Why pay dues early?

[disneyfanprincess]

I'm just a little curious. From some other threads it seems like a lot of folks are worried about making sure they get their dues payment in by January 14. While this is the stated due date on the statement, there's a note on the statement that says "late fees and interest and interest will be assessed after February 14". In essence, this is the "real" due date. Perhaps some didn't realize this.

Every year I call MS a day or two before Valentine's Day and give them my credit card number. Its quick and easy plus I get to hang on to my money for an extra month. I don't know if this works for someone trying to set up monthly payments but maybe this tip can help someone out.

 

[Muushka]

That is my plan also!

 

[PrincessV]

I was planning to do the same - but I just started to think: I'm checking in at SSR Jan. 19. Will they allow me to do so if my dues haven't been paid yet?

 

[rsinj]

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[PrincessV]

Read the back of your dues statement and the note about staying at a DVC resort if dues have not been paid by the due date.

After the due date, your payment is late. Suffer the consequences.

Yes, but what is the "due date" in that case - Jan. 14 or Feb. 14, since that's when penalties are assessed? (I don't have the statement with me.)

 

[wildernessDad]

Have DVC take the dues out of your checking account monthly. There is no fee or interest charged and you get to hold onto your money longer that way.

 

[PrincessV]

No monthly for me - I want my Visa Rewards points! I just want to pay on my next statement, which begins a couple days after my Jan. stay.

FYI, in case anyone else reading this had the same concern I did...

From the DVC website:
Late payments can impact your ability to make reservations and to bank and borrow Vacation Points. Any payment that is overdue, including but not limited to Annual Dues, Loans (if applicable), Member Getaways transaction fees and balances from Disney Vacation Club Resort stays, prohibits banking and borrowing of Vacation Points. In addition, if you are more than 90 days past due on your Annual Dues, this will cause a suspension of all activities, including the cancellation of any existing reservations. So please take note - to make the best use of your Membership, be sure to keep your account up to date!

 

[Granny]

Yes, but what is the "due date" in that case - Jan. 14 or Feb. 14, since that's when penalties are assessed? (I don't have the statement with me.)

Others here have reported that they have no problem with vacations as long as their dues payments are "current". In this case, current seems to mean paid by February 14. They've reported late January trips before dues were paid with no issues.

 

[rsinj]

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[dvcdisney]

If you have the annual dues automatically debited out of your credit card, how would you choose to pay later, say Feb 10th (which is before the due date)?

 

[PrincessV]

"Payment Due: 01/15/08"
"Past Due After: 02/15/08"



It means that if you have not paid, and it is after Jan 15, the moment you check-in it is past due and any penalty/interest can be immediately added. Additionally, penalties/interest are assessed as of the Payment Due date as indicated in the FEES paragraph that immediately follows.

Where is the confusion?

No need for the hostility - I asked a question, I got a couple of answers. As I said, I do not have the dues statement with me.

 

[Rence]

Sort of related - when we got our first mortgage our mortgage lender explained the following to us:

Your mortgage is due on the first - we don't assess any late penalties until the 15th. However if it is paid after the first it is considered late. Now a few days late isn't reported to credit bureaus etc. but that information is tracked internally. If at a later time we wanted to refinance with the same company or take out a home equity loan - the fact that someone had paid late (after the first) could have a negative effect on the interest rate.

She said that most folks do pay late. They feel that the date after which late fees are charged is the due date so most folks pay their mortgage after the first but before the 15th.

She said that one common issue that comes up is that a person put less than 20% down so they are paying PMI. They reach a point where they feel that the PMI should be dropped, but mortgage lenders can use the fact that you paid consistently late as an excuse to keep PMI on a loan.

So I now always treat the "due date" as the date a payment is due no matter what it is for, and not the "late fees will be charged are date".

 

[wildernessDad]

No monthly for me - I want my Visa Rewards points! I just want to pay on my next statement, which begins a couple days after my Jan. stay.

You could have a monthly payment set up and still pay it off with your Disney Rewards Visa card.

 

[sjdisneywedding]

"Payment Due: 01/15/08"
"Past Due After: 02/15/08"



It means that if you have not paid, and it is after Jan 15, the moment you check-in it is past due and any penalty/interest can be immediately added. Additionally, penalties/interest are assessed as of the Payment Due date as indicated in the FEES paragraph that immediately follows.

Where is the confusion?

actually you are contradicting yourself

you put past due after Feb 15th and then you go on to tell them you are past due after Jan 15th

looks like you dont know the answer yourself

 

[sjdisneywedding]

I was planning to do the same - but I just started to think: I'm checking in at SSR Jan. 19. Will they allow me to do so if my dues haven't been paid yet?

they are not going to not allow you to check in, plain and simple, especially if its before Feb 14th.

"suffer the consequences"--too funny and a bit extreme, most of the penalties involve booking, banking, borrowing, etc, I havent heard of someone not being able to check in, worst thing they do is make you pay when you are checking in.

 

[rsinj]

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[2Princes2Princesses]

actually you are contradicting yourself

you put past due after Feb 15th and then you go on to tell them you are past due after Jan 15th

looks like you dont know the answer yourself

For those Members not enrolled in the Automatic Payment Program via monthly direct debit, payment is due in full BY THE PAYMENT DUE DATE, AND CONSIDERED PAST DUE THE EARLIER OF CHECK-IN AT ANY OF THE DISNEY VACATION CLUB RESORTS, or after the Past Due After date.

This blurb that was posted said that if you CHECK IN between 1/15 and 2/14 and have not yet paid your dues, THEN they are considered PAST due automatically.

So, you don't pay by Jan 15th. You check in to SSR on 1/19. DVC can immediately assess late fees and determine you to be PAST DUE on 1/19, since you checked in to a DVC resort on that date.

If you don't go to WDW between 1/15 and 2/14, then they would not be considered PAST due until 2/15.

 

[rsinj]

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[rsinj]

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[casper]

No monthly for me - I want my Visa Rewards points! I just want to pay on my next statement, which begins a couple days after my Jan. stay.

I'm just wondering if one can make more in interest having the total dues in the bank and paying monthly as opposed to making a large payment and getting 1% back on the credit card. Anyone ever try to figure that out?