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$60,000 Tesla with a credit card and earned an estimated $5,000 in rewards

MakingProgress
Senior Contributor

$60,000 Tesla with a credit card and earned an estimated $5,000 in rewards

Often, if using your credit card means incurring a fee, it's better to pay another way. Why spend more than you need to? But in some cases, the fee might be outweighed by rewards.

That was the case for 29-year-old Keith Rosso, who recently used a credit card to buy a Tesla Model 3 with his wife Liz for a total of $58,857, including taxes and fees....................................

 

 

https://www.cnbc.com/2018/08/16/29-year-old-keith-rosso-bought-a-60000-dollar-tesla-with-a-credit-ca...




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Message 1 of 9
8 REPLIES 8
19eighty5
Senior Contributor

Re: $60,000 Tesla with a credit card and earned an estimated $5,000 in rewards

Talk about using rewards points to your advantage. This type of transaction would make me super nervous but more power to this guy!

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Message 2 of 9
Asilomar
Frequent Contributor

Re: $60,000 Tesla with a credit card and earned an estimated $5,000 in rewards

Dude had enough expendable income to purchase a 60K car in cash but only had a 37K limit on a Chase business card?  Phht.  He needs to spend some time 'round these parts.  Smiley Wink

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EX 780 TU 806 EQ 810

Message 3 of 9
SouthJamaica
Super Contributor

Re: $60,000 Tesla with a credit card and earned an estimated $5,000 in rewards


@MakingProgress wrote:

Often, if using your credit card means incurring a fee, it's better to pay another way. Why spend more than you need to? But in some cases, the fee might be outweighed by rewards.

That was the case for 29-year-old Keith Rosso, who recently used a credit card to buy a Tesla Model 3 with his wife Liz for a total of $58,857, including taxes and fees....................................

 

 

https://www.cnbc.com/2018/08/16/29-year-old-keith-rosso-bought-a-60000-dollar-tesla-with-a-credit-ca...


I am highly skeptical that this guy got a $5000 benefit out of buying the car this way.

Message 4 of 9
iv
Valued Contributor

Re: $60,000 Tesla with a credit card and earned an estimated $5,000 in rewards


@SouthJamaica wrote:

@MakingProgress wrote:

Often, if using your credit card means incurring a fee, it's better to pay another way. Why spend more than you need to? But in some cases, the fee might be outweighed by rewards.

That was the case for 29-year-old Keith Rosso, who recently used a credit card to buy a Tesla Model 3 with his wife Liz for a total of $58,857, including taxes and fees....................................

 

 

https://www.cnbc.com/2018/08/16/29-year-old-keith-rosso-bought-a-60000-dollar-tesla-with-a-credit-ca...


I am highly skeptical that this guy got a $5000 benefit out of buying the car this way.


He didn't... but he did pay $1,471 in Plastiq fees (2.5%) to get 176,571 UR points, which isn't a bad trade.

 

He's valuing the UR points at just over 2.8cpp to get to $5,000 (which is possible depending on how he redeems/transfers), but ignores the $1,471 in fees. So, best case with his given numbers is $3,529 profit, worst case is $1,177 (at a basic 1.5cpp rate).

 

And not surprisingly, right after this article hit the news, Chase cut off the bug he used (Plastiq payments counting at 3X points on the Ink Business Preferred).  I'm guessed he pissed off a lot of Plastiq+Chase abusers...

 

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Message 5 of 9
creditwarrior2317616
Valued Contributor

Re: $60,000 Tesla with a credit card and earned an estimated $5,000 in rewards

If the rewards outweigh the taxes and fees, go for it! I would never do this, though. LOL. Smiley Wink

Message 6 of 9
Asilomar
Frequent Contributor

Re: $60,000 Tesla with a credit card and earned an estimated $5,000 in rewards


@iv

.... So, best case with his given numbers is $3,529 profit, worst case is $1,177 (at a basic 1.5cpp rate).

 

And not surprisingly, right after this article hit the news, Chase cut off the bug he used (Plastiq payments counting at 3X points on the Ink Business Preferred).  I'm guessed he pissed off a lot of Plastiq+Chase abusers...

 


Still.  3,500 or 1,200 -- I'd do it.  I never like leaving money on the table if all it takes is a little creativity or elbow grease.

 

I think that's hilarious!  Chase was on that like stink on shi*.  LOL  Moral of the story?  Keep your stupid mouth shut and don't try and act like a cool guy to the press.  Smiley Wink

 

 

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EX 780 TU 806 EQ 810

Message 7 of 9
creditwarrior2317616
Valued Contributor

Re: $60,000 Tesla with a credit card and earned an estimated $5,000 in rewards


@Asilomar wrote:

@iv

.... So, best case with his given numbers is $3,529 profit, worst case is $1,177 (at a basic 1.5cpp rate).

 

And not surprisingly, right after this article hit the news, Chase cut off the bug he used (Plastiq payments counting at 3X points on the Ink Business Preferred).  I'm guessed he pissed off a lot of Plastiq+Chase abusers...

 


Still.  3,500 or 1,200 -- I'd do it.  I never like leaving money on the table if all it takes is a little creativity or elbow grease.

 

I think that's hilarious!  Chase was on that like stink on shi*.  LOL  Moral of the story?  Keep your stupid mouth shut and don't try and act like a cool guy to the press.  Smiley Wink

 

 


LOL. Smiley Very Happy

Message 8 of 9
joe8185
Valued Contributor

Re: $60,000 Tesla with a credit card and earned an estimated $5,000 in rewards

*shakes head* Last year, I thought the idea of paying for a car with a credit card was completely absurd. Just goes to show there's nothing so outlandish that someone won't do it!

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