You are correct, no stacking of discounts at Disney. And if you are staying at a moderate, Deluxe, or DVC resort, I would weigh that option closely, because sometimes the 40% is much better than the Free Dining.
I am a disney visa card holder and I was not informed of the free dining offered April 29th to cardholders. If I had not checked boards like these I would have not known untill it was released to the public.
I am checking DIS everyday because people are so great to post news fast on here.
Thanks to all who are so quick to post news!
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