Using Disney Visa to Purchase DVC

[Tikihula]

I'm waiting for ROFR on a small contract at OKW and asked if I could use my Disney Visa to pay for it. I've read a lot of comments about people using their Visa to make a down payment or purchase a contract. However, the agent I'm using says I have to send a cashier's check or wire the money from my bank. She said purchasing a time share in Florida with a credit card "...is not considered good funds at day of closing because credit card charges can be disputed after paying" and that only developers can use credit card in a real estate closing.

I used our Disney Visa to buy into AKV through Disney. Is it because Disney is the developer that I was able to do that? I'm confused.
Comments, anyone??

 

[cvjw]

The resaler that we are using does not take a credit card to pay for a contract. We can wire the money, or send a cashier's check. Maybe buying directly thru Disney, you can use your Disney Visa? I too, was hoping to pay for the purchase (175 BCV points, and 170 VWL points) with my Disney Visa to earn Disney dollars for our next trip. That would've been alot of Disney dollars!

 

[Sandisw]

I don't know for sure, but that would be my guess, that Disney can take payment via credit card because they are the developer. They also are a business and set up to do that. It was nice to be able to pay for both my BLT add ons with the card. It not only gave me the Disney reward points but I also got 6 months, 0% interest to pay.

 

[Tikihula]

Well, I think you're probably both right. Oh well... those reward points would have been great.

 

[Mindy5767]

I don't know about a Florida law on using credit cards for real estate transactions, but it makes some sense. I used to be a realtor and never heard of people doing this. I bought my membership through Disney and put part of it on my Disney Visa and part on my LLBean Visa. It wouldn't all fit on my Disney card. The LLBean visa got me new clothes for my trip. Shortly after my purchase, Chase increased the limit on my visa to an amount that would have fit the whole transaction. Hm??? Are they hinting here? Those Disney points sure helped pay for our first AP's.

 

[jamstew]

I was able to use my credit card to purchase an Orlando timeshare (non-Disney) from a Florida broker, so I don't know what the problem would be. Maybe one of our attorney DISers will chime in here.

 

[jaurban]

We used our Disney Visa to purchase both time, but direct from Disney.

 

[buzz5985]

Maybe the resale company does not want to pay the credit card company their transaction fees. Isn't it over 1% of the purchase price depending on the card??

 

[SamSam]

Maybe the resale company does not want to pay the credit card company their transaction fees. Isn't it over 1% of the purchase price depending on the card??

That's my thinking too. Retailers can pay up to almost 4% to credit card companies for their sales. So although it's a great convenience for us (I use my cc for everything possible), I understand the other side too (we operate a small business).

 

[KyDVC]

I have been reading this discussion of the use of the Disney VISA card for the purchase of points. We are considering purchasing BTL points from Disney when we are at WDW in Dec. We use our Disney VISA card all the time for everyday purchases to earn rewards to pay for our annual passes. I have read that you can use the Disney VISA for the downpayment and that you can get 0% interest for 6 months. How can you designate this charge for the downpayment as being on deferred interest without having to pay the the outstanding balance every month? We always pay the card in full every month and every never carry a balance. We don't like the high interest charges if you carry a balance. Can anyone that has used their Disney VISA for everyday purchases and then added the downpayment explain how this works? Any information would be greatly appreciated.

 

[Tikihula]

I have been reading this discussion of the use of the Disney VISA card for the purchase of points. We are considering purchasing BTL points from Disney when we are at WDW in Dec. We use our Disney VISA card all the time for everyday purchases to earn rewards to pay for our annual passes. I have read that you can use the Disney VISA for the downpayment and that you can get 0% interest for 6 months. How can you designate this charge for the downpayment as being on deferred interest without having to pay the the outstanding balance every month? We always pay the card in full every month and every never carry a balance. We don't like the high interest charges if you carry a balance. Can anyone that has used their Disney VISA for everyday purchases and then added the downpayment explain how this works? Any information would be greatly appreciated.

We used our Disney Visa for our downpayment when we made our original purchase at AKV and actually carried a balance for about 3 months before paying it off. We had other charges on the card, but Disney automatically charged us no interest on the balance as long as we had the down payment as one of the charges. Does that make sense? We didn't have to specify when we made a payment that it was going to our other charges, we just never had any interest charged during the time we were paying off the down payment on our DVC.

 

[GoofyaboutWDW]

We do the exact same thing. When u buy the points on the card it will automatically show up on your statement under qualifying promotional financing. This will be below your account activity list. Ours has always been in increments of $2500, so there may be more than one amount shown. It will have total amount, remaining balance, expiration date, etc. So if u choose to pay over your regular balance u will see it deducted each month from this part of the statement. Hope this helps!

 

[KyDVC]

Thanks for the replies. I think I understand it now. I am familiar with promotional charges and there being a separate listing on the statement. I think we will use that now if I can just convince my husband we need these BLT points to go with our OKW points. Wish me luck.

 

[AlanLivingston]

Assume you have a statement with a previous balance of $1,000 which you completely paid off. Then say you had new charges of $1,500 and a down payment of $2,000.

You'll see on your statement a Previous balance of $1,000. Your payments and Credits will be $1,000 and Purchases, Cash, Debits will be $3,500.

At the end of your statement you'll see a section called QUALIFYING PROMOTIONAL FINANCING. It will show a transaction for for $2,000 with an expiration date 6 months from the transaction date. The Daily rate for this transaction is 0%.

As long as you pay your current activity each month, you'll never be charged interest until the 6 months is up. You can either divide the promotional amounts up into 6 parts or pay them before the expiration date.

For example, you could divide that $2,000 by 6 and pay an extra $333.34 each month above your current purchases or wait until the expiration date and pay the whole $2,000.

In my experience, the expiration date doesn't match my payment due date. I don't know how they would treat an extra payment in a given month, if you decided to do that. I've always paid it off in the statement closest to, but before, the expiration date.

 

[dvc at last !]

I'm waiting for ROFR on a small contract at OKW and asked if I could use my Disney Visa to pay for it. I've read a lot of comments about people using their Visa to make a down payment or purchase a contract. However, the agent I'm using says I have to send a cashier's check or wire the money from my bank. She said purchasing a time share in Florida with a credit card "...is not considered good funds at day of closing because credit card charges can be disputed after paying" and that only developers can use credit card in a real estate closing.

I used our Disney Visa to buy into AKV through Disney. Is it because Disney is the developer that I was able to do that? I'm confused.
Comments, anyone??

If you are waiting for RORF are you buying a resale ?
It is not Disney that you are buying from - you are using a timeshare company. Therefore, they do not take the Visa card.
If you buy direct thru Disney you can use your Visa card.
We used ours recently for an add on thru Disney --
also no closing costs thru Disney !

 

[Sandisw]

I have been reading this discussion of the use of the Disney VISA card for the purchase of points. We are considering purchasing BTL points from Disney when we are at WDW in Dec. We use our Disney VISA card all the time for everyday purchases to earn rewards to pay for our annual passes. I have read that you can use the Disney VISA for the downpayment and that you can get 0% interest for 6 months. How can you designate this charge for the downpayment as being on deferred interest without having to pay the the outstanding balance every month? We always pay the card in full every month and every never carry a balance. We don't like the high interest charges if you carry a balance. Can anyone that has used their Disney VISA for everyday purchases and then added the downpayment explain how this works? Any information would be greatly appreciated.

Your DVC purchase will automatically be listed as a qualifying purchase. Chase promotes just the down payment, up to $2500, but I got the entire cost (over $12,000) of my BLT add on to qualify for the promo.

I just did another 50 point add on and that entire amount qualified as well. We use our card monthly for everything to earn the points. So when the statement closes each month, I go online and just pay off all the current charges and then 1/6 of the DVC amount.

It is important to wait until you get your bill (or, you statement closes for the month) before making the payments or they will apply it to the DVC purchase first. As long as you wait each month, you will be fine!! It is a great way to buy in now and not have to fully give up the money for those 6 months.

 

[Disnead]

Your DVC purchase will automatically be listed as a qualifying purchase. Chase promotes just the down payment, up to $2500, but I got the entire cost (over $12,000) of my BLT add on to qualify for the promo.

I just did another 50 point add on and that entire amount qualified as well. We use our card monthly for everything to earn the points. So when the statement closes each month, I go online and just pay off all the current charges and then 1/6 of the DVC amount.

It is important to wait until you get your bill (or, you statement closes for the month) before making the payments or they will apply it to the DVC purchase first. As long as you wait each month, you will be fine!! It is a great way to buy in now and not have to fully give up the money for those 6 months.

Pretty awesome that you are getting that deal! We bought a couple months ago and put the entire purchase on our Disney Visa. We were hoping that we would get the same deal (0% for the entire purchase)...since there were a bunch of people saying the same thing at the time, but we didn't.

So for anyone out there banking on getting the entire purchase for 0% as part of your buying decision, there is a chance that you will not get it, and you will be limited to the $2500 (or so) downpayment limit.


Not sure how they determine this...we are relatively new Disney Visa owners, so that may be a factor.

 

[Sandisw]

Pretty awesome that you are getting that deal! We bought a couple months ago and put the entire purchase on our Disney Visa. We were hoping that we would get the same deal (0% for the entire purchase)...since there were a bunch of people saying the same thing at the time, but we didn't.

So for anyone out there banking on getting the entire purchase for 0% as part of your buying decision, there is a chance that you will not get it, and you will be limited to the $2500 (or so) downpayment limit.


Not sure how they determine this...we are relatively new Disney Visa owners, so that may be a factor.

That stinks for you and I too wonder why it is done differently for different people. We have had the Visa for quite a bit of time, but that should not make a difference.

 

[awilliams4]

I just learned the hard way myself how this works.

While Chase's policy is the downpayment....there is a big flaw in their way of filtering out any non-payment charges.

I purchased a BLT add-on and told my guide to charge my Disney Chase Card the 10% and then wait 30 days before charging the other 90%.

I got my 1st statement with the 10% downpayment and it qualified.

I got my next statement with the rest and it did NOT qualify.

The Merchant Name on the downpayment was Disney Vacation Develop while the Merchant Name on the 90% was Disney Escrow.

I had a three-way phone call with my guide and DVC accounting. The 1st charge was done at the Guides office....when it is done there, the Merchant Name is indeed Disney Vacation Develop. Then my guide processed the paperwork and finished his part of the transaction. 30 days later, my contract was in the accounting department and they did the 2nd charge of 90%....their Merchant Name in their department is Disney Escrow.

So Chase doesn't have someone looking at each Disney charge saying yeah, this qualifies but only 10% qualifies...they just have a filter that says if Merchant DISNEY VACTION DEVELOP, then it qualifies...if Merchant is anything else it does not.

When the promo was created, Chase/Disney probably assumed that most DVC purchases would be done where the 10% downpayment was done by the sales office.

So the trick is, have your guide charge the ENTIRE amount when you purchase the points. Don't just do the downpayment and Voila....you will qualify.

I tried to buy myself another 30 days and got bit in the butt for it.

 

[Pirate Jack]

I just learned the hard way myself how this works.

While Chase's policy is the downpayment....there is a big flaw in their way of filtering out any non-payment charges.

I purchased a BLT add-on and told my guide to charge my Disney Chase Card the 10% and then wait 30 days before charging the other 90%.

I got my 1st statement with the 10% downpayment and it qualified.

I got my next statement with the rest and it did NOT qualify.

The Merchant Name on the downpayment was Disney Vacation Develop while the Merchant Name on the 90% was Disney Escrow.

I had a three-way phone call with my guide and DVC accounting. The 1st charge was done at the Guides office....when it is done there, the Merchant Name is indeed Disney Vacation Develop. Then my guide processed the paperwork and finished his part of the transaction. 30 days later, my contract was in the accounting department and they did the 2nd charge of 90%....their Merchant Name in their department is Disney Escrow.

So Chase doesn't have someone looking at each Disney charge saying yeah, this qualifies but only 10% qualifies...they just have a filter that says if Merchant DISNEY VACTION DEVELOP, then it qualifies...if Merchant is anything else it does not.

When the promo was created, Chase/Disney probably assumed that most DVC purchases would be done where the 10% downpayment was done by the sales office.

So the trick is, have your guide charge the ENTIRE amount when you purchase the points. Don't just do the downpayment and Voila....you will qualify.

I tried to buy myself another 30 days and got bit in the butt for it.

I did the same thing as you. I just looked at my statement and see the same type of statement postings you describe. Foolishly, I paid an extra $1300 last statement. I did this just a few days ago. I quess I will just have to "suck it up" and pay the balance next month. I feel sorry for you and sorry that my statement wasn't a few days later. I would have saved that $1300 for the part of the bill that wasn't deferred!