Which is the best plan for paying for SSR?

[LuluLovesDisney]

I am very interested in joining DVC and particularly SSR. I think it's beautiful and the extra years really appeal to me as I'm only 25! I have just paid off all my debts in full, so I am debt free, have a pretty good job and *love* Disney.

I was thinking about joining in Dec. with a 4000-5000 down payment and then financing and making 1000 payments each month.

THEN, I considered if I join in *June*, my use year will be near the summer, which would be better for me. I would also have more time to save. I expect that I could probably save about 12,000 or more by June, putting the money I used to put towards credit cards payments towards my savings.

I would like to also put as much as possible on my Disney Visa, to get reward points, but I only have a 5000 limit right now.

I could put 5000 on the card and get 50 dollars in disney reward dollars back. If I could do that three times, I could pay it off with the money in my savings account, AND get 150 dollars back! If I complete those three transactions within one month I would never get a finance charge, correct?

Well, I don't know if I 've explained myself clearly, but I think that charging and then paying it off before the finance charge comes is the best option, but I'm not sure if I can do that, but now that you have a good idea of my situation, maybe you can offer me some advice!

I really appreciate it!

 

[JimC]

Congratulations on being debt free at 25!

You could ask DVC if they could split the postings to your DVC credit card. They post one, you go online and pay it off, then they post again, etc. Don't know if they would do that or not.

Disney Visa had a promo for no finance charges for I believe 90 days on DVC purchases. Don't know if it is still available or not. Your guide should know.

You should call and see what use years they are selling. You can select your use year, if its available. DVC also has incentives to buy and you should consider what they are at that time.

You might also ask about any special rates they offer for a one year note as it appears that you would pay off a purchase within that amount of time.

I am a big fan for paying cash for this sort of thing. You might consider just continue saving and buy earlier only if a price increase is announced.

Good luck!

 

[JimMIA]

I'm only 25! I have just paid off all my debts in full, so I am debt free, have a pretty good job and *love* Disney.

Are you married??? Do you have a pickup truck?

If single, please post picture of your pickup truck!

Seriously, though...the best way, as already mentioned, is to pay cash. Cyclical billings to your Disney Visa, if you could do that and be assured of being able to pay it off before finance charges, would be a good alternative.

If you are going to have to pay some finance charges, and you own a home, I would research paying with your Disney Visa and then paying that off with a home equity line of credit. Three advantages: 1) You get the benefit of using your Disney card, 2) the interest rate will be WAY lower than any credit card, and 3) home equity interest will be deductible if you itemize deductions. If you take the standard deduction, that doesn't apply, but the interest rate will still be lower.

Good luck, and we look forward to seeing that truck! (or dawg!)

 

[utahkennedys]

I would always pay cash (and we do) for everything I can. Why pay interest when you don't have to? I also wouldn't charge $5k on my Visa to get $50...but maybe that's just me?

 

[Shawn]

Congratulations on being debt free at 25!

I was debt free at 25 also.

Of course that was back in the days when no bank or credit card company would dream of giving a credit card to a 25 year old who only made $22,000 a year. -- even if you did have a college degree, and had no bad credit to your name.

<sigh> J<sigh>ust an observation on how much times have changed.

-Shawn</sigh></sigh>

 

[DisneyBill]

I could put 5000 on the card and get 50 dollars in disney reward dollars back. If I could do that three times, I could pay it off with the money in my savings account, AND get 150 dollars back! If I complete those three transactions within one month I would never get a finance charge, correct?

DVC will make the multiple charges for you to your credit card, or at least they did for us last fall on an add-on. Just call Chase's customer service dept to be sure the last payment has been posted enough days so the next charge will be approved when DVC makes the entry. Also, maybe Chase can up the CL so you can pull this off with only two charges from DVC. Hey, if you've got the funds to do this, you're on your way to paying for about a 4 day MYW pass with Disney Visa rewards.