Best way to buy something for £30,000

wearewolves_2

I am about to purchase something for £30,000 - is there a clever way of using credit cards to get money back?

raptorz

If you can get a high enough limit then there is cashback cards but alot of them dont go up to that limit. is there anyway you can split the £30k across multiple cards? If there is the amex platinum card would be the best if you can get it as you would get 2% cash back on your purchases which would be quite alot depending on the limit.

have a look here http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1087717218,37843,

Its only really good if you are paying off in full though, otherwise it might be better to use 0% cards to make the purchase.

Im sure others will be able to provide more ideas

charlie12

wearewolves wrote:

I am about to purchase something for £30,000 - is there a clever way of using credit cards to get money back?

Just an aside, but make sure that there isn't a credit card surcharge for what you're purchasing, as that would likely wipe out any cashback you'll get.

sicker

If it were myself I would pay it into my Egg money card, get 4% on the positive balance then use it after 16th November to get 2% cash back. A phone call to egg to ensure I could purchase such an expensive item would be advisable + for a purchase as large as this the seller might be reluctant to fork out the %age to Egg. Just my thoughts.

John

charlie12

sicker wrote:

use it after 16th November to get 2% cash back.

Good idea, though unfortunately cashback on Egg Money is limited to £200 a year - cashback on a £30000 transaction would be a whopping £600 if there was no limit. I think an Amex card may be more suitable in this case.

sicker

O.K. Charlie12. Spend £20000 now on egg money and get 1% (£200) and use amex for the other £10000. Or better still ask the vendor for a 12% discount for cash :-)
I hope you take this as light hearted (but thought provoking) banter.

John (see you joined same time as myself)

charlie12

sicker wrote:

I hope you take this as light hearted (but thought provoking) banter.

Of course

sicker wrote:

Spend £20000 now on egg money and get 1% (£200) and use amex for the other £10000. Or better still ask the vendor for a 12% discount for cash :-)

Yes, I think the purchase will have to be split amongst several cards anyway as it would be difficult to get a card with a start limit of 30000.

I wonder what the OP is buying?

sicker

I wonder too? A car, a diamond engagement ring, a foreign holiday home (cheap)

Caped_Avenger

charlie12 wrote:

it would be difficult to get a card with a start limit of 30000.

Yeah, you're gonna need a pretty damn good history with the card provider.

A CS rep for Egg once told me that they don't offer limits any higher than £15K, which quite surprised me!

Galstonian

The best way to buy something that costs £30,000?

That's easy, using £27,000 cash (or less if you can manage it)

If there is absolutely no way of negotiating a discount for cash it is unlikely that a credit card will be accepted without passing transaction costs to the buyer.

If you don't have the cash and are borrowing the £30K then credit cards could help avoiding paying interest but its a lot of cash to pay off over the anticipated length of most interest free deals (6 to 12 months).