Beware-Bad Disney Visa Change in Policy

[degrapevine]

lakerz5 - Sorry you got the response you did ... It's exactly what I DIDN'T want to hear, too.

So I guess I need to pay off all 3 of my promo balances by 04/01 to avoid finance charges. We'll have to take it out of savings, which I really don't want to do. I'm not so worried about the finance charges since the amounts due earlier are small (both $500 or less), but about being hit with a late fee.

I wonder, though, since these charges were made before the new laws and my credit card statement from 03/01 doesn't show any accrued finance charges, if they would only charge interest from the expiration date and after. I guess there's really no way to know.

My payment due date is 03/26, so I'm going to follow here a bit longer and see if anything changes. I guess they are "ordering" the applications of the overpayments by the promo balances that will accrue the most interest ... Which does me no good - That one's not due until August!

Grr ... Make that double grr ...!
Rose

 

[ibouncetoo]

I reactivated a Capital One card that I had and my husband reactivated his American Express and those credit cards are what we will be using in the future.

If you didn't already, be sure and call them and check on your CURRENT interest rate. My Capitol One went from 5.9 to 15.9 affective in February! Chase isn't the only credit card compnay 'fighting back' against the new regulations.

I remember on a recent Suze Orman show she recommended using savings (provided you had a moderate savings balance and weren't depleting it) to pay off your credit card...contrary to her normal recommendation of working with a low interest rate CC if you must while building your savings account.

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[buck4568]

I used the Disney card for our June BALTIC cruise so we would get the reward points then transfered to a new Citibank card that offered 12 months 0%. I did pay a transfer fee but it was worth it because I use the disney card for all my work related stuff and with the new rules it would cause interest payments that most likely exceed the transfer fee and it gave me 12 months instead of six to pay it off.

 

[TnRobin]

Hey guys, this thread is really not on topic here. Lets wrap it up today.

 

[ibouncetoo]

Robin, could we move this thread to whichever forum would apply (community board, perhaps)? I think this 'alert' of policy changes would be helpful for people using or planning to use their card for any type of Disney vacation.

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[LJD2143]

We've been getting a lot of complaints about this, but we haven't been able to help folks. Banks were required to send out notice 9 months ago about the changes, and folks just didn't read them.

I still do not see how the new rules even apply to what Chase is doing here? All the new rules state is that any payment above the Minimum Required will be applied to the highest APR balance first. In the numerous examples discussed on this thread, all of our Promo Balances had a 0% stated APR. 0% is not higher than 0%.
In addition, Chase is NOT even applying payments to the larger balance with the highest potential exposure first (even assuming the accrual of deferred interest). As in my case, I was trying to pay off my larger balance of $2500 that expired in February - but instead they applied my payment to the smaller $1000 balance that was due in March. In accordance with the new laws, my $2500 balance had a potentailly much higher interest exposure than my $1000 balance.

 

[tvguy]

I still do not see how the new rules even apply to what Chase is doing here? All the new rules state is that any payment above the Minimum Required will be applied to the highest APR balance first. In the numerous examples discussed on this thread, all of our Promo Balances had a 0% stated APR. 0% is not higher than 0%.
In addition, Chase is NOT even applying payments to the larger balance with the highest potential exposure first (even assuming the accrual of deferred interest). As in my case, I was trying to pay off my larger balance of $2500 that expired in February - but instead they applied my payment to the smaller $1000 balance that was due in March. In accordance with the new laws, my $2500 balance had a potentailly much higher interest exposure than my $1000 balance.

The new rules restrict changes banks can make on their cards. Some banks changed their terms before the rules went into effect. It appears Chase changed the terms on promo offers like this and how they apply payments.

 

[eskimoinparadise]

Hey guys, this thread is really not on topic here. Lets wrap it up today.

How is this thread not on topic. IMO, it has been one of the most "on topic" threads here. Where else would one go to dicuss something of singular importance to DCL customers? Certainly not where you decided to move it...

Let's see...people getting blindsided by proscriptive changes in the method they use to fund their DCL Cruises...Oh yeah, that goes in the "Just for Fun" forum, cuz obviously this is all one humungous joke.

 

[FireDancer]

This is why whenever I use a card for a 0% offer I have no interest baring balance on the card. At that point it is obvious which balance is getting paid.

 

[quinnc19]

For posting this. Being aware of this policy change is definitely going to save me from paying out unexpected fees

 

[lucky1]

I just called to double check my account after calling last week. They mentioned a letter was issued to me on 3/8, saying there is an error that has been made in the system with Disney Visa accounts and it is being correct. At this point mine has been corrected and over payments applied to the oldest Disney vacation vs the newest charges.

 

[jessica52877]

I just called to double check my account after calling last week. They mentioned a letter was issued to me on 3/8, saying there is an error that has been made in the system with Disney Visa accounts and it is being correct. At this point mine has been corrected and over payments applied to the oldest Disney vacation vs the newest charges.

I am hoping to hear more like this. I got a letter that my question was being reviewed but nothing else yet. I hope this stays open so I can see if anyone else has some good news!

 

[LJD2143]

I just called to double check my account after calling last week. They mentioned a letter was issued to me on 3/8, saying there is an error that has been made in the system with Disney Visa accounts and it is being correct. At this point mine has been corrected and over payments applied to the oldest Disney vacation vs the newest charges.

I REALLY hope this is the case!

The 2 letters I've received so far have only stated the following:
1st - dated 2/25) Confirming they received my question; and
2nd - dated 2/26) Stating they apply payments to the highest APR balance first.

Needless to say - neither one addressed my problem since both Promo Balances were at 0%. I can find no justification in any of their "Notices" for applying the payments the way they did in February.

Hopefully they have now recognized that they have made a universal error and are taking steps to rectify. If not, I intend to contact the Better Business Bureau.

 

[eskimoinparadise]

Hopefully, enough people have informed Chase of their displeasure with this policy that they now see it as a systemic issue and fix the problem rather than brushing it off as just a few disgruntled customers that they can "fix" on a one-off basis.

 

[eskimoinparadise]

Just curious if anyone who called Chase managed to get their payments reversed and put back in the correct order.

My payment is due in 7 days, and it still is upside down. As it stands now, the six months out payment is paid off, and the payment due in 7 days is still outstanding. I'd rather not have to drain another account to pay it off if they are really reversing their policy.

 

[quinnc19]

I have a payment due soon and also am awaiting any updates. Thanks!

 

[jessica52877]

I called this morning again. It shows what was due in Feb was now paid off BUT it still shows that I paid on the balance due in June. SO, the money was not allocated correctly still in my mind. The folks cannot see where/how it was allocated. To them it was always done that way. They are to call me back after my next statement date and see what has happened. I am assuming they shorted my paying off the card amount $147 (that was the $ amount in question). We'll see.

 

[LJD2143]

Still haven't seen my next statement to determine whether they have re-applied my Feb payment or charged me interest. My statement is due to cut on March 21 - and interestingly enough this was posted on their website today:


On Sunday, March 21, from midnight ET until 10 AM: Your account balances may not reflect all transactions you've made in the past 24 hours. You won't be able to: access your accounts from your mobile browser; update your personal information; or complete same-day transactions.


(Posted March 18)

 

[harleyquinn]

Thanks for this thread!! This effects all cardholders with more than one disney vacation. I wouldn't have known otherwise.

 

[LJD2143]

For those of you who had their February payments mis-applied among your Promo Balances, how did your March statement turn out?

They applied my Feb 15 payment as follows:
1 - current purchases (which are paid in full every month);
2 - Mar 21 expiration Promo balance; and
3 - Feb 21 expiration Promo Balance.
This left an unpaid balance on the Feb 21 expiration Promo Balance. I was worried that they would begin to charge me interest on that unpaid balance so I paid off my entire balance immediately on March 6th.

I received my March stmt this Monday and thankfully I was not charged any interest. However, I don't know if this is because I paid off the entire balance or if they re-applied my Feb pmt?