Question re Disney Rewards Visa Card

[shelby2001]

I applied last week on the phone and got my card today less than a week with a very generous limit. Here is the questions if we use it for final payment on our vacation and utilize the 0% interest what happens if you don't pay it off in the six months (I will instead of taking the money out of the bank now) we figured why not take the six months at the 0% would you be charged interest on the balance that remains or back to the initial charge amount? Also if you use it for other things how do they apply the payments? There is discussion about this here but I am still not clear on that.
Thanks in advance for any help
Shelby

 

[PrincessDreams2]

If you don't pay it off before 6 months is up, you will be charged interest from the initial charge amount.

If you charge your vacation, and then charge other things, the payments you make will be taken off of the vacation balance first. (someone correct me if I am wrong) So, if you intend on using the card for the 0% financing, don't put anything else on it except your trip.

And just FYI - as I just learned this myself - you can only us the 0% on packages. So if you charge your Disney room only, or tickets only, the 0% interest does not apply.

 

[gojoe]

If you don't pay it off before 6 months is up, you will be charged interest from the initial charge amount.

If you charge your vacation, and then charge other things, the payments you make will be taken off of the vacation balance first. (someone correct me if I am wrong) So, if you intend on using the card for the 0% financing, don't put anything else on it except your trip.

And just FYI - as I just learned this myself - you can only us the 0% on packages. So if you charge your Disney room only, or tickets only, the 0% interest does not apply.

That's the way I read it too. I didn't take a chance and did not charge anything else on that card. Now it's the only card I use. When I usethe card it almost always starts a conversation.

 

[shelby2001]

Thanks it is a package and I will pay it off in the 6 months we were just going to take the money out of savings and send a check but with 0% for 6 months why not take the six months to pay it off. As for the other charges I guess I won't use it then for anything else until I pay the vacation package off.
Thanks again
Shelby

 

[tinkabella627]

don't the new credit laws say that they have to apply your payment to higher interest rates first? or something like that?

 

[CruiseBoundnKY]

Confused...Not to hi-jack the thread but I charged a very high balance last month and our Disney down payment, but only paid off the high balance and a small portion of the down payment. Will they apply my payment to the down payment first and then charge me interest on the other?

Thanks in advance...

 

[tinkabella627]

Highest interest balances paid first: When consumers have accounts that carry different interest rates for different types of purchases (i.e., cash advances, regular purchases, balance transfers or ATM withdrawals), payments in excess of the minimum amount due must go to balances with higher interest rates first. Current industry practice is to apply all amounts over the minimum monthly payments to the lowest-interest balances first -- thus extending the time it takes to pay off higher-interest rate balances.

taken from a site listing the changes of the new credit law

 

[jessica52877]

There has been alot of discussion about this lately. They had a month where everything looked totally funky and they seemed to apply payments oddly. I had to call and they redirected my payment (this was February). Since then all payments have gone to what I charged on the card. If I paid over the ending statement balance then it was applied to my 0% interest.

My payoff date is June 22nd so shortly I'll know for sure that it all goes right, but each month I pay over by a hundred or so and so far all has been applied as should by. Statement balance then extra to 0%.