I need a very high credit limit. I have great credit scores!

[Anonymous]

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@mgeorges wrote:

Is it even possible to buy cars on a credit card?

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Yes. 

[mgeorges]

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@Anonymous wrote:

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@mgeorges wrote:

Is it even possible to buy cars on a credit card?

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Yes. 

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I would hate to see the credit card companys processing fee! 

[Anonymous]

Same as any other purchase, roughly 2%.

Most dealerships frown on using a credit card as they incur high gross fees, but it's the cost of doing business and any company that accepts credit cards does so while agreeing to a set fee through their network/merchant agreement.  Then again, think of how many fewer customers a business would have if they were cash-only these days!

[Anonymous]

Dealers will take credit cards. My brothers boss bought a car on his Amex a few weeks ago...

Some states prohibit people from financing more than $500 of their down payment on credit, but that's the only restriction I know of...

[MissExcellentCredit]

I couldnt agree with you more. I wanted to think the best, but this one smells funny.

[Walt_K]

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@Anonymous wrote:
While this post was interesting, it reeks of BS. If I had that kind of money, I wouldn't be seeking my advice from this website, sorry myfico. Instead, I'd be seeking advice from my financial planner, wealth advisor, etc. Besides, most rewards programs earn about 1-2% max in returns. Even with a highly conservative investment portfolio, with those kinds of assets you should be able to earn at least 4-6% back on your liquid assets.

When you get to the OP's supposed level of wealth and income, the only credit one should need is an Amex platinum or other high end charge card for short term (less than 30 day) access to capital.

Edit: grammar

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These two don't stand in opposition to each other.  You are earning 4-6% (or whatever rate you are getting) on your money because you are leaving it in the investment portfolio at the same time that you are using the cards to buy things and getting back the 1-2% in rewards.  OP said he was floating the money on the cards because they were at 0%.  There's nothing inconsistent with using credit cards to purchase things to earn rewards and leaving your cash in an investment account.  You're not electing to get rewards over getting the investment return.  They work in conjunction with each other.  Whether you're buying things you don't need is another question.

The biggest problem with this is that OP just liquidated over a million dollars in assets because of some off the cuff advice he got on an internet forum, that quite frankly, is filled with people who have made poor financial decisions, myself included.  Whether I think its true or not, OP needs to consider getting a financial planner, getting a private bank account, and asking them what should be done before making rash decisions. 

[mgeorges]

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@Walt_K wrote:

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@Anonymous wrote:
While this post was interesting, it reeks of BS. If I had that kind of money, I wouldn't be seeking my advice from this website, sorry myfico. Instead, I'd be seeking advice from my financial planner, wealth advisor, etc. Besides, most rewards programs earn about 1-2% max in returns. Even with a highly conservative investment portfolio, with those kinds of assets you should be able to earn at least 4-6% back on your liquid assets.

When you get to the OP's supposed level of wealth and income, the only credit one should need is an Amex platinum or other high end charge card for short term (less than 30 day) access to capital.

Edit: grammar

---

These two don't stand in opposition to each other.  You are earning 4-6% (or whatever rate you are getting) on your money because you are leaving it in the investment portfolio at the same time that you are using the cards to buy things and getting back the 1-2% in rewards.  OP said he was floating the money on the cards because they were at 0%.  There's nothing inconsistent with using credit cards to purchase things to earn rewards and leaving your cash in an investment account.  You're not electing to get rewards over getting the investment return.  They work in conjunction with each other.  Whether you're buying things you don't need is another question.

The biggest problem with this is that OP just liquidated over a million dollars in assets because of some off the cuff advice he got on an internet forum, that quite frankly, is filled with people who have made poor financial decisions, myself included.  Whether I think its true or not, OP needs to consider getting a financial planner, getting a private bank account, and asking them what should be done before making rash decisions. 

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+1

[lovely222]

LOL This was just what I needed after a long day at work. Pure comedy! 

[KingAdrock]

Even though OP has been ousted as a troll, I'm still surprised no one suggested app'ing for an Amex Centurion.

[dalebb]

my boss bought his wife a jag with points from his card