Paying for Model 3 With Credit Card

Paying for Model 3 With Credit Card

Hey all - just wanted to let you know IT IS possible to buy the M3 with a credit card. Here's how I did it:

Ygor81 | June 6, 2018

This is great if you have the cash to pay your statement in full. I am sure a lot here play the miles and points game. I tried to pay for my car (at least a large down payment) with a CC but Tesla wouldn't take it.

Smhach | June 6, 2018

Same here. Would have been nice to get the points, ended up paying with bank check.

Smhach | June 6, 2018

PS: I hate this guy Keith, guy no need to rub it in on how you spent your savings on a vacation.

Alex_SD | June 6, 2018

Total marketing BS...
Plastiq makes 2.5% of your purchase but you get points from Chase...

Chase verifies the merchant code before giving you points. There is NO WAY Chase would give you 3X points on a bill payment to a car manufacturer. They don't even give you 3X points on AirBNB (which is a TRAVEL service but coded as real estate)!

Also, Chase rewards adds 25% or 50% to your points if used on their Travel Booking service. Never 100%!

Let's do the math:
- You buy a $60k car. Plastiq fees are $1,500.
- You get 60k points (not 180k!). That's worth $600 if converted to cash! Or $900 if converted to travel!

The post is total BS!

yaheya | June 6, 2018

This post is bogus. You have to pay 2.5% to plastic. So then what's the point! For example, I have Citi Double, that pays me 2%, I have to turn around a pay 2.5% which is a net loss of .5%.

This is a spam post!!

Alex_SD | June 6, 2018

It could make sense (and I mean "could") if you truly get 3X points. But that's a lie...

Bhuten | June 6, 2018

Just BS. Do not get into this. I am avid ultimate rewards user with 3 different chase cards along with Sapphire Reserve. I would do anything to do get more Ultimate Reward points but not this.

ModelTres | June 6, 2018

Hi guys - the trick is all Plastiq purchases earn 3X points with the Ink Business Preferred card. So you come out ahead by using that card to pay bills. I also use it to pay rent and other bills. I included a screenshot in the post so you can see it earned 3X points.

rfelmet | June 6, 2018


ModelTres | June 6, 2018

@rfelmet -- definitely not a scam. Not sure if you're familiar with rewards credit cards, but it was actually really straightforward.

rfelmet | June 6, 2018

straight forward? if you have 3x business rewards card and want to use some shady website to process a check, run a credit card balance over your limit, etc. that is not STRAIGHT FORWARD. It is a scam and not practical or worth the risk for 99.9% of people on here

SUN 2 DRV | June 6, 2018

Yuck!!! I feel slimey from just having read that web page...

Haggy | June 6, 2018

Flagged as spam.

On the chance that this thread is still there for anybody to read, you can get an auto loan at a lower rate, keep the money invested in a bond fund, and come out ahead. If you need to sell securities to pay for the car, you'd pay capital gains up front, so keeping your money invested and taking out a loan at under 2% could be a much better deal.

jjgunn | June 6, 2018

Thank you - I'm not an owner until later this month or I would've flagged it the moment it was up here.

Take your 2.5% & shove it

Christ - my car loan is 2.49%

ModelTres | June 6, 2018

Hi guys -- it's definitely not spam. I've seen a ton of questions about whether or not you can pay with a credit card. This answers it.

Paying 2.5% one time fee and earning 3% back vs. paying 2.49% interest with amortization is not the same. You will pay way more in interest with a term auto loan.

ModelTres | June 6, 2018

@Haggy - Bond funds are not doing so hot as interest rates have been spiking, so I'm not sure that's great advice.

SUN 2 DRV | June 6, 2018

Keith, you mention the dangerous cash advance quicksand, but you don't emphasize how huge an issue that is nor how to reliably avoid it.

"Certain cards code Plastiq purchases as a cash advance, so you do NOT want to use such cards when paying through Plastiq."

No kidding, that could easily amount to an instant 7% bank fee on top of the 2.5% Plastiq fee. so how does one know how their favorite bank card will treat a Plastiq transaction? This is a monster pitfall that deserves more than a one sentence mention.

And since it fundamentally IS a cash advance, I wouldn't be surprise if more banks wise up and start classifying it that way.

mrquanhoangnguyen | August 27, 2018

For future owners, let me say something short for you: NEVER USE PLASTIQ!!!

My payment was never delivered. My Tesla sale representative sent me the transaction history record every day to confirm with me. I had to file multiple complaints on BBB and Consumer Financial Protection Bureau. I was almost hiring a lawyer to file a claim against their business. If you go to BBB, there are plenty of people who stepped on the same trap with me through the paid article from Business Insider:

Attachments below are my complaints with them. They still have not resolved my issue. Is it worth for you to go through this whole process like me? Don't, don't ever use PLASTIQ!!!

eburrus1 | August 31, 2018

It worked. My Chase Business credit card statement just came in and I earned 3 points per dollar I spent using Plastiq. I was holding my breath until the statement arrived. So with these points and the 80,000 sign up points it is well worth the effort.

drbob | August 31, 2018

Let me get this straight: Tesla will accept a CC as payment - we're talking $60,000-80,000

I already have a Sapphire Reserve with 3 points for 'travel'

hmgolds | September 1, 2018

The link by to OP did not work for me, but here's another article, perhaps about the same transaction:

I looked at this when someone sent me a link to the article a while ago. Ignoring all the little "gotchas' that could get in your way, you pay 2.5% of (say) 60k; that's $1,500. But that card only gives 3x points on certain categories, so much depends on how chase "codes" Plastiq purchases. There are, however, other incentives that might apply.

But say you do get triple points, that 180,000 points. You can transfer to Chase Sapphire Reserve where each point is worth 2.1 cents (per "ThePointsGuy". So 180k worth $3,750. (But if someone offered my 2.1 cents cash for each of my Sapphire Reserve points, I'd do the deal.)

A pretty good return if (capitalized, underlined, and in bold type) everything works and there are no surprises. But it's very possible your Plastiq charge will be treated as a cash advance.

And from what I read, his CC no longer gives 3x points for purchases via Plastiq. Basically, he found a loophole, took advantage of it, but the loophole has now been closed.

gballant4570 | September 1, 2018

I don't like getting ripped off. I don't rip other people off. There is no such thing as a victimless crime. If you somehow turn a purchase like this into an extra $3k, someone somewhere is ripped off for the $3k.

Now you might rationalize by thinking that credit card companies rip off people who carry balances, but its either those same balance carriers or the entity accepting the CC payment who are subsidizing the rip off. Not good.

mrquanhoangnguyen | September 7, 2018

Okay, I finally made thing work out after 2.5 weeks working seriously and bugging repeatedly everyday with the Plastiq manager, BBB complaints, my delivery advisor, my delivery advisor's supervisor, and even tweeting to Elon Musk. This is a PITA, an exhausting process that anyone should definitely consider carefully when using Plastiq to make payment to Tesla. In the past, the Tesla processing team could deal with ACH payment much easier, which explained why some people worked out well with their Model S and Model X using Plastiq. Things have changed now. After 1.5 weeks working with Plastiq, the manager finally provided the proof of transfer through ACH to me (They used Silicon Valley Bank for their services). My delivery advisor sent the receipt to the Tesla processing team. The Tesla processing team did not respond for a week. Finally, my delivery advisor had to contact her supervisor, and her supervisor worked directly with the processing team's manager, bypassing the **** processing team. Everything resolved immediately after one day (actually 7 hours). Tesla sent an apology letter to me, saying that its processing team is currently heavily overloaded with payments and refunds, so its processing team missed my payment (WHAT?). I do not comment whose faults are here. However, although the Plastiq method finally proves that it was working, I would advice you to look at my experience to see if it is worth for you to go through the hassles I have been. Please contact me if you need any further questions.

amelielin | April 22, 2019

Yes, you can buy Tesla M3 with a credit card!!!

Tesla will only let you use credit card to pay for the $2,500 deposit.

However, you can get around it and use a 3rd party company called Plastiq. How it works: Plastiq charges your credit card for a 2.5% fee and then writes Tesla a check (similar process as if you were to get private financing from a credit union/bank)
If you use my referral code, you will get 500FFDs credit: 1220506
Referral link:

Chase Freedom Unlimited
You may think that 2.5% fee is a lot, but there's a new credit card offer from Chase called Chase Freedom Unlimited that gives you 3% cash back for the first $20k and 1.5% back for anything else plus you get 15months of 0%APR on purchases. You can save yourself quite a bit of interest from financing through Tesla at their advertised 4.2%APR by going through this route. But I would recommend that you only put on the credit card the amount you know you can pay off by the end of the 15 months.
Here's my referral link:

Here's a story of someone who used this similar method to buy his Tesla. The only difference is that the card he used [Chase Business Ink] no longer offers 3x rewards, but the card I mentioned does [Chase Freedom Unlimited]

[If you are familiar with Chase Ultimate Reward points, then you know that it could potentially be worth 50% more in value when you transfer those points to your Saphire Reserve card and possibly even higher value transferring to other travel partners.]

I hope some of you can take advantage of this new deal!