Disney Visa Disappointment

[disneychick05]

Today I got a letter from Bank One/ Disney Visa stating that my APR would be going up. It says to refer to the section of the card agreement about variable APR. I never read the card agreement so I was unaware of the variable APR. It went from 8.99 to 12.99%. I think I'm going to canel the card although I loved it for the year I had it. 12.99 is higher than any other card I've ever had or have right now....I just don't think it's worth it. Did anyone else get a similar letter?

 

[CMKN]

Disneychick05 I had a very simular thing happen to me. I started off at the 0% for the first six months. Three months into it, I received a letter saying effective immedietly my rate was going up to 12% (per my agreement). I also used on of their checks and without notice they cancelled the check and I was stuck with a bounced check. When I called them, they told me it was their option at any time to make changes to my account without notice. All said and done, I paid off the account and have not used it since (I am only holding on to it for any special deals). Since I paid it off ($6,000) they have sent me NUMEROUS letters asking me to charge away, but I have lost faith in the company and will not use it unless it will be for MY benefit.

By the way, my account was not in default, I didn't have any changes in income or charges - they had no valid reason to do what they did - they just did it!

 

[disneychick05]

CMKN:
First of all, welcome to the boards!! I forgot to add that I am not in default in any way either. I never had a card that had "variable" APR and in my opinion that is very shady because I wonder what they will bump it up to next for no reason at all. I am a true Disney fan but I can't believe I let myself fall for this apparent scam. I think that Bank One will be the real losers when cardholders catch onto this.

 

[HaleyB]

Thanks for posting this, I will keep eye out for anything like that. I don't carry a balance on my DV, I pay it off every month to avoid intrest charges. I have another Bank One Visa and it is at 4.9%- I called and asked if they would lower my DV rate and they said no... I always call my cc companies and ask for better rates. I would say at least 75% of the time they will lower it.

 

[NALA 24]

I am also disappointed with my Disney Credit Card. I transferred a balance from another card to get the 0% interest for 6 months and then realized that there was a 3% charge to transfer balances. I called to cancel the transfer and credit card before the approval was even final and they told me no matter what I did I had to pay the transfer fee.

 

[Ratpack]

I love the Disney Visa. When I signed up ( first day you could) I knew it was a varible rate but I use it only for normal spending; gas, groceries and such. Then pay it off each month and it doesn't matter what the rate is, no interest. For balance carrying, I have a fixed rate bank one card. It is great, I can manage both cards on the same website.

 

[leebee]

My biggest complaint with the Disney VISA card is that it has a two cycle daily balance average, which is akin to paying double the interest rate! I only use it when I knowfor sure that I will be paying it off at the end of the billing cycle- otherwise the finance charge far exceeds what I "earn" in Disney reward credit! I really only keep it because it's fun to use it at WDW, and occasionally I get a good offer in with the bill- like $5 off any Princess Purchase over $10- o'course now that our Disney stor closed, I can't even take advantage of THAT benefit :-(

 

[zyezye]

We've used the Disney Visa from the original issue date..about a year ago, I think.
Anyway, I think the perks aren't worth the interest, etc. I am thinking some of the
airline Visa cards would be much more beneficial in terms of working toward free flights than having so few Disney points.
You really have to spend thousands of dollars to accumulate any amount of points.
Bobbi

 

[lovesdumbo]

I've been pretty happy with the Disney Visa. I charge most of my purchases-gas, food, DD's preschool tuition....and then pay off the balance each month. The rewards of 1% are pretty much the same as other cards only most other cards give you more if you buy their product. I have a Sony card that gives 3% on Sony purchases. I'd love to earn 3% on my Poly bill! I like thinking that I'm saving my rewards for a Disney trip. You'll have to charge a lot for a free flight ticket and then good luck finding the flight you want. I had a Delta Sky Miles Amex for years that I paid an annual fee for and now I have enough miles for 2 round trip tickets but haven't been able to use them on any flights yet. I could use double points and get the flight I want but I didn't want to use all my points to get 1 $200 ticket. The good thing is as long as I fly every 3 years my miles don't expire.

 

[cmatt]

When the card of choice at wdw was American Express we had the best card and got the best deals , white glove treatment

atleast thats what I think thanks cmatt

 

[MrsPete]

<<<<<I never read the card agreement so I was unaware of the variable APR>>>>>

This is a very dangerous statement! You should NEVER agree to something you have not read! Actually, I think if people read all the stuff about credit cards and understood how much they can cost, fewer people would use them -- or at least fewer would carry a balance.

Credit cards CAN be useful, but the majority of us aren't using them wisely.

Here's a different but equally bad deal: I just got a Home Depot card (because they were offering a 10% off the first purchase coupon, and I'm about to install new kitchen countertops -- I'll get rid of their card as soon as that transaction's done), and when it arrived, I was astounded by one detail: there is no "grace period" for finance charges. If I buy my countertops on Monday, interest begins accruing on Monday -- not after the monthly bill arrives. I'm going to call and find out where to mail the bill and send the payment the day I buy the countertops.

 

[Teaching in NV]

Originally posted by disneychick05
Today I got a letter from Bank One/ Disney Visa stating that my APR would be going up.

Sometimes, if you call the bank's customer number and tell them that you will cancel the card if they don't keep you at a lower rate, they will reduce your APR rate. It can't hurt to try

Oh and just my two cents worth - I love my Disney Visa - we are staying at the AKL for three days free courtesy of Visa (YAY!!) This is not on the special - this is using Disney Dollars we have accrued on the card.

If you pay it off each and every month, its truly worth keeping. If, however, you carry ANY balance over whatsoever - the fees take away any benefit you had with the card. They pretty much cancel out any DD's you've earned every month you carry a balance.

 

[goin2disneyagain]

Bank One has some issues. I have heard many complaints about the way they do business on credit cards other than the Disney Visa. I have a BP Visa with them and I really don't care for them. I liked the card (BP) better when it was with First USA. I have been hesitant to get the Disney Visa because of this as well as all the complaints I read about on these boards. I wish Disney would switch to another credit card company.

 

[budget mom]

I applied on 3-27 and my status was under review for a week so I actually talked to someone. They said it's possible I was not a quick approval b/c we moved last year and our credit report hadn't caught up with us????? Also we still have our mortgage on the previous home as well as our new one, a banker said this might flag us for some reason. I just received an official letter from Bank One today 4-13 asking for utility stmts and copy of my ss card. Does anyone know how long it will be to approval after I provide these things? I hope they don't ask for a blood sample.

 

[LSchrow]

i agree, keep an eye on BO....
i just closed one of our Bank One CC accounts ~ it had a "reward program" (1 point for every dollar) for years. we stopped using it when we rec'd a notice that they were discontinuing the program about a year ago. then we rec'd new cards in 10/03, with inserts & on the CC holder which announced the reward program was in effect (the new cards even said Bank One Rewards Card).
so we use it (we charge heavily ~ college tuition, car down payment, everyday "stuff" ~ & pay in full every month).
so i called to "cash in" after charging quite a few grand ~ as per their CS, "it must have been a mistake...........there is NO reward program with the card"
very poor CS, including a "supervisor" (all with an arrogant, "tough luck" attitude). of course we cancelled the card. (i saved all the paperwork ~ just not sure who to report them to, or if it's worth reporting........ )
unfortunately, BO cards have the rewards programs we actually use ~ we still have 2 Bank One Reward Cards: a Reader's Digest that gives CASH or GC's, & the Disney (as well as a First USA Sony (free/discounted Sony Products), & Delta AMEX (Skymiles)).
just watch Bank One ~ keep an eye on your statements, carefully look over ANYTHING they send (& btw, add up your charges each month ~ they "accidentally added the statement charges incorrectly" more than once on my brother's statements).

 

[whjoyjr]

And will close the account after the trip and the 0% for 6 minths is going to run out. Everything else will go on another card during the trip.

 

[PatriciaH]

Originally posted by LSchrow
i agree, keep an eye on BO....
i just closed one of our Bank One CC accounts ~ it had a "reward program" (1 point for every dollar) for years. we stopped using it when we rec'd a notice that they were discontinuing the program about a year ago. then we rec'd new cards in 10/03, with inserts & on the CC holder which announced the reward program was in effect (the new cards even said Bank One Rewards Card).
so we use it (we charge heavily ~ college tuition, car down payment, everyday "stuff" ~ & pay in full every month).
so i called to "cash in" after charging quite a few grand ~ as per their CS, "it must have been a mistake...........there is NO reward program with the card"
very poor CS, including a "supervisor" (all with an arrogant, "tough luck" attitude). of course we cancelled the card. (i saved all the paperwork ~ just not sure who to report them to, or if it's worth reporting........ )

I would head on over to the Better Business Bureau's web site and file a complaint. It will only take a few minutes!

http://www.bbb.org/

 

[RoyalCanadian]

I have several credit cards -- Amex, Diner's Club, MasterCard and a Visa Gold card. My wife also carries a MasterCard. In 2003 we paid the whopping total of $34.38 in interest on credit card purchases. American readers should be aware that most Canadian credit cards carry interest rates of 17.9% - 18.9% (the law considers anything under 60% to be legal). We accomplished this in one way and one way only -- we pay off our credit cards each month. Any interest charges were the result of my forgetfulness when it comes to remembering banking due dates.
The money any of us earns is far too precious to be handing over to credit card companies. It just isn't worth the cost to carry a balance on credit cards when other low interest credit options are available.

 

[Jamieb]

I have used my Disney Visa sicce I converted to it from a United Mileage Visa back in October. I pay it off every month and have not earned enough for a free trip but most of the money I would spend for food on our trip in July will be covered by the points I have earned.

They key is to pay it off each month. I do have other credit card debt, and it's at a low fixed apr of 2.9%, something they offer from time to time, even Bank One. You just have to watch as most of the time balance transfers do cost you, sometimes the fee is waived.

I would be upset though if they said the first six months at 0% and then upped it during that time. You should be able to get that taken care of otherwise I would report it but I have never had issues with Bank One and I have been with them for years as they are one of the larger banks in Michigan.

Always read the fine print, always check your statments and if it's a rewards card of some natue it is a good idea to pay it off every month so as to not negate the rewards your earning with interest charges.

As for Airline rewards cards. It ends up being the same for the most part. If it takes you 25,000 miles for a free trip and your earn a mile for each dollar charged, is it so different then earning $250 in Disney Rewards. Sure the average airfare may be a bit more then $250 but most if not all airline credit cards have an annual fee, some as high as $100 a year.

Many people become obsessed with earning points for something for free. If it were to take you 3 years to earn 25,000 miles on your airline visa card and you paid $225.00($75x3) for the card over those three years, is it really worth it? The Disney Visa Card is free in that sense as there is no annual fee.

Most banks now hit you with late fees and over the limit fees. Instead of the bank decling that charge that puts you over your limit by $3, they process it and then hit you up for a $30 over the limit fee.

I like the convenience of Bank One and being able to look at all my credit cards and checking account in one place. I am sure some people will have issues with them, some wont. Every bank has thier problems. I have had issues with banks and other credit cards, more so since I have quite a few of them, just no balances on them.

One last thing, Bank One is running a promotion til June 30th, at least for me, where you earn 2% each month instead of 1% on combined charges over $150 each month, while sill earning 1% up to the $150.

 

[rae519]

Since "Day One", we have earned over $400 in Disney Rewards which we plan to use on our upcoming DCL cruise. We pay off the balance every month and haven't had any interest charges.

I prefer my Discover card (10% back on groceries for a limited time) but many places do not take Discover. So we have the Disney card.

Always read the small print and try to pay off your bill monthly so as not to accrue the interest!

Rae