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Pay with credit cards?
- Thread starter ratsbew
- Start date
barjohn
Member
Many dealers won't let you charge more than $5K. They don't want to pay the credit card fees.
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.
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.
Someone did say you can pay for EAP/FSD the day you pickup without getting the extra 1k charge.
ryanakata
Member
Is that true about the EAP? I didn't configure mine with that option but now having second thoughts about it.
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
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.
scrapps
Member
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.
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.
preilly44
Member
The Alliant Credit Union Card gives you 3% cashback on all purchases for the first year and I think 2.5% after that.
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.
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.
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.
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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