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Pay with credit cards?

Discussion in 'Model 3: Ordering, Production, Delivery' started by ratsbew, Apr 15, 2018.

  1. ratsbew

    ratsbew Active Member

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    Is it possible to pay for my Model 3 by credit card in the store? I'd love to be able to get my 1.5% cash back on a $55,000 purchase ($825!).
     
    • Funny x 1
  2. barjohn

    barjohn Member

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    Many dealers won't let you charge more than $5K. They don't want to pay the credit card fees.
     
    • Like x 1
  3. Marsnaut

    Marsnaut Member

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    The initial reservation deposit ($1,000) and the payment at time of configuration ($2,500) can be paid by credit card. Everything else must be cashier's check/check/ACH, etc.
     
    • Informative x 4
    • Like x 2
  4. brkaus

    brkaus Well-Known Member

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    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.
     
    • Like x 1
  5. ryanakata

    ryanakata Member

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    Plastiq or Plastc or something. It's terrible .
     
  6. brkaus

    brkaus Well-Known Member

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    Yup. That sounds familiar. Esp the terrible part :)
     
  7. khamkhao

    khamkhao New Member

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

    brkaus Well-Known Member

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    I read it here... so no telling of it is truthful. Or a global policy.
     
  9. bennettbb

    bennettbb Member

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    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
     
    • Like x 1
  10. brkaus

    brkaus Well-Known Member

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    That article looks more like a paid advertisement than a profile. The profit above the straight points value is pretty speculative imho.
     
  11. scrapps

    scrapps Member

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    I explicitly asked my ISA about this at the time and she said I couldn’t do that.
     
  12. Marsnaut

    Marsnaut Member

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    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.
     
    • Informative x 1
  13. preilly44

    preilly44 Member

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    The Alliant Credit Union Card gives you 3% cashback on all purchases for the first year and I think 2.5% after that.
     
  14. AJMac

    AJMac Member

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    Here is an example of how you can do it.

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

    Bays Member

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    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.
     
    • Like x 1
  16. Need

    Need Active Member

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    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.
     
  17. AJMac

    AJMac Member

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    I agree. It’s a bit too risky for my blood… but I believe that the guy is being truthful in the post. But ymmv for sure.
     
  18. kengchang

    kengchang Active Member

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    You don't get 3% on that card anymore through Plastiq, 1% now.
     
  19. bennettbb

    bennettbb Member

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    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
     
  20. kengchang

    kengchang Active Member

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    Interesting, I was looking into that as well and saw someone mentioned it got shutted down already.
     

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