Payment method

[booyaka76]

Just got my delivery date given to me, it'll be in 12 days, woooooot! Finally.

I do have AMEX cc and at the moment I need 50,000 reward points to transfer to Finnair in order to have a seat upgrade on an upcoming long haul trip. I am still about 15,000 short.

So one way to do this is via Paypal's service called Xoom. There will be a fee. For a £15,000 transfer to a UK bank account the fee is £97.99. It is 0.65% (I've checked this as I initially put £20,000). That will give me 15,000 membership rewards point plus I have an annual bonus of 10,000 reward points which will be met if I made purchase of £15,000 (not sure how quickly this would be applied). So, a £15,000 transfer will give me 25,000 reward points for less than £100. If I looked at Finnair website, buying 15,000 points cost £193. So it's definitely a deal.

I'm only going to pay £15,000 as that will get me enough points in the immediate future for my Finnair, there's no need to incur further charges! The rest I will pay with bank transfer. My max daily limit is £25,000.

tl;dr... Yes, you can use your AMEX as part payment for your Tesla, I will use Paypal/Xoom but I understand Revolut/Western Union are other options. There will be a charge, but if you need your AMEX reward points for something specific and with a time limit, then it may be worth it!

Check that Amex don't also charge a fee....I suspect they will as this would be classed as a cash advance.
Check that Tesla accept Xoom payments
Seems a lot of hassle for an overall saving of about £90.

 

[Daverh]

Check that Amex don't also charge a fee....I suspect they will as this would be classed as a cash advance.
Check that Tesla accept Xoom payments
Seems a lot of hassle for an overall saving of about £90.

I've never used the service but it appears that you can have the payment deposited into your own bank account.

 

[Latibes]

How does final payment work when going through finance?

 

[Daverh]

How does final payment work when going through finance?

You pay the balance of whatever you've agreed as a deposit - £2k - £trade-in.
The finance company will pay the remainder of the car cost to Tesla.

 

[M3-Newbie]

Has anyone in the UK successfully bought their TESLA on amex? I searched plastiq and also paypal from other threads - but couldn't really see the costs.

I have a business amex (just small business not corporate) and I have just shy of £50k to pay on company car purchase....

I'd happily pay a fee (to a point) for a service - but don't want to get bitten twice with fees from amex and a third party - just putting it out there incase anyone else has managed this feat!

 

[Roy W.]

Has anyone in the UK successfully bought their TESLA on amex? I searched plastiq and also paypal from other threads - but couldn't really see the costs.

I have a business amex (just small business not corporate) and I have just shy of £50k to pay on company car purchase....

I'd happily pay a fee (to a point) for a service - but don't want to get bitten twice with fees from amex and a third party - just putting it out there incase anyone else has managed this feat!

They won’t let you pay with plastic, I asked. Bank transfer only for the balance I’m afraid.

 

[dakaix]

You could use Billhop, it was created for exactly this purpose (charges Amex, doesn't appear as a financial service, recipient gets a BACS transfer). However it comes with a costly 3% fee, so you really need to want to trigger the Amex benefit.

 

[M3-Newbie]

We do a lot with Amex and as well as posting here I also emailed our account manager - and they have actually just launched a bank to bank payment so it will only be 1.15% for this transaction and tesla will be happy as they receive it as a bank payment!! If anyone needs a referral code for amex 'start a conversation' and I'll send you one back!! I get points and you'll get loads for a newly opened card and will sail through the initial spend to trigger bonus points if buying a tesla or the autopilot etc

The third party apps i had found and others added to above charge a fee, plus amex might as well - so this bank payment on amex might not be for anyone who already has tonnes of points (alot of my clients do as I advise as part of our overall reviews on how to maximise amex use!) so for mega high turnover businesses already maximising their points then this 1% fee isn't worth it for cashflow/cost to the business, but for those not yet at that level and who use the points rather than drawing money from the business - whether employed or at director level - this is a great option

My Account manager says - now you’re able to use American Express to pay off your business credit card statements / HMRC & Tax Bills / PAYE / and suppliers via our payment portal. In essence you would earn 1-1 membership rewards for paying these off the platform for a small processing fee.

up to 10k fee 1.25%
10k - 100k fee 1.15%
over 100k fee 1%

it takes 2-3 days to set up so I'm off to do it now!