Should I get a Disney Visa card?

[Son of Gadsden]

I've already searched past topics and read over them but still am not sure if I should get one.

I don't own a credit card, but am 23 years old and I feel like it's something I should have. I've been advised by my banker to get one as well, because I have no credit. I have paid off two car loans, have one in progress, and have $125k in equity in my home, and another 75k still mortgaged. However, I learned not long ago that my bank does not turn in their loans, so none of that shows on my credit. Learned that when my wife and I went to get a loan on a car and they told me I had no credit. Still having my dad have to cosign for us to get a car was embarrassing. So my banker told me to get a credit card to make purchases and pay them off immediately to get a credit line going.

We're good with money, and I'm terrified of going into debt, so i don't plan on using the card for purchases unless they can be paid off the day of. I was brought up to steer clear of plastic, so I've been hesitant to get one. But I feel like in today's age, you really should have one for certain situations.

So, I'm a credit noob. My dad told me a little bit about them, but he's not real savvy on them either. Because we're Disney freaks and visit the parks twice a year, I was immediately drawn to the Disney Visa. We have a trip coming up in Dec, and though the resort is paid for already, the tickets are not. If I go for the premier card, there is a promotion going on now involving spending $500 in the first three months to get a $200 gift card for the parks. I'd be spending $800 on tickets, so that's as good as mine, right? Or am I missing something? Would that make it worth it to go premier instead of the one with no fees? The $200 would essentially pay the fee.

Or should I even go for the Disney Visa at all? Is there another option out there that is better, and I'm just wasting my time trying to force a Disney card? Thanks for any help you can provide!

 

[ICF]

I've already searched past topics and read over them but still am not sure if I should get one.

I don't own a credit card, but am 23 years old and I feel like it's something I should have. I've been advised by my banker to get one as well, because I have no credit. I have paid off two car loans, have one in progress, and have $125k in equity in my home, and another 75k still mortgaged. However, I learned not long ago that my bank does not turn in their loans, so none of that shows on my credit. Learned that when my wife and I went to get a loan on a car and they told me I had no credit. Still having my dad have to cosign for us to get a car was embarrassing. So my banker told me to get a credit card to make purchases and pay them off immediately to get a credit line going.

We're good with money, and I'm terrified of going into debt, so i don't plan on using the card for purchases unless they can be paid off the day of. I was brought up to steer clear of plastic, so I've been hesitant to get one. But I feel like in today's age, you really should have one for certain situations.

So, I'm a credit noob. My dad told me a little bit about them, but he's not real savvy on them either. Because we're Disney freaks and visit the parks twice a year, I was immediately drawn to the Disney Visa. We have a trip coming up in Dec, and though the resort is paid for already, the tickets are not. If I go for the premier card, there is a promotion going on now involving spending $500 in the first three months to get a $200 gift card for the parks. I'd be spending $800 on tickets, so that's as good as mine, right? Or am I missing something? Would that make it worth it to go premier instead of the one with no fees? The $200 would essentially pay the fee.

Or should I even go for the Disney Visa at all? Is there another option out there that is better, and I'm just wasting my time trying to force a Disney card? Thanks for any help you can provide!

IMO - there are better credit cards out there. I'd get a no annual fee CC to start with, or if you are getting a "fee" card -- I'd get a Southwest CC the next time they off the 50K miles for $69 offer. That 50K miles will get most people between 2-4 flights (depending on where they live and where they are going).

I also like the Hilton Honors Amex card which has enabled me to stay for free at hotels for a # of years now.

 

[amcnj]

There are other no fee cards out there with as good or better rewards. Keep in mind you will be retricted in using rewards at Disney related options only. Other cards can return cash which of course is more universal. Since you plan to charge only what you can pay off each month the interest rates are not really a factor in your case. Since you go to WDW frequently and if you like the idea of a Disney related card, then there is no downside to it. If you find a better card later you could always get that one too and just start using it instead. Also, my understanding is the balance compared to your credit limit is also an important thing credit score wise, and I beleive you are advised to keep your charges below 30% of the credit limit the card gives you.

 

[Son of Gadsden]

I will definitely look into some other cards then. We do live in VA and can not afford to toss in a flight to our vacation budget...so getting enough miles to fly to Orlando is definitely an attractive option...and could also allow us to add a day or so to our trip, as we normally take 2 days to get there.

 

[FairestOfThemAll37]

Keep in mind too that a lot of cc companies base your eligibility on your credit rating. Based on that you may not be able to qualify for a 'premier' card as those often require higher credit scores and you stated you didn't yet have credit. You may have to build up some credit on something basic without as many rewards first.

You might check a site (I think creditcard.com is one) that will give you a list of cards that you will likely be approved. It also shows what type of credit rating the card requires.

 

[disneychrista]

Yes there are other "better" cards but I stick with my Disney Visa. Cash is nice but Disney Money is better .

With no credit you may have to get a secured card before you can get a "real" credit card. Ask your banker if your bank offers these. You put say $500 into a special savings account and they issue you a card with that same $500 limit. This protects them if you default on the card. After six months - a year of charging and making payment then apply for an unsecured credit card.

 

[4luv2cdisney]

I don't understand how you've had 3 car loans and a mortgage, yet no credit? It sounds like the car loans were co-signed and the mortgage company doesn't report (which I've never heard of). That really stinks!

I think anyone who is financially responsible that doesn't have a rewards credit card (or 2 or 3 or....) is really missing out. We are redeeming $1300 in Disney rewards for our Nov. trip. There are better ones out there than the Disney Visa, but if you are regular Disney visitors, it makes paying Disney prices a little more tolerable! Good luck!

 

[mm1971]

I've already searched past topics and read over them but still am not sure if I should get one.

I don't own a credit card, but am 23 years old and I feel like it's something I should have. I've been advised by my banker to get one as well, because I have no credit. I have paid off two car loans, have one in progress, and have $125k in equity in my home, and another 75k still mortgaged. However, I learned not long ago that my bank does not turn in their loans, so none of that shows on my credit. Learned that when my wife and I went to get a loan on a car and they told me I had no credit. Still having my dad have to cosign for us to get a car was embarrassing. So my banker told me to get a credit card to make purchases and pay them off immediately to get a credit line going.

We're good with money, and I'm terrified of going into debt, so i don't plan on using the card for purchases unless they can be paid off the day of. I was brought up to steer clear of plastic, so I've been hesitant to get one. But I feel like in today's age, you really should have one for certain situations.

So, I'm a credit noob. My dad told me a little bit about them, but he's not real savvy on them either. Because we're Disney freaks and visit the parks twice a year, I was immediately drawn to the Disney Visa. We have a trip coming up in Dec, and though the resort is paid for already, the tickets are not. If I go for the premier card, there is a promotion going on now involving spending $500 in the first three months to get a $200 gift card for the parks. I'd be spending $800 on tickets, so that's as good as mine, right? Or am I missing something? Would that make it worth it to go premier instead of the one with no fees? The $200 would essentially pay the fee.

Or should I even go for the Disney Visa at all? Is there another option out there that is better, and I'm just wasting my time trying to force a Disney card? Thanks for any help you can provide!

I have both a Disney and Southwest airlines card and we use them both for the points. It makes our vacations a little cheaper and is more of a personal choice. The rewards are a decent value, but there are better rewards cards available if you want to maximize the return on use.

With that said, yes you should get a credit card. You don't need to have a large credit limit, but what you do want to do is charge smaller items and then pay them off each month. This will build a history of paying on time and help you credit rating. As a matter of fact, you and your wife should have a card in each of your names so she can do the same. Just make sure you do not fall into the trap of overspending and not paying it off each billing period. As soon as you carry a balance, you eliminate the rewards as interest rates are higher than your reward % and it can create bad habits.

Good luck and do your research. If the Disney card is what you want then go for it! If you want the highest rewards, you would do better to research and choose an alternate card.

 

[Son of Gadsden]

I don't understand how you've had 3 car loans and a mortgage, yet no credit? It sounds like the car loans were co-signed and the mortgage company doesn't report (which I've never heard of).

The car loans were kind of complicated. The first was just basically a cash loan, because we were only short on about $2000 for the car. The other was cosigned, and the one we're still paying on is cosigned. The mortgage is not reported.

I know, it's the weirdest thing I've ever heard. Imagine going to the dealership, knowing you have all that credit history, and being told you have no credit history. Haha.

When I told them the bank (it's a local bank, not a national bank), they told me right away that that bank does not report its mortgages. I don't understand it either. But apparently I'm the lucky one to have the only bank that does that -_-

 

[msmama]

Having no credit history, you may have to just take what you get in terms of cards.

If you're only going to use it on Disney things, then I say try for the Disney card. In the dark ages when I got my first credit card discover was a good one to get for those beginning their credit journey.

I'm one of those people that uses my cc for everything and pays it off every month. I've never carried a balance. I do Disney every 1-2 years and usually at lest half the trip is paid for that way.

 

[MommyBryn]

We had difficulty establishing credit early on as well. Had to have my parents co-sign on a bank credit card to get us started. It was kind of a pain...took us a year of trying all sorts of options to get to that point. No credit made it so difficult to start establishing credit...kind of a chicken and egg thing... Cool that you have the equity thing going for you already though.

Anyway, I have a few rewards credit cards and I milk them each to get the most benefits. We use CC's for everything that we can, pay if off every month/never carry a balance (I keep a ledger and deduct credit expenses from our bank balance as the come, so there's no "big sum" at the end), and we use specific cards for specific things to get the most in return.

That said, I only applied for our Disney cards to get the $200 GC introductory offer...this was before the annual fee, and because of that I wouldn't do that now. (Even though the $200 essentially pays it, there are just better cards out there, IMO....BUT that's just me!) We used the card for a bit, and if I received a 3x or 5x points offer then I'd make it our main card again, but otherwise it just sits. Might possibly put our vacation on it again just to have the 6month 0% option (we didn't use it last time, but if for some reason I was earning some nice interest on the money- ha!- I'd do it that way).

I am using our Southwest RR visa exclusively right now (got the 2 rountrip flights...THAT card was worth the annual fee IMO because $99 for what would normally cost us at least $800 is a great deal). We will only use it until our trip though, as the only real benefit to us was the introductory offer.

We use our Amazon CC primarily outside of that.

 

[disneychrista]

I only applied for our Disney cards to get the $200 GC introductory offer...this was before the annual fee, and because of that I wouldn't do that now..

FYI - only the premiere has the annual fee. The regular Disney Visa is still "free."

 

[MommyBryn]

FYI - only the premiere has the annual fee. The regular Disney Visa is still "free."

Right, I understand that, but the regular doesn't offer the $200 GC, correct? I recall maybe seeing $100 at most.

 

[v.t.]

We have our main CC through Wells Fargo, our bank. It is standard on the points given, but the points can be used for a variety of things; travel, gift cards as well as cash. I was going to get the cash but found I could use the points for plane tickets. If paying cash, the tickets would have cost $434, using points it cost me the equivalent of $250.
So, you could find a CC that gives you several options, who knows what bargains you might find.

 

[hsmamato2]

While I LOVE Disney,I don't love their cc....it just has the most miserable rate of return for user bonuses..... go to bankrate .com and look for a good card that fits your needs...there are plenty targeted at young people just starting out... I personally love the Southwest 69.00 fee cc, when it's offering the 50,000 bonus points- but not sure if you would qualify,I think you might. ( I knew someone who was aiming for a 'better' cc offer,and was turned down, but got the SWA offer instead) Justtry to be on eof those 'new type' cc users, only charge what you can pay off right away. It's a tool,not a personal loan machine....

 

[RSWA2]

OP, Are you sure your mortgage doesn't show up on a credit report? That is really odd, I would pull your credit from one of the big 3 and actually see for yourself.

As for a credit card, just google something like "best credit card" and you'll see a few sites reviewing them. As others have said, the Disney Visa isn't necessarily the "best" card. It has some Disney type perks, but you'll find that there are other cards that have better perks.

Personally, I like the Chase Freedom card and the Capital One 1.5% cash back card. However, if you really do have low credit, it may be hard to qualify. If you are good with cash, you may want to check with a local credit union, open an account there or with whoever owns your mortgage/car loans and apply for their own credit card. Keep it for a few years, then you can apply for other ones.

 

[Son of Gadsden]

Well, just as an update, I applied for a few cards and the third time was a charm. Disney declined me, Lowe's declined me, Southwest approved me, FINALLY!

I can't believe my credit score is near perfect but I can hardly get a card.

 

[ABCastillo]

Well, just as an update, I applied for a few cards and the third time was a charm. Disney declined me, Lowe's declined me, Southwest approved me, FINALLY!

I can't believe my credit score is near perfect but I can hardly get a card.

We have the chase southwest visa and it has been great. Got three round trip flights for our next trip and have points leftover! They seem to run lots of promotions and special offers for cardholders too.

Sent from my iPhone using DISBoards

 

[Gamegrl1]

OP - I'd say the Disney one is a good one to start with - no annual fee and the discounts you can get are good (I just saved $290 on our hotel for WDW yesterday with the Disney Visa discount!!!).

If you have no cards currently it wouldn't hurt to get this one to build credit. But I'd follow the advice of other posters out there - at least explore your options as far as what else you might qualify for. Look VERY carefully at the interest rate and other terms...read ALL the fine print. Pay that bad boy off every single month, in full, if you can! Paying interest is such a waste of money.

The Southwest Visa is my favorite because I earn a TON of airline miles...they also have partner rewards. But the basic card does have an annual fee of $69. I fly occasionally so it's still a wonderful deal. Just explore what options work for you and build credit carefully.

 

[msmama]

Well, just as an update, I applied for a few cards and the third time was a charm. Disney declined me, Lowe's declined me, Southwest approved me, FINALLY!

I can't believe my credit score is near perfect but I can hardly get a card.

That's odd since the Disney card and SW card are both owned by Chase!

Have fun (but not too much) with your new cc!