Buying resale with credit card--can you?

[trampslady]

Just wondering?

 

[T.E. Yeary]

You can purchase a DVC Resale with a credit card "check".

 

[trampslady]

Thanks, Tom!

 

[JimC]

Tom,

Why no credit cards? Is it that the credit card check has no "merchant" discounts, but the card does?

 

[snowbunny]

You can buy a resale with a credit card direct from Disney, if you're willing to buy 150 points.

 

[Anewman]

You can buy a resale with a credit card direct from Disney, if you're willing to buy 150 points.

You can buy add ons as small as 25 points if you are already DVC, with a credit card.

 

[T.E. Yeary]

The reason you cannot buy a Resale with a credit card is the merchant account would charge whomever receives the credit card a percentage of the amount charged on the card. Last time I checked it would cost us around 4% of the amount charged on the card. We do not have the mark-up on the Resales that Disney does when they sell to a customer.

The Timeshare Store, Inc. and the closing companies simply CANNOT afford to take credit cards. We could raise our commissions to cover it but I don't think the majority of our customers would want that!

Tom

 

[T.E. Yeary]

Tom,

Why no credit cards? Is it that the credit card check has no "merchant" discounts, but the card does?

That is correct! The check will have ALL funds going to the merchant.

Tom

 

[vascubaguy]

The reason you cannot buy a Resale with a credit card is the merchant account would charge whomever receives the credit card a percentage of the amount charged on the card. Last time I checked it would cost us around 4% of the amount charged on the card. We do not have the mark-up on the Resales that Disney does when they sell to a customer.

The Timeshare Store, Inc. and the closing companies simply CANNOT afford to take credit cards. We could raise our commissions to cover it but I don't think the majority of our customers would want that!

Tom

Tom,

Can you guys not add a "processing fee" just for those that decide to use a credit card? Some people might be willing to pay a 3-4% fee just to be able to use their credit card (which might have a better interest rate than other loans....

Oh, and someone told me that if you call the credit card company beforehand and tell them that you would like use the credit card checks for a real estate purchase, they might waive the 3% fee and put it thru as a purchase.

Ok, just sharing some Sunday afternoon thoughts...

 

[CarolMN]

You can purchase a DVC Resale with a credit card "check".

trampslady - If the reason you want to use a credit card is for the rewards, be sure to check with the card issuer before you arrange to pay with a credit card "check". Most companies do not give rewards for cash advances, "checks" or balance transfers.

Best wishes -

 

[T.E. Yeary]

The title company cannot take a credit card because it is a real estate purchase. With credit cards, people have at least 60 days to dispute charges. Since there is title insurance involved, there is no way the title company can take a credit card and also issue title insurance.

No problem with using a credit card check to get miles or Disney $$ or whatever. Just make the check made out to yourself, ask the company to waive the 3% fee (which they almost always do), deposit the check in your personal account and then when the final balance is due, get a bank check or a cashiers check with the money that is now in your personal account.

PROBLEM SOLVED!!!

 

[5infam]

Tom,

Can you guys not add a "processing fee" just for those that decide to use a credit card? Some people might be willing to pay a 3-4% fee just to be able to use their credit card (which might have a better interest rate than other loans....

Just thought I would chime in on this one(18 years in banking is good sometimes for this type of info). This is actually illegal (against Visa/MC rules) for a merchant to add additional charges (called upcharging)to a consumer using their card. The merchant is supposed to pay all fees. If you see this upcharging at a merchant, you COULD actually report them to Visa/MC. They will be warned and if they violate again, they will be shut down. I know it seems silly to the consumer, but Visa/MC are serious about this one. The chargeback issue that Tom mentioned is also a huge problem for resellers. If you were to try and charge back on DVC for a direct purchase, they would fight you per your signed agreement. If they lost the fight (which they shouldn't), they would just be able to add those points back into inventory...which is not the same as going through a reseller who is just brokering the deal and doesn't actually own the points. Hope that helps in some way.

 

[trampslady]

I don't think you can typically earn rewards if you use the "convenience checks" offered by the credit card companies. Usually, the rewards only come from purchases using the credit card.

 

[JimC]

Just thought I would chime in on this one(18 years in banking is good sometimes for this type of info). This is actually illegal (against Visa/MC rules) for a merchant to add additional charges (called upcharging)to a consumer using their card. The merchant is supposed to pay all fees. If you see this upcharging at a merchant, you COULD actually report them to Visa/MC. They will be warned and if they violate again, they will be shut down. I know it seems silly to the consumer, but Visa/MC are serious about this one.....

Unless the merchant is the government and you are paying taxes with a credit card. They add additional charges with impunity.

 

[Disney Doll]

I would imagine so, as long as you have a big enough limit to cover the cost.

My DH knew a couple who bought DVC with their Disney CC, got the rewards $$ and then paid it off the next month with their home equity credit line, so they also got the tax benefit.

Pretty smart!!!!

 

[beezerdave]

Is it a matter of course to take a deposit with a credit card that would go into an escrow account?

 

[vascubaguy]

I would imagine so, as long as you have a big enough limit to cover the cost.

My DH knew a couple who bought DVC with their Disney CC, got the rewards $$ and then paid it off the next month with their home equity credit line, so they also got the tax benefit.

Pretty smart!!!!

That's what I'm planning to do.... actually, the credit card I used I have 0% interest until December 2006... plus I got 1% back. So I ended up getting a check for $100.00 for using the card, don't have to pay interest on it until Dec 2006, and I can pay it off when I refinance my home and then get the tax benefits.

 

[5infam]

Unless the merchant is the government and you are paying taxes with a credit card. They add additional charges with impunity.

Nice point JimC - I forgot about the government exception (they basically make up their own rules as they go along)!!!!