Discussion
Evening guys.
This may seem an odd question. Hopefully going to secure a car next week. Does anyone have any experience of paying the initial payment via credit card or is this even possible. The only reason is I've got an amex avios card which offers 25,000 points for reaching a certain spend amount. Was hoping to kill 2 birds and all that with popping it on that to get the points then obviously settling straight away.
Cheers
This may seem an odd question. Hopefully going to secure a car next week. Does anyone have any experience of paying the initial payment via credit card or is this even possible. The only reason is I've got an amex avios card which offers 25,000 points for reaching a certain spend amount. Was hoping to kill 2 birds and all that with popping it on that to get the points then obviously settling straight away.
Cheers
Look, firstly, buy a car you can afford and not one you aspire to. That also means a PCP.
By all means if you really want a PCP put the deposit on a credit card to get the points ONLY IF you have the cash to pay it off on the next statement. Also you may have to declare the debt on the credit card and that may affect you credit rating score when you apply for the PCP.
If you take out the cash on a credit card the interest rate will be high. Don't forget you will have to pay off the card £50-100 a month on top of the PCP if you can't clear the card. Don't forget you will have to insure the car as well, another huge cost unless you have an amazing no claims and you are in your 50's
Bottom line is that if you don't have the cash deposit and you have to finance the deposit you can't really afford the car.
By all means if you really want a PCP put the deposit on a credit card to get the points ONLY IF you have the cash to pay it off on the next statement. Also you may have to declare the debt on the credit card and that may affect you credit rating score when you apply for the PCP.
If you take out the cash on a credit card the interest rate will be high. Don't forget you will have to pay off the card £50-100 a month on top of the PCP if you can't clear the card. Don't forget you will have to insure the car as well, another huge cost unless you have an amazing no claims and you are in your 50's
Bottom line is that if you don't have the cash deposit and you have to finance the deposit you can't really afford the car.
LarsG said:
Look, firstly, buy a car you can afford and not one you aspire to. That also means a PCP.
By all means if you really want a PCP put the deposit on a credit card to get the points ONLY IF you have the cash to pay it off on the next statement. Also you may have to declare the debt on the credit card and that may affect you credit rating score when you apply for the PCP.
If you take out the cash on a credit card the interest rate will be high. Don't forget you will have to pay off the card £50-100 a month on top of the PCP if you can't clear the card. Don't forget you will have to insure the car as well, another huge cost unless you have an amazing no claims and you are in your 50's
Bottom line is that if you don't have the cash deposit and you have to finance the deposit you can't really afford the car.
Yeah I get what you are saying and thanks for the reply but not really asking about the pitfalls of cc debt I have deposit money covered I'm only doing it for the air miles. Would literally be on the amex balance for 1 minute. By all means if you really want a PCP put the deposit on a credit card to get the points ONLY IF you have the cash to pay it off on the next statement. Also you may have to declare the debt on the credit card and that may affect you credit rating score when you apply for the PCP.
If you take out the cash on a credit card the interest rate will be high. Don't forget you will have to pay off the card £50-100 a month on top of the PCP if you can't clear the card. Don't forget you will have to insure the car as well, another huge cost unless you have an amazing no claims and you are in your 50's
Bottom line is that if you don't have the cash deposit and you have to finance the deposit you can't really afford the car.
RM88 said:
LarsG said:
Look, firstly, buy a car you can afford and not one you aspire to. That also means a PCP.
By all means if you really want a PCP put the deposit on a credit card to get the points ONLY IF you have the cash to pay it off on the next statement. Also you may have to declare the debt on the credit card and that may affect you credit rating score when you apply for the PCP.
If you take out the cash on a credit card the interest rate will be high. Don't forget you will have to pay off the card £50-100 a month on top of the PCP if you can't clear the card. Don't forget you will have to insure the car as well, another huge cost unless you have an amazing no claims and you are in your 50's
Bottom line is that if you don't have the cash deposit and you have to finance the deposit you can't really afford the car.
Yeah I get what you are saying and thanks for the reply but not really asking about the pitfalls of cc debt I have deposit money covered I'm only doing it for the air miles. Would literally be on the amex balance for 1 minute. By all means if you really want a PCP put the deposit on a credit card to get the points ONLY IF you have the cash to pay it off on the next statement. Also you may have to declare the debt on the credit card and that may affect you credit rating score when you apply for the PCP.
If you take out the cash on a credit card the interest rate will be high. Don't forget you will have to pay off the card £50-100 a month on top of the PCP if you can't clear the card. Don't forget you will have to insure the car as well, another huge cost unless you have an amazing no claims and you are in your 50's
Bottom line is that if you don't have the cash deposit and you have to finance the deposit you can't really afford the car.
Technically you maybe asked the financial questions prior to giving the deposit so you wouldn't telling porkies. Once you have signed the paperwork you may be asked how you'd like to pay the deposit. Money Saving Expert has a few threads on this.
If you can pay you'll not only get the miles but also card protection on the deposit which could help should something happen in the future.
LarsG said:
By all means if you really want a PCP put the deposit on a credit card to get the points ONLY IF you have the cash to pay it off on the next statement. Also you may have to declare the debt on the credit card and that may affect you credit rating score when you apply for the PCP.
I’ve taken out PCP on an Audi and Mazda in last 12 months, no one asked about other debts. PCP is secured on the car - all they want to do is confirm your identity and check you don’t have a ridiculous credit history. Wasn’t even asked what my annual income was!The only time I’ve been asked those kind of questions is for my mortgage. Have never ever been asked for those sorts of details for loans or credit cards.
RM88 said:
Evening guys.
This may seem an odd question. Hopefully going to secure a car next week. Does anyone have any experience of paying the initial payment via credit card or is this even possible. The only reason is I've got an amex avios card which offers 25,000 points for reaching a certain spend amount. Was hoping to kill 2 birds and all that with popping it on that to get the points then obviously settling straight away.
Cheers
I’ve done exactly this, the garage had a max spend on credit card so they allowed me to split it so I could get the credit card rewards. I paid as much as I could on this, the rest of the deposit I put on debit card. Paid off the credit card on the next statement and got a nice wedge of cash back.This may seem an odd question. Hopefully going to secure a car next week. Does anyone have any experience of paying the initial payment via credit card or is this even possible. The only reason is I've got an amex avios card which offers 25,000 points for reaching a certain spend amount. Was hoping to kill 2 birds and all that with popping it on that to get the points then obviously settling straight away.
Cheers
You might need to wait for the statement to get the points though so don’t pay it off until this comes through
LarsG said:
Look, firstly, buy a car you can afford and not one you aspire to. That also means a PCP.
By all means if you really want a PCP put the deposit on a credit card to get the points ONLY IF you have the cash to pay it off on the next statement. Also you may have to declare the debt on the credit card and that may affect you credit rating score when you apply for the PCP.
If you take out the cash on a credit card the interest rate will be high. Don't forget you will have to pay off the card £50-100 a month on top of the PCP if you can't clear the card. Don't forget you will have to insure the car as well, another huge cost unless you have an amazing no claims and you are in your 50's
Bottom line is that if you don't have the cash deposit and you have to finance the deposit you can't really afford the car.
Classic case of poster seeing the two biggest swear words on PH (PCP and Credit Card) and going off on one! By all means if you really want a PCP put the deposit on a credit card to get the points ONLY IF you have the cash to pay it off on the next statement. Also you may have to declare the debt on the credit card and that may affect you credit rating score when you apply for the PCP.
If you take out the cash on a credit card the interest rate will be high. Don't forget you will have to pay off the card £50-100 a month on top of the PCP if you can't clear the card. Don't forget you will have to insure the car as well, another huge cost unless you have an amazing no claims and you are in your 50's
Bottom line is that if you don't have the cash deposit and you have to finance the deposit you can't really afford the car.
tickedon said:
LarsG said:
By all means if you really want a PCP put the deposit on a credit card to get the points ONLY IF you have the cash to pay it off on the next statement. Also you may have to declare the debt on the credit card and that may affect you credit rating score when you apply for the PCP.
I’ve taken out PCP on an Audi and Mazda in last 12 months, no one asked about other debts. PCP is secured on the car - all they want to do is confirm your identity and check you don’t have a ridiculous credit history. Wasn’t even asked what my annual income was!The only time I’ve been asked those kind of questions is for my mortgage. Have never ever been asked for those sorts of details for loans or credit cards.
I've only ever been asked for basic information (mainly to confirm my ID) when applying for PCP.
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