Looking to put $106k on Plastiq to beat 2.5%

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Jul 28th, 2020 3:53 pm

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Jul 26th, 2020 5:13 pm

microsoldier54 [OP]: Newbie; Jan 21, 2015; 70 posts; 43 upvotes; YQR

Jul 26th, 2020 5:13 pm

Looking to put $106k on Plastiq to beat 2.5%

I have a $106k car on order and cash in hand. I’m wondering if anyone in Canada has experience getting better than 2.5% back in rewards (the apparent Plastique fee right now) and a purchase approval limit of $106k.

I don’t really care what card, just want to apply for whichever one and get this initial bonus. It probably wouldn’t become my main card in the long haul, currently on Rogers World Elite MasterCard, PC MasterCard, and gold personal Amex.

Thanks for any advice in advance.

5 replies

Jul 26th, 2020 6:57 pm

tew: Deal Addict; Jun 13, 2010; 2820 posts; 2651 upvotes; GTA

Jul 26th, 2020 6:57 pm

Where allows you to put an entire car purchase on a CC? Dealerships allow the deposit on CC but the balance on a certified cheque. They don't want to pay the CC company fees on large amounts.

Jul 27th, 2020 7:50 am

bylo: Deal Expert; Jan 7, 2002; 21101 posts; 15052 upvotes; Waterloo, ON

Jul 27th, 2020 7:50 am

If a car dealer lets you pay for the entire car on a credit card then you can be 100% certain that you're paying too much for the car--a much larger amount than just 2.5%.

veni, vidi, Visa

+1

Jul 27th, 2020 1:47 pm

microsoldier54 [OP]: Newbie; Jan 21, 2015; 70 posts; 43 upvotes; YQR

Jul 27th, 2020 1:47 pm

Tesla. They don’t have dealers. Plastiq specifically allows you to pay merchants with credit cards when you are generally not able to do that and they take 2.5% as a fee.

The point is to try to find a card that would both allow this purchase, and would net more than 2.5%. The “dealer” or “merchant” side is already good to go.

Jul 28th, 2020 2:01 pm

Kiraly: Deal Fanatic; Jan 9, 2011; 9322 posts; 10881 upvotes; Vancouver

Jul 28th, 2020 2:01 pm

tew wrote: ↑ Where allows you to put an entire car purchase on a CC? Dealerships allow the deposit on CC but the balance on a certified cheque. They don't want to pay the CC company fees on large amounts.

That’s the point of Plastiq, from the merchant’s end it’s not a credit card transaction at all, it’s a bank transfer or paper cheque equivalent and they pay no fees to receive it.

OP too bad you missed the Amex Platinum double double promo, which ended 8 days ago. You could have earned 212,000 MR points cashable for $4,240, minus Plastiq’s fee.

Did you get hit with customs/duties/import charges on an Amazon.ca purchase? Fight back!

+1

Jul 28th, 2020 3:53 pm

microsoldier54 [OP]: Newbie; Jan 21, 2015; 70 posts; 43 upvotes; YQR

Jul 28th, 2020 3:53 pm

Kiraly wrote: ↑ That’s the point of Plastiq, from the merchant’s end it’s not a credit card transaction at all, it’s a bank transfer or paper cheque equivalent and they pay no fees to receive it.

OP too bad you missed the Amex Platinum double double promo, which ended 8 days ago. You could have earned 212,000 MR points cashable for $4,240, minus Plastiq’s fee.

Oh wow that's insane. I wish I knew about that a little earlier, I could have made out like a bandit. That's basically exactly what I am after.

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