I know it is a dumb question but if you really know the answer please let me know, I am a bill collecotor ao I already know the fees ans damages to credit I am just validating whether it could be done or not.
2007-09-13 15:55:56 · 6 answers · asked by James 1 in Business & Finance ➔ Credit
I asked a car dealer before if I can charge the whole price of a brand new car to my credit card so I can get the 1% cash back and I can pay off the credit card balance at the end of the month. The answer was no, not on the whole price. As a courtesy to the customers, they only allow a maximum credit card charge of $5K on a brand new car, the reason is they don't want to pay the excessive credit card fees.
2007-09-13 18:47:41 · answer #1 · answered by Jane 2 · 0⤊ 0⤋
How much are you talking? A couple bucks or hundreds of dollars over your limit? Most credit card companies know that the economy is tanking and that the job you have today could be in India/China tomorrow so they are keeping much tighter reigns on the cards. I doubt it would go through.
You say you know the fees, but do you realize that this little trick could put every one of your bank issued credit cards into the default rate? Do you know that thanks to Congress in '05 the default rates have no limits? Most banks now offer default rates of 30-45%. Ouch!
IF you have a credit card in good standing try contacting Capital One directly for your car loan, good rates and relatively easy process to apply.
Good luck
2007-09-13 16:38:01 · answer #2 · answered by Gem 7 · 0⤊ 0⤋
The credit card company wouldn't give authorization for the charge.
2007-09-13 18:43:38 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
You can try this strategy? But chances are your Credit Card Company will NOT allow you to OVERDRAFT your credit card account since it has a limit?
Try calling the Credit Card Customer Service Number toll-free to ask for a credit limit increase?
Contact your Banker to get a Pre-Approved Auto Loan for the full amount of the Car you want to buy?
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GOOD LUCK! :-)
2007-09-13 16:11:24 · answer #4 · answered by JEDI MASTER YODA 4 · 0⤊ 0⤋
Actually, they stopped allowing credit cards to be used to purchase vehicles a number of years ago. People were doing it to get lots of points / frequent flyer miles, and then using the credit card warranty when the car broke down to demand that the vehicle get returned and they get their money back.
2007-09-13 16:00:33 · answer #5 · answered by Anonymous · 0⤊ 1⤋
No it will decline the card..
2007-09-13 15:59:58 · answer #6 · answered by Nally25 3 · 0⤊ 0⤋