Best way to pay for a car?
- Thread starter Randomface74
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Debit Card, there should not be a limit unless you have set one, therrre are limits usually set for cash withdrawals etc, but on purcahses and personal cheques there are no limits, and with Debit Cards the transaction wont be approved if there isn't sufficient cash in the account to cover it.
I paid for mine recently with my debit card, have used a credit card before though
I paid for mine recently with my debit card, have used a credit card before though
For a £10k transaction, the dealer will charge the customer the surcharge which can be anything from 1-3%
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You'll then be charged circa 3% on top of the price of the car by the dealer for the merchant fees.
I wasn't suggesting he pay for the car on his CC, just stating that limits don't exist if you pre-load the card. And most dealers will take the deposit (£3000-£5000) without charging you any fees.
It's definitely worth putting somnething down with a credit card if possible as it gives HUGE protection to the buyer.
It's definitely worth putting somnething down with a credit card if possible as it gives HUGE protection to the buyer.
Since A&L got taken over by Santander you can't take out more than £500 over the counter without giving them prior notice.
You can however take £500 out over the counter, then take the max your card allows out of the cash machine inside the branch...
Farce!
Shame, because before this banks used to just keep millions in their safes, and top up cashier drawers and ATMs no matter what the demand.
Keeping cash in a branch is of course free. No insurance, no limits, nothing. Banks and building societies always pay out exactly the same amount that people pay in. So why on earth should paying in cash cost anything. It isn't like any shops or other retailers actually have to bank the cash that you might want to pay them. And no chance at all that this might cost more than a debit credit card handling fee. None.
They seemed to manage quite well before Santander and kept enough cash in the branch then.....
Not like the banks operate as a charity either keeping our money "safe" out of the goodness of their heart, or don't pay themselves massive bonus's if they win or lose on the stock market either is it?
That's very good, and very original too.
Come back when you understand how high street banking works, and how retail and investment banking differs.
Then give yourself a massive bonus - apparently it is easy.
Enlighten me.
How did A&L manage to keep enough money in the branch and Santander can't?
Is it because it increases their profits?
Do you have any idea how much it costs to keep balances inside a branch overnight? Balance that against how much it costs for Securicor or someone else to remove / deposit them daily?
A&L didn't survive by the way. They had to be rescued. Just by a Spanish bank (who are now about to be rescued by their government) rather than by our government.
Why do you think that cash is free?
A&L didn't survive by the way. They had to be rescued. Just by a Spanish bank (who are now about to be rescued by their government) rather than by our government.
Why do you think that cash is free?
So they do it to increase their profit margins then as I said?
I don't have an idea of the figures, perhaps you could share them to help envisage how it works.
I didn't say A&L did survive anywhere did I or that cash is free?
Sorry - I'm not having a go, rather just using this as an example to show that they really didn't manage very well before at all.
Managing a high street banking operation is hugely expensive - and moving the money around is peanuts compared to the staff salaries, insurance and rents etc. When you walk in to a branch, try and see that branch as a self-sufficient profitable business. Look at the number of staff you can see (and those you can't), consider the rent, the bills, the insurance etc. And then think about how much cash they've got to bring in so that they can lend out more on a slightly higher amount of interest than they're paying on their deposits.
Now chuck in the fees payable to any clearing system for handing VISA or debit payments etc, and think about suddenly why it might be more attractive to do this than to hold - and move - large amounts of cash all the time.
We can do investment banking another night.
Managing a high street banking operation is hugely expensive - and moving the money around is peanuts compared to the staff salaries, insurance and rents etc. When you walk in to a branch, try and see that branch as a self-sufficient profitable business. Look at the number of staff you can see (and those you can't), consider the rent, the bills, the insurance etc. And then think about how much cash they've got to bring in so that they can lend out more on a slightly higher amount of interest than they're paying on their deposits.
Now chuck in the fees payable to any clearing system for handing VISA or debit payments etc, and think about suddenly why it might be more attractive to do this than to hold - and move - large amounts of cash all the time.
We can do investment banking another night.