Anyone using FCA DrivePlus Mastercard at Purchase?

[bluegrassjeeper]

I received a "Jeep News" email today that mentioned the FCA DrivePlus Mastercard issued by First Bankcard. Typically I skip over offers like these (as well as the five or so daily credit card offers I receive in the mail) but since we're in the market for a new JLUR I decided to take a look.

After looking at the promotions and offers that currently come with the card I've broken it down to the following (hopefully correctly although I still have questions and would love input from owners who may have this card and used it)

1. $100 Statement credit after your first purchase of $499 or more at an FCA US Dealership
2. 5% back on FCA US purchases (2% back on gas/travel, 1% on everything else)
3. Your rewards value doubles if used for purchases at an FCA Dealership (vehicles, maintenance, tires etc)
4. 6 Months 0% interest on any purchases of $499 or more at FCA Dealerships
5. No annual fees

When reading the fine print it states that there is no limit on the amount of rewards you can earn (although they can limit "bonus rewards" associated with special promotions) and the points are good for 7 years from the date they are earned. Your points value also doubles if they are redeemed for transactions at a participating FCA Dealership (includes new or used FCA vehicle purchases, oil changes, tires, parts etc).

If I'm understanding all of their terms correctly then I could achieve the following scenario with this card:

1. Purchase new JLUR
2. Put a $10,000 down payment on the vehicle purchase but use the DrivePlus card instead of cash
3. Receive $500 in bonus points for the transaction plus an additional $100 back as my first FCA purchase
4. Redeem bonus points and $100 statement credit for a net $600 discount on the new vehicle purchase (or use the bonus points for additional purchase at dealership for a net $1100 discount)
5. Have 6 months to pay off the $10,000 down payment at 0% interest if needed

Here is the link to the DrivePlus Mastercard info: https://www.drivepluscard.com/lp/jeep_pm/features

Has anyone else gotten this card and used it to achieve the above result? Am I missing some fine print or details that would not allow my numbers to be correct?

Disclaimer: I'm in no way affiliated with Jeep, FCA, First Bankcard or any other entity. I'm just a hard working guy who likes to maximize my dollar.

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[ThirtyOne]

Most dealers won't let you put down payments on a credit card. otherwise could be a good option for people that get their mods done at the dealership.

 

[bluegrassjeeper]

Most dealers won't let you put down payments on a credit card. otherwise could be a good option for people that get their mods done at the dealership.

Every dealership I’ve purchased from has had a credit card terminal in the finance office and allowed it, but yes it would be dependant on the dealership you’re using accepting this method for the downpayment.

 

[LennyV]

Many dealers will have a cap on the amount you can put on a credit card. Normally I see around 3 grand as the max they will allow. They get banged with as much as 3% in fees from the credit card company. The stories you hear of some guy walking into a dealership with a black card and charging a Bentley are not 100% accurate. They are paying sticker or above so the dealership is still making money.

 

[TopPinArcher]

Curious about this one...I am paying cash for the JL but I’m adding over 7k in aftermarket parts(including install)... could charge that then pay it off in 6 months? . I’ll call this morning to see if I can do that, my JLUR arrived yesterday afternoon and is headed to accessories.

 

[LennyV]

Curious about this one...I am paying cash for the JL but I’m adding over 7k in aftermarket parts(including install)... could charge that then pay it off in 6 months? . I’ll call this morning to see if I can do that, my JLUR arrived yesterday afternoon and is headed to accessories.

I am pretty sure your are OK with parts as the margin allows for the credit card fees.

 

[JDP]

Well that will suck I planned on putting my down payment on a card as well

 

[bluegrassjeeper]

Many dealers will have a cap on the amount you can put on a credit card. Normally I see around 3 grand as the max they will allow. They get banged with as much as 3% in fees from the credit card company. The stories you hear of some guy walking into a dealership with a black card and charging a Bentley are not 100% accurate. They are paying sticker or above so the dealership is still making money.

You're pretty spot on regarding the fees that are charged. Typically rewards cards like this will have a higher transaction fee to a business versus non-rewards cards. Currently my businesses average around a 2.2% fee on each CC transaction but those numbers are going to be tied to your volume, type of card used, category of business etc.

Even if a dealer only allowed a $3000 downpayment via CC, that would still be a $250 cash back bonus using this card (or $400 if you redeemed the points for other dealership purchases) when you factor in the 5% plus $100 bonus.

While my $10,000 example may be high, I more wanted to know if anyone else has gone this route recently or if dealership employees could chime in as to what their credit card policies are on down payments etc.

 

[TopPinArcher]

Well that will suck I planned on putting my down payment on a card as well

I would just call because I have never had a problem putting any amount on a card...if I recall on my ‘14JK I put 5k down..

 

[bluegrassjeeper]

Curious about this one...I am paying cash for the JL but I’m adding over 7k in aftermarket parts(including install)... could charge that then pay it off in 6 months? . I’ll call this morning to see if I can do that, my JLUR arrived yesterday afternoon and is headed to accessories.

Reading the terms of the credit card, it appears that if the dealer accepts a credit card as full payment for parts/service purchases, and you were approved for at least a $7000 line of credit on the DrivePlus Mastercard, you should be able to have them charge the entire purchase on the card, which would give you 6 months interest free financing as well as 5% back in bonus points since its an FCA dealership transaction. You would also get another $100 bonus since it would be your first FCA dealership purchase and over $499.

 

[gofastguy]

Glad the OP found this! Love getting a deal by using the cards!

 

[LennyV]

Well that will suck I planned on putting my down payment on a card as well

You're pretty spot on regarding the fees that are charged. Typically rewards cards like this will have a higher transaction fee to a business versus non-rewards cards. Currently my businesses average around a 2.2% fee on each CC transaction but those numbers are going to be tied to your volume, type of card used, category of business etc.

Even if a dealer only allowed a $3000 downpayment via CC, that would still be a $250 cash back bonus using this card (or $400 if you redeemed the points for other dealership purchases) when you factor in the 5% plus $100 bonus.

While my $10,000 example may be high, I more wanted to know if anyone else has gone this route recently or if dealership employees could chime in as to what their credit card policies are on down payments etc.

Always check though. I had a dealer tell me $3000.00 cap when I wanted to charge $7000.00. When I was dealing with the finance manager we hit it off pretty well. I asked her if we could just make it simple and put the whole 7 grand on the card. She said she is not supposed to but ok!

I have also used this in negotiating the purchase as well. "Ok I agree to your price if I can put my 10 grand down payment on my credit card". It doesn't hurt to ask a couple of different times to different people in the dealership.

As you can tell, I am a points fanatic!

 

[bluegrassjeeper]

Glad the OP found this! Love getting a deal by using the cards!

Free money is always a good thing!

 

[TopPinArcher]

Reading the terms of the credit card, it appears that if the dealer accepts a credit card as full payment for parts/service purchases, and you were approved for at least a $7000 line of credit on the DrivePlus Mastercard, you should be able to have them charge the entire purchase on the card, which would give you 6 months interest free financing as well as 5% back in bonus points since its an FCA dealership transaction. You would also get another $100 bonus since it would be your first FCA dealership purchase and over $499.

This is actually good news!! Credit card economics 101... say I get 20k limit, charge 7k get the points etc..pay down to 6k that 30% balance which is good for score and make sure to payoff in 5 months... I like it!! I only have 4 cards each with a specific purpose towards credit score so this is a good deal IMO.

 

[bluegrassjeeper]

This is actually good news!! Credit card economics 101... say I get 20k limit, charge 7k get the points etc..pay down to 6k that 30% balance which is good for score and make sure to payoff in 5 months... I like it!! I only have 4 cards each with a specific purpose towards credit score so this is a good deal IMO.

I'm kind of in the same boat as you. The cards I have now don't typically carry a balance so my credit utilization is pretty low (which is good for your score). I wasn't in the market to get another credit card but if we are going to purchase a JLUR and I can get a bonus this way then I'm open to it. Plus like you said getting another card that won't carry a large balance should further help your credit score in time by increasing your amount of available credit.

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