation.
Believe me that you will NOT get a new credit card with an initial credit limit in excess of £30k.
The Amex charge card idea already suggested could be good but unless you are an established charge card holder with an excellent payment history, I have serious doubts that Amex would permit that sort of amoun to be charged, especially to a new card.

Bermonia

The simple answer is you won’t know unless you try, however I would suggest it would be HIGHLY unlikely that you’d get a new card with the limit you’re looking for, especially as you already have one with such a high limit - one of the checks that impact the limit offered to you is your current exposure, even if your existing card does not have a balance they will still consider it as a potential debt and therefore limit your exposure.

Craig1981

you say you buying it next year, but you have done deposit already and finance is already sorted... bit confusing

as Terry has said above, if finance is what you are paying off, a lot of card, but definitely Tesco, will treat settlement of finance agreement as a cash transaction - so you may get the points for £20k, however, you going to get hit with the cash handling fee - £20k at 3% fee, £600...

if you have not financed already, pay deposit of £20k on credit card as a purchase, and the rest via debit card/transfer

Penelopa.Pitstop

Maybe it's Tesla and OP is paying £30K deposit and finances the rest. So OP wants to pay £30K deposit on a card to earn some points or other reward.

If it's only deposit, it will probably be treated as purchase, not finance transaction. I put car deposit on Tesco card in past, no problem, however it was smaller amount.

Tesco debit card might be an option to earn some points, if getting credit card with high limit won't happen.

Check if dealer accepts Amex, apply for it, use it and request high limit. Or apply for Amex charge card, use it and before transaction call Amex t make sure they will allow such high transaction.

stevenhp1987

You could try an Amex Charge Card... although they might not be willing to let a £30k+ transaction through in the first few months... It's also highly likely that the dealership won't accept Amex.

If you have the cash to hand, you could get a Tesco Bank Account. The debit card gives 8 points per £1 spent outside of Tesco. It's not great, but it's better than nothing!

That's 3,750 points on a £30k spend (9,000 Avios equivalent).

When you say they won't allow "split payments", do you mean they won't allow you to pay on multiple cards?!

I just bought a brand new car and paid 4 times on 3 cards (after deposit & p/e)... The dealership had no problem, they just didn't accept credit cards (just credit card on the deposit!).

£2.7k on Curve (via Amex)
£1k on Curve (via Barclaycard Cashback)
£3.7k on wifes Curve (via Barclaycard Cashback)
£4.1k on Tesco Debit Card

Do you have a Curve Card? If so Amex should roll out of beta over the next month (or so?) so you could part-pay using that... If you don't, the daily limit will be ~ £1k to start with...

Are you 100% they will take credit card for the final payment? When I was looking for a car, no dealership would take credit card for the final payment and only took it for the deposit.

[Deleted User]

Plonter wrote: »

Nice thread. Just bumping and watching over for an idea.

Just like the rest of your spammy posts?

Samsung_Note2

stevenhp1987 wrote: »

You could try an Amex Charge Card... although they might not be willing to let a £30k+ transaction through in the first few months... It's also highly likely that the dealership won't accept Amex.

If you have the cash to hand, you could get a Tesco Bank Account. The debit card gives 8 points per £1 spent outside of Tesco. It's not great, but it's better than nothing!

That's 3,750 points on a £30k spend (9,000 Avios equivalent).

When you say they won't allow "split payments", do you mean they won't allow you to pay on multiple cards?!

I just bought a brand new car and paid 4 times on 3 cards (after deposit & p/e)... The dealership had no problem, they just didn't accept credit cards (just credit card on the deposit!).

£2.7k on Curve (via Amex)
£1k on Curve (via Barclaycard Cashback)
£3.7k on wifes Curve (via Barclaycard Cashback)
£4.1k on Tesco Debit Card

Do you have a Curve Card? If so Amex should roll out of beta over the next month (or so?) so you could part-pay using that... If you don't, the daily limit will be ~ £1k to start with...

Are you 100% they will take credit card for the final payment? When I was looking for a car, no dealership would take credit card for the final payment and only took it for the deposit.

Really..is that proper dealers or these back street cars held together with sellotape type places.

Cant see why they wouldnt take Credit cards.

eskbanker

Samsung_Note2 wrote: »

Really..is that proper dealers or these back street cars held together with sellotape type places.

Cant see why they wouldnt take Credit cards.

Because they're no longer able to pass on the cost of doing so to the customer.

Merchant fees of 1-3% will be measured in the £hundreds on a typical car purchase and dealers would typically apply an equivalent surcharge to the invoice for customers electing to pay by credit card, but when such surcharging was banned back in January it was widely predicted that acceptance of credit cards for certain transactions (such as high value ones) would be affected....