Using Credit Card for Car Payment??

[momoftwins]

Due to a bonus, we now have enough money to pay off our car. I was wondering if there was a way to use the Disney Visa to pay it off - so I could get the reward points. I would then use the cash to pay off the credit card.

Anyone ever done this? Any other ideas to be able to get the points would be appreciated.

Thanks and have a great day!

 

[marie1203]

I never been able to pay a car loan with credit cards. But I guess it is depends on who has the loan some do some don't.

 

[Marionnette]

Chances are that the car dealership will not allow you to put the full amount on a credit card. If they allow you to put part of it on a CC, they will probably charge you a convenience fee that exceeds the value of the rewards points you would get in return.

It won't hurt to ask, but don't be surprised if the answer is no.

 

[Dacky619]

Both cars we purchased in the last 3 years had limits to the amount that could be on a card. The one car we paid for upfront we put the max on the card for the rewards points, and paid cash for the rest. The other car, once we had a financing amount, those payments could not be done by credit card. It is worth a call to see what they'll do for you, but I wouldn't expect much.

 

[bumbershoot]

You have to look at YOUR loan to see if it's possible. We could not do it with our loan.

 

[disneymomto5]

I'm not sure but could you do it if you got checks from the credit card company? We bought a fence and they didn't take credit cards but I did write a credit card balance transfer check for the deposit and they took that.

 

[leebee]

I don't think you get points for a credit card check, and there's a 3% (or maybe more) fee, so not a good deal. If your loan is through Chase, you won't be able to do this, as you can't use a Chase card to pay a Chase loan. However, if your loan company will let you do this, I say GO FOR IT!! I regret that we couldn't put our most recent car purchase on our credit card, but the dealership said they'd cut the price so much that they couldn't take a card because by the time they paid the bank fee, they'd lose money. Not sure if that was true or not, but they had come down about 25% in their asking price, so maybe. Anyhow, good luck, and I'll be jealous of the Disney points you get if you can do this!

 

[DisCookie]

I'm not sure but could you do it if you got checks from the credit card company? We bought a fence and they didn't take credit cards but I did write a credit card balance transfer check for the deposit and they took that.

Like leebee said, watch out for the fees on those, could be treated as a cash advance type thing where interest starts accruing immediately and no rewards are earned on it. When I bought my car, they would only let me charge $1k. Had to pay the rest in cash/check.

 

[disneychrista]

In general, you can not pay one line of credit with an other.

 

[leebee]

In general, you can not pay one line of credit with an other.

Actually, you can, just not directly. Write the credit card check to yourself and deposit it. Then write a check from your account to the second credit card company. I've done it half-a-dozen times with no problem.

It IS true that you cannot use a credit card check from one account through company X to directly pay off the balance on a different account that is through company X. YOu also cannot transfer balances between two accounts owned by the same company.

 

[Eastern]

Like leebee said, watch out for the fees on those, could be treated as a cash advance type thing where interest starts accruing immediately and no rewards are earned on it.

I once put a deposit on a car on my cc (a long time ago....) and the dealership did treat it as a cash advance and interest started accruing immediately.