Can I make vehicle payments on CardUp?
Yes, we can support car or vehicle down payments on CardUp! To set this up, please select the 'Miscellaneous' Payment Type.
What do I need to know before proceeding with vehicle down payments?
Before making your payment, it’s essential to pre-fund your credit card. This means you will need to top up your credit card by cash, in addition to your existing card limit.
What is pre-funding your credit card?
Pre-funding your card involves adding cash to your credit card balance. For example, if your vehicle down payment is S$40,000 and your current card limit is S$50,000, you will need to pre-fund an additional S$40,000. This will give you a total available balance of S$90,000. Even if your credit limit covers the payment, pre-funding is necessary to mitigate chargeback risks.
What documents are required for vehicle payments?
- Pre-funded credit card bank statement or screenshots
- Official invoice issued by the car vendor*
- Any other necessary documents you think are relevant
*Please ensure the payment invoice issued by the car vendor includes the following information:
- Payment purpose
- Payment amount
- Your name
- Recipient's full bank details including bank name, account number, and SWIFT code
- Invoice issuing date (within 6 months of the current date)