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Old 01-09-2013, 04:35 PM   #1
nkochrn
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Disney Visa 0% financing Question

I booked my Disney Cruise in June of 2012 and paid with my Disney Visa to get the onboard credit. I was keeping my card paid off every month for a couple months and then due to a family emergency started using it thinking it at least wouldn't have any interest for 6 months. I just reviewed my online statements and realized I've been paying interest on it since September. Did I misunderstand something? Did the 0% interest only apply to the cost of my vacation?

I had to cancel the vacation due to medical reasons and I've turned that into insurance, so I wouldn't really expect to get the interest reimbursed at this point, just want to know if I was misunderstanding how it worked???
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Old 01-09-2013, 04:40 PM   #2
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0% interest is only for the DCL cruise vacation.
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Old 01-09-2013, 05:16 PM   #3
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The 0% interest is only for that amount you charged for the vacation. If you paid off the entire card, you give up your free interest. If you paid more than the other charges on the card (other than the vacation) they apply any overage to the vacation balance.

Say your vacation was $3000 and you also charged some groceries. If you pay $500, they'll pay off your grocery charge and reduce your vacation balance by the rest. If you charge more the next month, you have to pay that or be charged interest.

Once it's paid, the benefit is gone even if the 6 months is not expired.

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Old 01-09-2013, 05:18 PM   #4
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If you used it for DCL in June of 2012, the payment would have been due in December or January depending on when the charge was done and your billing cycle.

On your statement it will say what your 0% finance balance is and when it's due. If you miss that due date, you will pay all the interest for the past 6 months.
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Old 01-09-2013, 06:38 PM   #5
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ETA - yes, the 0% interest is only for vacations with Disney. You pay interest on all of your other purchases.

I ran into this same issue with the 0% financing. You really need to pay close attention to the billing cycle and the amount of other charges. In one month, I put the deposit for our cruise on the visa. I also bought groceries. The next month I would make a payment, just to cover the groceries. I would buy more groceries. I would often make a payment early before the next billing cycle and that payment would go toward the Disney vacation and not the new groceries because I hadn't been billed for them. Since I was making additional payments before the next billing cycle, I was losing the 0% financing.

It doesn't help you, but it took me awhile to figure it out. It is the same with my Home Depot card that offers 0% financing on certain purchases. I make sure that I don't make additional payments after I have paid off the money that will incur interest. For my Disney card, I pretty much only use that for our Disney vacations, so I can keep track of it easier.
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Old 01-09-2013, 06:41 PM   #6
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You need to pay off the balance not including the Disney qualified portion, plus the minimum payment to not get charged interest.
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Old 01-09-2013, 07:15 PM   #7
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Quote:
Originally Posted by lbgraves
You need to pay off the balance not including the Disney qualified portion, plus the minimum payment to not get charged interest.
I've always just paid my statement balance minus my Disney qualified balance and have never been charged interest. Has it recently changed?

One thing to make a note of... If you have ANY refunds during the 6 months, it will come off of the Disney Qualifying Balane, even if it's a refund from Walmart.

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Old 01-09-2013, 07:22 PM   #8
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Last year I paid the balance not including the 0% balance and was charged interest on the other balance. When I called about this, I was told how they figure it out. They refunded the interest and I paid it based on how it was explained to me from then until the 0% balance was due. I didn't have interest charged that way.
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Old 01-09-2013, 08:03 PM   #9
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Quote:
Originally Posted by lbgraves
Last year I paid the balance not including the 0% balance and was charged interest on the other balance. When I called about this, I was told how they figure it out. They refunded the interest and I paid it based on how it was explained to me from then until the 0% balance was due. I didn't have interest charged that way.
Thanks. My payment is due tomorrow and this is the first statement in about a year with a Disney promo on it. I've already set up the payment but I'll go put anther in to avoid interest.

Eta: It won't let me! Says payment must be 3 days before or after schedules payment. Looks like a call to Chase. Ugh
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Old 01-10-2013, 10:56 AM   #10
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Quote:
Originally Posted by carmie3377 View Post
I've always just paid my statement balance minus my Disney qualified balance and have never been charged interest. Has it recently changed?
I believe there was a change maybe a year or so ago, a law about credit card financing offers that requires a minimum payment towards the balance even if it's a 0% offer. This was around the same time that statements started showing "if you only pay the minimum it will cost you $X over so-many years but if you pay $Y (more than the minimum) the total cost over time will be $Z." It was part of a consumer protection legislation.
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Old 01-10-2013, 11:08 AM   #11
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Quote:
Originally Posted by carmie3377 View Post
Thanks. My payment is due tomorrow and this is the first statement in about a year with a Disney promo on it. I've already set up the payment but I'll go put anther in to avoid interest.

Eta: It won't let me! Says payment must be 3 days before or after schedules payment. Looks like a call to Chase. Ugh
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Hopefully you were able to get through to talk to someone. If not, you should be able to cancel that payment and set up a different one with the additional amount.
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Old 01-10-2013, 11:39 AM   #12
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Quote:
Originally Posted by lbgraves

Hopefully you were able to get through to talk to someone. If not, you should be able to cancel that payment and set up a different one with the additional amount.
Just got off the phone with Visa. Spoke with a "Simone" who stated that with Disney qualifying purchases that as long as all other charges are paid ( and there is a $0 prior balance), the "min payment" is not required. She stated that by subtracting the Disney qualifying purchase balance from my current balance (which I did) and paying that would NOT result in finance charges. I explained to her what happened to you and she said that perhaps there was another issue. I do remember there being a glitch in their system a way back as it was discussed on here but it never affected me so i don't exactly remember what the glitch was. Maybe that is what happened to you?

Anyway, she said that I shouldn't have any interest charged even though I didn't pay any over my purchases (i had $0 prior balance) I'm gonna check it on Tuesday after my statement cuts to make sure. My min payment was only $27 so it would have been nothing to pay it to just make sure but I'm anxious to find out if she is correct. I have her name and time of call if she did indeed give me incorrect info,

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Old 01-10-2013, 11:55 AM   #13
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Quote:
Originally Posted by lanejudy

I believe there was a change maybe a year or so ago, a law about credit card financing offers that requires a minimum payment towards the balance even if it's a 0% offer. This was around the same time that statements started showing "if you only pay the minimum it will cost you $X over so-many years but if you pay $Y (more than the minimum) the total cost over time will be $Z." It was part of a consumer protection legislation.
I remember when they did that but I'm almost certain that I've carried a Disney qualifying purchase since then and haven't paid the min payment in addition to new purchases. I'm anxious to see my statement next week.

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Old 01-10-2013, 09:15 PM   #14
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Quote:
Originally Posted by lbgraves View Post
You need to pay off the balance not including the Disney qualified portion, plus the minimum payment to not get charged interest.
Right. I just happen to talk to Chase this AM about this. When you make a payment, the amount up to the minimum payment gets applied to the promotional balances. Amounts above the minimum payment get applied to the highest rate balances. So, to make sure you don't get any interest charges, you have to pay the minimum payment plus the amount of non-zero interest rate balances every month.

Hope that makes sense...
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Old 01-10-2013, 09:31 PM   #15
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Right. I just happen to talk to Chase this AM about this. When you make a payment, the amount up to the minimum payment gets applied to the promotional balances. Amounts above the minimum payment get applied to the highest rate balances. So, to make sure you don't get any interest charges, you have to pay the minimum payment plus the amount of non-zero interest rate balances every month.

Hope that makes sense...
The lady I spoke to said that only applies if the promo balance is a transfer offer. Said that didn't apply if the promo balance was a Disney qualifying purchase. Ugh, it's frustrating when different people get different answers.

I have a statement that cuts on Monday and I didn't pay new purchases plus min payment. Only paid new purchases (no prior balance). Will update on Tuesday :-)

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