Disney Visa Warning!

[ricapito]

I just got off the phone with customer service over a $40 finance charge. Here's what happened as I understand it: When attempting to pay my September balance in full, as I do every month, I was short on the payment by about 10 cents as I musn't have read it right. Because I carried that 10 cents into October, EVERY charge I made in October was subject to a daily balance finance charge throughout the month. Yep, so even though I paid the October balance in full by the due date I had to pay interest on the WHOLE thing over that 10 cents. Credit card companies are scum, as we all know, but this is thievery.

Bryan

 

[Tink]

That is incredible! Once I had a Universal card. I mailed the payment a week in advance, but was hit with a charge. They told me they needed at least three weeks to credit me properly.

I cancelled that card right away.

You'd think that if you pay in full every month, they'd cut you a little slack.

 

[RachelTori]

I learned that lesson myself years ago with another card. Never again! It IS thievery that the bank would pull a stunt like that over $0.10 !!!! They do it " just 'cause they can."

I hope you will find out the name of someone @ Bank One who could do something about this and send them a letter. Don't send a letter of outrage, rather a letter explaining your position and the response you got when you called. With the right approach, maybe someone will do the right thing and have the finance charge removed. Good luck - and thanks for the warning. We all need to be aware of things like this.

Laura

 

[lap3]

Originally posted by ricapito
I just got off the phone with customer service over a $40 finance charge. Here's what happened as I understand it: When attempting to pay my September balance in full, as I do every month, I was short on the payment by about 10 cents as I musn't have read it right. Because I carried that 10 cents into October, EVERY charge I made in October was subject to a daily balance finance charge throughout the month. Yep, so even though I paid the October balance in full by the due date I had to pay interest on the WHOLE thing over that 10 cents. Credit card companies are scum, as we all know, but this is thievery.

Bryan

Hi Bryan,
I wouldn't hold Disney accountable since the card is issued through First USA. So, your gripe(although warranted) should be towards them. That's neither here nor there but I understand your point nonetheless. Most credit card companies will make their money on finance charges. From my experience, I'll try to be easy going with them on the phone and they'll remove the finance charge. However, they usually will look at your payment history first before offering this resolution.

 

[Minnie&Nana]

Originally posted by Tink
You'd think that if you pay in full every month, they'd cut you a little slack.

If you pay in full every month the credit card co is not making any money through your finance charge!! So, nope, they like it when you do not pay in full, but rather on time, never late and more than the monthly due amount!

Go figure!

 

[dandave]

Bryan, I'm sorry that happened to you. I agree, it sucks. I don't think it is thievery, however. Those are their terms, and we have to play by them.
If I write a check for $100 and only have $99.90 in my account, then I have just bounced a check. The bank is going to stick me with overdraft fees. If I purchase something at a store, then they are not going to let me leave with the merchandise if I just decide to knock a dime off the price when paying.
I always round my cc payments up to the next whole dollar amount. I'll charge those few cents on something next month anyway, and it's easier to balace the checkbook that way, too.
I agree with the others. If you call and play nicey-nice with a supervisor, perhaps you can have the finance charges overturned. Good luck to you!

 

[patsal]

Just make a nice phone call and all your troubles should disappear. It is all automated and the computer doesn't care if you always pay on time, are short by $1000 or 1cent. More than likely they will reverse the charge if you call. If they do not, switch your credit card, I doubt you'd want to continue to do business with a company that isn't even a little flexible.

 

[ahhhhhhhhhhhhhhhh!]

I've had similar problems (well not really) but everytime I called Visa and spoke to them they never had a problem clearing it up.

I've probably messed up 3 or 4 times and every single time was fixed.

goodluck!

 

[betterlatethannever]

I am disappointed that Bank One is so inflexible.

That's what happened to me a couple of years ago with a local bank VISA.

I paid through the ATM (transfering from checking) full amount each month and I punched in a 5 instead of a 6 so I was short $0.10. I didn't realize it until the bill came the next month with 19.90 finance charges on it.

I called, ready to try and plead my case and lower the charge to 5 or 10 dollars, but the person said no problem, happens frequently, and immedicately took off the charge without me pleading.

Ed

 

[robinb]

Did you ask to have the finance charges reversed?

 

[KittyKitty]

This happened to me many years ago with my mortgage. I misread the amount and was 1 cent, yes 1 cent, short. The bank charged me late charges. I was so afraid what this would do to my credit rating, which was nothing.

Because of this, I double check my payment to my 1 lonely credit card to make sure it covers the total. I have even called and had the bank double check when there is a credit involved.

It was a lesson I learned very quickly.

And I would at least call them to see if they would reverse the charges because of your good payment history,asking in a nice way.They don't have to.

Of course this is based on that you want to keep the card.

Good luck

Susan

 

[tjmw2727]

I agree with those who suggest you try calling again, calmly, and asking for a supervisor. The computer dosen't know if your short by .10, .01 or 100.00 so it will automaticly add the charges.

A properly trained customer service agent or manager however should be able to make a reasonable decision after looking at your account. My dh once had a problem with a payment and they immeciately reversed all the finance and late charges.

If that is not successful I would document all the calls with dates, times and names and compose a letter.

TJ

 

[raidermatt]

If I write a check for $100 and only have $99.90 in my account, then I have just bounced a check. The bank is going to stick me with overdraft fees.

Actually most banks are not that inflexible... but your point is well taken.

In this case, though, I'm surprised that they don't offer to waive the charges since they were caused by a 10 cent error. No, they don't have to, but most will cut you some slack in this kind of situation. (unless you do this with some regularity, or your account is not in good standing. Neither of which appear to be the case here.)

I would make one more phone call to BankOne (which is now Chase btw) and ask that the charges be waived.

If that doesn't work, and you wish to pursue it, I would send letters to both BankOne/Chase and Disney.

No, its not Disney's fault in any way. However, they are concerned with how their guests are treated by their partners, particularly when those partners are using Disney's name. They may not help you directly in this case, but it is still good information for them to be getting.

 

[KEANE]

I disagree w/ the notion that Disney or any company is not somehow at fault. You signed up w/ Bankone because of the Disney points , privelages etc. They sell you on Disney! Disney probably got paid on the late charge ,am I right. If enough people complained ,don't you think Disney would break off relations w/ BANKONE?

 

[Toby'sFriend]

I'd make more than a couple of phone calls also and threaten to move the card. They don't make interest charges off of people who pay their balances in full, but if you are using the card reguarly, they are making a percent of your total in merchant fees. Hopefully you can find somebody with a brain who wants to keep your business.


Bank One can be really hard to work with though.

 

[raidermatt]

I don't know the details of this particular agreement, but I'm sure Disney does not get paid anything for the late charges.

Disney is not likely involved in any way, shape, or form with the administration of the credit card.

The financial arangement between Disney and Bankone most likely involves payment to Disney for points issued, and/or Bankone paying Disney a "bounty" for booked accounts, things like that.

Disney has responsibility indirectly, in that they should be making sure they sign with partners who share their philosophy and values. But just as Bankone isn't going to get involved with running Disney's parks, Disney isn't going to get involved with running Bankone's credit card operations.

Again, though, if Disney gets enough complaints about petty issues like this, they may bring the issue up with Bankone. It is not unusual for a different set of customer service procedures to be implemented for a certain partner, particularly for one that is pretty much the "holy grail" of credit card partnerships, like Disney.

 

[KittyKitty]

Your right if enough ppl complained about something, example ee hours, then Disney will change it.

But what is your complaint? That you made a mistake, that even tho you agreed to the bank's terms, which include fees, you missed paying the full amount?

It was a mistake on your part, but hopefully the bank will waive it since you normally pay in full.

I doubt very much Disney gets any of the late fees. I suspect Disney may have to pay the credit card company a fee to have them create and maintain these credit cards. But I am not an expert, just experienced.

Any bank ppl out there to answer that question?

Good luck

Susan

 

[dandave]

Originally posted by KittyKitty

But what is your complaint? That you made a mistake, that even tho you agreed to the bank's terms, which include fees, you missed paying the full amount?

It was a mistake on your part, but hopefully the bank will waive it since you normally pay in full.

I completely agree with every word.

 

[Becky2005]

Unfortunately, the Disney Visa is one that does the "two-cycle billing" for interest, it's one of the worst things for consumers (great for banks), I usually avoid all offers that use that instead of the single cycle version.

 

[mtblujeans]

Originally posted by BaciBecky
If you pay in full every month the credit card co is not making any money through your finance charge!! So, nope, they like it when you do not pay in full, but rather on time, never late and more than the monthly due amount!

This is what I was thinking, too. I hate banks!