Use credit card for the payment

[Carmino]

weird flex.

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[Woodrick]

they used to allow this. Back in 2017-2018 a family member got an X and paid the not-financed balance with a CC. Shortly thereafter I tried doing the same for my model 3 and was told absolutely not lol

I beleive that they will allow it up to about $5k

 

[Woodrick]

I plan to pay out on due date. this is just for points. I get 1.5X, so 100K will be 150K points, not bad if business does not charge any

Have you confirmed that you get the points on a convenience check?

 

[Woodrick]

You misunderstand the situation. People who put big ticket items on credit cards are doing it for the points, and pay off the balance immediately. It’s not used instead of a traditional auto loan.

Did you read my first sentence?

 

[mfg310]

Did you read my first sentence?

My bad, forgot to answer…..my B of A CC doesn’t offer points, which is why I rarely use it. I use AMEX Platinum for everything, which generates a ton of points at differing rates, depending on what I’m buying.

But there are two separate issues here…… first, that people with sufficient means and credit lines, such as those provided by by AMEX Black or Platinum, use credit cards to buy high ticket items, then pay them off in full. There’s no 18% interest balance for the people that do this.

Second is whether it’s possible to use credit card convenience checks to circumvent the no credit card rule that Tesla has. I don’t have any idea if it’s possible, having never used a convenience check or purchased a Tesla before. I just know they exist, so the possibility exists.

 

[mfg310]

Wow, this is the best idea so far. I will try tomorrow. thanks for your tip!

Let us know what you find out, and if the option works for you.

 

[Amuma]

I saw some thread here or fb about the usage of credit card for the payment of Tesla vehicle, not for deposit. today I called tesla customer support (888-518-3752) and asked about this, the answer was simple "no". As far as I recalled from past thread, someone mentioned that they were able to their credit card for car payment in the past. Is there any special process for credit card payment or any tips to make this happen somehow? btw I called up amex and they gave me approval for up to $125K purchase. no issue on credit card side.

Tesla is not about to eat that credit card fee on 100k item when they want cash or cash like instruments.

 

[cybercoffee]

I beleive that they will allow it up to about $5k

Interesting. The amount she paid was not trivial. It was around 35k or so. Needless to say I haven’t heard of Tesla allowing anyone else doing anything similar recently.

 

[chinokie]

Wow, this is the best idea so far. I will try tomorrow. thanks for your tip!

Last time I used a CC Check, they started the interest rate (18%) from the day of the transaction. There was no 30-60 day float like using the card.

I tried using my CC when I bought my 3 but Tesla wouldn't do it. I get 2.25% cash back so it would have been nice.

 

[mfg310]

Last time I used a CC Check, they started the interest rate (18%) from the day of the transaction. There was no 30-60 day float like using the card.

I tried using my CC when I bought my 3 but Tesla wouldn't do it. I get 2.25% cash back so it would have been nice.

Here’s my current offer from B of A……0% interest until Feb 2025. I’ve seen the offers go as long as two years. The interest starts accruing from the day the business cashes the convenience check, and gets tacked on if the balance is not paid in full by Feb 2025. But notice there’s also a 4% transaction fee, which on a large purchase may not be worth trying to get points.

 

[Woodrick]

My bad, forgot to answer…..my B of A CC doesn’t offer points, which is why I rarely use it. I use AMEX Platinum for everything, which generates a ton of points at differing rates, depending on what I’m buying.

But there are two separate issues here…… first, that people with sufficient means and credit lines, such as those provided by by AMEX Black or Platinum, use credit cards to buy high ticket items, then pay them off in full. There’s no 18% interest balance for the people that do this.

Second is whether it’s possible to use credit card convenience checks to circumvent the no credit card rule that Tesla has. I don’t have any idea if it’s possible, having never used a convenience check or purchased a Tesla before. I just know they exist, so the possibility exists.

I use my AmEx Platinum all the time. I am quite aware of it. But AmEx, as well as the other CC companies charge the vendor a fee of up to about 6%, the reason that Tesla won't accept it.

 

[mfg310]

I use my AmEx Platinum all the time. I am quite aware of it. But AmEx, as well as the other CC companies charge the vendor a fee of up to about 6%, the reason that Tesla won't accept it.

Yeah, that’s why this MIGHT be a way around it, because you pay the transaction fee, not the business. Whether that transaction fee is so high that it makes it not worthwhile depends on the terms. It’s literally a cash advance transaction off your credit card, but these things look just like checks. Of course, Tesla could still refuse to accept it, even though they don’t pay any fees. It’s also possible that you don’t get any points because it’s technically a cash advance.

 

[Woodrick]

Yeah, that’s why this MIGHT be a way around it, because you pay the transaction fee, not the business. Whether that transaction fee is so high that it makes it not worthwhile depends on the terms. It’s literally a cash advance transaction off your credit card, but these things look just like checks. Of course, Tesla could still refuse to accept it, even though they don’t pay any fees. It’s also possible that you don’t get any points because it’s technically a cash advance.

Do a little math, 4% of the transaction, I believe it going to be worth a LOT more than the points you get. A little research indicated that BoA points are worth about 1 cent.

 

[mfg310]

Do a little math, 4% of the transaction, I believe it going to be worth a LOT more than the points you get. A little research indicated that BoA points are worth about 1 cent.

You seem to be forgetting that the idea I floated was because another poster was looking for a way to use a credit card to pay for a Cybertruck. I don’t have to do any math because I’m paying cash for my Cybertruck. But points vary significantly by individual credit card and company, and I’m sure @SanJoseNinjya or anyone else investigating this prospect will do the math for themselves.

 

[Nidavellir]

But don't you have to pay with cashier or certified check? So a credit card check will not work.

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