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Buy a boat with a credit card?
05-07-2014, 03:35 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Jul 2013
Location: Texas
Posts: 1,065
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Buy a boat with a credit card?
Anyone make a big ticket purchase using a points credit card? I'm getting ready to buy a boat and wonder if I can buy it with a Chase Sapphire Visa, then pay it off immediately for the point value.... I don't know if the boat dealer would allow it because he might have to pay a large fee to Visa.. anyone know how this might or might not work?
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05-07-2014, 03:40 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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You can always ask, but my experience is big ticket retailers place limits on how much of a purchase they will allow on a CC. I once tried buying a car with a CC and the dealership wouldn't agree to more than $3k on the card.
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Numbers is hard
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05-07-2014, 04:45 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,303
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Quote:
Originally Posted by REWahoo
You can always ask, but my experience is big ticket retailers place limits on how much of a purchase they will allow on a CC. I once tried buying a car with a CC and the dealership wouldn't agree to more than $3k on the card.
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Same here. I tried to buy my last car using a CC for the points, dealer would not allow it even though it was well within our credit limit. I assume it's because merchants have to pay CC companies on average 2% of transaction cost and car-boat and other big ticket item sellers want cash without out any middleman %. A 2% cut on a car or a boat by a credit card issuer is unwarranted.
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No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
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05-07-2014, 04:51 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,370
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It might be worth looking into. Can't hurt to ask. They might be willing to negotiate you paying a bit more in which case you would have to assess the value of the points to you.
Another benefit of a CC transaction is that some providers double the term of the manufacturer's warranty. I got money back from Discover for some out-of-warranty refrigerator repairs because I bought the refrigerator using my Discover card. But I suspect that there may be limitations but if not it would be fun to see there faces when someone files a claim for repairs on an x year old boat!!!
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Patience is the art of concealing your impatience.
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05-07-2014, 04:53 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Quote:
Originally Posted by REWahoo
You can always ask, but my experience is big ticket retailers place limits on how much of a purchase they will allow on a CC. I once tried buying a car with a CC and the dealership wouldn't agree to more than $3k on the card.
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I have heard that many times. The strange thing is you would think they could eat the 2% There can be a lot of profit on a used car.
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05-07-2014, 05:02 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Southern California
Posts: 3,999
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Quote:
Originally Posted by pb4uski
It might be worth looking into. Can't hurt to ask. They might be willing to negotiate you paying a bit more in which case you would have to assess the value of the points to you.
Another benefit of a CC transaction is that some providers double the term of the manufacturer's warranty. I got money back from Discover for some out-of-warranty refrigerator repairs because I bought the refrigerator using my Discover card. But I suspect that there may be limitations but if not it would be fun to see there faces when someone files a claim for repairs on an x year old boat!!!
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Credit cards all have disclaimers that they do not extend warranties on motorized vehicles of any type...including boats.
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05-07-2014, 05:02 PM
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#7
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Recycles dryer sheets
Join Date: May 2011
Posts: 325
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I have paid up to $5000 on the purchase of a car on a credit card.
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05-07-2014, 05:06 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,370
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Quote:
Originally Posted by Ready
Credit cards all have disclaimers that they do not extend warranties on motorized vehicles of any type...including boats.
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Good to know.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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05-07-2014, 05:13 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,303
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Quote:
Originally Posted by rec7
I have heard that many times. The strange thing is you would think they could eat the 2% There can be a lot of profit on a used car.
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You might be surprised, (as I'd always heard) it appears most dealers profit quite a bit more on service & parts than profits on new or used cars even after F&I. Despite the rare buyer who pays MSRP (or close), the average profit on new cars is by one report about 3% (before holdbacks & incentives), which would explain why dealerships can't eat a 2%+ CC fee...
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No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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05-07-2014, 06:10 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 3,681
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We paid off our house with a credit card. I think it was about $16,000 but it was a balance transfer deal, not a merchant transaction. There was no balance transfer fee and a fixed 2.99% rate for 1 year, then 1.99% for the life of the balance. Paid that off before DH retired.
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Married, both 69. DH retired June, 2010. I have a pleasant little part time job.
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05-07-2014, 06:10 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,674
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I once purchased a used car from AutoNation USA with a CC and paid it off the next month. I think I got about $80 in Discover cashback credits.
I have asked to do it again but they don't seem to want to get my CC money now.
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05-07-2014, 06:21 PM
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#12
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Moderator Emeritus
Join Date: Dec 2005
Posts: 10,125
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I am another person who bought a used car. Used a cash back card and put the entire 8000 on it. Paid it off in full before any interest was charged.
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Angels danced on the day that you were born.
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05-08-2014, 06:26 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Posts: 12,657
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It's always worth asking, as others have said. We have been having a lot of big expenses related to 3 properties, and I always ask if I can put some or all on the CC. Most contractors want a check because the CC fee cuts into their profits, but some will go for it (because CC's don't bounce, I guess).
Our utilities and taxing authorities allow CC payments, but the fee is not worth the convenience or the points.
Re: new car, the dealer would only let us put $3K on the CC and was unhappy even about that.
Amethyst
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05-08-2014, 06:45 AM
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#14
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Full time employment: Posting here.
Join Date: May 2007
Posts: 984
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I once bought a new Toyota truck with a Visa card (only about $15000) but that was many years ago. Since then, I have tried to buy boats/autos that way but have not found another dealer that would allow more than a couple thousand by CC.
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05-08-2014, 07:43 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Jan 2010
Location: 5-sided building
Posts: 1,184
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If you're slightly creative, there are ways to "buy money" at face value using your credit card, and then spend that money on whatever you'd like.
One reason that dealerships don't like to take a lot of money on a credit card is that they become vulnerable to a disputed charge, which is work for them to counter-dispute, and no guarantee that they will win the dispute.
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05-08-2014, 08:43 AM
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#16
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Recycles dryer sheets
Join Date: May 2010
Posts: 497
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You can get two different answers to this question.
Try this one.
Just tell them you are not going to buy the boat if you can not put it on the credit card and get up and start to walk out.
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05-08-2014, 01:05 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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Used CC for $10,000 on last car purchase. Probably could have argued for more.
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Vietnam Veteran, CW4 USA, Retired 1979
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05-08-2014, 02:56 PM
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#18
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Gone but not forgotten
Join Date: Jul 2012
Location: Peru
Posts: 6,335
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For any purchase, at any amount, where the seller takes credit cards, negotiating the 2% is becoming common. Not from major retailers, but for those with a direct vested interest in making the sale.
Doesn't work with most major retailers. Brings up a very interesting subject for me. With a retail background in one of the (then) largest companies in the world, management controls went down to the local level... with the store manager having the authority to make decisions in the interest of profit and customer relations.
Today, not so much. Personal example... second largest building/home garden company in the country.
Recently went to purchase approximately $1,000 in furniture. Half hour with the salesperson, and after settling on what we wanted, asked about delivery charges. Salesperson and department manager both quoted a price and completed the sales form. We brought it to the "delivery" department, where they revised the delivery charge by upping the price by $10... a recent (yesterday) change. When I complained, instead of giving a courtesy $10 allowance to keep the sale, they refused to do this... I asked to speak to the manager, as I thought he'd want to keep a good customer... as well as the obvious profit.
"No way"...
So we left. The more I thought about it, the more I thought of how wasteful their policy was, so wrote a letter to the president of the corporation, asking if that was indeed their attitude and policy. I did receive a reply... which said they were sorry that I was disappointed, but that their manager had acted in accordance with their corporate instructions.
Policy trumps sanity...
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05-08-2014, 08:55 PM
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#19
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Recycles dryer sheets
Join Date: Jan 2014
Posts: 110
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This will sound strange, but my dear friend paid for her son's funeral on a credit card. She is frugal and so was he. He would have gotten a kick out of her receiving the points and paying balance in full of course.
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05-08-2014, 09:10 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Jul 2013
Location: Texas
Posts: 1,065
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Quote:
Originally Posted by prose3589
This will sound strange, but my dear friend paid for her son's funeral on a credit card. She is frugal and so was he. He would have gotten a kick out of her receiving the points and paying balance in full of course.
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great story!
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