| Buying a Car on a Credit Card? |
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jk823
New Member
Cash: $ 0.90
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Joined: 31 Jan 2009
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| Buying a Car on a Credit Card? |
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Hi!
I will be buying a car soon for a cross-country move. I have the cash to pay the $23,000 for the car outright, but was wondering what the possible credit-related downsides would be if I put it on my credit card and paid it off immediately at the next cycle.
The reason I'd do that is because my card gives me frequent flier miles and 23,000 miles would be just about enough for a trip home at the holidays or another time...
I just wasn't sure if it was a dumb idea for some reason I couldn't forsee. Also, right now my credit limit on that card is $22,000 so I'd need to increase it, probably to like $25,000 to include all the fees and stuff on there. Is this actually a really stupid idea? Could raising my limit hurt my overall credit score??
Thanks!
John
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Sun Feb 01, 2009 12:00 am |
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jk823
New Member
Cash: $ 0.90
Posts: 4
Joined: 31 Jan 2009
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I wasn't sure they would, but if they did what would be the credit downsides?
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Sun Feb 01, 2009 4:41 pm |
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littleroc02us
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My first question would be, "Why do you need a $23,000 car?" That sounds like a very expensive purchase for a product that loses 70% of it's value in 4 years. Also, it's great that you have so much cash saved up. Not knowing what the purpose of such an expensive vehicle is for, you can get a very reliable vehicle used for around $10,000. My suggestion would be to pay cash for a used vehicle and not take the risk of using a credit card. Cash is king.
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Mon Feb 09, 2009 10:30 pm |
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Greg Orlando
Full Member
Cash: $ 12.50
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Joined: 07 May 2009
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Question is will the auto dealer take credit card for such a big payment?
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Tue May 19, 2009 8:28 pm |
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