Closing Premiere Disney Visa Account

[scard192]

signed up for a $200 gift card offer for the Premiere Visa card last November. The annual fee will be charged again in December(checked with Chase). I have all the rewards on a Rewards card that expires at the end of 2015, I am ready to close the account (I have a regular Disney Visa). My statement closed last week, account is paid in full.Do I have everything covered? I will purchase a Disney Gift card with the rewards card by the end of next year as we don't have a trip planned until 2016.

thanks. even with the $49 fee, I have over $200 in "free money".

 

[ellone]

signed up for a $200 gift card offer for the Premiere Visa card last November. The annual fee will be charged again in December(checked with Chase). I have all the rewards on a Rewards card that expires at the end of 2015, I am ready to close the account (I have a regular Disney Visa). My statement closed last week, account is paid in full.Do I have everything covered? I will purchase a Disney Gift card with the rewards card by the end of next year as we don't have a trip planned until 2016.

thanks. even with the $49 fee, I have over $200 in "free money".

If you close the account the rewards on the reward card will disappear.

From their terms:
If your Card Account is voluntarily or involuntarily closed for any reason and/or charged off as a loss by Chase, all Reward Dollars accrued and/or posted to your Card Account, as well as any Redemption Cards issued to you and any Reward Dollars on such Redemption Cards, will be immediately cancelled and permanently forfeited. Any pending request to transfer the Reward Dollars to a Redemption Card will not be honored. Forfeited Reward Dollars cannot be reinstated to your Card Account.

 

[scottmel]

If you close the account the rewards on the reward card will disappear.

From their terms:
If your Card Account is voluntarily or involuntarily closed for any reason and/or charged off as a loss by Chase, all Reward Dollars accrued and/or posted to your Card Account, as well as any Redemption Cards issued to you and any Reward Dollars on such Redemption Cards, will be immediately cancelled and permanently forfeited. Any pending request to transfer the Reward Dollars to a Redemption Card will not be honored. Forfeited Reward Dollars cannot be reinstated to your Card Account.

thanks for this info. I am in the same situation. I moved over all my points to my Disney redemption card. I was simply going to keep this card until my trip but would it make more sense to move this balance on the redemption card onto my trip balance? I would then think this card is zeroed out and I could cancel the visa? AGreed? thanks!

 

[mrsp1030]

Also be careful closing cards. It actually hurts your credit rating, especially if you close within a few years of opening.

 

[auger]

Before closing the account, purchase a WDW gift card with the points you have on the redemption card.
As soon as you have the gift card and have verified the amount in it, you can safely close the credit card account.
As PP said, if you close the acct with the points on the redemption card, you will lose the points.

Eta:

You can purchase the gift card either at a Disney Store or online through WDW.
Either one will accept the redemption card points for payment.

 

[scard192]

thanks everyone. I thought I was safe with the rewards on the redemption card. I will purchase a gift card on line in the next few days. I assume that if I order say a $100 gift card and only have $90 on the rewards card I can just pay the difference on a credit card.

Thanks to the PP who mentioned the "hit" to my credit rating. My FICO score is over 800, mortgage is paid off and have a car loan that still has 2.5 years on it. I think my credit will be OK.

 

[auger]

Yes, you should be able to pay the balance of the gift card purchase with another form of payment.
Disney typically allows up to two forms of payment for any purchase.

 

[KKB]

Closing a credit card in & of itself doesn't really affect one's credit score, particularly. What hurts is if you have significant balances & close some, the % of debt to credit is higher & THAT is what hurts your score.

 

[scard192]

Closing a credit card in & of itself doesn't really affect one's credit score, particularly. What hurts is if you have significant balances & close some, the % of debt to credit is higher & THAT is what hurts your score.

thank you, good to know, my credit card balances are under $500 each month

 

[cglaura]

Also, if you want to keep it open for the 1% rewards you can just have them switch it to a regular account w/ no annual fee. I did this back in March, but I had the card for more than a year...not sure if that matters. I've been spending less so the annual fee was starting to negate the rewards. I did it all online through my account portal.

I made sure to cash my rewards, then bought a gift card first.