Goodbye Disney Visa

[Tickla]

So are there any cardholders out there that DO carry a balance on the Disney Visa? If so, how bad are the minimum payments during all these changes? I was thinking of applying for the card, because we go do Disney about once a year, & the rewards would be great, as well as the discounts & stuff, but I can't be sure I would be able to pay it off every month. How screwed would I be if I did carry a balance (like a vacation package)?

 

[wall*e2008]

So are there any cardholders out there that DO carry a balance on the Disney Visa? If so, how bad are the minimum payments during all these changes? I was thinking of applying for the card, because we go do Disney about once a year, & the rewards would be great, as well as the discounts & stuff, but I can't be sure I would be able to pay it off every month. How screwed would I be if I did carry a balance (like a vacation package)?

They are no different than any CC. To get one for the rewards and then not paying it off each month is a bad idea. Do you have other CCs? The only advantage to this one is the 6 months to pay for the vacation costs (not while there).

 

[pixie921]

So are there any cardholders out there that DO carry a balance on the Disney Visa? If so, how bad are the minimum payments during all these changes?

I posted this on another thread yesterday ... many Chase Visa cardholders have received notices that their minimum payments are increasing from 2% to 5%. According to a poster on creditboards.com, the "first wave" of notifications went out on 6/19 and people have been receiving them for the last couple of days.

 

[Green Tea]

I am sure I am in the minority here but I dont think that CC's are the problem so much as the user. This thought could probably be applied to many problems in our society along with the CC's.

I for one use my cc's for everything including about 10K a month in business expenses and pay the cards off at the end of the month. never paid a penny of interest either. The benefit for me is a free disney trip almost every year thanks to the Disney card and a few hundred dollars thanks to the Discover card for spending money or to use as Christmas money.

Just thought I would voice my opinion on the topic.

But what people are reporting here is a suddenly cut credit limit with no warning. Say you are charging 10K a month and paying it off. In the middle of the cycle, Chase cuts your limit to 5K, and suddenly you are 5K over your credit limit through no fault or problem of your own.

 

[Tickla]

Yes, I do have other CC's, just liked all the benefits of the Disney Visa.
WOW--2% th 5%!! That's quite a jump. Ouch. Maybe the card isn't such a great idea.

 

[JeMarie6]

When I was in collect back in the stone ages I had a Visa with a $500 limit.

A $300 CC would be all but useless. A trip to the grocery store and it is maxed out.

Most credit cards let you make multiple payments now a days, so I tend to pay my credit card off weekly rather than monthly. So a low limit like this would still work fine for me for most things.

 

[LoveTheEars]

after reading this post i am now afraid to pay my bill!!!!

I am paying about $3000 within a couple days so I can make final payment on our disney vacation.
If they lower my limit, we will not have cash to pay the vacation since this is how we were going to finance it... hmm

Maybe i should make a couple small payments..

 

[SaraJayne]

I agree that credit cards are not the problems ~ users are.

DH and I have 2 credit cards between us and one has a very small balance (under $500) that will be paid off tomorrow. We typically don't carry a large balance.

We live within our means and if we can't pay it off at the end of the billing cycle, we wait until we have the $$ to pay for it.

I will never be without a credit card. I use it to make hotel/flight reservations, reserve rental cars, shop online and other things. No way do I want my debit card number floating around out there. If that number is stolen (which is linked directly to your checking account) and your bank account is drained, you have no recourse and can kiss that $$ goodbye.

With a credit card, you have multiple layers of protection that you don't have (not to mention you typically aren't responsible for the debt incurred if your card is stolen) with a debit card.

So, it comes down to the users, not the credit cards.

 

[Green Tea]

We live within our means and if we can't pay it off at the end of the billing cycle, we wait until we have the $$ to pay for it.

I will never be without a credit card. I use it to make hotel/flight reservations, reserve rental cars, shop online and other things. No way do I want my debit card number floating around out there. If that number is stolen (which is linked directly to your checking account) and your bank account is drained, you have no recourse and can kiss that $$ goodbye.



So, it comes down to the users, not the credit cards.

So if you charge your airline tickets, and the bank cuts your credit limit to less than the cost of the tickets you charged yesterday and were planning to pay tomorrow, then it is your fault you are over your limit, paying fees and labelled a scofflaw. Okay, I get it.

And BTW, if your VISA or MC branded debit card is compromised, you do have protections.

 

[CathrynRose]

after reading this post i am now afraid to pay my bill!!!!

I am paying about $3000 within a couple days so I can make final payment on our disney vacation.
If they lower my limit, we will not have cash to pay the vacation since this is how we were going to finance it... hmm

Maybe i should make a couple small payments..

Or be ridiculously quick. Check online as soon as it goes through, and then call and make that final payment.

That being said, I paid a big ol' chunk, and got a letter dated the day after the payment had been posted that my limit was decreased.

I dunno.... whole things irks me, especially when I read this:

They said they raised the interest rate because they were taking such a loss from people that weren't paying their debts.

Yeah - nice. So, let's sock it to the ones who were/are paying. I love it!!

The minimum payment from 2% to 5% is news to me. How cool! More fun, fun, fun to look forward to.

What are these companies trying to do to everyone? For someone who already made 5% (or more) payments, now our payment will only be the minimum, or barely above it? Along with the raised interest rates?? Unreal.

I'm thrilled to pieces that so many people don't carry a balance, but lots of people do. I purposely did, with a huge amount of padding between balance and limit - and then they lowered my limit.

It's turning into a no-win for consumers, and it's (IMO) disgusting.

 

[Tink_lover900]

The same thing happened to us...paid the card off, was going to use it for our upcoming trip, just a few days after paying it off got the letter in the mail that our limit had changed from $1500 to $900...we have never missed a payment or never went over our limit either...really upset me ...we were lucky tho and will have enough money for our trip...really would have made me mad if it was our only money and we couldnt go....but on a good note we leave in 2 days

 

[L*hd]

I a so glad I found this thread.... I using the visa just to get the rewards for our upcoming trip... and was thinking of paying it off to have a worry less.... mmm won't do it

 

[SaraJayne]

So if you charge your airline tickets, and the bank cuts your credit limit to less than the cost of the tickets you charged yesterday and were planning to pay tomorrow, then it is your fault you are over your limit, paying fees and labelled a scofflaw. Okay, I get it.

And BTW, if your VISA or MC branded debit card is compromised, you do have protections.

Well, I really don't think they'd lower our limit from $20,000 to less than $1,000, but I guess anything's possible.

 

[LovinPooh]

Is this just a way for CC companies to scare people into having bigger balances to get more $$ in interest or what?? "Pay it off and we will cut your limit" Just cant win no matter what you do. I sincerely hope things go well for the people planning on using the card at Disney. As that is what I used mine for and could only imagine getting there and having no limit.

I currently carry a balance of $3400 on mine with a $70 minimum payment. I have gotten no letters as of yet. I feel fortunate enough that my rate has stayed at 9% right along. I unfortunately have no plans on paying it off right now But I could only imagine going to make a purchase and being declined when you think/know you have plenty of credit. I called them back before we went on our trip in Feb wanting an additional $1500 in credit limit just for emergencies since we were driving down and they said no way. Didnt really surprise me I guess with the way things are. Just kinda ticked me off since we are the typical good customer.

 

[NCRedding]

I posted this on another thread yesterday ... many Chase Visa cardholders have received notices that their minimum payments are increasing from 2% to 5%. According to a poster on creditboards.com, the "first wave" of notifications went out on 6/19 and people have been receiving them for the last couple of days.

I got this letter two days ago. We have two Chase cards that offered us 2.9% for the life of the loan on cash advances. I used the cash to cover some business expenses, and have been making minimal payments since the interest is minimal. Unfortunately, I had hoped to pay off some of the other debts I have with higher interest before I did these, but as I've discovered alot recently, my plans mean very little.

I also think it is foolish on the part of the banks. Their actions are making it harder for people to meet even their minimums, so the default rate will probably increase dramatically. Would they not prefer to receive all of their money over a period of time, instead of larger intial payments that end when people feel overwhelmed by the payback terms?

 

[quentina]

We owed $5500 on Discover card....we paid in full.

Went to get gas and card was declined. Called and they said whenever you make a large payment, you need to go through security check....Ok, they suspend our account for 6 months

The rep told us that you should not make large payments otherwise, they are closing accounts. Not sure why...it makes no sense to me.

 

[DisneyBill]

Just curious, do any of you have checking and/or savings accounts with Chase? We do by default, originally started with what was Liberty National, which became Bank 1, which became Chase. Haven't yet had any changes in Disney Visa credit limit. Never carried balance, etc. etc..

 

[CathrynRose]

Just curious, do any of you have checking and/or savings accounts with Chase? .

We have 2 checking and one savings with (what was WaMu, now) Chase.

 

[Jennabeth]

I got this letter two days ago. We have two Chase cards that offered us 2.9% for the life of the loan on cash advances. I used the cash to cover some business expenses, and have been making minimal payments since the interest is minimal. Unfortunately, I had hoped to pay off some of the other debts I have with higher interest before I did these, but as I've discovered alot recently, my plans mean very little.

I also think it is foolish on the part of the banks. Their actions are making it harder for people to meet even their minimums, so the default rate will probably increase dramatically. Would they not prefer to receive all of their money over a period of time, instead of larger intial payments that end when people feel overwhelmed by the payback terms?

According to credit boards, you are the type of customer who will get this letter. They are sending out to people who did a balance transfer and had a lower interest rate for the "life of the loan." They know that can't raise your interest rate, so they are raising the minimum you pay (probably trying to get some more of your $ in fees when you can't make your minimum payment). My understanding, as of now, is that those who have a balance from charging stuff, and not transferring a balace, will not have the minimum % go up. Of course, this may change......