Buying Advice Purchasing a tractor on a credit card?

[RSR]

So, this isn't as financially irresponsible as the title may indicate.

I'm wondering if anyone has purchased a tractor using a credit card to reap the rewards points, and then immediately paid it off, as opposed to just walking in with a check?

It seems like a reasonable way to save a couple % more on a large tractor purchase. For example, the Chase Freedom Unlimited card offers 3% cash back on all purchases in the first year, up to $20,000. That's a $600 savings on a tractor. On a $30,000 tractor, split between two cards belonging to the wife and I, it's $900. That's a non-negligible amount.

Am I missing anything on this line of thinking?

 

[buckeyefarmer]

I asked, they wouldnt because of the fees.

 

[dalola]

Same here...we always inquire about putting big ticket items on cc's for the cash back/points, but most places (dealers) don't allow it, due to the fees they incur. Can't blame them, but still I will always try!

 

[Industrial Toys]

I pay a yearly fee for my card and get warranty doubled if I recall correctly. Makes you start to wonder. But after the billing period, you better have the mioney in hand.

I will often ask a small business, how many points they have to pay for CC and sometimes offer up cash. It is amazing how many say it doesn't matter. It should! But I guess they see it as the cost of doing business.

 

[nards444]

if the dealer allows it why not. credit is credit to an extent. Only thing with a credit card better either pay up when do or hope its 0%. We use the 0% offers to buy things get some points and then use it as mini interest free loan for a year and pay it off. Smart people use credit to their advantage but smart people are also disciplined with it

 

[hawkeye08]

When I have asked about big purchases on CC, they almost always say for 5% additional, which is more than the cash back.

 

[RSR]

Same here...we always inquire about putting big ticket items on cc's for the cash back/points, but most places (dealers) don't allow it, due to the fees they incur. Can't blame them, but still I will always try!

Good point. I hadn't thought about it from the sellers perspective.

 

[fruitcakesa]

I tried to buy a certified used car once with a CC.
Dealer only allowed $500 on the card, we paid cash for the rest.

 

[the old grind]

Folks with high credit limits bought cars with "The GM Card" when it first came out. The door slammed on that within a fiscal quarter.

I put all bills I can on CC except the PoCo, who won't allow it. (.. only use cash for hookers and heroin. )

A few times in 30 years I didn't pay a balance off by the end of the month. My insurance agent will now take CC with no fees, nearly $3k/yr for 2 cars, truck, & house. Wishing the township would do that for property taxes.

 

[Industrial Toys]

Always amazes me how many eastern and asian business people are shrewd enough to not accept CC payment without a buyers penalty.

Here the Terminals, are robbing businesses and many refuse to go with the nicer (germ free) tap (RFID) system as it's even more expensive for them still.