Disney Visa 0% financing?

[Aggiegrl]

We are planning on doing a back to back set of cruises next November on the Dream. We will need two rooms, and with two different cruises, that makes the deposit $1600 (!).

We simply don't have the money in our travel savings yet. I wouldn't usually book a trip without having the funds, but we want adjoining inside rooms AND want to keep the same rooms for both cruises AND need first seating for dinner. I'm afraid the longer we wait, this is going to become impossible to get.

I'd like to use the 0% financing for 6 months on our Disney Visa. But, with some of the recent posts about how they apply payments, I am scared to. We use the card for most of our expenses, and pay it off at the end of the month.

If I charge $1000 on the card in a month, will my $1000 payment be applied to those charges and NOT the $1600 promotional balance? I'm afraid they will apply my payment to the $1600 and then charge me interest on the $1000.

I'd appreciate your experience/advice. I've never done this before.

 

[Ava]

Based on the new credit card laws, they should apply your payment to the balance with the highest interest rate first. BUT I would call them to confirm that before you book anything.

 

[rangermom]

You should be able to call ans tell them which balance to apply the payment to.

 

[SuzanneSLO]

We are planning on doing a back to back set of cruises next November on the Dream. We will need two rooms, and with two different cruises, that makes the deposit $1600 (!).

We simply don't have the money in our travel savings yet. I wouldn't usually book a trip without having the funds, but we want adjoining inside rooms AND want to keep the same rooms for both cruises AND need first seating for dinner. I'm afraid the longer we wait, this is going to become impossible to get.

I'd like to use the 0% financing for 6 months on our Disney Visa. But, with some of the recent posts about how they apply payments, I am scared to. We use the card for most of our expenses, and pay it off at the end of the month.

If I charge $1000 on the card in a month, will my $1000 payment be applied to those charges and NOT the $1600 promotional balance? I'm afraid they will apply my payment to the $1600 and then charge me interest on the $1000.

I'd appreciate your experience/advice. I've never done this before.

Anything you pay OVER the minimum payment is applied to the balance with the highest interest. Chase can and will apply the minimum payment to the lowest interest rate.

If, on $1000 of other charges and $1600 of promotional balance, your minimum payment is $25, then pay $1025. Your promotional balance will be reduced by $25 to $1575 and your other charges will be paid in full, so no interest. Enjoy your cruise! -- Suzanne

 

[Aggiegrl]

Anything you pay OVER the minimum payment is applied to the balance with the highest interest. Chase can and will apply the minimum payment to the lowest interest rate.

If, on $1000 of other charges and $1600 of promotional balance, your minimum payment is $25, then pay $1025. Your promotional balance will be reduced by $25 to $1575 and your other charges will be paid in full, so no interest. Enjoy your cruise! -- Suzanne

Suzanne, THANK YOU so much for the explanation! Why does this have to be so darn confusing?

 

[ShelsGoingToDisney]

I have used the 0% offer several times. I put tons of other stuff on my card and pay the balance in full every month. I never carry a balance (other than the promotional balance).

When my statement cuts I take the total of the promotional balance and subtract it from my total balance and pay that amount. It always pays for everything except the promotional which stays the same. I have never had any interest charged.

I have never paid the other balance plus the minimum as the PP suggested and I've never been charged interest.