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View Full Version : Disney Visa....grrrr!


ncbyrne
03-14-2008, 03:01 PM
Our interest rate went way up on this card, so last month I called Chase to get a pay-off amount. I was given the amount of $2,047.25 so I wrote a check out for that exact amount (using tax rebate $). Today I get a bill for $11.74! I just got off the phone and that amount is the "residual interest"! WHAT!? I've never had to pay an additional amount after I specifically asked for a pay-off amount!
And, what's even worse ---- I still have $7 in Disney Rewards on the account. I originally had all our points put on a rewards card for our last trip. Well, now I'm told that the rewards card expire! And, to get a new one requires a minimum of $20 in rewards. What a rip off! So now I have keep charging on that card, or eat the $7. I choose to lose the $7. And I will N-E-V-E-R charge on this card again! Ahhh, that feels better.

neffernie
03-14-2008, 03:15 PM
Totally agree. I will never use Chase for anything ever again. Keep an eye out next month for a bill for interest charges on the $11. That's what happened to me.:furious:

Good luck in the future!

cats mom
03-14-2008, 03:25 PM
I hate the whole residual interest thing too... but for what it's worth Chase is certainly not the only one employing that tactic.
:confused3

of the seas
03-14-2008, 04:49 PM
That always seems to happen on my Capital one card, too. How does that work out? I mean how is that possible if you pay it off? I've always wanted to know. When I asked Capital One that question, he didn't know and was hard to understand his English.

stephbillalec
03-14-2008, 05:18 PM
Most CC do this. Unless the full amount (2K+) was charged in that particular billing month, there will be interest to be paid during the following month even when you pay the balance in full. This happened to me a few years ago. It stinks!

moonbeams4
03-14-2008, 05:28 PM
I just want to say thank you to the OP for kicking me in the rear as I have been waiting until the 20th (DH's payday) to pay the $46.96 I owe to our credit card (not Chase) after we paid them $9100 last month. So I just went in and paid them now, hoping that maybe that'll be the end of it. Thanks for the reminder to be more proactive.

wowsmom
03-14-2008, 05:44 PM
Over the years, we've paid off credit cards and then gotten the bills the following month that were just interest charges. We've always called up and asked them to take it off and they always have.

I don't have Chase but we've done this with a variety of cards - Citibank, AT&T, National City, etc. When I called AT&T after paying it off 2 years ago, they did ask if I was planning on closing the card and I said no and then they asked if I had paid it off with a balance transfer and I said no (which was the truth) so they said they would reverse the remaining interest.

Of course, with the way things are now, they might not be willing to do that any more....:confused3

jennilynn510
03-14-2008, 07:04 PM
i hate chase with a white hot passion. i sooooo wish disney would choose anyone else !!!!!!!!!!!!! just be happy your done with them for good

ericamanda01
03-14-2008, 07:18 PM
I had something similar with another card. I got sick of the fees that they tried to sneak in. So I called for a payoff amount. But I played it well. I overpaid by $20 just to be safe. Sure enough I got the bill for the next month and they said that they hadn't included the interest for that day I called for the payoff amount. Since I overpaid they were forced to send me a check. I hate the games credit card companies play!

Illuminations_Rocks
03-14-2008, 07:45 PM
I don't know if this is possible with credit card companies, but when I called for payoffs on auto loans, I would ask for a "10-day payoff amount". That amount included the interest for the next 10 days after the day I called (they give you the actual date), thus giving time for the check to reach them.

Again, I have no idea how the interest works on credit cards, but it's worth a shot?

Goofyzgurl
03-14-2008, 08:38 PM
Boy, I'm so glad that I'm not the only one. I am paying off my chase cc and not going to use them again. I once got a late fee for .56 cents b/c I thought that when I asked for the pay off amount I was getting the PAY OFF.....:rolleyes:

OhMari
03-14-2008, 08:48 PM
I have my Disney Chase set up that I pay by phone. When I charge something for my trip, I make sure I have the money in my checking account. As soon as it is posted to my account, I go in and pay it. I know it is not always possible for other people to pay off their cards. But it works for me. I don't get charged any interest. I'm sure Chase hates people like me.

Example-I purchased our Nascar Tickets yesterday. It posted this morning-I called and paid it off.

lg3
03-14-2008, 09:20 PM
Why the anger? Call them and explain the situation - they should waive the difference if they gave you a payoff amount, assuming you paid it within a very short time frame. This is not unusual with any cc transaction. Chase is like anyone else. :confused3

bigolive9
03-14-2008, 09:21 PM
If you are going to pay off a card with Chase, pay it off the day the bill cuts- not the day you get it in the mail (because there will be interest between the day of the statement and when you get it), but the day they cut the statement. Usually, you can see this online, or you can look at several previous statements and figure out the day. I paid off one of my Chase cards pretty far in the billing cycle, and I had $4.39 in interest charges. Chase calculates interest twice every billing cycle, so if you don't pay it off the day the statement cuts, you will get interest charges.

Karlzmom
03-14-2008, 09:33 PM
Why the anger? Call them and explain the situation - they should waive the difference if they gave you a payoff amount, assuming you paid it within a very short time frame. This is not unusual with any cc transaction. Chase is like anyone else. :confused3


:rotfl: :rotfl: :rotfl: you're kidding, right? Have you ever dealt with Chase? The are the equivalent of offspring from non-married parents from by-gone days.;)

My personal favorite was my (4-figure) payment came in the day after a charge was posted that pushed me a whopping $300 over my "limit". Chase, being "helpful" instantly raised my credit line by $3000, but not before they hit me with all kinds of fees for going over limit. It actually took me a minute to figure the whole thing out, as on the billing statement it only reflected the new limit with substantial open credit due to the payment and the bigger line. I actually pulled an older statement from my file to verify what the line had been. Ok, I get it, I am an attorney afterall....limit was X, and I was over it...but clearly I'm customer who is properly at Y credit limit (as demonstrated by their auto increase with request or notice). When I called to ask about having the charge removed the *friendly* rep told me that they wouldn't remove it, because the charge went in before my credit line got bumped up!

Needless to say, I was not a happy camper! The true kicker in the whole thing is, included on the statement was my $325 deposit for my vacation in Dec. :rotfl2: If I hadn't paid the deposit when I called, and instead waited the full "courtesy hold" period it all would have been fine! Thinking about it now cracks me up, but I confess I was not so amused at the time.

Jalva22
03-14-2008, 09:36 PM
Absolutely nothing unique with Chase in this situation. Every card company will do this. It's right there in all the cardmember agreements.

The lesson here is not that Chase is a uniquely horrible company (I say "uniquely horrible" meaning they're no more horrible than any other card company). The lesson is to pay your credit cards off in full every month. The second you begin carrying a balance is the second they have you right where they want you.

LorieR
03-15-2008, 05:51 AM
If you are going to pay off a card with Chase, pay it off the day the bill cuts- not the day you get it in the mail (because there will be interest between the day of the statement and when you get it), but the day they cut the statement. Usually, you can see this online, or you can look at several previous statements and figure out the day. I paid off one of my Chase cards pretty far in the billing cycle, and I had $4.39 in interest charges. Chase calculates interest twice every billing cycle, so if you don't pay it off the day the statement cuts, you will get interest charges.
I never heard of this? I have been using the Disney Visa since "day 1" and never carry a balance. I do make several payments between the time the statement is "cut" and the due date and have NEVER been charged interest. :confused3

ncbyrne
03-15-2008, 06:10 AM
Why the anger? Call them and explain the situation - they should waive the difference if they gave you a payoff amount, assuming you paid it within a very short time frame. :confused3

I did call and ask for it to be waived. I was told that she "might" be able to do something if it were under $5, but not $11.

This is the only major credit card I have ever used and not paid off each month. It all started one month when I needed a roof repair and didn't have the money to pay it off completely in 30 days. If that situation ever happens again, I'll go to bank.

I also have a Delta Skymiles card which we use for everyday spending....groceries, gas, quick trips to the corner market, etc. But the money is put into an envelope along with the receipt with each purchase and we have never paid interest on that card. But...it's been a great way to pay for all of our air fare to MCO on every trip to WDW.

miss missy
03-15-2008, 06:33 AM
I have my Disney Chase set up that I pay by phone. When I charge something for my trip, I make sure I have the money in my checking account. As soon as it is posted to my account, I go in and pay it. I know it is not always possible for other people to pay off their cards. But it works for me. I don't get charged any interest. I'm sure Chase hates people like me.

Example-I purchased our Nascar Tickets yesterday. It posted this morning-I called and paid it off.

I just got the card and am doing that same thing online, is it faster to post online or via phone? Dont ever wanna get stuck!

dzneelvr
03-15-2008, 06:43 AM
I hate to say it, but if you don't pay off the balance on any card, you will have interest on the amount unpaid begin to calculate from moment 1. That's standard practice, not limited to VISA. We love ours--it's a VISA, which I've had since college days anyway; it gives us Disney reward dollars; and it's accepted everywhere. I pay off every cycle with one check and have never had an interest charge in over 25 years of use:wizard:

JeremyGNJ
03-15-2008, 06:47 AM
Come on people, this is simple accounting/math....it's not a "tactic".

Each month you get charged interest usually based on some kind of average daily balance formula. No credit card company can possibly know what the finance charges will be for a month until.....AFTER THE MONTH IS OVER! Therefore, no matter how much you you pay off on your card, the prior month's interest will always be charged at the end of the cycle.

It does not make chase a bad company just because you don't understand how credit cards work. Chase is actually one of the better CC companies i've dealt with.

Of course this is 2008, you can easily log onto Chase.com, and save the 42c stamp by paying directly with your checking account (and also not accrue any more days of interest) and then repeat once the interest charges show up.

OhMari
03-15-2008, 07:52 AM
I just got the card and am doing that same thing online, is it faster to post online or via phone? Dont ever wanna get stuck!

Yes you can do it on-line. I signed up my Disney VISA on-line a few years ago, and I have problems logging in, so I just gave up and do it by phone. I should try again, since I pay my Kohl's this way too. Kohl's is a little bit better. They give you a certain amount to pay each month to avoid finance charges.

Jalva22
03-15-2008, 09:03 AM
I just got the card and am doing that same thing online, is it faster to post online or via phone? Dont ever wanna get stuck!

Pay your balance in full by the due date and you'll never have to worry about it. If you pay by phone, though, there will generally be a fee to do so. Online payments are free.

SoonipiLady
03-15-2008, 12:16 PM
That always seems to happen on my Capital one card, too. How does that work out? I mean how is that possible if you pay it off? I've always wanted to know. When I asked Capital One that question, he didn't know and was hard to understand his English.

I finally paid the total amount of my balance+10% (The max they will allow you to pay online) and ended up with a credit balance of like 1.28. I then called and made them send me a check for the credit. I then closed the account.

What a waste of time for them, it only took me a few minutes on the phone on their dime (800 number) and the inability to use my 1.28 for a few weeks. It cost them the postage for the check, plus the check and processing of it. I'm guessing in the end, I made out better in the deal.

bigolive9
03-15-2008, 06:28 PM
I never heard of this? I have been using the Disney Visa since "day 1" and never carry a balance. I do make several payments between the time the statement is "cut" and the due date and have NEVER been charged interest. :confused3

I don't know, but I used to work for Chase, and we had people who would pay off the card, but still have interest due if they didn't do it the day the statement cut. I think it has to do with the average daily balance and whatnot, but I didn't work in the credit department, so I am not sure.

skoba-nelson
03-15-2008, 08:51 PM
Chase, like other financial institutions are NOT a non-profit organization.

AndyLL
03-15-2008, 10:56 PM
Absolutely nothing unique with Chase in this situation.


Agree with you in this case. CCs charge interest daily so the residual interest is the interest charged on the days from when to final payout amount was given to when the payment was recevied.

The lesson here is not that Chase is a uniquely horrible company (I say "uniquely horrible" meaning they're no more horrible than any other card company).

Disagree here. Chase (and BOA) have raised rates up to 33% on many people who have have a spotless credit record and have not had a change in credit.

With prime rate at 6% and the federal discount rate at 3.5% (the rate they get to borrow money from the government) raising rates to those heights does make Chase a "uniquely horrible company". And no... not every CC company is doing that.

Whether it legal or not is something that Congress is investigating now.

Andy

miss missy
03-16-2008, 06:05 AM
I hate to say it, but if you don't pay off the balance on any card, you will have interest on the amount unpaid begin to calculate from moment 1. That's standard practice, not limited to VISA. We love ours--it's a VISA, which I've had since college days anyway; it gives us Disney reward dollars; and it's accepted everywhere. I pay off every cycle with one check and have never had an interest charge in over 25 years of use:wizard:

Are you paying it off after you received the bill statemment? or before?

miss missy
03-16-2008, 06:08 AM
Pay your balance in full by the due date and you'll never have to worry about it. If you pay by phone, though, there will generally be a fee to do so. Online payments are free.

due date? or by the closing date? I am unsure if people are saying pay it BEFORE the bill closes or pay it off in full AFTER the bill closes?

Parksfamily5
03-16-2008, 09:00 AM
Same thing happened to us. They doubled our interest rate, from 13.99% to 28%! I paid it off the next month, and also had a bill for $5.00. I was told it is a revolving charge. When I mentioned that I checked Chase web site the day I paid it off, besides what I was told above, the representative said that some companies tell you this in advance but we don't.

Forget the disney rewards, I will never deal with Chase again. We are in the process of following Dave Ramsey's advice, pay off the credit cards and never use them again (or pay the balance at the end of the month). I'm tired of being ripped off by the banks.

Jalva22
03-16-2008, 09:31 AM
due date? or by the closing date? I am unsure if people are saying pay it BEFORE the bill closes or pay it off in full AFTER the bill closes?

Pay your balance in full by the DUE date and you will have no problem (I guess I should clarify that by saying that if you're mailing a check, make sure you do it early enough so that arrives by your due date. How can you know if it does? I got sick of trying to figure that out and began paying online. Now I know exactly when they received it). However, if you carried a balance on the previous statement, incurring interest charges on that statement, you will still owe interest on the next statement even if paid in full. The first payment cycle after you completely pay off your statement will then be free of interest if you again pay in full by the due date.

If all else fails, read your cardmember agreement and hold the card company to what it says. They're most certainly going to hold you to what it says.

Jalva22
03-16-2008, 10:11 AM
Agree with you in this case. CCs charge interest daily so the residual interest is the interest charged on the days from when to final payout amount was given to when the payment was recevied.



Disagree here. Chase (and BOA) have raised rates up to 33% on many people who have have a spotless credit record and have not had a change in credit.

With prime rate at 6% and the federal discount rate at 3.5% (the rate they get to borrow money from the government) raising rates to those heights does make Chase a "uniquely horrible company". And no... not every CC company is doing that.

Whether it legal or not is something that Congress is investigating now.

Andy

I'm merely contending that the credit card industry is a uniquely horrible industry. Chase may be worse than most in the instance you describe, but other card companies have equally aggressive policies in other areas.

A major card that I hold (but no longer use) actually allows them to retroactively charge interest if you carry a balance one month. On my card, I found out the hard way. I paid in full on month 1 and was charged no interest. In month 2, I carried a balance. They charged interest on the charges I made in both months. When I looked at my cardmember agreement, the policy was stated in black and white that in the first month I carry a balance interest will be charged on charges made in both the current and immediately preceding billing cycle. In subsequent months, interest is charged only on the current billing cycle. Whose fault was it? Yes, it's a horrible policy. But in the end, the fault was mine for not taking the time to understand the agreement I had made with them.

All I'm saying is there is a level of individual responsibility that is being ignored by many. Too many of us are attempting to play the game without understanding the rules that we're agreeing to.

nowellsl
03-16-2008, 11:16 AM
I'm merely contending that the credit card industry is a uniquely horrible industry. Chase may be worse than most in the instance you describe, but other card companies have equally aggressive policies in other areas.

A major card that I hold (but no longer use) actually allows them to retroactively charge interest if you carry a balance one month. On my card, I found out the hard way. I paid in full on month 1 and was charged no interest. In month 2, I carried a balance. They charged interest on the charges I made in both months. When I looked at my cardmember agreement, the policy was stated in black and white that in the first month I carry a balance interest will be charged on charges made in both the current and immediately preceding billing cycle. In subsequent months, interest is charged only on the current billing cycle. Whose fault was it? Yes, it's a horrible policy. But in the end, the fault was mine for not taking the time to understand the agreement I had made with them.

All I'm saying is there is a level of individual responsibility that is being ignored by many. Too many of us are attempting to play the game without understanding the rules that we're agreeing to.

There may be a few companies around who still use 2-cycle billing, but a lot of them have quit. It's a ridiculous practice, but it is in the fine print. I agree that most people don't bother to read that fine print and that's how they get into trouble! It definately pays to read all that info they send you along with the card!

Karlzmom
03-17-2008, 10:02 AM
Chase, like other financial institutions are NOT a non-profit organization.

I don't think that anyone here thinks they are, or should be. Speaking for myself (though it appears others feel the same way), the rub is that in order to pull in every possible nickel the company has lost something in the idea of cultivating long term customers.
Is Chase any worse than other companies....maybe, maybe not. I know that any number of companies have manipulated the "due date" to be a "due time", such that simply mailing your payment (or paying online) has to happen before 10:03am Standard Bangladeshi Time or its late. Can they do it? Sure, its in the agreement. Is it just one more way to squeeze a dime outta their customers? You bet!

Please spare me the lecture on choices between cards and terms&agreements, again, I get it. I choose to carry the Chase card because of the perks at the park. Based on the "gotchas" that I ran into (clearly my fault....interesting how my NFCU card fixes my once in a blue moon "oops", where Chase will say "gotcha!". In the future, I won't charge on my newly increased Chase limit...that's how I choose to respond to their thanks for being a customer.)

Jalva22
03-17-2008, 10:53 AM
I don't think that anyone here thinks they are, or should be. Speaking for myself (though it appears others feel the same way), the rub is that in order to pull in every possible nickel the company has lost something in the idea of cultivating long term customers.
Is Chase any worse than other companies....maybe, maybe not. I know that any number of companies have manipulated the "due date" to be a "due time", such that simply mailing your payment (or paying online) has to happen before 10:03am Standard Bangladeshi Time or its late. Can they do it? Sure, its in the agreement. Is it just one more way to squeeze a dime outta their customers? You bet!

Please spare me the lecture on choices between cards and terms&agreements, again, I get it. I choose to carry the Chase card because of the perks at the park. Based on the "gotchas" that I ran into (clearly my fault....interesting how my NFCU card fixes my once in a blue moon "oops", where Chase will say "gotcha!". In the future, I won't charge on my newly increased Chase limit...that's how I choose to respond to their thanks for being a customer.)

I don't think anyone's trying to lecture you. We're just offering advice based on our past mistakes that will hopefully prevent other posters from making the same mistakes in the future.

Your example is also a useful one. You will not get customer service that is a help to you from a major bank except in very rare instances. Credit Unions, however, are much more responsive and IMHO a much better place to do business. Small, local banks that you have a relationship with are also much better bets than the major issuers. You will not get the rewards you get from the majors, and your interest rate will most likely be high (so don't carry a balance!), but they will be much more likely to help you out when the time comes for the inevitable slipup on our part (being a few days late once in a blue moon, etc).