How quickly can I pay off the Disney Visa?

[Suz D]

I am not positive about this since we've had the Disney Visa for many years but I seem to remember that once we messed up our 6 months 0% interest on vacations balance.

The way I remember it is that we paid our balance in full (except the 0% interest amount). Then charged $100.00 & paid $100.00 right away and the $100.00 we paid was taken off the 0% balance. So anything you pay between cycles is taken off your 0% balance.

I could be totally wrong on this. It was years ago and I'm old and have a feeble memory now LOL! Does anyone know if this is the case?

 

[PatMcDuck]

One big thing I charge on the Disney Visa is college tuition. It is a community college, so it is not THAT much, about $2000 a semester, plus books. I think I have also charged my life insurance. I should look into charging the auto insurance next time that bill comes. I use it for vacations, too.

I do not currently use it for "everything". I usually use my debit card. I am recovering from over using CC, so I must be very careful.

 

[Capo]

It is better to pay cash for your purchases and not get points, compared with using the credit card and paying interest in order to earn points.

Still better is paying off the balance fast enough to not have to pay interest.

Agreed 100%. If you are carrying a balance on the card, cancel it, cut it up, and throw it away.

An average return of 1% on disney credit is NOT worth carying an APR in the 10% to 20% + range (depending on your credit). Even carrying a small balance will cause you to LOSE money far above your 1% mickey bucks.

 

[Maggie'sMom]

I am not positive about this since we've had the Disney Visa for many years but I seem to remember that once we messed up our 6 months 0% interest on vacations balance.

The way I remember it is that we paid our balance in full (except the 0% interest amount). Then charged $100.00 & paid $100.00 right away and the $100.00 we paid was taken off the 0% balance. So anything you pay between cycles is taken off your 0% balance.

I could be totally wrong on this. It was years ago and I'm old and have a feeble memory now LOL! Does anyone know if this is the case?

Yes, you are correct. This is the case.

PPs are also correct that you cannot pay your mortgage with a credit card, atleast not in the traditional way that will earn points. You can take a cash advance and use that to pay your mortgage, but you won't earn points and cash advance fees and interest rates will apply to that. It will be a lot more expensive than just writing a check so there's no advantage to doing it.

 

[Mom2Ben02]

I am not positive about this since we've had the Disney Visa for many years but I seem to remember that once we messed up our 6 months 0% interest on vacations balance.

The way I remember it is that we paid our balance in full (except the 0% interest amount). Then charged $100.00 & paid $100.00 right away and the $100.00 we paid was taken off the 0% balance. So anything you pay between cycles is taken off your 0% balance.

I could be totally wrong on this. It was years ago and I'm old and have a feeble memory now LOL! Does anyone know if this is the case?

That was once the case - it no longer is since credit card laws have changed.

CARD Act - Enforces Fair Interest Calculation: Credit card companies will be required to apply excess payments to the highest interest balance first, as consumers expect them to do.

http://www.whitehouse.gov/the_press...orms-to-Protect-American-Credit-Card-Holders/

 

[maggiew]

I use the Disney card for everything that I can. I make a payment every Friday. What I do is take the balance from the last statement and divide it by 4. That is the payment that I make every Friday. So the balance that is due is paid off in time by the end of the month. I never pay interest.

Maggie

 

[starry_solo]

I pay (on a credit card):
1. Groceries;
2. Gas (for car);
3. Cell phone bill;
4. Telephone/internet bill;
5. Misc. food expenses (eating out);
6. Water, trash, sewer (city);
7. Something I buy online (occasionally).

I looked into paying gas (for home) and electric by credit card. Not an option. They only allow deducting from bank account. Same thing with mortgage.

I do bring cash in case a place I want to go to doesn't accept credit cards (oddly enough, there still are some of those).

BTW, on a separate topic, you can no longer buy money from the US mint with credit cards (may be treated as a cash advance). There was an article about it a while ago in the paper that people were using their credit cards to buy coins from the mint (face value, no cost for shipping, I think) and making a "mint" of frequent flier points, etc.

See:
http://online.wsj.com/article/SB126014168569179245.html

What I am surprised is that the bank didn't charge them a percentage of the cost (many banks do for rolled coins).

 

[mommy2allyandaveri]

I send a payment as soon as I use the card. Next time I'm on the computer I send a payment through bill pay from my checking account. I usually send several payments per week. It hasn't been a problem yet.

I am not able to pay my mortgage although I would love to. Those checks they send you have an extra fee I think.