Credit usage

[washington12]

Let's say you have like a 100k limit on a card. What do you or can you use it for? Could you purchase a care, boat, or other high priced items? Or would they shy away from you buying a Mustang on a credit card?

[grillandwinemaster]

I do not have a 100k credit card, but if I did, I would fully expect that if I chose to buy a new Mustang, it should go through on the first swipe!

[MugenCivicSi83]

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@grillandwinemaster wrote:

I do not have a 100k credit card, but if I did, I would fully expect that if I chose to buy a new Mustang, it should go through on the first swipe!

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DITTO!

[Credit_hawk]

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@grillandwinemaster wrote:

I do not have a 100k credit card, but if I did, I would fully expect that if I chose to buy a new Mustang, it should go through on the first swipe

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I've got a 2015 GT Premium with the Performance Pack! Get one!!

[Anonymous]

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@washington12 wrote:
Let's say you have like a 100k limit on a card. What do you or can you use it for? Could you purchase a care, boat, or other high priced items? Or would they shy away from you buying a Mustang on a credit card?

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If you have a 100K limit, chances are slim to none that the interest rate (long term) is going to be better than the rate you can get on an auto loan. Or a boat loan. So it wouldn't be very smart to finance these things on a CC. But if you have it and want to, I would expect the charge to go through.

[Anonymous]

If someone was qualified for a 100k credit card limit, Im extra sure they would be able to buy a car or other high priced items on it. I'll be expected with that kind of credit limit and wouldn't be a surprise. In fact, people with much much much lower limits put down payments on their car purchases all the time on their credit card with no problem. 

[Anonymous]

I imagine it would be like any other purchase. Of course a loan would have better rates, but lets say this person has income to pay it off either right away or before the intro rate wears off. Can you imagine the rewards points from a purchase like this?

[iced]

It's a nice thought, but most dealerships won't let you pay for a car entirely with a card - they don't want to eat the merchant fees.

That said, it is nice to buy something for 20-30k and get miles or points for it. I have done a 15k purchase with one swipe before - in my case I bought a loose GIA diamond for a ring I was having made.

[Anonymous]

If I had a 100K limit on a card...

Well, if it was like a new card with a relatively long 0% intro offer (more than a year) and rewards, and I had the income to support getting that sucker paid off within the intro period (which I'm sure I would if I had a brand new card with a 100K limit), heck yeah I'd buy a car on it if a dealership let me.

And then I would figure out what the heck I'd do with my pile of rewards.  Hahaha.

[Geordi]

Agree that most dealerships would not want to eat the merchant fee on such a purchase.

Easy enough to find out though.

Someone with a $50K SL, please go and try to buy a Chevrolet Spark LS on your card.

If you can't buy a Spark, you definitely wouldn't be able to buy a Mustang.