Disney premier visa- statement credit

[Shelby Schroepfer]

I feel stupid but I need to talk this out. I am just about to my 1000$ limit to get the 400$ statement credit with the premier chase visa. Is this "free" money? Or only extends my 500$ credit limit by 400$? If it is "free" money, how do I spend it without having a payment due? My plan was to use the 400$ as spending money on our Disney vaca, but now I'm wondering if that's not the intention.

 

[2vets]

This is one of the two cards I got for this year. I made my first charge (just over 1k) a couple of weeks ago, and the credit showed up the next day, not kidding, so my first statement was for 600. I don’t think I’ve ever had a credit show up so fast. I paid that and moved the additional 400 I’d set aside back to my travel fund. I was just charged the 49 annual fee a few days ago, so that’ll be what’s on my second statement. Hth!

 

[nephykupo]

I feel stupid but I need to talk this out. I am just about to my 1000$ limit to get the 400$ statement credit with the premier chase visa. Is this "free" money? Or only extends my 500$ credit limit by 400$? If it is "free" money, how do I spend it without having a payment due? My plan was to use the 400$ as spending money on our Disney vaca, but now I'm wondering if that's not the intention.

Out of that $1000 spend, they'll negate it by -$400 so it'll be $600 balance if you get the credit before your due date. I got it long time ago but could take a few weeks to take affect(next billing cycle). You'll see the -$400 in your statement one day.

 

[Shelby Schroepfer]

I'm still confused I am sorry. This is my first ever credit card so talk to me like I am dumb. I will still have to pay this 400$ back? I am just having my limit (500$ currently) extended by 400$?

 

[ShablamE]

No the $400 is basically "free money", they give it to you as a statement credit so think of it like they're making a $400 payment on the card for you. It will erase $400 of the $1000 that you charged to the card and owe to them.

 

[nephykupo]

I'm still confused I am sorry. This is my first ever credit card so talk to me like I am dumb. I will still have to pay this 400$ back? I am just having my limit (500$ currently) extended by 400$?

It's a credit. They're just going to take off $400 from your credit card bill. It is not related to extending your credit limit.

 

[Shelby Schroepfer]

what if my bill is paid up when that 400$ credit comes? My limit is only 500$ so my 1000$ came from lots of little purchased that I've paid off right away so my balance right now is mostly clear and my limit back up to close to 500$

 

[ShablamE]

what if my bill is paid up when that 400$ credit comes? My limit is only 500$ so my 1000$ came from lots of little purchased that I've paid off right away so my balance right now is mostly clear and my limit back up to close to 500$

then you end up with a net +400 in your CC account, this will work toward the next charges that you put onto the card. And if for some reason you stopped using the card right now in about 90 days they would cut you a check for the $400.

 

[Shelby Schroepfer]

then you end up with a net +400 in your CC account, this will work toward the next charges that you put onto the card. And if for some reason you stopped using the card right now in about 90 days they would cut you a check for the $400.

thank you so much for explaining! I truly appreciate it.

 

[_19disnA]

Credit card companies offer various incentives to signup new customers. This one sounds like they offer a one-time $400 credit to use their card. Has nothing to do with your credit limit. The $400 gets applied against purchases you charge to that card.

 

[Frwinkley]

This is one of the two cards I got for this year. I made my first charge (just over 1k) a couple of weeks ago, and the credit showed up the next day, not kidding, so my first statement was for 600. I don’t think I’ve ever had a credit show up so fast. I paid that and moved the additional 400 I’d set aside back to my travel fund. I was just charged the 49 annual fee a few days ago, so that’ll be what’s on my second statement. Hth!

This was my experience as well. I opened one in my name and then another in my DH's name. We basically got $800 in free money. As with you, the credit was there before the statements even closed.

 

[2vets]

I missed that the card limit was

This was my experience as well. I opened one in my name and then another in my DH's name. We basically got $800 in free money. As with you, the credit was there before the statements even closed.

Honestly, worth the price of admission!!!

 

[cigarboo]

How would I know whether I've qualified or even whether they are still looking at my application? I applied online and never got any confirmation of receiving my application. I already have a Chase Marriott card and I missed the option where I could have applied through signing into the Chase account. Should I apply again? It's only been about a week, but no where to check status.