using disney vacation account to my benefit???

[mmouse1239]

So here's a scenario....suppose I have an extra $500 that I would like to use for my upcoming Disney vacation. Suppose I put a $500 payment on my discover card then use my discover card to make a $500 deposit to my vacation account. I then would get the benefits of my cash back from discover as well as having that 500 go towards the $20 bonus per $1000 spent. Does this make sense?

 

[mmouse1239]

And if this is permitted, I should probably do each addition (other than payroll that goes in every other week) this way???

 

[CalDisneyMomof2]

As long as the $500 is being used for hotel, tickets, dining plan, cruise etc. It can't be used for charges to the room.

 

[jmmess]

Yes, you can deposit money anyway you want. I use my cc to purchase discount gift cards and then drop those in my account and use the funds to pay for tickets, meal plan, etc.

 

[Marionnette]

So here's a scenario....suppose I have an extra $500 that I would like to use for my upcoming Disney vacation. Suppose I put a $500 payment on my discover card then use my discover card to make a $500 deposit to my vacation account. I then would get the benefits of my cash back from discover as well as having that 500 go towards the $20 bonus per $1000 spent. Does this make sense?

Personally, I'm not a fan of the DVA (too many problems) but if that's the way that you want to save your money, then my suggestion would be to pay attention to Discover's cashback bonus categories. In July-Sept, the bonuses for the IT Card will be on 5% on home improvement stores and Amazon .com. Buy Disney GCs at Lowes (or Home Depot) and get the 5% bonus. Then deposit the GCs in the DVA.

When the categories switch to grocery stores and/or drugstores, then switch to purchasing your GCs at those locations.

 

[supersnoop]

So here's a scenario....suppose I have an extra $500 that I would like to use for my upcoming Disney vacation. Suppose I put a $500 payment on my discover card then use my discover card to make a $500 deposit to my vacation account. I then would get the benefits of my cash back from discover as well as having that 500 go towards the $20 bonus per $1000 spent. Does this make sense?

Possible? Yes.
Most efficient? No.

For one, you could simply use the Discover card to pay for the trip and earn those same rewards. You'd lose out on the $20/$1,000 DVA bonus, but that's not a significant loss, especially considering the headaches with DVA.

Alternatively, doesn't Discover offer 5% cash back on certain categories every quarter? You could buy Disney gift cards from businesses in those categories and earn more rewards.

Your plan is simple and it works, but there are many ways to maximize the rewards available with little additional effort.

 

[jmmess]

The headaches seem to stem from cancellations/refunds AFAIK - are there other issues?

Personally I've never had a problem with DVA, but I only use it on items that I won't be returning - e.g. tickets and DVC fees.

 

[Marionnette]

The headaches seem to stem from cancellations/refunds AFAIK - are there other issues?

Personally I've never had a problem with DVA, but I only use it on items that I won't be returning - e.g. tickets and DVC fees.

Lots of problems in addition to the cancellation/refunds issue. Do a search, there are issues with accounts "disappearing", GCs being zero'd out when adding them to the account but not crediting to the account, the website being down for days at a time, double-dipping on the auto-debit feature which caused some people's CCs to be over the limit or banks accounts to be overdrawn.

Yep, big headaches for people who get caught in the disaster that Disney calls its IT department.

 

[BobC]

Thought about using it, but there aren't enough benefits for me to use it vs saving money on my own

If i could save 10% on my trip for using the disney savings account, id be all for it.

 

[CalDisneyMomof2]

Thought about using it, but there aren't enough benefits for me to use it vs saving money on my own

If i could save 10% on my trip for using the disney savings account, id be all for it.

Not sure what you mean by this but I've been able to save around 35% for my cruise plus the 2% for every $1,000 with my DVA.

 

[BobC]

Not sure what you mean by this but I've been able to save around 35% for my cruise plus the 2% for every $1,000 with my DVA.

Am I confused? I might be lol

Im thinking of the Disney Savings Account online where Disney pulls x% from your paycheck into a vacation savings account.

Are you talking of a Disney credit card?

From what I know (could be wrong), there is not savings to using the Disney Savings Account.

 

[jmmess]

Lots of problems in addition to the cancellation/refunds issue. Do a search, there are issues with accounts "disappearing", GCs being zero'd out when adding them to the account but not crediting to the account, the website being down for days at a time, double-dipping on the auto-debit feature which caused some people's CCs to be over the limit or banks accounts to be overdrawn.

Yep, big headaches for people who get caught in the disaster that Disney calls its IT department.

Better keep an eye on my account then! And thank my lucky stars I haven't encountered any of that (and hopefully not yet or ever)!

 

[jmmess]

Thought about using it, but there aren't enough benefits for me to use it vs saving money on my own

If i could save 10% on my trip for using the disney savings account, id be all for it.

I use it as more of a conduit for payment. Drop the money in, pay, and get the 2%. I do have a small balance now, but will keep it flat going forward based on post above!

 

[BobC]

I use it as more of a conduit for payment. Drop the money in, pay, and get the 2%. I do have a small balance now, but will keep it flat going forward based on post above!

So you do save 2%....eh its something at least.

Ill look into it again

 

[Marionnette]

Am I confused? I might be lol

Im thinking of the Disney Savings Account online where Disney pulls x% from your paycheck into a vacation savings account.

Are you talking of a Disney credit card?

From what I know (could be wrong), there is not savings to using the Disney Savings Account.

I'm not the PP, but if I'm thinking that she is saving 35% off of the face value of Disney GCs (thru a combination of CC rewards, cashback websites and purchasing GCs at a discount) and then adds them to her DVA (Disney Vacation Account, a Disney-sponsored savings vehicle). The DVA is not the same thing as having a vacation savings account at your local bank and it (theoretically) only pulls money from your real bank account in amounts that you specify, on a schedule that you set and is not based on any percentage of your paycheck.

 

[CalDisneyMomof2]

Am I confused? I might be lol

Im thinking of the Disney Savings Account online where Disney pulls x% from your paycheck into a vacation savings account.

Are you talking of a Disney credit card?

From what I know (could be wrong), there is not savings to using the Disney Savings Account.

They do not "pull from your paycheck". You can have automatic contributions from a credit card, yes. However, that is not necessary. You can contribute as often as you'd like and that includes contributing gift cards. In my case I'm averaging a 35% discount on my Disney Gift Cards.

 

[BobC]

I understand now. Thanks. Long evening and my mind isn't working right.

I do have an AmEx and could possibly use points towards Disney GCs on there (if theyre on there) and apply it that way

 

[CalDisneyMomof2]

You beat me to it @Marionnette . I will say though, for others, be cautious and realize that there are flaws and risks involved.

 

[supersnoop]

So you do save 2%....eh its something at least.

Ill look into it again

It's not 2%. You get a $20 gift card for every $1000 you spend. So, if you spend exactly $1000, it's 2%. But if you spend $1800, you still only get one $20 bonus, so it's 1.1%.