Best credit card for a One off 9k payment. To be paid off instantly

Skintsaver

Hello

I'm about to make a one off payment of 9k. I don't have a card currently so would like to apply for a new one.

Which would give me the best cashback/reward on a one off payment of 9k? I'll pay this balance off almost instantly. 

[Deleted User]

It depends. 

If you have a thin file, you may not get a rewards card and will have to start with something more pedestrian, so try an eligibility checker.

Next is whether the retailer accepts credit cards - and if so, is Amex included in that group?

Then consider what sort of rewards you value. Cash is always useful, but you may value points at a certain retailer more and get better value that way.

Also think of alternatives - would having 9k on a 0% rate be more efficient, if you can get even 0.5% interest on that money for a couple of years?

blue.peter

Definitely use an eligibility checker. A £9k+ initial credit limit is a big ask, especially if your credit file is thin. I'm sorry to say that I think you'll be unlikely to get it.

I've got a 30+ year perfect credit history (including a mortgage that has now been paid off) and have multiple credit cards. Although I have one card (AmEx) that now has a credit limit well in excess of your £9k need, the limit on that card when it was issued to me in 2017 was £4k. That's pretty typical of the initial limits on new cards I've been given over the last few years

I don't know if it's significant - and suspect that it isn't - but I've found that Visa cards seem to offer me higher credit limits than MasterCards. Still nowhere near £9k, though.

Skintsaver

I have a good credit score 987 according to experian. One of the reasons I'd like a credit card on this purchase is its a car and I belive a card would offer more protection other than using my debit card. 

[Deleted User]

Your Experian score has no bearing on the likelihood of you getting offered credit. Lenders assess you on your credit history.

Are your three CRA files populated with healthy credit activity?

Sandtree

Skintsaver said:

I have a good credit score 987 according to experian. One of the reasons I'd like a credit card on this purchase is its a car and I belive a card would offer more protection other than using my debit card. 

Most car dealers won't allow you to use a credit card for that sort of value. However to get the S75 cover you just need to spend something on credit not the full amount. 

If it's not rewards you are chasing then get a card from your bank or a sub prime provider and just pay £100 by credit card towards the car

daveyjp

In my experience a car dealer will likely refuse to accept a credit card payment for £9k.

Pay £500 and the rest by debit card, the protection is the same.

born_again

Skintsaver said:

I have a good credit score 987 according to experian. One of the reasons I'd like a credit card on this purchase is its a car and I belive a card would offer more protection other than using my debit card. 

For a start you do not need to make the whole payment on a credit card. In fact many dealers will not take a CC other then for a deposit. 
Other will take the full amount.

Credit score is never seen by lenders. They work on their own criteria & your credit history.

I take it by "More Protection" you are talking about S75. As such you can put as little as 1p on your CC and still have the full amount protected.
But remember S75 is not insurance again all issues.

https://www.moneysavingexpert.com/reclaim/section75-protect-your-purchases