Use Your Credit Card Rewards for a Downpayment on a Car
Are you in the market for a new or used (but new-to-you!) vehicle? Sometimes, saving for a down payment is difficult- especially for people who are living paycheck to paycheck. Having a reliable vehicle is important, though, so there are steps you can take now to help you come up with the down payment for a car later on - without it costing you anything out of your own pocket.
Many credit card companies have relationships with car makers, which means it’s only natural that credit card rewards programs would exist to help with the purchase of a car. Basically, as you use the credit cards with auto rewards, you earn points or rebates that build up in your account. When you are ready to purchase your car (even if you are going to be financing the vehicle rather than purchasing it outright), you can call the credit card company and have the rebates you’ve earned applied as the down payment on the car.
