New way to help pay my DVC MF's!! Chase Disney rewards for DEBIT card purchases!!

[thelionqueen]

I just posted this on the budget board, sorry if it's been posted already. But beginning the 2nd week in August (can't remember exact date sorry) Chase is rolling out rewards for debit card purchases!

Earn $1 in Disney Dollars for every $200 in purchases, $25 annual fee and choice of 4 different character pics on the cards. Can't wait!

 

[twinklebug]

A chase debit card with rewards... with a $25 fee to access my own money?

Sorry, not trying to be rude - I just don't understand how this is a good idea. I pay $0 for my current debit card and get the equivalent of $1 in reward $ for every $200 purchased if I use it as visa instead of debit.

Other than the cute Disney characters, please explain, What am I missing?

 

[Nikisha421]

A chase debit card with rewards... with a $25 fee to access my own money?

Sorry, not trying to be rude - I just don't understand how this is a good idea. I pay $0 for my current debit card and get the equivalent of $1 in reward $ for every $200 purchased if I use it as visa instead of debit.

Other than the cute Disney characters, please explain, What am I missing?

some ppl who dont qualify for the regular Disney Chase Visa may wan to go this route and pay the $25 to get all of the rewards....JMHO

I may do this because I have Bank of America who just notified my that as of August 14, 2009 my checking account will no longer be free and will have to charge me $14.95 to continue to access my account...this sounds liek a better way out to me a one time fee of $25 at Chase...I may go for it

 

[5forDiz]

op is there a minimum balance that needs to be maintained in the

Chase checking account in order to qualify for rewards ?

Also, if you've got a link to info....TIA

 

[thelionqueen]

To address a couple points..
Twinklebug..if it doesn't interest you then you're not missing anything. Depending on which checking account you hold, there may or may not be a $25 fee. I personally don't have to pay that charge, but anyone who opens the most basic account, can have the perks for $25. I guess an annual fee (if I had to pay it) to build rewards that I would use anyway doesn't bother me. I hate paying ATM fees for non-Chase ATM's which is why I have the account I have. My husband is self employed, and when we add his account to the Disney rewards, that is easily $10k-$25k per month that would be eligible for the reward dollars. And while I do love my Disney Visa with Ariel that I love, I would not pay $25 for it. Not trying to be rude either, but $25 wasn't even a concern of mine; I guess it means more to different people with different priorities..to each their own. On top of that, I'm fairly certain that those who pay the $25 fee get it back in Disney dollars.

Nikisha.....there could be many reasons different people would want this deal, including me. But personally, I already have a Disney Visa and will continue to use it, but with it's max of $750 per year, it limits the amount we can accumulate. With the added debit card, and hopefully no limit, we will be able to double or triple that annually which will way more than negate the $25 fee (if charged). I believe that (not exactly positive, but fairly certain) that the $25 will be given back in Disney Dollars if you are charged it. Since that was not my position I didn't really listen as well as I could have. I will clarify and report back.

5fordiz...there are no minimums to keep the account open. It must be opened with a minimum of $100 deposit. For the basic account, if you set it up with direct deposit there is no fee. There are different levels of accounts you can choose. There is no link as it has not been released to the public as of yet, but I'm sure its coming soon. I will post any info as I find out.

In general, if this isn't something that interests you, great! I'm not trying to sway anyone from one reward card to another, I'm just excited that this offer is becoming available and will work magnificently with our situation. If you're happy with your card then by all means keep it, you're not missing a thing. I posted for those who could get use out of it in the same way me and my family will. If there are no limits (which I suspect there will be) I would be able to pay my MF's annually by doing nothing! Fingers crossed!

 

[twinklebug]

some ppl who dont qualify for the regular Disney Chase Visa may wan to go this route and pay the $25 to get all of the rewards....JMHO

I may do this because I have Bank of America who just notified my that as of August 14, 2009 my checking account will no longer be free and will have to charge me $14.95 to continue to access my account...this sounds liek a better way out to me a one time fee of $25 at Chase...I may go for it

Twinklebug..if it doesn't interest you then you're not missing anything. Depending on which checking account you hold, there may or may not be a $25 fee. I personally don't have to pay that charge, but anyone who opens the most basic account, can have the perks for $25. I guess an annual fee (if I had to pay it) to build rewards that I would use anyway doesn't bother me. I hate paying ATM fees for non-Chase ATM's which is why I have the account I have. My husband is self employed, and when we add his account to the Disney rewards, that is easily $10k-$25k per month that would be eligible for the reward dollars. And while I do love my Disney Visa with Ariel that I love, I would not pay $25 for it. Not trying to be rude either, but $25 wasn't even a concern of mine; I guess it means more to different people with different priorities..to each their own. On top of that, I'm fairly certain that those who pay the $25 fee get it back in Disney dollars.

...

In general, if this isn't something that interests you, great! I'm not trying to sway anyone from one reward card to another, I'm just excited that this offer is becoming available and will work magnificently with our situation. If you're happy with your card then by all means keep it, you're not missing a thing. I posted for those who could get use out of it in the same way me and my family will. If there are no limits (which I suspect there will be) I would be able to pay my MF's annually by doing nothing! Fingers crossed!

Thanks guys - I'm very focused on getting the best deals available (particularly if the name Disney is involved somewhere along the way ) and just wanted to make sure there really wasn't some obvious piece of info I was overlooking. This offer doesn't sound like it's for me.

Thelionqueen, thank you for sharing your find.

 

[Nikisha421]

To address a couple points..
Twinklebug..if it doesn't interest you then you're not missing anything. Depending on which checking account you hold, there may or may not be a $25 fee. I personally don't have to pay that charge, but anyone who opens the most basic account, can have the perks for $25. I guess an annual fee (if I had to pay it) to build rewards that I would use anyway doesn't bother me. I hate paying ATM fees for non-Chase ATM's which is why I have the account I have. My husband is self employed, and when we add his account to the Disney rewards, that is easily $10k-$25k per month that would be eligible for the reward dollars. And while I do love my Disney Visa with Ariel that I love, I would not pay $25 for it. Not trying to be rude either, but $25 wasn't even a concern of mine; I guess it means more to different people with different priorities..to each their own. On top of that, I'm fairly certain that those who pay the $25 fee get it back in Disney dollars.

Nikisha.....there could be many reasons different people would want this deal, including me. But personally, I already have a Disney Visa and will continue to use it, but with it's max of $750 per year, it limits the amount we can accumulate. With the added debit card, and hopefully no limit, we will be able to double or triple that annually which will way more than negate the $25 fee (if charged). I believe that (not exactly positive, but fairly certain) that the $25 will be given back in Disney Dollars if you are charged it. Since that was not my position I didn't really listen as well as I could have. I will clarify and report back.

5fordiz...there are no minimums to keep the account open. It must be opened with a minimum of $100 deposit. For the basic account, if you set it up with direct deposit there is no fee. There are different levels of accounts you can choose. There is no link as it has not been released to the public as of yet, but I'm sure its coming soon. I will post any info as I find out.

In general, if this isn't something that interests you, great! I'm not trying to sway anyone from one reward card to another, I'm just excited that this offer is becoming available and will work magnificently with our situation. If you're happy with your card then by all means keep it, you're not missing a thing. I posted for those who could get use out of it in the same way me and my family will. If there are no limits (which I suspect there will be) I would be able to pay my MF's annually by doing nothing! Fingers crossed!

omg...I hope all of that aggression wasn't geared toward poor ol' me...I am actually happy that you shared that piece of information...GEEZ...

 

[thelionqueen]

omg...I hope all of that aggression wasn't geared toward poor ol' me...I am actually happy that you shared that piece of information...GEEZ...

It was not meant to be aggressive at all, I was simply responding to questions. Seriously, I just re-read it and I don't see anything aggressive and it was not meant to be, sorry if it came across that way!

 

[5forDiz]

Appreciate the info, will look into it

 

[JJZMgailey]

I will look into it immediately too! YAY!!! Thank you so much for sharing, lionqueen!!

 

[gkrykewy]

Gentle please, but I just don't see the point, except maybe for those with histories of handling credit cards badly (or, yes, if you spend more than $75,000 per year on your Disney Visa... wow OP, $25k per month? Sounds like you're in a different universe than me ).

I can get 0.5% cashback using this debit card with a $25 annual fee, or I can get 1% cashback using the credit card with a 0% annual fee. Plus a 30-day interest-free loan every month (the grace period). We pay our Disney Visa in full every month.

For most people, sticking with the Disney Visa is probably a better bet.

 

[thelionqueen]

Gentle please, but I just don't see the point, except maybe for those with histories of handling credit cards badly (or, yes, if you spend more than $75,000 per year on your Disney Visa... wow OP, $25k per month? Sounds like you're in a different universe than me ).

I can get 0.5% cashback using this debit card with a $25 annual fee, or I can get 1% cashback using the credit card with a 0% annual fee. Plus a 30-day interest-free loan every month (the grace period). We pay our Disney Visa in full every month.

For most people, sticking with the Disney Visa is probably a better bet.

It's only a better option for some people. We are not rich, and that $25k per month is running expenses from my husbands construction business through it.. Imagine a kitchen remodel, paying for cabinets for just one job could easily be over $25k so you can see how it can add up for us very quickly. I'd say the low average would be $10k a month, which is still substantial for not doing anything differently than we are now.

I'm also surprised to hear that they took off the limits for the Disney visa. We would use the card up to $75k per year then put it in the drawer...guess I should read the literature that comes in the mail eh?

That said, we do have the Disney Visa as well and had the intention of paying it off every month. Having a self-employed contractor and some slow paying customers has put us in a bind from time to time. Using actual funds for the same purpose, even though gaining rewards slower, is much better for our situation.

I currently have United rewards debit card w/Chase and have already earned and redeemed 4 airline tix for our Dec trip. I paid a $25 annual fee and got a $50 travel voucher and 4 tickets. For some that are just totally against paying a fee for an account (not my choice either, but just doesn't bother me at all) I got 4 tickets + $50 which works for me. But that is just me, to each their own. My cousin has a Gymboree Visa that she just loves and I'm like , but it makes her happy and works for her so I'm happy for her.

It is not the best for everyone's situation, but it works for us and I wanted to post for those who are interested

 

[robinb]

I'm still not getting the allure of this card for the average person. They would have to spend $5000 on the debit card just to break even on the card's annual fee. That's over $415 per month (average) ... before you put a single reward dollar into your pocket. If this card is designed for people who are not eligible for the regular Disney Visa card, would those same people have that many "chargeable" expenditures? I guess you can put your everyday expenses on it (the same as I put on my credit card), but it seems like you need to spend a whole lot before you see any rewards at all.

PLUS, I don't know if I would trust Chase with my money considering how they have treated the previous WaMu Visa customers.

 

[JJZMgailey]

But that's the whole point of this card is that it's a DEBIT card, not a card you would be charging on. We pay every single outgoing bill we have with our debit card directly from our checking account including our mortgage payment. Never mind the grocery store, Costco, gas, dance & guitar lessons for the kids & the list goes on forever & ever. We even use it for big purchases too.

I don't know about everyone on here but we have a whole lot more than $415 per month coming out of our checking account!! I don't mind spending $25 per year to earn some extra Disney spending money throughout the year!

 

[Nikisha421]

But that's the whole point of this card is that it's a DEBIT card, not a card you would be charging on. We pay every single outgoing bill we have with our debit card directly from our checking account including our mortgage payment. Never mind the grocery store, Costco, gas, dance & guitar lessons for the kids & the list goes on forever & ever. We even use it for big purchases too.

I don't know about everyone on here but we have a whole lot more than $415 per month coming out of our checking account!! I don't mind spending $25 per year to earn some extra Disney spending money throughout the year!

I thought I was weird...I pay every single one of my bills out of my checking account...possible close to $5,000. So I would essential cover the cost of fees in one month and then after that everything would belong to be...
And if I am doing my math right I would accumulate $25 a month for the next 11 months that would generate $275 extra a month that I could use to pay my MFs.

 

[robinb]

I guess if you pay your mortgage with your debit card (NOT just out of your checking account) you would be able to chip away at the annual fee pretty quickly. I know that our mortgage is automatically debited from my checking account but I think that auto-debit was required when we refinanced at our good interest rate a couple years ago. I could not pay my mortgage with my debit card even if I wanted to. Even so ... monthly bills of 5K? Holy cow! We charge everything we can to our Disney Visa credit card (for 1% Disney rewards) and we would not be anywhere near 5K even if we toss in our mortgage. I guess it all depends on the cost of living in your area.

 

[LIFERBABE]

I thought I was weird...I pay every single one of my bills out of my checking account...possible close to $5,000. So I would essential cover the cost of fees in one month and then after that everything would belong to be...
And if I am doing my math right I would accumulate $25 a month for the next 11 months that would generate $275 extra a month that I could use to pay my MFs.

I dont think you would get credit for using your checking account to pay bills. That is BillPay not a debit card purchase. I believe the merchant would have to swipe your card when you pay the bill in order for it to be a qualifying purchase.

Also, Debit and Credit are different kinds of transactions. A debit card purchase requires you to enter your Pin # at the time of purchase. Debit purchases have different rules of coverage and benefits than Visa/MC purchases. I believe the fee structure is different also and may be why Chase is encouraging its customers to use debits instead of credits.

 

[Tara]

I dont think you would get credit for using your checking account to pay bills. That is BillPay not a debit card purchase. I believe the merchant would have to swipe your card when you pay the bill in order for it to be a qualifying purchase.

Also, Debit and Credit are different kinds of transactions. A debit card purchase requires you to enter your Pin # at the time of purchase. Debit purchases have different rules of coverage and benefits than Visa/MC purchases. I believe the fee structure is different also and may be why Chase is encouraging its customers to use debits instead of credits.

It's always convenient when someone has already typed out exactly what I was thinking.

 

[robinb]

Also, Debit and Credit are different kinds of transactions. A debit card purchase requires you to enter your Pin # at the time of purchase. Debit purchases have different rules of coverage and benefits than Visa/MC purchases. I believe the fee structure is different also and may be why Chase is encouraging its customers to use debits instead of credits.

That may be the "gotcha" in this whole thing: only debit purchases where you have to type in a pin number would be valid transactions. I guess we won't know for sure until Chase releases more information.

 

[erionm]

That may be the "gotcha" in this whole thing: only debit purchases where you have to type in a pin number would be valid transactions. I guess we won't know for sure until Chase releases more information.

For the other reward debit cards that Chase offers, only those transactions that are processed as credit transactions count towards the rewards offered.