Disney Visa 0% financing Question

Discussion in 'Disney Cruise Line Forum' started by nkochrn, Jan 9, 2013.

  1. nkochrn

    nkochrn Mouseketeer

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    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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  3. stsomewhere

    stsomewhere DIS Veteran

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    0% interest is only for the DCL cruise vacation.
     
  4. neg58

    neg58 DIS Veteran

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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.

    Nancy
     
  5. DLW8

    DLW8 DIS Veteran

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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.
     
  6. ktmo

    ktmo Mouseketeer

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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.
     
  7. lbgraves

    lbgraves Little Cinderella's Mommy

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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.
     
  8. carmie3377

    carmie3377 Hi, I'm Carmen and I'm a Disneyholic.

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    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.

    Sent from my iPad using DISBoards
     
  9. lbgraves

    lbgraves Little Cinderella's Mommy

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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.
     
  10. carmie3377

    carmie3377 Hi, I'm Carmen and I'm a Disneyholic.

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    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
    Sent from my iPad using DISBoards
     
  11. lanejudy

    lanejudy Moderator Moderator

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    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.
     
  12. lbgraves

    lbgraves Little Cinderella's Mommy

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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.
     
  13. carmie3377

    carmie3377 Hi, I'm Carmen and I'm a Disneyholic.

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    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,

    Sent from my iPad using DISBoards
     
  14. carmie3377

    carmie3377 Hi, I'm Carmen and I'm a Disneyholic.

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    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.

    Sent from my iPad using DISBoards
     
  15. algae

    algae Mouseketeer

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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...
     
  16. carmie3377

    carmie3377 Hi, I'm Carmen and I'm a Disneyholic.

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    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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  17. carmie3377

    carmie3377 Hi, I'm Carmen and I'm a Disneyholic.

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    Just an update: As previously stated, I had a new Disney Qualifying Promotion charge on my last statement. When my last statement arrived, I ONLY paid new charges and NOT in addition to the minimum payment. Didn't pay a dime of my Disney Qualifying Promotion. I was NOT charged interest, just like the lady on the phone stated. So, it looks like that if you pay in full each month (other than the Disney Qualifying Promotion) and you do not have other promo transfers on the account, you should not have to pay the min payment in addition to new charges.

    ETA: But remember, any returns/refunds posted on the account will be subtracted from the Disney Qualifying Promotion Balance. So if you intend to only pay new purchases, please keep an eye on the Disney Qualifying Promotion Balance. I remember a couple years ago when I had an even balance as a Disney Qualifying Promotion. I almost just subtracted that amount w/o looking at it on my statement. Took a glance at it and noticed the amount had decreased due to refunds.
     
  18. runwad

    runwad Dis Veteran

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    I have a disney card that we never use, except a small purchase about every 6 months to keep it active. I plan to charge my cruise balance on this card. There will be no other purchases on it. So am I understanding that I will not be required to make minimum payments or I have to make minimum payments to get the 6 mos 0% financing?
     
  19. carmie3377

    carmie3377 Hi, I'm Carmen and I'm a Disneyholic.

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    I have reoccurring monthly charges on mine so there is always something else on there that I pay off. In that case, i just pay off those charges and no min payment. But w/o having any other charges, I can't say for certain. You could wait for the first statement to find out for certain. Sorry I don't have a definite answer

    Sent from my iPad using DISBoards
     
  20. algae

    algae Mouseketeer

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    Thanks for the update!

    Was the new charge balance higher than the minimum payment? I don't know how they calculate the min payment amount...
     
  21. su_A_ve

    su_A_ve DIS Veteran

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    If you pay in full every month, you need to deduct the 'BALANCE' of the qualified transaction. Note that this can be lower that the original transaction, as any credits that post to your account will lower that balance.

    Say you charge a 3000 vacation. You make other purchases of say 1000, but do a return of say 100. The 100 will be deducted from the 3000, so your qualified balance will then be 2900. Your statement balance would be 3900. If you pay 900, you'll incur interest. If you look closely, you'll see your 'qualifying transaction balance' is not 3000, but 2900. You must pay 1000 or you'll be hit with interest.

    Hope this example helps.

    Now, if you start with a ZERO balance and ONLY charge your vacation, this will be at zero percent for 6 months and technically you should not pay anything, however, due to the new credit card laws, you would still have to pay the minimum balance. I never have this issue as its my primary card, therefore there's always additional purchases and credits. Currently I have the balance of last summer's DCL trip, the deposit of DCL 2014 dummy, and next month's DCL trip :)
     

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