HOW TO BUY CAR USING CREDIT CARD?

[zack54]

Hello Everyone,

I want to discuss, how can i use my credit cards to buy a car? I am holding a good range of credit cards and so many also giving good cashback as well. Is there any trick so I can utilize the card amount in buying a vehicle?
Please suggest your ideas, it would be more helpful.

Thank you

 

[Anindya98]

Ask the dealer or showroom owner how much they are willing to take via credit card.
Like Car is 20L they are willing to take 7L via CC rest you pay via any other method.
Can you share your card collection with limits? Then I can suggest the best card or combination of cards that can be used.

 

[Skylar]

Hello Everyone,

I want to discuss, how can i use my credit cards to buy a car? I am holding a good range of credit cards and so many also giving good cashback as well. Is there any trick so I can utilize the card amount in buying a vehicle?
Please suggest your ideas, it would be more helpful.

Thank you

Typically, dealers charge an additional 2% to 4% when you pay with a credit card. Unless the rewards outweigh this extra cost, it’s not advisable to buy a car using a credit card.


However, if your card offers significant milestone benefits that enhance your overall returns, then it’s worth considering. Just be prepared for the hassle of negotiating the extra percentage with car dealers – shop around and choose the one with the lowest additional charge.

 

[zack54]

Ask the dealer or showroom owner how much they are willing to take via credit card.
Like Car is 20L they are willing to take 7L via CC rest you pay via any other method.
Can you share your card collection with limits? Then I can suggest the best card or combination of cards that can be used.

Thanks for writing back. I am sharing my card collection with limits. Have a look and suggest.
Hdfc Regalia-418000
Amazon pay ICICI-410000
HSbc platinum-300000
Au Lit-420000
One card-320000
Standard (easemytrip, smart)-225000
federal imerio-190000
Indus legend-255000
Indus rupay-100000
Kotak (urbane, royale)-338000
Axis (ace, flipkart, kiwi)-252000
Citi(rewards, iocl)-210000
PNB platinum rupay -66000
Rbl shoprite-85000
Idfc first-165000
american express-76000
sbi(simplysave,cashback,bpcl)-210000
yes bank-50000
bob-30000

that's all

 

[Skylar]

Thanks for writing back. I am sharing my card collection with limits. Have a look and suggest.
Hdfc Regalia-418000
Amazon pay ICICI-410000
HSbc platinum-300000
Au Lit-420000
One card-320000
Standard (easemytrip, smart)-225000
federal imerio-190000
Indus legend-255000
Indus rupay-100000
Kotak (urbane, royale)-338000
Axis (ace, flipkart, kiwi)-252000
Citi(rewards, iocl)-210000
PNB platinum rupay -66000
Rbl shoprite-85000
Idfc first-165000
american express-76000
sbi(simplysave,cashback,bpcl)-210000
yes bank-50000
bob-30000

that's all

Bro you'll end up paying more money to the dealer if you are using these cards.

Imagine dealers asks you to pay 2% extra
Car cost 10L you pay 2% extra which is 20K

will any of the cards you mentioned above give you return more than 2%?

 

[Anindya98]

Bro you'll end up paying more money to the dealer if you are using these cards.

Imagine dealers asks you to pay 2% extra
Car cost 10L you pay 2% extra which is 20K

will any of the cards you mentioned above give you return more than 2%?

You are correct these cards will not give him any rewards after paying the charges.
Better go for milestone-based cards where you can extract extra benefits after paying the charges.

 

[Anindya98]

Thanks for writing back. I am sharing my card collection with limits. Have a look and suggest.
Hdfc Regalia-418000
Amazon pay ICICI-410000
HSbc platinum-300000
Au Lit-420000
One card-320000
Standard (easemytrip, smart)-225000
federal imerio-190000
Indus legend-255000
Indus rupay-100000
Kotak (urbane, royale)-338000
Axis (ace, flipkart, kiwi)-252000
Citi(rewards, iocl)-210000
PNB platinum rupay -66000
Rbl shoprite-85000
Idfc first-165000
american express-76000
sbi(simplysave,cashback,bpcl)-210000
yes bank-50000
bob-30000

that's all

You have 19 active card accounts you aren't using all I hope, so I suggest you close them instead.

 

[zack54]

Bro you'll end up paying more money to the dealer if you are using these cards.

Imagine dealers asks you to pay 2% extra
Car cost 10L you pay 2% extra which is 20K

will any of the cards you mentioned above give you return more than 2%?

Yes thats true I am not using all the cards but most of the cards are lifetime free. Axis ace card was giving cashback of 2% for offline spends but axis has degraded the value to 1.5%.
Kindly suggest the better way of availing the benefits by using card.

Thanks in advance.

 

[abhimarda]

You have 19 active card accounts you aren't using all I hope, so I suggest you close them instead.

26 actually...some have shared limits

 

[Anindya98]

26 actually...some have shared limits

Shared Limits are counted as one card account which will not be an issue.

 

[Anindya98]

Yes thats true I am not using all the cards but most of the cards are lifetime free. Axis ace card was giving cashback of 2% for offline spends but axis has degraded the value to 1.5%.
Kindly suggest the better way of availing the benefits by using card.

Thanks in advance.

Yes, I can understand that but when getting new cards, the bank will think before giving you a card as you have so many unsecured loans. And your income-to-credit ratio is also very high if I am not wrong. Can you share your monthly income's approximate value?
I suggest closing the unused ones and going for a few good cards. Also, your Citi bank cards will be migrated to Axis soon.

 

[mkate]

Shared Limits are counted as one card account which will not be an issue.

do shared limit cards have annual fees separately?

 

[Anindya98]

do shared limit cards have annual fees separately?

Yes
For example, if you have Axis Flipkart and Myzone Paid both sharing a 1.5L limit then you get charged 590 twice one for Flipkart and another for My Zone

 

[blackjack_backjack]

Typically, dealers charge an additional 2% to 4% when you pay with a credit card. Unless the rewards outweigh this extra cost, it’s not advisable to buy a car using a credit card.


However, if your card offers significant milestone benefits that enhance your overall returns, then it’s worth considering. Just be prepared for the hassle of negotiating the extra percentage with car dealers – shop around and choose the one with the lowest additional charge.

i recently saw a video of that CA guy on dostcast youtube channel , where he says, he paid 10 lakhs for a car via credit card and got 1.75 lakh cashback

 

[Skylar]

i recently saw a video of that CA guy on dostcast youtube channel , where he says, he paid 10 lakhs for a car via credit card and got 1.75 lakh cashback

Thats was just to make that video go viral.

There isn't any card that would give 17.5% on offline retail spend

 

[blackjack_backjack]

YEAH MAHN HOW CAN THEY FAKE IT SO MUCH
EVERYONE ON YT LIES, HAHA NOTHING INTENDED

 

[anjalitiwari]

i recently saw a video of that CA guy on dostcast youtube channel , where he says, he paid 10 lakhs for a car via credit card and got 1.75 lakh cashback

Yes I also saw that video and he says biz black credit card used for payment.