Disney Visa interest charges, help!!!

[luvsgrumpy]

This is for all you Disney Visa vets...

Scenario: Last year (Jan maybe) we got a 0% deal from Dis Visa and applied. The interest was to last 12-15 months, I don't remember. Anyway, I just called them to check on the exact date so I could pay it off in full before any charges got applied. Well, wouldn't you know it, the cut off was May 1. They are saying that if I had paid it off in full on April 30, I would owe $0 in interest but even if I pay it off within the next couple of days, I will owe approx. $19 for the current stmt which we haven't even gotten yet and I will then get another charge on my next stmt for more interest. This just does not seem right, we're only talking about a week or so and to go from $0 to $30-$40 doesn't make sense to me!

Anyone have any suggestions as to how I can handle this? A supervisor is to call me within the nex 48 hours or so and if anyone has any ideas how to get this reversed or reduced, I'd appreciate it. Basically, I'm waiting for our tax refund check but would be willing to pull the money from savings for a few weeks to save that much money.

 

[Chicago526]

This is for all you Disney Visa vets...

Scenario: Last year (Jan maybe) we got a 0% deal from Dis Visa and applied. The interest was to last 12-15 months, I don't remember. Anyway, I just called them to check on the exact date so I could pay it off in full before any charges got applied. Well, wouldn't you know it, the cut off was May 1. They are saying that if I had paid it off in full on April 30, I would owe $0 in interest but even if I pay it off within the next couple of days, I will owe approx. $19 for the current stmt which we haven't even gotten yet and I will then get another charge on my next stmt for more interest. This just does not seem right, we're only talking about a week or so and to go from $0 to $30-$40 doesn't make sense to me!

Anyone have any suggestions as to how I can handle this? A supervisor is to call me within the nex 48 hours or so and if anyone has any ideas how to get this reversed or reduced, I'd appreciate it. Basically, I'm waiting for our tax refund check but would be willing to pull the money from savings for a few weeks to save that much money.

They base it on your daily average balance for the month, so basically the sooner you get it paid off, the lower your daily average balance is, and thus the lower your total interest will be. It also sounds like they have double-cycle interest as well, so you'll pay interest for two months even though you only had a balance during one of those two months (soon to be illegal, btw).

I don't think you'll have much luck getting the interest waived, so your best bet is to pay it off ASAP so as to pay as little interest as possible. If it's going to be a while before you can pay it off, then you should try and at least get the interest rate lowered.

 

[k_reile]

This is for all you Disney Visa vets...

Scenario: Last year (Jan maybe) we got a 0% deal from Dis Visa and applied. The interest was to last 12-15 months, I don't remember. Anyway, I just called them to check on the exact date so I could pay it off in full before any charges got applied. Well, wouldn't you know it, the cut off was May 1. They are saying that if I had paid it off in full on April 30, I would owe $0 in interest but even if I pay it off within the next couple of days, I will owe approx. $19 for the current stmt which we haven't even gotten yet and I will then get another charge on my next stmt for more interest. This just does not seem right, we're only talking about a week or so and to go from $0 to $30-$40 doesn't make sense to me!

Anyone have any suggestions as to how I can handle this? A supervisor is to call me within the nex 48 hours or so and if anyone has any ideas how to get this reversed or reduced, I'd appreciate it. Basically, I'm waiting for our tax refund check but would be willing to pull the money from savings for a few weeks to save that much money.

There is probably not much they will do. When you sign up for 0% or same as cash deals...they have on their statements when it is due by and that that amount needs to be paid or else you'll incure finance charges based on the original amount! Trust me they have it on there fine print somewhere if not in plain site. OUr Best buy is 0% interest for 24 mos and it says on our statement when it ends! I don't have the 0 % on my Disney Visa so I can't tell you if its on there but I am sure in the fine print somewhere it is! Or else they would not be able to enforce it...

 

[luvsgrumpy]

That's what I was afraid of. I did find something in small print on the "disclosure" paper we got when we signed up but of course it is clear as mud! lol

Anyone else have any ideas?

Also, Chicago, when does the double-cycle interest become illegal, just curious?

TIA

 

[OhMari]

You must have around $4,000 or more on the card.
Right now you are paying interest on 10 days, and the next interest is daily balance interest.

My interest on my card was 5% and the last 2 months it jumped to 10.4%. I am paying mine off too. I heard others are paying up to 18%-21%. The card is definately not worth having a balance on.

 

[mrsbert]

I sadly cancelled my card at the end of February. Disney Visa wanted to double my interest rate. I hated loosing my card that said cardmember since "day 1" and "charter member" under my name.

I kept the card as well as the Disney Credit card I got years and years ago before they were associated with Visa.

 

[toodycat]

Generally, if you say that you had intended to pay it off during the grace period and something inadvertent prevented you, you can get the supervisor to remove perhaps one interest charge as a "courtesy." Just ask nicely; the worst they can do is say no. I negotiated this with my Merrill Lynch Visa when I was in a similar situation.

 

[eeyore81]

I have had my Disney Visa for many years. I always pay it off so that I do not have any interest charges. In Jan or Feb of this year, I messed up the due date, and was charged interest. I simply called and asked if there was any way they could waive the interest. The customer service rep said she would have to check. It took her about 30 seconds to come back and say sure we can do that. I was very surprised. I have also gotten them to waive a late fee awhile back. I agree with the previous poster, just call and ask.

 

[bonybroad]

Pay it online to avoid any more interest, and be prepared to tell the supervisor that it is already paid in full and you would like any further interest charges removed.

 

[Chicago526]

That's what I was afraid of. I did find something in small print on the "disclosure" paper we got when we signed up but of course it is clear as mud! lol

Anyone else have any ideas?

Also, Chicago, when does the double-cycle interest become illegal, just curious?

TIA

Summer 2010, I'm affraid, so it won't really help you out right now.

 

[nowellsl]

More than likely the interest that will appear on the next statement is the interest that has accrued between the last statement date and the date the balance was paid off. Interest continues to accrue from the date the cycle closes until it's paid off (if you carry a balance) - the interest on the statement is only what has accrued up until the closing date for that statement. At least this is what happens when you carry a balance from month to month. I'm pretty sure that's not the same thing as 2 cycle billing.

 

[luvsgrumpy]

More than likely the interest that will appear on the next statement is the interest that has accrued between the last statement date and the date the balance was paid off. Interest continues to accrue from the date the cycle closes until it's paid off (if you carry a balance) - the interest on the statement is only what has accrued up until the closing date for that statement. At least this is what happens when you carry a balance from month to month. I'm pretty sure that's not the same thing as 2 cycle billing.

Just think I figured it out, if one statement went to 4-1-09, and the next one (haven't received it yet) includes 5-1-09, the first interest charge is from the month of April (starting 4-2-09 and including 5-1-09) and the next charge will be from 5-2-09 until the balance is paid off. Really stinks since the "fine print" says "0% fixed APR ..until the first day of your billing cycle that includes May 1, 2009..."

At this point, sounds like I am just going to be honest and plead ignorance! and hope I talk to someone who is having a good day!

 

[nowellsl]

Just think I figured it out, if one statement went to 4-1-09, and the next one (haven't received it yet) includes 5-1-09, the first interest charge is from the month of April (starting 4-2-09 and including 5-1-09) and the next charge will be from 5-2-09 until the balance is paid off. Really stinks since the "fine print" says "0% fixed APR ..until the first day of your billing cycle that includes May 1, 2009..."

At this point, sounds like I am just going to be honest and plead ignorance! and hope I talk to someone who is having a good day!

Yes, you have to be really careful to be sure when the rate changes, cause that's how they get you! You did exactly what they hope people will do, and that is not pay it off before the charges kick in! I'd say you still got a deal if you've gone this long at 0% - those offers are few and far between nowadays!

 

[aka-mad4themouse]

I've used my Disney VISA for the 6-month 0% financing on vacation packages. The amount that I've placed on my card has shown up under a separate heading on my statements labeled "QUALIFYING PROMOTIONAL FINANCING". It show the amount and balance, daily % rate, APR, and expiration date of the promotional interest rate.

The expiration date has always been 6 months to the day following the day that the charge was incurred. That expiration date would be at the very beginning of a billing cycle for this card, which means that if I did not pay it off in the billing cycle prior to that expiration date, I'd get dinged with a finance charge.

It stinks that they make it so complicated to figure out! I hope that you can get it credited, OP. There are reasons that the public distrusts the CC industry and this is one of them.

 

[luvsgrumpy]

Thanks for all of your suggestions, just got off the phone with a supervisor. I think I made out okay (will believe it when I see it!) Anyway, long story short, the supervisor refused flat out to reverse or change the first charge I got but said he will waive any charges on our next statement (I'm paying the bulk of it off shortly just in case). The cust. svc. rep I spoke with yesterday said she would credit our Dis Rewards $10 for the troubles/confusion so if that happens, I will feel a whole lot better, although I'm not holding my breathe, that way I can be pleasantly surprised!!. Must say though, as soon as I get this paid off, I will definately feel better and it is a huge incentive to go cash only!! DH's paycheck is auto deposit which I love but it means no cash on hand unless I cash a check at the bank...just have to get into the habit of doing that...will be a good thing I'm sure.

BTW, I know it was mentioned before in another tread but I just checked with him to be sure, if you are using the 0% 6-month promo for Disney packages and still use your card for other purchases, you will have to pay the WHOLE balance, including the promotional amount the first month it shows or you will receive interest charges since payments get credited to the lowest interest rates on the card. (These are my words, he continued to say the same things over and over but would never say I was right so if I am wrong, please correct me)

 

[aka-mad4themouse]

BTW, I know it was mentioned before in another tread but I just checked with him to be sure, if you are using the 0% 6-month promo for Disney packages and still use your card for other purchases, you will have to pay the WHOLE balance, including the promotional amount the first month it shows or you will receive interest charges since payments get credited to the lowest interest rates on the card. (These are my words, he continued to say the same things over and over but would never say I was right so if I am wrong, please correct me)

I think that either the CS rep got it wrong or you misunderstood him.

I've had the 0% promotional rate for the $200 deposit that I made on my package back in February. I charged up a storm on that card during Feb. & March b/c I had the 5X rewards incentive. Every payment that I've made was applied to the new charges and not the deposit.

The trick, is not to make interim payments to the account. In other words, you cannot make additional payments mid-cycle above and beyond the amount of the new charges on the most recent statement. Otherwise, those additional payments would be applied to the promotional rate and not any recent, new charges. {{I hope I explained that clearly...it's kind of confusing.}}