Buying a car 16 September 2022 at 6:15AM edited 16 September 2022 at 10:20AM in Budgeting & bank accounts 9 replies 428 views

[Deleted User]

Hi, I'm purchasing a new car (when it eventually gets here) and I have the cash. What is the best way though for me to pay? They don't accept American Express, and CHASE don't give money back with car buying. It's also too big an amount to get a new 0% card on purchases to cover it all. Any suggestions?

tacpot12

Will the dealerr let you split the cost over two (or more) credit cards? If not, then a bank transfer might be the only option. it might need to be a CHAPS transfer. You might need to call your bank if its not clear what limits apply to payments made via online banking. 

Rob5342

What's wrong with using your Chase debit card? If it's because they don't give cashback then a 0% card wouldn't either so why are you mentioning that?

[Deleted User]

I was just informing people that CHASE doesn't give 1% on car purchase. They do on most other things.

Of course, I can pay by CHASE debit card, but I just wondered whether there was a way I was missing that might get me a little bit back. CHASE and AMEX were the only two I knew about. If either had been accepted, I could have had either 0.5% or 1% cashback which is worth having on a £30,000 layout. Never mind.

mika_dm

May worth ask the dealer if they accept part on CC and part cash(bank transfer). If they do, you an get a different non Amex CC which offers cash back(Lloyds, RBS). At least you get something back(not 0.5%, but 0.25%)

Grumpy_chap

Does the Dealer offer any finance that has incentives?  If so, you could take that, secure the incentive and then pay off the credit so avoiding interest.

mab3000

I didn’t end up doing this, but when I was purchasing my new car recently, I asked if they took American Express, the dealer said no, but they suggested if I called up Amex complaining I couldn’t use my Amex card somewhere where it isn’t accepted then they would usually honour the points/cash back. 

True or not I don’t know, but might be worth a try, the worst that will happen is they say no

[Deleted User]

mika_dm said:

May worth ask the dealer if they accept part on CC and part cash(bank transfer). If they do, you an get a different non Amex CC which offers cash back(Lloyds, RBS). At least you get something back(not 0.5%, but 0.25%)

Thank for this, I've applied for the card. They've given me a limit of £3,000, which isn't enough however I'm thinking I could pay that amount off the car, then pay it the card balance off, then pay the same amount again. Car won't be here until November so I guess I could do that 10 times to cover the £30,000. You get 0.25% up to £4,000 and then 0.5% after that so would be handy if I can wangle it.

[Deleted User]

Actually, scrap that. The most the car dealer will allow you to pay with a credit card is £1,500, So £3.75 cashback. Hardly worth the hassle. They are giving £20 though for spending over £1,000 in the first three months so it sort of makes it worthwhile.

MrFrugalFever

If you want to get money back then as grumpy chap suggests, but it is best to make the first months payment before a full settlement.