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ddd
Posts: 443
Registered: ‎06-07-2007
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Why Cant you pay you're Car Note with a Credit Card?

[ Edited ]
I sure wish I could do this I want the reward miles!!!!!


Message Edited by ddd on 02-10-2008 10:45 AM
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cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: Why Cant you pay you're Car Note with a Credit Card?

Because some creditors see it as robbing Peter to pay Paul.  You're not really paying it that way, you're just moving debt around.
 
Sure, you might plan to just divert your car payment to the credit card once the statement arrives, but they don't know this.
 
Also, since you already owe the money, it wouldn't really be a purchase but a balance transfer.  Most cards wouldn't let you get rewards on BTs anyway.
 
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haulingthescoreup
Posts: 28,098
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Re: Why Cant you pay you're Car Note with a Credit Card?

I tried really hard to pay for my new used car (new to me!) with my AmEx. But alas, they were unwilling to pay transaction fees on $12K. :smileyhappy:

I figure that I could have collected some serious points on that one!

There's not a single recurring bill that we have that can be paid by CC. :smileymad: I think all our utilities, etc caught on. I know that you can with some, but no luck here.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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ddd
Posts: 443
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Re: Why Cant you pay you're Car Note with a Credit Card?



haulingthescoreup wrote:
I tried really hard to pay for my new used car (new to me!) with my AmEx. But alas, they were unwilling to pay transaction fees on $12K. :smileyhappy:

I figure that I could have collected some serious points on that one!

There's not a single recurring bill that we have that can be paid by CC. :smileymad: I think all our utilities, etc caught on. I know that you can with some, but no luck here.


I second that motion that really suck the only thing I can pay with my Amex is my Cingular Bill and my Gym membership. Actualy Equinox Gym gives you a discount if you pay with a Plat Amex. Thats it thou form ALL my recurring bills.
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cheddar
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Re: Why Cant you pay you're Car Note with a Credit Card?



haulingthescoreup wrote:
I tried really hard to pay for my new used car (new to me!) with my AmEx. But alas, they were unwilling to pay transaction fees on $12K. :smileyhappy:

I figure that I could have collected some serious points on that one!

There's not a single recurring bill that we have that can be paid by CC. :smileymad: I think all our utilities, etc caught on. I know that you can with some, but no luck here.

If it was important enough to you, you know you could have challenged them on that, HTSU.  If they accept CCs at all, they're required to accept them for any amount, whether it's $12 or $12,000.
 
Of course, when you challenge them on that, you have to be prepared to walk out.  If getting the car was more important to you than getting the points, then it might not be worth the fight.
 
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Anderson
Posts: 716
Registered: ‎06-03-2007
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Re: Why Cant you pay you're Car Note with a Credit Card?

Pay with rewards CC-
 
Electric
Cable
Cell
Internet 
Dental loan
Truck Insurance
Boat Insurance
Health Insurance
 
probably a few others too
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cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: Why Cant you pay you're Car Note with a Credit Card?



ddd wrote:
 
I second that motion that really suck the only thing I can pay with my Amex is my Cingular Bill and my Gym membership. Actualy Equinox Gym gives you a discount if you pay with a Plat Amex. Thats it thou form ALL my recurring bills.


Remember, though, that a car note is not a recurring bill, in the strictest sense of the word.  It's not a purchase; it's a payment on existing debt.
 
I have the option to pay almost all of my recurring bills with a CC, but it's not usually worth it because the convenience charges are more than the rewards I would get for the purchases.
 
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App free since 7/11/08.
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Anderson
Posts: 716
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Re: Why Cant you pay you're Car Note with a Credit Card?

What convenience charges? I don't pay any.

cheddar wrote:
 
Remember, though, that a car note is not a recurring bill, in the strictest sense of the word.  It's not a purchase; it's a payment on existing debt.
 
I have the option to pay almost all of my recurring bills with a CC, but it's not usually worth it because the convenience charges are more than the rewards I would get for the purchases.
 



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cheddar
Posts: 6,794
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Re: Why Cant you pay you're Car Note with a Credit Card?



Anderson wrote:
What convenience charges? I don't pay any.


ConEd, the electric provider in NY, for example, uses a third party to process CC payments, and that company adds $4.95 to each transaction as their fee.  Since my electric bill usually runs $75-$100, the additional fee ends up being more than the rewards I would get.
 
I do pay my and DFiancee's cell phone bills with my Skymiles card and get double miles for it.  I can also pay my cable bill and car insurance with a CC for no charge, but that's it.
 
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Scout65
Posts: 351
Registered: ‎12-09-2007
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Re: Why Cant you pay you're Car Note with a Credit Card?

[ Edited ]
Cheddar,
 
Those convenience fees are awful.  I pay everything I can with my CCs, just like Anderson:
 
cable TV
phone
homeowners insurance
auto insurance
electricity
water bill
gas bill
 
Fortunately, I do not pay any convenience fees or other extra fees.  CCs are PIF each month and the rewards add up.
 


Message Edited by Scout1965 on 02-10-2008 01:15 PM
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