Warning - Double-check your Disney Visa statement!

[jensen]

If you carry a low-interest balance on your Disney Visa and recently used it for the 6 months no interest deal, you'll want to double-check your statement... Here is what happened to me:

A couple of years ago, I took advantage of the Disney Visa "3.99% until it's paid off" deal... so I carry a low interst balance on that card. I have it set up to make automatic payments monthly, so I rarely look at the statements.

The only other time I use that card is when we go to Disney to take advantage of the "6 Months No Interest" deal. I always set-up an "extra" electronic payment to cover the full amount of the Disney vacation to be paid two or three days before the "end date" on the 6 months deal, so I don't incur any additional interest.

Last week, I received my Disney statement and was glancing over it, when I noticed that I was carrying a high interest balance... I was a bit stunned because I knew I hadn't used the card, so I immediately called Disney to inquire as to source of the balance.

It turns out that instead of applying my "extra" payment to the "6 Months No Interest" balance, they applied it towards my low interest balance. This caused my Disney vacation balance to change from 0% Interest to the full 14% interest after the "end date" of the promotion.

After finding their mistake, they assured me the payments would be applied correctly and that my next statement would show only the low interest balance. They also said a confirmation letter would be arriving shortly.

So, they fixed the issue, but I had to talk to three people and spent over 40 minutes on the phone before they found their mistake.

Double-check your card statement to make sure this didn't happen to you!

 

[bumbershoot]

Yeah, I've heard of that happening. Not sure it was an error, actually, I think it's what their systems are set up to do. I've read that it's just not good to have two "separate" balances like that on the Disney Visa...

 

[Jennabeth]

If you carry a low-interest balance on your Disney Visa and recently used it for the 6 months no interest deal, you'll want to double-check your statement... Here is what happened to me:

A couple of years ago, I took advantage of the Disney Visa "3.99% until it's paid off" deal... so I carry a low interst balance on that card. I have it set up to make automatic payments monthly, so I rarely look at the statements.

The only other time I use that card is when we go to Disney to take advantage of the "6 Months No Interest" deal. I always set-up an "extra" electronic payment to cover the full amount of the Disney vacation to be paid two or three days before the "end date" on the 6 months deal, so I don't incur any additional interest.

Last week, I received my Disney statement and was glancing over it, when I noticed that I was carrying a high interest balance... I was a bit stunned because I knew I hadn't used the card, so I immediately called Disney to inquire as to source of the balance.

It turns out that instead of applying my "extra" payment to the "6 Months No Interest" balance, they applied it towards my low interest balance. This caused my Disney vacation balance to change from 0% Interest to the full 14% interest after the "end date" of the promotion.

After finding their mistake, they assured me the payments would be applied correctly and that my next statement would show only the low interest balance. They also said a confirmation letter would be arriving shortly.

So, they fixed the issue, but I had to talk to three people and spent over 40 minutes on the phone before they found their mistake.

Double-check your card statement to make sure this didn't happen to you!

You might want to make sure that your minimum payment hasn't gone up. I know a lot of Chase customers with a "low interest for life" have had their minimums go from 2% to 5%. That would mean your "extra vacation payment" might actually be applied to the new higher minimum payment and they applied it correctly.

 

[Mommy Poppins]

Most credit card companies will apply your payments towards your lowest interest rate balance first.

 

[skjuls]

Chase is telling me that my "3.99% until it's paid off" deal was for a set period and they never offer anything like it.

I am trying to find out if my rate increase will affect that deal and now they say that promotional period has ended and that it was for a set period of time!

Really?

I hate Chase right now!

 

[ShellyL]

We always pay ours off and thought it was paid in full until we looked at our last bill and it had this fairly high finance charge on it. Well come to find out...they put our trip payments and the stuff we charged on our Disney trip every thing was on no intererst for so long and we never asked for it. We never paid any attention to the promotional box at the bottom because we thought it was something we needed to activate. Not true. They took it upon themselves to move our trip to that, the rate expired and boom we were hit with all of this interest. I was livid. I was so angry that my one DS,13, was eating a hotdog in our kitchen and dropped it when he heard me go off on the guy. That guy was so errogant. After about 20 minutes he gave me the finance char,interest, back but I was so mad. Made me wonder if I even want the card. I thought it to be very sneaky.

 

[jensen]

You might want to make sure that your minimum payment hasn't gone up. I know a lot of Chase customers with a "low interest for life" have had their minimums go from 2% to 5%. That would mean your "extra vacation payment" might actually be applied to the new higher minimum payment and they applied it correctly.

Mine changes every month.

Most credit card companies will apply your payments towards your lowest interest rate balance first.

Most, but not all... I've actually used the "6 months no interest" promotion several times and this is the first time they mis-applied the payment.

 

[jensen]

Chase is telling me that my "3.99% until it's paid off" deal was for a set period and they never offer anything like it.

I am trying to find out if my rate increase will affect that deal and now they say that promotional period has ended and that it was for a set period of time!

Really?

I hate Chase right now!

I've heard of that happening to others... I'll have to start checking my statements regularly to make sure they don't try to do that to me, too.

 

[minnie1928]

Something to keep in mind for the future...if you decide to take advantage of an offer (whatever form, checks or balance transfers) make sure you keep your copy of the offer. Write on the document what you did and when you did it (balance transfer from xyz to xyz, amount & date). I used to work the transfer deals when interest rates and fees were better. I actually wrote the check to cash and deposited the money in an account that was earning a higher rate than what I was being charged by the credit card. Anyway, there were times when I had to fax them the original offer as proof of my terms in order to avoid an interest penalty. Just something to think about...