Tesla Model 3 and other Tesla cars seem to be far from people's reach due to their prices. However, there is a person who bought the said Tesla EV model via a credit card.
The case of Keith Rosso involves the use of credit cards. However, we are not talking about equipment or appliances at home. What the 29-year-old has recently obtained was a $60,000-worth (including fees and taxes) Tesla car.
Prior to his purchase, his credit points have reached a value of $5,000. How did he do that?
Keith Shares His Credit Card Trick in His Tesla Model 3 Purchase
According to CNBC, Keith Rosso said that garnering substantial points for his big-time, one-time acquisition of the Tesla Model 3 card is an "easy win" for him.
Primarily, the direct purchasing of the Tesla car won't be allowed via credit card. However, there is a third-party service called Plastiq, which places a 2.5% charged fee on the product.
What made it possible for Rosso to acquire such a high-valued item is his credit card itself: the Chase Ink Business Preferred credit card. Through the transaction, Rosso could earn 3 points.
For every dollar that you spend on a product, you can collect the corresponding points. Keith thanked the eBay side hustle for this business card.
The earned points after the purchase can be redeemed by the buyer. The person can choose if he/she will use it for advertising, travel, and other services.
In this regard, the 3-point reward rate is accepted by Plastiq. Even though there is a monster fee of 2.5%, which is equivalent to nearly $1,470, the total purchase points of 180,000 have done all the work for Keith.
If the points would be converted into dollars based on the minimum conversion rate, Keith will have $1,800 as the minimum number of points at the moment. The buyer could even collect as much as $5,000 points if he/she applied them through a rewards program of an airline or hotel.
If Rosso wants to use it for a grand vacation in the Maldives, he could select it right away. Optionally, he could also utilize it for an Australian trip using a round-trip business class ticket.
The Credit Card Math
A simple mathematics application could be your key when using reward points for your purchase. Make sure that before doing this, or pulling off a large acquisition, research about the process first. There will likely be a time that the Ink Business Preferred credit card will allow the reward exchange of 1 point per dollar spent, Vehiclesuggest reported.
"Certain cards code Plastiq purchases as a cash advance, so you do not want to use such cards when paying through Plastiq," Rosso warned.
Before dreaming about having this luxurious Tesla Model 3, you also need to know that you should first have a high credit line for this acquisition. Oftentimes, those who have a business are qualified for the business card grant.
However, while it sounds uncomplicated, everyone can be a business owner even though the person is not a business owner. If you are a writer or a voice actor who sells your service to your client, you can also be considered as a business owner, besides those who market items.
If you have a business card, you can also pay a product "beyond" the credit limit.
This article is owned by Tech Times
Written by Joseph Henry