It is a significant investment to buy a car and there can be numerous returns from the transaction. Unfortunately, a car loses value fast and within no time, you may not see your money in the asset you hold. Luckily, you can avoid this when your vehicle purchase is put in credit card, where it can earn points and miles. Such large purchases can be a great way to attain the minimum spending requirement on your credit card to help sign up for bonuses or reduced airfare among airlines. Below, we look at some of the best credit card providers for car financing:
American Express Platinum Card
This credit card is designed for large spenders since it is a charge card and has no predetermined credit line. The card has a vehicle purchasing program that brings together dealerships that accept it. It is crucial that you call your preferred dealer prior to a transaction to maximize the amount of financing. Your entire purchase becomes due on your statement the following month after a sale. However, the American Express Platinum card attracts a high annual fee of $550. Frequent flyers can benefit from this card.
The Business Platinum® Card from American Express
American Express’ Business Platinum Card can be excellent when making a large purchase such as a car. The perks for this card are different from those of Platinum Card. For instance, Dell purchases have statement credits of up to $200 in a year. Individual purchases in excess of $5,000 earn membership rewards per dollar to a holder of up to1.5x.
The Blue Business® Plus Credit Card from American Express
Unlike the previous two cards, American Express’ Blue Business Card has no annual fees. However, the card does not have a welcome bonus, though its spending categories are quite simple. Annual purchases of up to $5,000 earn 2x membership rewards for every dollar, and 1x for purchases above that threshold. You can transfer your membership rewards to the company’s partnering hotels and airlines, including Cathy Pacific, Hilton Hotels and Singapore Airlines. It may be essential to check your credit line before purchase since this card is not a charge card.
Large purchases, including car finance, provide an excellent opportunity for one to earn miles, cashback or points on a credit card. It is, however, essential to settle the balance in full to help increase your rewards from the card.