Disney Rewards Visa seems like a total crock.

[Disneyliscious]

Not being able to pay for some hypothetical surgery you can't afford for a loved one is a problem for those who use CC and those who only use cash.

Do you have the $100,000 in cash saved up? If you don't, what would YOU do? Would you sign to take a loan out and pay payments or would you tell the person you can't help because you only have a couple of thousand (or whatever) saved in cash.

I am really not following your logic in these scenarios you are giving.

I do have a CC....I ONLY charge what I know is ALREADY in the bank for me to pay it off with. Period.

There is no "security" attached to my credit card. It is a means to pay for something right now that I prefer not to carry cash around for.

Dawn

What would I do? I would take out the loan you mentioned, pay for the surgery. Thats really a no brainer for any of us. I used that as an example of unexpected things that can happen,

What I would not do is tell myself that I am immune to paying a late fee (or an increased interest rate due to paying a late fee) on the loan because I have this, this , or this. I would be realistic and know that it can happen...hopefully that it wouldn't, but that it could.

 

[JaymeC]

I think people were flabbergasted because you were picking one card out of the thousands available to cite how bad it was... and trust me it's nowhere near the worst one out there. There are far, far worse cards to have in your wallet. I know as I've worked with people who have them.

As for people sitting there thumbing through their money, maybe they didn't approach it the best way but I'm guessing what many told you was true. This is a budgeting board. The people here will be much more inclined to be the type to save money over time and build up those nest eggs. I promise you in most cases they didn't just appear over night. I know that ours was built over years of sacrificing things to ensure that our future was as secure as we could make it. And if we were able to save up enough to be able to pull from our emergency funds for a few years before we needed to turn to cc I'm sure that others were as well, especially since we did it on a military income with two young children. Having said that, during those years we also did things like either skipping Disney trips or limiting how long they were along with all the other budget items. Those things can be hard to do, but they do ensure that you don't end up paying anyone 15% interest because you don't have the resources to turn to.

 

[RachaelA]

What I would not do is tell myself that I am immune to paying a late fee (or an increased interest rate due to paying a late fee) on the loan because I have this, this , or this. I would be realistic and know that it can happen...hopefully that it wouldn't, but that it could.

I don't think the majority of us were saying we were immune to late fees, but rather it would take A LOT for us to have to pay one. We didn't want to go into great detail about it and you took that as we weren't being realistic.

Honestly, after we depleted all savings, my entire extended family would all have to be broke before I'd pay a late fee. There is about a .01% chance of that happening and I'm sure its that way for some of the others who posted on this thread. Why is that wrong? Why am I not allowed to feel safe having a credit for that reason as well (added on to the fact that I never charge more than I have not including my personal savings)?

You generalized by saying no one is safe when honestly there are people that are and that don't feel credit cards are so horrible.

 

[DawnM]

And if you pay in cash, you aren't immune to paying a bill late either and incurring a late fee.

It is the same either way.

I have had a credit card for almost 25 years of my life and so far, no late fee that I can remember. My credit score is still just over 800.

Dawn

What would I do? I would take out the loan you mentioned, pay for the surgery. Thats really a no brainer for any of us. I used that as an example of unexpected things that can happen,

What I would not do is tell myself that I am immune to paying a late fee (or an increased interest rate due to paying a late fee) on the loan because I have this, this , or this. I would be realistic and know that it can happen...hopefully that it wouldn't, but that it could.

 

[ilovemk76]

No sarcasm taken. I live on a farm and make my living off of it. Most people who buy livestock don't pay with a check so its always cash transactions unless its someone I know. If I do receive a check for something (and I do get rebate checks and stuff) then I deposit it and remove the money as soon as it clears the bank. I don't have a savings or lots of cash on hand but the money I do have is either in my purse, in a cookie jar, or in a safe in my home. Sounds pretty 1920'ish I know, but it works for me. I just refuse to pay money I don't need to pay if I can find a way around it. If I need a debit card, I use a Wal-Mart prepaid card. I only use it when I need it and it costs me less ($3 a month) than a bank would for a checking account (debit card). As far as checks, I haven't written a check in years. When we paid the deposit on our FL rental for our trip the guy didn't take online payments so I bought a $.49 money order and sent it to him. With postage it was under $1 and I can't remember the last time Ive bought a money order before that.

Sometimes we have to pay fees (even me). Thats just life. But if I can find a way to not pay it then its money well saved for Disney. Every year I dont pay $9.00 a month for a checking account is another free park ticket at Disney.

My lifestyle is not the norm, it is not recommended for most, and it isn't perfect or even financially smart but its "me" and Im ok with that.

Sounds more tax evasionish. What is this account you use to cash those check?

Every month I pay OMG NOTHING for my checking account. I rarely write checks but use the bank to pay the electric bill. The money I get from rewards on CCs I NEVER pay interest on get me a FREE park ticket.

 

[a1tinkfans]

I got the offer in the mail today for the $200 bonus if I open an account with them.

You would have to charge $9k to the card to get enough points to buy one park ticket. Their interest rate is 14.24%-16.24% and whats worse, if you are late on a payment, even once, it goes to 24.24%.

Now, as an added bonus to their "valued customers" if you have ANY other kind of account or loan at Chase which you happen to be late on, the interest rate on your credit card goes to 24.24%. How thoughtful of them.

And even MORE of a bonus to their "valued customers", once the rate is increased, it will never go back down.

No wonder they offer you $200 in free Disney money. They'll get it back 100 times over. Sure, they have to make a profit but being a day late on a loan you may have with Chase resulting in your credit card interest rate going to 24.24% indefinitely is insane. It is simply foolish to use this card.

It says "The penalty APR will be applicable to your account if you : fail to make any minimum payment by the date and time due". What? It has to be there by a certain time? What does that mean?

Many people pay their balances in full each month and don't pay interest. I get it. But what if an emergency comes up? Health or job loss? What then? No one is immune to this possibility. I just can't justify the risk being worth the reward on this one.....so in the trash it goes. Bank of America also practices this kind of "service".

I read a quote once that said "Interest is the penalty you pay for being poor". It definitely rings true with these banks today.

I am once again reminded today that I am thankful I don't have a single credit card.

You only have to have "a single charge" and they give you $200.00 of disney dollars. You can charge a pack of gum at walmart and then go home, set up an online account, pay it off and you will get $200.00. Its a no fee charge card.
It really is a no brainer....and many many have done it....We were fortunate enough to do it three times and have enjoyed our FREE money.
As a fiscally responsible person with no cc debt the "deal" is just that....a DEAL I love this card.

If one has to use a cc for emergencies, it is because they did not have the "6 mos to one year" $$ saved in an account for just that reason. Emergencies happen and sometimes one is not fortunate enough or disciplined enough to have saved it.
BUT if you have no credit card AND no money saved, then what? Im not sure I follow you.
You're angry they charge interest for you to borrow money that you were ill prepared for (emergency? ) thats just the real world of business! They do not force you to use their card!

Its a personal decision, but a deal is a deal and so far the FEE FREE, FREE $$$ offer is awesome.

 

[ilovemk76]

What would I do? I would take out the loan you mentioned, pay for the surgery. Thats really a no brainer for any of us. I used that as an example of unexpected things that can happen,

What I would not do is tell myself that I am immune to paying a late fee (or an increased interest rate due to paying a late fee) on the loan because I have this, this , or this. I would be realistic and know that it can happen...hopefully that it wouldn't, but that it could.

What would you do it that loan took time or got denied while your loved one's condition worsen? What if it too so long your loved one did not make it?

I know that I have 10s of thousands siting ready to be used on CCs for that exact emergency. I can then go get the loan to pay those cards off. If I can get it in less than a month then no interest was paid on the CC. If over a month then I paid interest and my loved one did not suffer. For you if it took over a month your loved one would not fair as well.

 

[Tink-aholic]

And if you pay in cash, you aren't immune to paying a bill late either and incurring a late fee.

It is the same either way.

I have had a credit card for almost 25 years of my life and so far, no late fee that I can remember. My credit score is still just over 800.

Dawn

Exactly this. I would say that this makes it far more likely that she could encounter late fees, because of her lifestyle choice. For all of my bills, I use a computer. I have a spreadsheet that I check daily. All of my bills are paid online, and all of them either have an automatic amount that is debited every month long before the bill is due or a reminder that is set to tell me to pay it.

Oh, and because I use direct deposit and pay my bills online, I don't pay any fees for my checking account, either.

 

[allison443]

What would I do? I would take out the loan you mentioned, pay for the surgery. Thats really a no brainer for any of us. I used that as an example of unexpected things that can happen,

What kind of loan could someone get for something like that? Don't you need a documented income/assets/credit score for a loan?

Of course, your point that unexpected things can happen is valid. We all prepare the best we can.

 

[Natalie's Mommy]

i got mine for the $200 sign up bonus, charged $1.07 to it (co-pay on a cheap antibiotic and then threw it in the safe and i dont use it anymore....it's benifits are sucky (except for the 0% interest for 6 months on disney vacations) i use my discover card and get the cash back gift cards which i can use for anything

 

[kkmcan]

We love out Disney card!! We've earned $1000's of Disney Reward Dollars since opening our account 4 years ago. We put all of our bills, kids sports fees, braces, musical instrument rentals, groceries, gas etc on our card and pay it off at the end of the month. I may as well earn something if I have to fork out all that money every month anyways. And my choice of rewards is Disney $$ and airline flights.

 

[Disneyliscious]

And if you pay in cash, you aren't immune to paying a bill late either and incurring a late fee.

Dawn

Exactly! But I'm not one of the people saying I would never have to pay a late fee or higher interest rate because I was late.

Sounds more tax evasionish. What is this account you use to cash those check?

Every month I pay OMG NOTHING for my checking account. I rarely write checks but use the bank to pay the electric bill. The money I get from rewards on CCs I NEVER pay interest on get me a FREE park ticket.

I file tax on my earnings and the IRS has every right to audit me if they think I do not. I use a free checking account with USAA to cash any checks I get. I just don't leave any money in the account.

You're angry they charge interest for you to borrow money that you were ill prepared for (emergency? ) thats just the real world of business! They do not force you to use their card!

This is incorrect. As I have said before, I know they have to make a profit. My problem with the card is the fact that if a person is one day late....even one time that the interest rate goes to over 24% indefinitely. I understand that people who pay late should not get the same 'perks' as those who do not, however in my opinion, the punishment does not fit the crime.

What would you do it that loan took time or got denied while your loved one's condition worsen? What if it too so long your loved one did not make it?

I have other options as well, just as most of you have a savings. I may not keep money in a bank but it doesn't mean I don't have a means to come up with money in the case of an emergency. I was answering the question at hand as if it were my only option.

Exactly this. I would say that this makes it far more likely that she could encounter late fees, because of her lifestyle choice. For all of my bills, I use a computer. I have a spreadsheet that I check daily. All of my bills are paid online, and all of them either have an automatic amount that is debited every month long before the bill is due or a reminder that is set to tell me to pay it.

Oh, and because I use direct deposit and pay my bills online, I don't pay any fees for my checking account, either.

As I have stated many times in this thread already, I am more likely to pay a late fee or higher interest than any of you, but Im not on here saying I never would have to. I also do not pay to pay my bills. When my bills are ready to be paid, I make a deposit, pay online and don't even pay postage to send a bill or gas to drive there. I just don't leave money in my account when its not needed. When I make a deposit, its not even in the account for 24 hours before its all gone. I make sure to only deposit what I need. I use the free bill pay and I'm done.

What kind of loan could someone get for something like that? Don't you need a documented income/assets/credit score for a loan?

I can get a loan just like any of you. I have documented income/assets/credit score just like any of you. How do you think any other farmer makes it? lol

Hope I have answered all of your questions. To many of you the card is great. Im glad for you. To me, it is a crock and I will not be getting it. We are all allowed to believe how we want and make decisions on what is best for our family.

 

[Karenj2]

Here, this will probably give the OP a brain cramp... We were doing fertility treatments two years ago - it wasn't an emergency, but we did need to pay $25k OOP up front before we could do the treatment. We got a loan, deposited the $$ into our bank account, then charged the treatment to our Disney Card, and paid it off with the amount from the loan. We went to Disney for practically free the next time, when DD was 9 months old! (Since then, we've accumulated about $500 in rewards dollars.)

RE: some a comment - we don't have any fees for our bank accounts, since we use direct deposit for our paychecks. If you have to pay $9 a month to have an account, I'd look into another bank - although it sounds like you're not too fond of them alltogether.

Also, as others have said, we don't spend more than our budget allows, which isn't anywhere close to how much we earn. So, if a true emergency came up (job loss, horrible medical emergency that our health care plan didn't cover), we have money to use. If an "emergency" came up - new tires, or fixing the house, we'd find other ways to come up with the money. (And, we'd probably put it on our CC, so that we'd have a month cushion to come up with the money.)

After all that - to the OP - I understand why you feel the way you do - but posting this on a Disney fan board was bound to get the responses you got, so no need to get on the defensive. (And we got your point - we know how you feel...)

 

[Disneyliscious]

If you have to pay $9 a month to have an account, I'd look into another bank - although it sounds like you're not too fond of them alltogether.

Yes, but comments like the above are why I keep posting. Its clear that people are not reading what Im posting and are basing their comments on their own assumptions.

 

[patsal]

I use the card every day, Every other year I have enough points to buy 2-3 Premium Annual Passes. I have never paid interest and am happy with my results. I wish it gave double points on Disney purchases, but the 0% for six months makes up for that!

 

[kiddo76]

Even if you have a large savings to "pay off the balance" it doesn't mean that another emergency wont wipe out that savings before you would need to pay off your cc balance. Life happens and usually when it rains, it pours.

But I don't pay my credit card bill out of my savings account. I don't think you're understand how one can responsibly use a cc.

1. We have our paychecks direct deposited. X% goes into our savings account and X% goes into our regular savings account. So let's say each month we put $4000 into our checking account.
2. Our monthly spending is paid out of our checking account. We do not spend more in a month than what we have in our checking account, $4000.
3. We would spend the same amount of money each month whether we pulled cash from underneath our mattress or charged it all on a credit. Once we charge something, we consider the money spent. If the money is not already in our account, we do not spend it.
4. The only thing that varies is the way the money is withdrawn from our checking account. Ovbiously, we withdraw cash for misc. spending. Other money is withdrawn automatically to pay bills. Rarely money is withdrawn when I write a check out to someone. Most of our money is withdrawn when I pay of the credit card bill. Either which way, our spending is solely based on the amount of money in our checking account and not based on the payment method.
5. If our income were to suddenly disappear, we could still pay off the credit card from our checking account. So say I had already deposited $4000 and have spent $3000 this month before we lost our income. If we weren't using the credit card, I would only have $1000 in the bank. If I put all of my $3000 spending on the credit card, I'd have $4000 in my checking account to pay off the credit card bill. Once I paid off the credit card, I'd have $1000 in my checking account. So I'm in the same place whether I use cash or credit. $1000 in my checking account and my savings untouched.
6. If any emergency spending came up we would first use money from our checking account and adjust our spending for the month. If the emergency depleted our checking account, we would then dip into our regular savings and put off any purchases that money may have been earmarked for (vacations, furniture, home improvements) and adjust our spending further. Once that money was gone, we would dip into emergency savings and cut spending to bare bones minimum. This plan would be the same whether we paid for everything with cash or credit.
7. If there were a catatrosphic emergency where I needed access to more cash than I had on hand, I could then immediately put the money on one of our high limit, lower interest credit cards while I tried to secure additional funds, either through selling assets or applying for financing with better terms. Since I have an excellent credit score through my responsible use of credit, I feel confident I could secure financing relatively quickly. If I couldn't secure other financing for whatever reason, I'd at least have the credit card to get me through the emergency.

So something pretty catastrophic (like both of us losing our jobs at the same time and losing medical insurance and losing disability insurance and one of us getting seriously ill and our families having a catastrophy of their own) would have to happend before I would be forced to pay interest or late fees on my credit card. Even then, it's still not the end of the world. At least I'll be able to be in the hospital with my sick loved one rather than in a bank begging for money so I can even get my loved one into the hospital. I am hardly foolish is the use of my credit card.

A much more likely scenario would be me simply forgetting to pay a bill, which is why I have them all on automatic pay.

 

[allison443]

I can get a loan just like any of you. I have documented income/assets/credit score just like any of you. How do you think any other farmer makes it? lol

Oh, okay, good for you. I just wondered because earlier in the thread you posted you have a bank account with zero balance, you pay only utilities and a mortgage, and no other loans/credit accounts. You said your business is mainly cash-based, and you stated in post 31:

"I don't have a single credit card. I don't have a single loan. I don't use a single bank (have an account with USAA with $0 in it because I don't use banks). I don't have a car payment and owe less than $8k on my house. I have no bills other than my utilities and even then, I have free water. So yes, I am SO mad....no wait....ANGRY that I don't have all this consumer debt that you speak of, which means I don't have (as quoted in your words) "power" to do that.

I haven't paid a monthly bill other than a house payment and utilities in over 2 years now. I'm broke according to the governments standards but Im free from paying bills. I manage just fine, living a simple life."

What do you mean when you say you're "broke"? I guess that's why I was wondering what bank would give you a loan.

I think it's great to have no consumer debt, but I also think savings are important. Then someone wouldn't need to take a loan at all.

 

[thumperjr9]

Different things works for different folks. I got the the Disney Rewards card about 2 years. What worked for me....I got an extra (free) $200 from Chase to spend on one of my WDW trips. They have not gotten a single penny of interest from me in fact I rarely use the card. One of my other CC has a better rewards program which I use all the time...pay it off every month and enjoy free money from them as well. I like free money!!

 

[deliareh]

Thanks for the warnings, but I would still love to get this card.

I didn't receive a mailer offering a $200 gc, so I called Disney and Chase who could not give me the offer over the phone. Any idea how I can get the $200 gc offer? TIA.

 

[smitch425]

I LOVE my Disney Visa! I pay it off every month and have never paid a penny of interest. Our bill usually runs between $3-4,000 per month, but it's been as high as $6500. It's the only CC we have. I use for EVERYTHING possible, even just a $1 Coke at McDonald's.

If you know how to use a CC correctly, it can be really useful. We have a rule...if it doesn't get paid on time, even just once, it gets cut up, but that will never happen.