I hadn't planned on this but................................
2 1/2 weeks ago we bought a new car for DW.
This week I took DDs car in for some exhaust work. In addition to the exhaust she needs ball joints, control arms, tie rods, and struts. So it would cost more than we paid for the car to repair it. So the plan is to get her another junker.
I am planning of using Plastiq for about $2,500 in addition to the cash DD has saved for the Junker. Plastiq would charge my brand new Amex Cash Magnet. The SUB would more than pay for Plastiq fee and I would still get the 1.5% cash back. And then I have 0% for 15 months. I was given an SL of $2,000, but I moved $11,500 from my BCE so that both now have a CL of $13,500.
CONGRATS on your Approval and Thanks for the DPs!!!
And a wrench just got thrown in the plan.
I checked with Plastiq and I can't use Amex for this, I can use Visa or MC. So to make this work lets do some math.
$2,500 needed at 0%
+$62.50 Plastiq 2.5% fee
-$50 Cash Back on Citi DC at 2%
+$125 BT Fee to BT it to Amex CM.
=$2637.50 at 0% until June 2020.
So in reality I am paying $137.50 or 5.5% in fees to do this. The BT will not count as a purchase, but $1K in spend gets me $150 sub and $15 in cash back, but I am losing $5.00 in cash back by charging here instead of on my Citi DC. So I still come out ahead and in effect have financed a car for 0% and even have an extra $22.50 in my pocket or have made a profit of 9%.
Not as good as it would have been if I could use Amex, but it still works.
Congrats on your approval !!!!
Congrats on your success!!