Paying cybertruck with credit

JJ_Tex

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Here is an article about someone who bought a model 3 on a credit card. It states that Tesla would not allow him to buy the car directly with the credit card, but he used a 3rd party called Plastiq that charged him 2.5% to do the transaction. That $1,470 fee was worth it since he received $1,800-$5,000 worth of travel rewards.

https://www.cnbc.com/2018/08/16/29-...tesla-with-a-credit-card-to-earn-rewards.html





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Bill906

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When I bought my 2018 Jeep Grand Cherokee I put a $2000 deposit down and used my CC for that. My salesperson got in trouble because the dealership has an internal rule of no CC charges over $1000. He said the rule wasn't so much about the x% fee the CC charges the dealership, but more about how easy it is for a customer to dispute a charge and have the CC company hold the cash until the dealer can prove they are supposed to get the money and the dispute is settled. Now, all that came from a car salesperson, so consider the source when deciding if you believe that explanation.

I'm with @dedav on this one. I buy everything I can with my 2% cash back CC. I pay my CC off monthly. Actually I pay it off every other Friday (payday).

Unless something goes wrong, I should be able to by my CT without financing. If I could buy my CT with my CC that would be like getting $1600 off the price. ($80,000 x 0.02).

The reason credit cards give you points or 1 - 2 % cash back is that they charge the merchant 3% for the transaction. If Tesla pay 3%, you can bet your bottom that somehow it will come from you. Neither Tesla nor the bank will let you get something for nothing.
The secret here is when I get my 2% cash back it doesn't come from me. It comes from everyone. Merchants just incorporate the CC charge into their prices. Everyone pays for it. Only some of us get it back (well SOME of it back).

My brother-in-law owns a gas station and told me how much CC's cost him. Because of this I started paying cash or using my debit card to help out merchants. (Debit cards are typically way cheaper for a merchant than credit cards. Like 1-2% for debit, vs 3-5% for credit). But I came to the realization that my using cash or debit wasn't significant enough to help anyone, but if I use CC for everything it would be significantly helping me.
 

Tim.Luchenko

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04/07/2021 Elk Grove, CA GMC dealer did not accept more than $2000 when my wife tried to pay by CC for her new Acadia (5%cash back with no limit). They asked even to put less than $1000.
3 years ago I was able to pay $5000 by CC when I bought my Grand Cherokee at Gilroy, CA and there was no limit that time.
Perhaps it depends on the dealer? I have 30k credit line on my CC, it definitely does not depends on CC
 
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dedav

dedav

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Here is an article about someone who bought a model 3 on a credit card. It states that Tesla would not allow him to buy the car directly with the credit card, but he used a 3rd party called Plastiq that charged him 2.5% to do the transaction. That $1,470 fee was worth it since he received $1,800-$5,000 worth of travel rewards.

https://www.cnbc.com/2018/08/16/29-...tesla-with-a-credit-card-to-earn-rewards.html
Thank you for the link and great info provided!! I will be looking into it!
 

TruckDaddy

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Like you, I have always asked every regular dealer what the maximum that is allowed on a credit card. Then, just write an old school check for the rest.

Gets at least $50 for a dinner out in gift cards.
 

Cybertruck Hawaii

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Charging you Cybertruck purchase with a credit card is between you and the credit card company. Nothing to do with Tesla company. Just check your available amount of credit balance that you can have. Maybe you can score with the rewards points on the credit card, too.
 

JJ_Tex

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Nothing to do with Tesla company.
That is not true, Tesla would be the one having to pay the merchant fees, which could be $1,000+ if you put the full CT on a credit card.

That is why many car dealers and other large purchases usually have a max amount that they will put on your card. Nobody has mentioned a published policy by Tesla, but I would not bet on being able to do that without them at least passing along the fee to you.

Here are the latest merchant fees, by network:

  • American Express – 1.58 – 3.30%
  • Discover – 1.53% – 2.53%
  • Mastercard – 1.29% – 2.64%
  • Visa – 1.29% – 2.54%
Source: https://paymentdepot.com/blog/average-credit-card-processing-fees/
 

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