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Pay with credit cards?

brkaus

Well-Known Member
Jul 8, 2014
8,058
6,557
Austin, TX
Nope. There is a service that lets you pay things like this by credit card, but I cannot recall the name. The fees were high, so it wouldn’t be worth it for 1.5%.

Someone did say you can pay for EAP/FSD the day you pickup without getting the extra 1k charge.
 
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ryanakata

Member
Jun 25, 2015
123
112
West Monroe, LA
Nope. There is a service that lets you pay things like this by credit card, but I cannot recall the name. The fees were high, so it wouldn’t be worth it for 1.5%.

Someone did say you can pay for EAP/FSD the day you pickup without getting the extra 1k charge.
Plastiq or Plastc or something. It's terrible .
 

khamkhao

New Member
Apr 7, 2018
2
0
San Diego
Nope. There is a service that lets you pay things like this by credit card, but I cannot recall the name. The fees were high, so it wouldn’t be worth it for 1.5%.

Someone did say you can pay for EAP/FSD the day you pickup without getting the extra 1k charge.

Is that true about the EAP? I didn't configure mine with that option but now having second thoughts about it.
 

brkaus

Well-Known Member
Jul 8, 2014
8,058
6,557
Austin, TX
I posted about this before, but Business Insider actually profiled someone who used a Visa credit card to buy a Tesla using Plastiq.

He did something smarter than my wife and I did, using a Chase Ink Biz Preferred card which earns 3x points on plastiq. More than $5,000 in free airfare/hotels earned in one purchase
That article looks more like a paid advertisement than a profile. The profit above the straight points value is pretty speculative imho.
 

Marsnaut

Member
Apr 7, 2016
311
276
NYC
I assume most people are trying to get credit card rewards but there is an interesting "arbitrage" opportunity.

If you have the Bank of America Premium Rewards card and are a Preferred Rewards Platinum Honors account, you can get 2.625% cashback. The Premium Rewards card does have a $99 annual fee and to be a Platinum Honors account, you need to have $100k in balances with them (either in brokerage through Merrill Edge or checking/savings).

The way it works out is that the card gives 1.5 points on "all other purchases" not defined in the categories, and as a Platinum Honors account you get a 75% rewards bonus. A point is redeemable for a penny and (1.5 * 1.75) equals 2.625 points per dollar spent.

https://www.bankofamerica.com/credit-cards/point-rewards-credit-cards/: "Earn unlimited points - 2 points for every $1 spent on travel and dining purchases and 1.5 points per $1 on all other purchases"

https://www.bankofamerica.com/preferred-rewards/: "Credit Card 75% Rewards Bonus on eligible Bank of America credit cards"

I've never used Plastiq but it appears there is a 2.5% fee.

2.625% - 2.5% = .125% profit. $40,000 only returns $50 (assuming your credit card limit goes that high).

Edit: Full Disclosure is that I work at Bank of America but nothing related to consumer products. None of the links above provide me any monetary compensation.
 
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Bays

Member
May 31, 2018
64
43
Bay Area
Here is an example of how you can do it.

(if the forums let me post.) If not, google million miles secret tesla.

Sounds pretty phony.

"Note: While Plastiq purchases have earned 3X points in the past, there’s no guarantee this will happen in the future."

"With the 180,000 Chase Ultimate Rewards points I earned from the Tesla purchase, I think I’ll get at least $5,000 worth of travel."

Couple of big leaps there.
 
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Need

Active Member
Nov 22, 2017
2,976
2,263
Rancho Cucamonga
I assume most people are trying to get credit card rewards but there is an interesting "arbitrage" opportunity.

If you have the Bank of America Premium Rewards card and are a Preferred Rewards Platinum Honors account, you can get 2.625% cashback. The Premium Rewards card does have a $99 annual fee and to be a Platinum Honors account, you need to have $100k in balances with them (either in brokerage through Merrill Edge or checking/savings).

The way it works out is that the card gives 1.5 points on "all other purchases" not defined in the categories, and as a Platinum Honors account you get a 75% rewards bonus. A point is redeemable for a penny and (1.5 * 1.75) equals 2.625 points per dollar spent.

Rewards Credit Cards from Bank of America: "Earn unlimited points - 2 points for every $1 spent on travel and dining purchases and 1.5 points per $1 on all other purchases"

Bank of America Preferred Rewards Program: "Credit Card 75% Rewards Bonus on eligible Bank of America credit cards"

I've never used Plastiq but it appears there is a 2.5% fee.

2.625% - 2.5% = .125% profit. $40,000 only returns $50 (assuming your credit card limit goes that high).

Edit: Full Disclosure is that I work at Bank of America but nothing related to consumer products. None of the links above provide me any monetary compensation.

You forgot the 50,000 points sign up bonus if you spent $3000 in 90 days. So the return is really $550. I didn't pay for my MX with credit card, but I paid the $4800 4 years extended service agreement with the BoA Premium Reward. Just got my $626 statement credit making the 4 years extended service agreement $4174.
 

bennettbb

Member
Feb 13, 2017
7
8
Cupertino
You don't get 3% on that card anymore through Plastiq, 1% now.

I use my Chase Ink Biz Preffered card for about 30% of my plastiq payments and I'm still getting 3x. I checked recently because I'm looking to buy another Model 3 with my card, which is how I came across this article odly enough
 

kengchang

Active Member
Jul 17, 2017
2,442
14,640
California
I use my Chase Ink Biz Preffered card for about 30% of my plastiq payments and I'm still getting 3x. I checked recently because I'm looking to buy another Model 3 with my card, which is how I came across this article odly enough
Interesting, I was looking into that as well and saw someone mentioned it got shutted down already.
 

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