Beware-Bad Disney Visa Change in Policy

[hgon76]

When you book a Disney vacation on a Disney Chase Visa you get 6 months at 0% interest right? And then, I thought I read on these boards, you get 6 months w/ 0% with every payment, correct? For example, I put my next cruise deposit on my Disney Chase Card. The cruise isn't for 2 years so I figured I'd pay off the deposit within the 6 months and then, put another few hundred on the trip (get 6 months interest free on that from that time), pay that off, put another few hundred..........and so on. With every payment you get 6 months interest free from the date of the payment. Is this right? It isn't 6 months from the initial payment your expected to pay off the whole thing???

 

[NancyIL]

When you book a Disney vacation on a Disney Chase Visa you get 6 months at 0% interest right? And then, I thought I read on these boards, you get 6 months w/ 0% with every payment, correct? For example, I put my next cruise deposit on my Disney Chase Card. The cruise isn't for 2 years so I figured I'd pay off the deposit within the 6 months and then, put another few hundred on the trip (get 6 months interest free on that from that time), pay that off, put another few hundred..........and so on. With every payment you get 6 months interest free from the date of the payment. Is this right? It isn't 6 months from the initial payment your expected to pay off the whole thing???

For a cruise that's 2 years away, why make any more payments until you have to?

 

[ibouncetoo]

After reading the original post yesterday, I took a look and just saw on my newest bill the comment under the Qualifying Promotional Financing section "you must pay your promotional balance(s) in full by the expriation date(s) provided below to avoid paying ACCRUED DEFERRED INTEREST". Was never there before this bill.

I'll be interested in hearing the response to the OP from DISNEY.

.

 

[eskimoinparadise]

To net this all out, We're waiting for a response from DCL guest communications on this, and I'll post their response when I get it, but in the interim, I can only say Check your entire statement, Check your entire statement, Check your entire statement, Check your entire statement, Check your entire statement, Check your entire statement,

and make sure you aren't caught unaware of the impact of this new policy on your credit costs.

From the latest Chase statement and included credit terms document; miss a payment and you get charged a $39 late fee, your interest rate goes up to 27.99%, they can demand an immediate payment of 50% of your total outstanding balance, you lose the 0% promo rate, and all of the accrued interest (at 27.99%) is due and payable.

Check your entire statement, Check your entire statement, Check your entire statement, Check your entire statement, Check your entire statement

 

[hgon76]

For a cruise that's 2 years away, why make any more payments until you have to?

Just because I can make small payments throughout the next couple of years. A couple hundred here, a couple hundred there, then when it comes time to cruise it'll be completely paid off and I wouldn't have to do it in large sums.

 

[jessica52877]

I am confused more then ever now.

I actually called Chase Disney this morning before I even saw this post. I had $145 left to pay off by 2/22. Paid my entire regular balance plus $150 to cover this. I had another charge for a cruise for $1700 and it took the money off that and left the first now overdue but shows no finance charges or anything.

I was told after being put on hold that it was a mistake and they would fix it. With all the changes lately it was probably a glitch. I called to find out why it had happened if I just needed to pay everything off because I had more then one vacation charged. I for the most part only ever have one.

She told me first that it pays off first due but then said highest balance and I asked does one override the other. That is when she came back and told me it was a glitch and I was good to go. Now, I am concerned. Looks like I'll be calling back.

 

[ibouncetoo]

and make sure you aren't caught unaware of the impact of this new policy on your credit costs.

From the latest Chase statement and included credit terms document; miss a payment and you get charged a $39 late fee, your interest rate goes up to 27.99%, they can demand an immediate payment of 50% of your total outstanding balance, you lose the 0% promo rate, and all of the accrued interest (at 27.99%) is due and payable.

I know that's so scary. I'm currently carrying a balance due to some medical expenses, so have started doing payments on line as I'm too nervous about a payment getting delayed in the mail!

Yeah....and all the good my GREAT FICO score is doing for me with these CC companies....

I'm wondering if I'd be better off at this point checking into a personal loan from my credit union and paying off that balance.

.

 

[NancyIL]

Just because I can make small payments throughout the next couple of years. A couple hundred here, a couple hundred there, then when it comes time to cruise it'll be completely paid off and I wouldn't have to do it in large sums.

I understand the psychology of paying over time, but I'd prefer to earn interest on my money rather than part with it before it's due.

 

[ebo64]

I am confused more then ever now.

I actually called Chase Disney this morning before I even saw this post. I had $145 left to pay off by 2/22. Paid my entire regular balance plus $150 to cover this. I had another charge for a cruise for $1700 and it took the money off that and left the first now overdue but shows no finance charges or anything.

I was told after being put on hold that it was a mistake and they would fix it. With all the changes lately it was probably a glitch. I called to find out why it had happened if I just needed to pay everything off because I had more then one vacation charged. I for the most part only ever have one.

She told me first that it pays off first due but then said highest balance and I asked does one override the other. That is when she came back and told me it was a glitch and I was good to go. Now, I am concerned. Looks like I'll be calling back.

Actually had the exact same problem with my account. Was told that the policy now is that any payment will be applied to a promo with a 30 day expiration. We'll see what happens this month.

 

[disdel]

It seems the only way around this is to use your Disney card only for Disney vacations. Won't Chase will lose money on this in the long run At least from me they will.

When you book a Disney vacation on a Disney Chase Visa you get 6 months at 0% interest right? And then, I thought I read on these boards, you get 6 months w/ 0% with every payment, correct? For example, I put my next cruise deposit on my Disney Chase Card. The cruise isn't for 2 years so I figured I'd pay off the deposit within the 6 months and then, put another few hundred on the trip (get 6 months interest free on that from that time), pay that off, put another few hundred..........and so on. With every payment you get 6 months interest free from the date of the payment. Is this right? It isn't 6 months from the initial payment your expected to pay off the whole thing???

Those are the ways we've done it, as well. Deposits, pay off over 6 months, another chunk, pay off, then overlap with the final payment about 6 months out, and finish paying a month before departure. So far, I've wheeled 4 cruises this way, and by not clouding the statement with "other", non-deferred interest charge purchases, have never had a problem where my payments went - they always went to the oldest balance first.
Agree with beachbratt's use of two cards, but we use an AMEX paid each month for the flex points - points paid for the flight home from Barelona

Just because I can make small payments throughout the next couple of years. A couple hundred here, a couple hundred there, then when it comes time to cruise it'll be completely paid off and I wouldn't have to do it in large sums.

I'm in your school of thought on this. Sure, I could save and pay in a lump 91 days out, but for what, maybe $3.12 in interest from my bank account? The Dis Dollars are more than any interest from the bank. They become like an additional OBC for us. Oops, have to call and get the card issued for the April 10th departure.

 

[sayhello]

I know that's so scary. I'm currently carrying a balance due to some medical expenses, so have started doing payments on line as I'm too nervous about a payment getting delayed in the mail!

Yeah....and all the good my GREAT FICO score is doing for me with these CC companies....

I'm wondering if I'd be better off at this point checking into a personal loan from my credit union and paying off that balance.

.

I'm not sure which would be better for you credit score, but financially, the personal loan HAS to be a better deal than the credit card. Most loans, if your payment is late, there *is* a fee, but your interest rate does not skyrocket. Carrying a balance on a credit card is rarely a good choice.

Sayhello

 

[ibouncetoo]

I'm not sure which would be better for you credit score, but financially, the personal loan HAS to be a better deal than the credit card. Most loans, if your payment is late, there *is* a fee, but your interest rate does not skyrocket. Carrying a balance on a credit card is rarely a good choice.

Sayhello

Yep, I'll be making some calls on Monday. Plus what better way to let the CC folks know you're not pleased than to pay off that balance in one fell swoop.

.

 

[vicki_c]

After reading the original post yesterday, I took a look and just saw on my newest bill the comment under the Qualifying Promotional Financing section "you must pay your promotional balance(s) in full by the expriation date(s) provided below to avoid paying ACCRUED DEFERRED INTEREST". Was never there before this bill.

I'll be interested in hearing the response to the OP from DISNEY.

.

I don't understand -- all deferred interest card agreements that I've seen work like this. We have used that with numerous credit cards - to purchase a TV, appliances, etc. You only get 0% interest IF you pay it off before the promotional period ends. I always make sure to pay the entire amount off in full before it ends and no interest is charged. If you don't pay it off in time, you get charged ALL of the interest that has accrued since the purchase date. I have numerous credit cards that have these offers (Home Depot, Sears for example) and there's always been a section which shows how the deferred interest is building up each month when it's not paid off.

Unless Chase's offer worked differently before (and I don't know because when I used Chase for a Disney vacation, I didn't pay that much attention), what you're describing seems totally normal to me.

 

[ibouncetoo]

Vicki, the original DISNEY visa deal was six months at NO INTEREST and was set up differently than their other charge cards...hence the reason people often got the wrong information when they called with questions and had to speak to supervisors, regular customer service people didn't seem to be aware of it. Once your six months was up, if there was still a balance it would then commence being charged interest. No interest was accruing prior to that time.

Which is why we are all unhappy right now.

.

 

[eskimoinparadise]

I am confused more then ever now.

I actually called Chase Disney this morning before I even saw this post. I had $145 left to pay off by 2/22. Paid my entire regular balance plus $150 to cover this. I had another charge for a cruise for $1700 and it took the money off that and left the first now overdue but shows no finance charges or anything.

I was told after being put on hold that it was a mistake and they would fix it. With all the changes lately it was probably a glitch. I called to find out why it had happened if I just needed to pay everything off because I had more then one vacation charged. I for the most part only ever have one.

She told me first that it pays off first due but then said highest balance and I asked does one override the other. That is when she came back and told me it was a glitch and I was good to go. Now, I am concerned. Looks like I'll be calling back.

Get her name, get the resolution in writing, and get them to issue a corrected statement, otherwise the conversation never happened.

Once the finance charges and penalties for late payment show up on your next month's bill, it will be too late, and your credit score will already be on the way down the drain.

Had I not checked my entire statement instead of just the first page which showed my new charges for the month, I would have missed this new policy, and would have ended up with an overdue balance.

 

[vicki_c]

Vicki, the original DISNEY visa deal was six months at NO INTEREST and was set up differently than their other charge cards...hence the reason people often got the wrong information when they called with questions and had to speak to supervisors, regular customer service people didn't seem to be aware of it. Once your six months was up, if there was still a balance it would then commence being charged interest. No interest was accruing prior to that time.

Which is why we are all unhappy right now.

.

Thanks - now I understand better! I appreciate the clarification, I didn't realize it was different than all the other cards I've seen.

 

[hgon76]

I'm in your school of thought on this. Sure, I could save and pay in a lump 91 days out, but for what, maybe $3.12 in interest from my bank account? The Dis Dollars are more than any interest from the bank. They become like an additional OBC for us. Oops, have to call and get the card issued for the April 10th departure.

yeah, that's how I figure it too. I think savings accounts generally yield about a 0.75%-1.25% tops! That's about $4 in interest I'd accrue. I'd rather have the piece of mind of paying it off chunks at a time over time.

 

[lovethedream]

All I know is I can't seem to find anything good that has happened to me since this new law came into effect that was supposed to protect me from all of this. And on top of that, now my statement is 6 pages long when it used to be 4. We have done the 0% interest for the cruises but never again. I did not pay attention if we paid it off in time or not. Now I wish I had, but it sounds like the deal is now worse than it ever was. Thanks for the heads up.

 

[NancyIL]

I'm in your school of thought on this. Sure, I could save and pay in a lump 91 days out, but for what, maybe $3.12 in interest from my bank account? The Dis Dollars are more than any interest from the bank. They become like an additional OBC for us. Oops, have to call and get the card issued for the April 10th departure.

What "Dis Dollars" are you talking about? You get the same amount of Disney Visa Rewards Dollars (1%) if you charge a few hundred dollars every few months as if you charge the whole amount when due. Interest rates are low, but I'll still take whatever interest I earn over two years vs. giving it to Mickey to keep.

 

[NancyIL]

yeah, that's how I figure it too. I think savings accounts generally yield about a 0.75%-1.25% tops! That's about $4 in interest I'd accrue. I'd rather have the piece of mind of paying it off chunks at a time over time.

I didn't know your cruise cost less than $400!