hi, i'm trying to buy a car from a private seller.. i'm just wondering if it's possible to put the car on my credit card ~$13k. I'm always receiving offers such as 1.9% interest for the life of balance, etc. what would be the best way to "balance transfer" the money so i would be able to give the seller $13k cash/check? writing out the balance transfer check wouldnt work--since credit card companies will charge a cash advance rate if the check is payable to an individual and not a business. does anyone know how i can get around this? thanks.
Most credit card companies have a limit on cash advances, and checks like you are talking about are often considered cash advances. You might be able to use balance transfer checks, just beware of hidden fees. I know cap1 has offered me car loans for a set amount, Have you considered talking to the lender to see if this is an option? Otherwise, I don't see how you are going to be able to purchase this with your credit card.
can i balance transfer to a card without a balance, then ask for a refund by check from the other card? that way i would get cash, but at a balance transfer rate...
MBNA and Chase will deposit money into your checking account as a purchase. Or simply have them make the balance transfer check payable to the person you are buying the car from? Give them their name, address, and make up some reference number.
Citibank (including AT&T Universal card) will also BT the money to your account or send a check payable to you. If it's a promotion at a low rate until paid, there is usually no BT fee. Just make sure everything is paid off on your card and that you don't charge anything on it after you do the BT. They will apply payments to the lowest rate first and you'll be racking up interest on other purchases.
A trick I did once was make the check payable to my bank with my checking account number on it. This way it looked like I was paying off a loan. Check with you bank first to make sure they'll let you deposit it that way.
