Disney visa

[gayles]

I haven't applied yet --- But is the deal now a $40 (gift card) I thought I read once it was $100.????? (gift card) Also can you charge your MNSSHP Tickets on them ????

 

[abc999]

The Disney Visa card is a regular credit card. You can charge whatever you want on it. The rewards for signing up do vary from time to time.

 

[Rosanne]

Just a sort of weird aside on the Disney Visa thing. I signed up for it about a month ago, mostly hoping to get a deal in December for free dining. Anyway, I already had three credit cards I've had for a long time, I transferred a few thousand that I had on one of them to enjoy the 12 month no interest. Now, that was my entire credit card debt which at the time didn't seem like a big deal. Between my three existing credit cards I had at least 10 times the amount I transferred in available balance. My credit score has always been very high.

Well... there was no way to request a specific credit line so I was stunned when I was given a credit line only about 40% beyond what I transferred. Suddenly my credit rating took a hit because although I had less than 10% overall debt to credit ratio, on that one card (the Disney Visa) I suddenly had over 50% on one card which hurts your credit rating. So... the guy I talked to from DV said that I could request a higher limit to solve that problem. I called back a few days later to do this and I was denied. Ugh. Never been late on anything, all that jazz.

So, in the end I ended up transferring about 1/3 of what I'd transferred to DV back to one of my old cards at a great rate and paid down the DV by about $600, leaving me with less than 30% on the DV. That should fix things.

Anyway... my point is that with credit being so tight these days be careful with balance transfers to save on interest rates because if you go over the 30% ratio on an individual card it could lead to all your rates getting hiked up, including your car insurance.

I wish I could have known what they would put my credit limit at. Anyway, all's well that ends well. I don't regret getting the DV, just that I transferred my whole debt (a few thousand) without knowing what a small credit limit I'd have.

 

[gayles]

Thank you Rosanne-- I feel your Pain--- That is why I am thinking this one through very carefully..

 

[ms mouse]

You can call and have your credit limit decreased. We always state what credit limit we want and make it clear we dont want it increased. They tried to increase our teenage daughters card (which we pay but is in her name) and we called and had her on the line and said we want it decreased and they did it.

 

[Rosanne]

Even voluntarily decreasing your credit limit can hurt your FICO score. Mainly, try not to ever go over 30% of your credit limit on any individual card.

I watch/listen to/read waaaaaay too many financial advice pieces.