topic Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?! in Credit Cards

Can I make a very large purchase at once, combining 5-6 cards entire limits?!

Anonymous — Wed, 04 Jan 2017 17:17:27 GMT

Hello,

can I just purchase, say, an expensive car with credit cards?! Using 5-6 cards of $6000-15000 limits to make around $50000.

The reason is not to use credit on cards, with interest. Rather, I have the savings anyway, I do not want auto loan or credit, I will pay in full on time as usual; I just want the rewards and bonuses, and keep activity on my cards.

I have never made such large purchases with my cards (very low credit utilization), nothing more than an international plane ticket, guitar and macbook.

So, the actual question is, can a bank get suspicious and block my use of $9000?

Or if I make swipes of $8000 at once, using 6-7 cards from different banks, would all banks see this in their system and be alerted.

Or can I just even buy a condo if I wanted, granted that I am within my limits provided in my cards?

Thanks in advance,

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

noobody — Wed, 04 Jan 2017 17:51:05 GMT

The hard part is find a dealer take 50K credit card charge AND give you the best possible price on the vehicle.

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

Anonymous — Wed, 04 Jan 2017 17:54:51 GMT

Very few car dealerships would allow more than a few thousand dollars to be paid via credit cards; I highly doubt that any would allow only credit cards to be used for the entire purchase. In order to allow this they'd have to inflate the price of the car by 5% or whatever they deem the CC fees would cost, which would more than eliminate the 2% or so at best that you could get back via rewards.

Certain things simply don't make sense to use credit cards on due to the fees. Expensive cars are one of them. Another common one would be mortgage payments.

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

blondy250 — Wed, 04 Jan 2017 17:55:41 GMT

@Anonymous wrote:
Hello,

can I just purchase, say, an expensive car with credit cards?! Using 5-6 cards of $6000-15000 limits to make around $50000.
The reason is not to use credit on cards, with interest. Rather, I have the savings anyway, I do not want auto loan or credit, I will pay in full on time as usual; I just want the rewards and bonuses, and keep activity on my cards.

I have never made such large purchases with my cards (very low credit utilization), nothing more than an international plane ticket, guitar and macbook.
So, the actual question is, can a bank get suspicious and block my use of $9000?
Or if I make swipes of $8000 at once, using 6-7 cards from different banks, would all banks see this in their system and be alerted.
Or can I just even buy a condo if I wanted, granted that I am within my limits provided in my cards?

Thanks in advance,

The simple answer is no. Most dealers will not let you put more then 3-5k on a credit card, it costs them to much in fees. The same with property.

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

Anonymous — Wed, 04 Jan 2017 17:57:15 GMT

@noobody wrote:
The hard part is find a dealer take 50K credit card charge AND give you the best possible price on the vehicle.

Exactly correct. Sure you can get your $1000 back in rewards, but you'll spend $5000+ more on the car in order to do so. It's the old stepping on a dollar to pick up a quarter thought process.

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

Anonymous — Wed, 04 Jan 2017 18:01:16 GMT

Yarp. That's right, totally makes sense from the point of view of dealer and property owner.

But my main curiosity was the banks. Let's say I buy an 8000 dollar painting with my SPG Amex using full limit, an alienware for $6000 with my Chase Slate using full limit so on and so forth. Would this type of spending in one month alert these separate banks and eventually stop me using my legal and legitimate limits. Is there such a thing like being blocked before one could use all her CL limits?

I just don't want to be turned down..

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

resilient — Wed, 04 Jan 2017 18:06:47 GMT

If you have an AmEx card issued by AmEx Centurion Bank, there is a network of dealers that accept at least $2,000 up to the full purchase amount on AmEx cards. Google AmEx Auto Purchasing Program, or click here.

https://www.americanexpress.com/us/credit-cards/benefits/detail/auto-purchase-program/premier-gold

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

UncleB — Wed, 04 Jan 2017 18:07:37 GMT

@Anonymous wrote:
Yarp. That's right, totally makes sense from the point of view of dealer and property owner.
But my main curiosity was the banks. Let's say I buy an 8000 dollar painting with my SPG Amex using full limit, an alienware for $6000 with my Chase Slate using full limit so on and so forth. Would this type of spending in one month alert these separate banks and eventually stop me using my legal and legitimate limits. Is there such a thing like being blocked before one could use all her CL limits?
I just don't want to be turned down..

That's a different question... now you're asking will your lenders mind if you actually 'use' your credit line.

The answer is that in theory, you should be fine. Now in reality, whenever I make a purchase that is outside my usual pattern I call the issuer to let them know what's going on to prevent a decline at the merchant, but it's not really required. Capital One in particular advised me to simply use my card and call them if there's a problem (so far there never has been).

If you're wondering if your lenders would be concerned about you doing a 'bust out', that's a possibility, but they won't have the information about your increased balances with your other lenders until your reports cycle, which could take a few weeks. By that time you would likely have a problem, since maxing out all your cards simultaneously will definitely set off flags, as it should.

I'm actually curious why you're concerned about this... is this 'academic', or do you have a specific need?

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

Anonymous — Wed, 04 Jan 2017 18:11:14 GMT

No, income-wise I am totally fine. I believe the banking system is just ridiculously irrational with many weak spots.

I am not that well-read about the legal operation and customer rights on banking, and trying to satisfy my curiosity.

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

noobody — Wed, 04 Jan 2017 18:15:46 GMT

Call bank before you make purchase.

Pay it off before statement closing

Enjoy the benefits, and have nothing to worry about.

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

myjourney — Wed, 04 Jan 2017 18:20:47 GMT

@Anonymous wrote:
Yarp. That's right, totally makes sense from the point of view of dealer and property owner.
But my main curiosity was the banks. Let's say I buy an 8000 dollar painting with my SPG Amex using full limit, an alienware for $6000 with my Chase Slate using full limit so on and so forth. Would this type of spending in one month alert these separate banks and eventually stop me using my legal and legitimate limits. Is there such a thing like being blocked before one could use all her CL limits?
I just don't want to be turned down..

Somewhere over the course of the month the most likely scenario would look like this providing they let you use the full limit in one transaction

A) purchase painting Jan 4 8k card 1 Barclay

B) purchase alienware Jan 6 6k card 2 Chase

..............Break .......................

Chances are very high at this point that you'll trigger a SP from the 2 creditors above looking at your current finances

Card 1 &2 will most likely proceed to perform an off cycle reporting to the CB's thus showing at maxed out

At this point 1 & 2 will see each other and someone like Amex who IMHO large purchases on thier's or others cards seems to trigger a FR via SP CR"s

Don't know why or how they know but they do

C) Jan 8-9 you go to charge Amex with full limit and card is declined and text sent to call at which time they wish to know about recent charges and current financial situation

They may approve after the call or not

That being said if you were a person that regularly charged like this every month it may not send up any flag but per you this is not normal spending in your case

Lol

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

Anonymous — Wed, 04 Jan 2017 18:23:29 GMT

@Anonymous wrote:
Yarp. That's right, totally makes sense from the point of view of dealer and property owner.
But my main curiosity was the banks. Let's say I buy an 8000 dollar painting with my SPG Amex using full limit, an alienware for $6000 with my Chase Slate using full limit so on and so forth. Would this type of spending in one month alert these separate banks and eventually stop me using my legal and legitimate limits. Is there such a thing like being blocked before one could use all her CL limits?
I just don't want to be turned down..

If most of the accounts *reported* the balance to the CRAs in a small amount of time (a good reason NOT to set your closing dates to the same day on all accounts!) then yes, issuers might notice that you are suddenly maxed out on a number of cards and that would almost certainly set off some alarms as this could be a bust-out fraud attempt

So the CRAs could act as the alerting mechanism, depending what triggers the issuers have asked to be informed about

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

myjourney — Wed, 04 Jan 2017 18:29:23 GMT

@Anonymous wrote:
Yarp. That's right, totally makes sense from the point of view of dealer and property owner.
But my main curiosity was the banks. Let's say I buy an 8000 dollar painting with my SPG Amex using full limit, an alienware for $6000 with my Chase Slate using full limit so on and so forth. Would this type of spending in one month alert these separate banks and eventually stop me using my legal and legitimate limits. Is there such a thing like being blocked before one could use all her CL limits?
I just don't want to be turned down..

Forgot to address the highlighted section above You have no legal and legtimate limits with any bank Lol

Just what they allow you to use at any given time and transaction

They giveth and they taketh away at their discretion

Sorry

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

UncleB — Wed, 04 Jan 2017 18:31:21 GMT

@myjourney wrote:
@Anonymous wrote:
Yarp. That's right, totally makes sense from the point of view of dealer and property owner.
But my main curiosity was the banks. Let's say I buy an 8000 dollar painting with my SPG Amex using full limit, an alienware for $6000 with my Chase Slate using full limit so on and so forth. Would this type of spending in one month alert these separate banks and eventually stop me using my legal and legitimate limits. Is there such a thing like being blocked before one could use all her CL limits?
I just don't want to be turned down..
Forgot to address the highlighted section above You have no legal and legtimate limits with any bank Lol
Just what they allow you to use at any given time and transaction
They giveth and they taketh away at their discretion
Sorry

+1 ^^^^ Excellent point. Even the plastic card itself with our names embossed remains their property.

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

myjourney — Wed, 04 Jan 2017 18:35:22 GMT

@UncleB wrote:
@myjourney wrote:
@Anonymous wrote:
Yarp. That's right, totally makes sense from the point of view of dealer and property owner.
But my main curiosity was the banks. Let's say I buy an 8000 dollar painting with my SPG Amex using full limit, an alienware for $6000 with my Chase Slate using full limit so on and so forth. Would this type of spending in one month alert these separate banks and eventually stop me using my legal and legitimate limits. Is there such a thing like being blocked before one could use all her CL limits?
I just don't want to be turned down..
Forgot to address the highlighted section above You have no legal and legtimate limits with any bank Lol
Just what they allow you to use at any given time and transaction
They giveth and they taketh away at their discretion
Sorry
+1 ^^^^ Excellent point. Even the plastic card itself with our names embossed remains their property.

Yes it does remain their property and as such they have been known to call a merchant at time of purchase and tell them to cut up the card and return to customer Lol SMH

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

Anonymous — Thu, 05 Jan 2017 01:50:43 GMT

This thread is very funny. Thanks OP

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

Creditplz — Thu, 05 Jan 2017 02:53:50 GMT

I agree with calling the bank before making any large purchase that's you think they might deem "suspicious" and just explain the situation, also..... you cannot buy a car on a credit card, I've tried before with Amex, Chase, etc and when we went into Porsche I got the dealer GM to allow $10,000 but he could only do that with the authorization of the owner who said not a dime more

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

awp317 — Thu, 05 Jan 2017 03:12:59 GMT

I have never had an issue paying for a car on credit from a dealer. I negotiate my price for the car, and then say I dont need financing, go and sign the paperwork int he back office and then when they ask how im paying i say "with my card" and some balk some dont even question, done it 4 times now. However im not sure I could get away with asking them to swipe 5 or 6 cards to pay them.

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

Creditplz — Thu, 05 Jan 2017 03:22:10 GMT

I tried paying for my Ram 3500 on card and was denied by the dealer, also Porsche said no to Amex and Visa above 10,000 so I just financed. Has anyone else ever been successful putting 10,000+ on a card at a dealership?

Re: Can I make a very large purchase at once, combining 5-6 cards entire limits?!

resilient — Thu, 05 Jan 2017 03:32:42 GMT

Creditplz, see my post above and follow the link.....