Auto Loan downpayment using CSP for rewards bonus?

[James82]

So I've been looking to purcahse a new vehicle, and I've been looking at rewards to sign up for after purchasing a vehicle. I don't want to app now and hurt my chances of getting a good auto loan APR.

All this reward/money reading on the forums got me thinking, please feel free to smack me if this is out of line or seems wrong.

So I'm waiting to hear back from my CU on my auto loan preapproval. I should hear back today, and the approval is good for 60 days. Assuming it's a good rate and I'm happy with it, I was thinking, I planned on putting $3k-$4k down on the vehicle. What if I were to app for a CSP card and assuming I'm approved for $4k or more I put the downpayment on the card to get the bonus rewards?

I'd just PIF to avoid interest charges since that's money I planned on paying anyway, it'll give me 40k bonus points and then I can try and get the bonus rewards on another card I'd like to app for. One of the main reasons  for the freedom instead of the CSP was that I wasn't sure if I would be able to benefit by spending $3k in 3 months on it.

So, with that said, will it be frowned upon to see a 1 time purchase for $3k to get the rewards?

Thanks!

[youngandcreditwrthy]

Most auto dealers won't let you put more than $2-3k on a CC. I'd ask the dealer's policy on CC usage first.
So, do you bank with Chase? If so, app in Branch- that way you can get the $2k spend instead of $3k for the 40k bonus- so that if you are only allowed to charge $2k to the card, you will still get the bonus.

[09Lexie]

Also the minimum cl for a CSP is $5k

[James82]

I do not bank with chase. Even if I can put $2k down that would help get to the rewards number. I just wanted to see if it was even an option. I'll have to check with the dealer and see what they say.

[James82]

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@09Lexie wrote:
Also the minimum cl for a CSP is $5k

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Well then, assuming I'm approved that parts not a problem. Does CSP pull Experian?

[sccredit]

I have put down payments as high as $6k on cards before with no issues, done $1k, $4k and $6k down payments without issue.  Obviously YMMV

[09Lexie]

The CB is regional. For me they did but others have reported EQ. Also, they may doubt pull

[longtimelurker]

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@sccredit wrote:

I have put down payments as high as $6k on cards before with no issues, done $1k, $4k and $6k down payments without issue.  Obviously YMMV

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Right, and I have done 5.  Depends how much the dealer wants the sale and how much the credit card charge costs them.

Re meeting minimum spend.  This really shouldn't be a problem for most cards.   Amazon Payments is a painless $1000 per month, and so even if you don't do the max, that covers most of the $3K in three months, the rest covered with normal spend.

[Creditaddict]

the credit card won't care but check with the dealer... CarMax, Kia, and Infiniti did not take credit cards in my recent experience but I have used credit card before with Acura and BMW... it's dealership to dealership

[James82]

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@09Lexie wrote:
The CB is regional. For me they did but others have reported EQ. Also, they may doubt pull

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I wish they would pull EQ..... I don't think my EX has broke 700 yet. I'd guess it's between 650-670. I'm waiting for the app approval from the CU and I was going to go to creditcards.com for to see if any pre approvals pop up.