Big problem converting to EV

Big problem converting to EV

I've got a huge dilemma here. I chose a credit card based on its cash back with grocery store and gas station purchases. With the upcoming transition to EV I am at a loss at which card I should choose. Should I just stay with the ICE so I can get that cash back? I have no idea what to do.
Note to readers, I'm bored and this seemed as good a distraction with humor as any. | 06/01/2018

Looks like a opportunity - We need a credit card with a cash back on electricity purchases! Maybe we should complain to Costco (they have 4% back on gas - so 1900s). They really need to get with the program!

cquail | 06/01/2018

You will still use your card to buy gas. ICE folks come to the Supercharger locations and ask you for gas. They are pleased you have a card that rewards you with cash back. The more gas you give them, the bigger your reward.

MalibuRed | 06/01/2018

Charge your electric bill monthly on your credit card. It won’t be a lot but 1% cash back ha | 06/01/2018

@Dcap - Good idea, but our local utility does not take credit cards - check, cash or auto-withdrawal only :(

ReD eXiLe ms us | 06/01/2018

Maybe switch to a card with rewards based upon internet purchases and tie that one to the MyTesla account that you use for Supercharging...?

Steam613 | 06/01/2018

Red; you saved my reservation as I was poised over the cancel icon. Shew.

dgstan | 06/01/2018

DCAP - That would work, but I have solar. Damn, I'm screwed.

TheChad | 06/01/2018

Just hang around the gas station in your free time offering to pay for people’s gas with your card if they pay you cash. You can do the same thing at the grocery store if you want as well and depending on your credit limit.

SamO | 06/01/2018

Great idea @ReD.

I just got miles from my first (paid) Supercharge in Model 3.

carlk | 06/01/2018

Strange proposition. You want to trade 80% EV fuel saving for that 5% credit card rebate?

Steam613 | 06/01/2018

carlk; I wasn't a math major. Sue me. ;)

bayareakid2008 | 06/01/2018

USAA has a credit card that returns 2.5% on ALL purchases

carlk | 06/01/2018

Steam613 OK i'll make it a little simpler. 80% is better than 5%.

Steam613 | 06/01/2018

Thanks carlk.

Xerogas | 06/01/2018

Capital One has a card that returns 2% on all purchases (in the form of refunded travel purchases equivalent to 2% of your entire month's bill)
Amazon Store card returns 5% on all Amazon purchases

I use both

dyefrog | 06/01/2018

Maybe Tesla should get into the finance game like GMAC. Their rewards card can be redeemed for supercharger use among other trinkets.

SCCRENDO | 06/01/2018

Wouldn’t you rather not have to pay for the gas in the first place. You will save 100% rather than 4%.

I have the Capital one and you get 2 times miles back on all purchases. I also have the Chase Select Reserve. It does cost $495 per year but you get $300 back immmediately for all travel expenses which is pretty liberal, you get a free priority pass for airline lounges, 3 times miles on all travel and restaurants but only 1 times for other things. I also got 100,000 miles upfront. A great card if you travel a lot.

bayareakid2008 | 06/01/2018

The best cash back credit cards I've found:

Groceries: AMEX Blue Cash Preferred (6%)
Gas: USAA AMEX Cashback Rewards Plus (5%)
Restaurants: Barclays Uber Visa (4%)
Flights/Hotels: Citi Costco Visa (3%)
All other purchases: USAA Limitless Cashback Rewards (2.5%)

Haggy | 06/01/2018

If I paid $3600/year in gasoline I'd get $144 cash back. Instead I was saving $3000 per year by using electricity instead. But then I installed solar. It turned out that applying the tax credit toward extra solar panels got me enough panels to give me free electricity for several times the life of the car. With a second EV, federal and state tax incentives on both, and federal tax incentives on the solar installation itself, the tax credits and rebates from the car were more than enough to pay for the balance on the solar installation for my entire house with enough power for my cars and household, including two central air conditioning systems.

If I think of the tax incentives that way, it means I have to think of the car in terms of its full price. I brought the car into Tesla so they could verify that a problem is software related. While they had it, they gave me a more expensive BMW 430i as a loaner. Believe me, the Model 3 is worth every penny of the pre-incentive price. If you are fortunate enough to be able to get a Model 3 test drive, go test drive the competition ASAP. You will realize what a bargain the Model 3 is.

Tesla2018 | 07/01/2018

Haggy. If you dont mind me asking how much did solar cost to install and what is your annual energy use?Even with 15000 in credits for 2 cars and a federal credit and I dont know FL offers a state credit it seems like it wouldnt cover it. I figured a solar roof costs about 40-50k and then solar walls are about 1OK for a pair. Are panels a lot cheaper? I will probably need a new tile roof in another 10 years and only spend $1000 on electricity per year and use about 800 kwh per month on average so I figured the added expense wouldnt be economically feasable since the panels usually only last for about 25 years.

Maxxer | 07/01/2018

why do credit cards company offer more cash back on gas purchases anyway?

do they male bigger profit from gas sales than other kind of stuff?

SCCRENDO | 07/01/2018

@Tesla2018. My solar panels are about a 9 year payback. I got a total 50 % payback. 30 % federal and 20 % City. I have 13.2 kW panels and total cost including inverters and residing my box came to around $65 before rebates. My electricity bill used to be $550 per month. In addition think how you are helping the environment. My city in California is its own utility and gets all its cheap electricity by importing it from Utah where they burn coal.

LA-Fohlen | 07/01/2018

Save 50% of fuel/electricity costs by switching to EV or get 5% cash back on fuel??? Mmmh, cleary ICE wins ;)

TabascoGuy | 07/01/2018

@TeslaTap, "Looks like a opportunity - We need a credit card with a cash back on electricity purchases!"

You may be on to something. How about "Gold* card - earn free Supercharging credits" or "Platinum* card - free 500 kWh Supercharging per year"? This could be your million dollar idea. Better hurry.

*"Only the names have been changed to protect the innocent"

Steam613 | 07/01/2018

Evolution: they are dangling low hanging fruit. Everyone (except us peeps here soon) is pumping gas. So by throwing gas, grocery, and restaurants as extra cash back they are creating click bait as those retailers are so much a part of our lives. That's all.

hobowankenobi | 08/01/2018

To really maximize rewards, here's what to do:

Install a gas generator at home to make electricity, and use it to charge your Tesla every night. Get gas delivered to your house, just like gas stations do. HUGE rewards. Truck loads. HUGE!

To go next level, consider a large generator installed in your Tesla so you can Burn & Earn (TM) all day every day. And, think of the range. Believe me, it will be great. Nobody has seen EV range like this, OK? Believe me. It will be unbelievable! And the rewards...well...fantastic. Truly fantastic!

ReD eXiLe ms us | 08/01/2018

hobowankenobi: I see The SARCASM is strong with you... Or is it The SCHWARTZ? I must inform Master Yogurt and Prince Lone Starr of this development immediately...

andy.connor.e | 08/01/2018

Citi - Double cash gives 2%. Thats more than most air miles cards after the conversion ratio, and the fact that most cards charge you per year to use them. Free 2% cash back is about as good as it gets without being restricted to what you get cash back from, and restricting you to what you can use it on.

andy.connor.e | 08/01/2018

Also, @hobo had me at "Believe me. It will be unbelievable"

Haggy | 08/01/2018

My system has about an eight year payback. 25 years is the length of the warranty, not the life of the system. If my system failed after 25 years, or even was producing less than 80% of what it did when new, I'd get a new system out of the deal. After 30 years, chances are technology will have changed a lot and I'd be able to get a new system with far fewer panels for far less money.

I have a 7.68 kW system that should produce 11,475 kWh per year. where I live, that comes out to about $18,500 after tax credits, and I didn't go for the cheapest system and provider out there. Two cars gives me another $20,000 in tax benefits. I use more electricity than average. Even with one car, the percentage of the figure that would be accounted for by the federal tax credit is enough to power that vehicle for life. If you get a system that's big enough for the car only, I can't say how the math would work out. Adding more panels doesn't raise the price proportionally. Getting a system for the whole house excluding the car would be less than $7500 cheaper.

hobowankenobi | 10/01/2018

@andy and @ ReD:

You are both great, right? I mean the best. And I know the best, OK?

Make rewards great again! I mean really great. Fantastic. Believe me, they will be so great, they will be unbelievable. And you can trust me, because I am like, really smart.

Some say my hands are small. But believe me, there is no problem with my schwartz. It's the best. Really great. Big league, OK?


ReD eXiLe ms us | 11/01/2018

hobowankenobi: I'm sure no one can handle a Schwartz like you! Just grab on, with both hands, and they won't even say nuthin'! The motion in the ocean makes the wind blow! Fantastic. Great. Un·Be·Lievable. Just, really, truly, awesome. That's what it will be! Count on it.

andy.connor.e | 11/01/2018

You know what they say about big hands.

hobowankenobi | 11/01/2018

@andy: You know what they say about big hands: Big gloves! The biggest! Trust me, ok?

@ReD: Fantastic! Grab em by the Schwartz. Anything you want. They will love it! Believe me: it's unbelievable.

bp | 12/01/2018

Kroger's customer loyalty program rewards customers with discounted gas - a benefit we can't use with our two Tesla cars.

And never having to stop at a gas station - and wait for a pump - more than makes up for the loss of the cashback on the gas purchases...