How's everyone paying off their balance?

[Pirate Dad]

Dollar is at a high which makes the trip an even better deal (with free dining). I'm just wondering how others pay off their balance. I've used my cc for my last two trips, but I hate paying the extra 2.5% (on exchange) to the cc company. I was thinking of mailing a cheque/money order this year. Any other ideas?

 

[dhluvsDisney]

No ideas here, but I would love to see if someone came up with something. I agree, that 2.5% premium drives me crazy as well. The only thing we did this time was put cash against the room during the stay so the credit card wasn't charged, but of course, you can't realistically bring enough to cover all of it.

 

[nosnobunny2006]

I just paid the whole thing, park passes and hotel when I booked. I didn't want the hassle of having to remember any dues dates.

If you're going to send a cheque or money order, make sure it's in US dollars.

Beth

 

[Hodder]

I just paid the whole thing, park passes and hotel when I booked. I didn't want the hassle of having to remember any dues dates.

If you're going to send a cheque or money order, make sure it's in US dollars.

Beth

That's what we did, I had the cash saved up.

 

[mtry]

I'm trying some stratagies also. Just to get the cash the bank charges 4%. Do they not take % if it is just converted into a money order or cheque? What IS the best way?? Anybody have any helpful suggestions?

 

[nosnobunny2006]

I'm trying some stratagies also. Just to get the cash the bank charges 4%. Do they not take % if it is just converted into a money order or cheque? What IS the best way?? Anybody have any helpful suggestions?

Banks charge a service fee plus their exchange rate for US bank drafts or money orders. It is a slightly different rate than they use for US cash transactions.

Beth

 

[Nickles]

We used our income tax money to pay for this trip. Everything is already paid in full for our August vacation!

 

[rewok]

I'll pay CC, even with the 2.5%. I've looked at my bank for different money order/bank draft (no fee for me) options, but they also charge a % on top of the exchange rate, and it's a hassle (could be lost in the mail, ...), plus with my CC I'm protected against fraud. I just integrate the 2.5% in the big picture, and try not to think about it, heck, on my 2000$ it's only 50$. Everyone charges a % on money exchange, be it the bank, the CC company, the exchange counter, no one will buy/sell you money at the same rate, they have to make money on it. I think people get the lowest fees when they have a US account, but for me, I just buy everything with my CC, it's convenient.

 

[Wazzo]

What kind of fees do banks charge to exchange cash for traveller's cheques?

I've heard you can do this at CAA too, does anyone know about their charges??

 

[Pirate Dad]

I'll pay CC, even with the 2.5%. I've looked at my bank for different money order/bank draft (no fee for me) options, but they also charge a % on top of the exchange rate, and it's a hassle (could be lost in the mail, ...), plus with my CC I'm protected against fraud. I just integrate the 2.5% in the big picture, and try not to think about it, heck, on my 2000$ it's only 50$. Everyone charges a % on money exchange, be it the bank, the CC company, the exchange counter, no one will buy/sell you money at the same rate, they have to make money on it. I think people get the lowest fees when they have a US account, but for me, I just buy everything with my CC, it's convenient.

Good point! I think I'll just consider the 2.5% part of the cost and pay off my balance with my CC (saves the hastle of getting a US money order and mailing it). Next question, is the 2.5% a standard rate or do different CC companies charge different rates? (I'm wondering if I should use a specific CC or if they are all the same).

 

[wdwmike59]

We usually buy Travelers Cheques and pay the balance at the hotel at check-in. No CC exchange hassles. We charge to the room but pay the balance every other day or so with more TC's to keep the shock factor down.

 

[Little Miss Liberty]

I have a US dollar CC from CIBC. If I'm charged $50 US thats what I'm billed on my CC theres no conversion. I then pay it off in US cash. But there is a $35 yearly fee.

 

[explorer1977]

We have a US Dollars Advantage CC through TD. We also have a US funds bank account which gets us the cc for no fee and no fee US money orders. We then just go the bank and pay off the US cc with a US money order. The accout is $4.95 but we also save on the exchange rate (.66 of a cent). The account allows us to change money online when the rate is good or when ever we want.

 

[rewok]

Good point! I think I'll just consider the 2.5% part of the cost and pay off my balance with my CC (saves the hastle of getting a US money order and mailing it). Next question, is the 2.5% a standard rate or do different CC companies charge different rates? (I'm wondering if I should use a specific CC or if they are all the same).

I think it's pretty standard, I know some people here stated their Visa did this, and my National Bank Mastercard does as well. The fee is detailed in the fine prints on your statement. It has changed, a few years ago the fee was a little less, but banks are so poor, they have to make money somehow!

 

[Pirate Dad]

...but banks are so poor, they have to make money somehow!

 

[bunnyfoo]

I use my credit card to pay off everything. The 2.5% doesn't make enough of a difference to me. Plus I figure I get points, Air Miles etc. which I use towards my next trip anyway.

I guess one option would be to get a credit card in US funds. With the US $ cards, you still have the convenience of using the credit card but can always buy US$ at your own bank and use it to pay the bill. I believe most banks have one. BMO has a US $ Air Miles MasterCard which seems pretty neat. I asked about it at the bank a couple of weeks ago and the teller told me that if I gave my application back to her, she'd give me some bonus Air Miles. I decided not to get one only because I'm going to be buying a place sometime soon and didn't want the extra credit checks.

 

[nosnobunny2006]

I wouldn't mind getting a US$ credit card. My problem is that I refuse to pay annual fees or any interest so I'm probably out of luck. The banks aren't going to make any money out of me.

Beth

 

[maryliz]

Be careful if sending a cheque in US dollars. Disney might not accept it since it's not from an American bank. I have a US account with cheques ... CIBC told me that I could write the cheques and since it's US dollar for US dollar, no problems. EXCEPT ... WDW returned my cheques for my deposit on my room because they would not accept a foreign cheque. So I had to call them and put it on my CC anyway. this was a couple of years ago, so things might have changed. So now I just accept that 2.5% as part of the exchange rate, since that's how it's printed on my statement and don't think about it.

If you're doing a room only, and can pay for it in cash when you get there, that's great. But if you're doing the dining package, you have to pay for your trip ahead of time, so probably the CC is the easiest. Just make sure you use the one that gives you some sort of "rewards".

If anyone knows if Disney has changed their policy on foreign cheques, please post.

 

[bunnyfoo]

I wouldn't mind getting a US$ credit card. My problem is that I refuse to pay annual fees or any interest so I'm probably out of luck. The banks aren't going to make any money out of me.

Beth

The BMO Air Miles card has a non fee option but you only get 1 AM/$40. I'm use to collecting 1 AM/$15 so I'd probably be shocked by my "missing" AM

 

[nosnobunny2006]

The BMO Air Miles card has a non fee option but you only get 1 AM/$40. I'm use to collecting 1 AM/$15 so I'd probably be shocked by my "missing" AM

Thanks for the tip. I'll have to check it out. I'm not really concerned about the air miles because I have another CC that I use for "rewards" so that's not a big deal for me. The no fees part is.

Beth