DVC Financing vs Credit Card

[kissiffer4]

Ok. Here is the deal. We are looking to buy 160 points for $16,160. Not a small amount of dough by any means. Disney offer 9.95% financing. They also offer the incentive of $1,295 towards the total price. Not too shabby. Two questions:

i) Is the $1,295 of "Mickey's money" ONLY offered if we choose to finance with Disney?

ii) Has anybody ever applied for a 0% APR intro. offer credit card just to use it w/ the DVC? I could probably pay it off within the year, so is it doable? If the answer is yes, do you think the DVC rep. would wait a couple of weeks for the card to be approved & issued etc. lol? The 'incentive' is apparently only good for 3 days. Last day tomorrow folks!

Thanks all!

-- Christopher

 

[vascubaguy]

Ok. Here is the deal. We are looking to buy 160 points for $16,160. Not a small amount of dough by any means. Disney offer 9.95% financing. They also offer the incentive of $1,295 towards the total price. Not too shabby. Two questions:

i) Is the $1,295 of "Mickey's money" ONLY offered if we choose to finance with Disney?

ii) Has anybody ever applied for a 0% APR intro. offer credit card just to use it w/ the DVC? I could probably pay it off within the year, so is it doable? If the answer is yes, do you think the DVC rep. would wait a couple of weeks for the card to be approved & issued etc. lol? The 'incentive' is apparently only good for 3 days. Last day tomorrow folks!

Thanks all!

-- Christopher

I'm not sure about your first question, but I did exactly what you are asking in the second question. I applied for a 0% APR credit card (for 14 months) that also offered 1% cash back on purchases. I knew in advance that I was going to do this so I applied for the card a few weeks before I was going to make the purchase, so I didn't have the time delay. Now I'm nearing the end of the 14 month period and almost have it all paid off, but I ended up getting another new 0% APR on balance transfers card so that I could stretch it out a couple more months (we have had some medical issues arise and aren't quite sure how it might impact our finances - thank goodness for insurance though!).

Anyway, yes, your guide can do some "creative" things to make it work. You would likely have to pay a deposit so he/she can get the paperwork going and then they would have to get the full payment before it closes (maybe a little before). I think my guide had even told me he could split it into a couple of charges. Just give them a call... it can be worked out I'm sure!

 

[kissiffer4]

I'm not sure about your first question, but I did exactly what you are asking in the second question. I applied for a 0% APR credit card (for 14 months) that also offered 1% cash back on purchases. I knew in advance that I was going to do this so I applied for the card a few weeks before I was going to make the purchase, so I didn't have the time delay. Now I'm nearing the end of the 14 month period and almost have it all paid off, but I ended up getting another new 0% APR on balance transfers card so that I could stretch it out a couple more months (we have had some medical issues arise and aren't quite sure how it might impact our finances - thank goodness for insurance though!).

Anyway, yes, your guide can do some "creative" things to make it work. You would likely have to pay a deposit so he/she can get the paperwork going and then they would have to get the full payment before it closes (maybe a little before). I think my guide had even told me he could split it into a couple of charges. Just give them a call... it can be worked out I'm sure!

Thanks vascubaguy! I'll have to find a nice 0% APR credit card now (and hope they give me a $15,000 limit

Which card did you apply for?

 

[*elaine*]

If the incentive is the same as the one offered in June, the incentive is NOT dependent on financing through Disney. However, if this a new incentive, I cannot answer definitively.

 

[Mrs Potato Head]

We put our recent add-on on to our Disney Visa - got 6 months no interest on the card, for new purchases during that time also - and got the Disney reward points to spend on our next Disney trip...

Can you say PIN MONEY ??????

 

[Lesia]

We just bought on Tuesday, and financed through Disney until I could check for better deals. There is no early payoff penalty. So you could do the finance thing through Disney, then find alternative means, and call them and pay it off.

I'm going to check out the credit cards and credit unions.

And, I don't have to do this until Sep, so I have a little time.

 

[Cruelladeville]

Just beware of the fine print. I did 0% on a contract a few years ago, and about 1/2 way through paying the contract off, the rate was suddenly 29%. I called, and found that I had been ONE day late, one time, and that was in the fine print. Ouch!

 

[Mr. Disney 652]

When we first bought I put the down payment on Disney Card for points and financed the rest thru DVC. Then when I wanted to make larger payments, I called DVC and put the payments on my CC, that way I got the CC points for my purchase and then paid if off by the end of the month. All the $$, without the high rate!

 

[abner1776]

The issue you may have is not many CC will give you a 15k limit right at the beginning...most will limit it to 5k or maybe 10k, but 15k is unlikely.

When I bought in back in March, I put the entire purchase on my Delta AMEX card and then paid it all off the same month. This gave me another 14k miles which put me over the 50k unrestricted fare limit...so now I can finally cash in those Delta skymiles that I have been accumulating for the past few decades...unless of course Delta jacks up the limit again...which they have been known to do.

 

[ohiominnie]

You don't even need to call DVC to make payments toward principal or to pay off a DVC loan. I have been doing this recently through dvcmember.com and it's quick and easy. When I have extra money, I charge it to my Disney Visa, then pay off the Disney Visa so I can get those points!!!


HTH

 

[vascubaguy]

Thanks vascubaguy! I'll have to find a nice 0% APR credit card now (and hope they give me a $15,000 limit

Which card did you apply for?

I think it was the Chase Flexible Rewards Visa Card, but I don't remember if that is the exact name of it (it wasn't the Disney Visa though). You do have to consider the fine print though, if you are late on one payment for anything they can switch you from the promo rate to the default rate of 28.99% (approximately). I'm a budgeting person so I have a forecast spreadsheet of my expenses etc so I usually have my bills scheduled a month in advance on Bank of America to have things paid a day or so early. That way I don't have to worry as much about being late on any payments.

So again, if you are good at watching those things, you should be okay. As for getting the credit limit, it totally depends on your credit score. My experiene has been that if your score is decent and you call customer service and tell them what you are wanting to do, they'll usually raise the limit to accomodate... they want you to make that big purchase so they can get a percentage of it!

 

[vascubaguy]

The issue you may have is not many CC will give you a 15k limit right at the beginning...most will limit it to 5k or maybe 10k, but 15k is unlikely.

I've been sent cards with a limit over $10K and I didn't even ask for a specific limit. However, in a case where I got a card with only a 5K limit, I just called and told them I needed at least 10k to cover a purchase and they did it with no problem. It only took a few minutes over the phone.

I should add a disclaimer though that although this scenario worked well for me, it can get you in some financial trouble if you aren't careful.