Finance Question

[duckfan78]

We currently finance our pts. We are going to be adding on 50 more this week. I was wondering if anyone here has either paid off the pts with a low intrest credit card(like with a courtosey check from the credit card company) or paid them off with a diff. loand with lower intrest?

Basically right now I could pay the same amount each month, but pay it off in 5years instead of the 8 we have left.

anyone have any advice or anyone who has done this? let me know how you made out

 

[wildernessDad]

You could possibly find a 0% credit card for a year. They are plentiful, I think.

 

[hellerjw]

Discover Card is offering 3.9% until June 2011 on balance transfers right now. I know one of the AMEX cards also is offering 4.99% for the life of the balance transferred.

I too am currently financing my initial purchase and am considering transferring the balance to something like Discover or AMEX since it would be a considerably lower interest rate. Both of the current offers from these cards also keeps that rate for an extended period of time, which wouldn't be the case for a 12-month "teaser rate".

Of course, a home equity line is also another viable option if that is open to you. The interest would still be tax deductible, something I'm not sure would still apply if you transferred the balance to a credit card.

 

[tink_n_pooh]

 

[Cruelladeville]

One thing you must be very careful about when using a credit card with the teaser rates is that they try their best to make it difficult for you to adhere to the rules over a long length of time. For example, a late payment will make your rates go back up to their regular rates, even just a day late, and even if it lays on someone's desk overnight. Some companies can raise your rates if you are late on ANY bill, even a utility bill--some credit cards will raise your rates if you aren't charging at least one purchase per month. So, read the fine print carefully before transferring a balance. I had very good luck with Capitol One, but I really found Citi difficult to work with, since they often have the above-mentioned catches in their offers.

 

[Darkside]

Current bills are in legislation by Senetors Chris Dodd and Carl Levin to do away with universal default(default on utility bill for example) and double- cycle billing, egregious late fees and mail solicitations to minors.JP Morgan Chase has already dispensed with double-cycle billing(calculates interest on previous month's purchases as well as current months) and Citi recently anounced the eliminatrion of universal default. Also gone are Citi's policy of raising rates and fees at any time for any reason. Hope this helps.

 

[wonka27]

Although "by invitation only" according to their website, I just applied for and was granted a personal loan through Capital One. They have a few different rates, but they advertise the lowest rate at 6.99% (luckily I got that). They have a couple other great products to from what I can see as well.

I've read many people talk about not financing DVC, but I think with a decent rate, why not? Even though rates have come up a bit in the past couple years, the cost of borrowing money is still pretty low.

 

[CarolAnnC]

I have used Disney Financing a couple of times and was pleased with them. For one add on I went with 50% down payment and finance charge for a year was very low.

 

[Darkside]

Here are some credit card deals:
Simmons First National Bank 7.25% 800-636-5151
Capital One Platinum Prestige 7.90% 800-548-4593
Pulaski Bank and Trust 7.99% 800-980-2265
Wells Fargo bank 8.25% 800-642-4720
TNB Members 8.25% 800-820-8417
Hope this helps

 

[Greysword]

Keep in mind three of the advantages for using Disney financing over a credit card.
1) It counts as a mortgage, so interest can be deducted from your taxes.

2) Disney financing is private, so if you are late or default it won't show on your credit (won't affect your FICO and we never know the hardships that may loom in the distance). They can also be more forgiving on payment arrangements if an unextepected financial issue arises; because if we default, they simply get the points back to resell, which lowers their risk considerably.

3) Fixed interest rate with no prepayment penalty.

Things to consider.