Please explain the Disney Visa 6 month financing!

[cgodzyk]

I'm considering adding on direct and curious how the Disney Visa can help benefit this. I'd appreciate any info!

 

[Epcot Forever Forever]

You get 0% for 6 months if you buy direct and put it on your US based Chase Disney Visa CC. Both versions of the card are eligible.

Since most people don’t have a credit limit that high, Disney will typically agree (if asked) to split the purchase into up to three payments, one per month for three months. You will need to pay enough each of the first two months to remain in sight of your credit limit when the next charge hits.

You have six months after each of the three payments to pay that payment off entirely. So you have to pay off the first month in full before month seven, the second before month eight, and the third before month nine. You do not want to miss the timing because there would be penalty interest involved.

The guides will generally need to get permission to break your payment into three months.

You won’t officially close until the third payment has been received by Disney from Chase but they will give you points right away.

What else do you want to know?

 

[cgodzyk]

That explains it perfectly! Thank you. I truly appreciate it!

 

[sndral]

Even though I was paying w/ cash on hand, I chose to run my direct DVC purchase last year through my Disney Chase Visa to gain the 2% Disney reward dollars - which paid for several days dinning on our last WDW trip.

 

[DanCali]

We used the Chase Sapphire Reserve where the 3% rewards points on travel applies and then can be redeemed for travel with 50% bonus (effectively 4.5% cash back when used for travel redemption). On a $27,465 purchase (150 VGF before MB) that's about $1235 in travel credit.

 

[Flash_Sloth]

One warning if using the Disney Chase Visa: that is 0% for 6 months from the date of the transaction, which usually is sooner than 6 monthly billing cycles after the charge. I forget the exact language, but the monthly bills say something like "interest saving balance", so as long as you pay that, you'll avoid interest charges for the first 5 billing cycles. After that, it is up to you to make sure you've paid off the balance before 6 months from the transaction, or else you'll fall into their trap of owing interest.

 

[Cfabar1]

One warning if using the Disney Chase Visa: that is 0% for 6 months from the date of the transaction, which usually is sooner than 6 monthly billing cycles after the charge. I forget the exact language, but the monthly bills say something like "interest saving balance", so as long as you pay that, you'll avoid interest charges for the first 5 billing cycles. After that, it is up to you to make sure you've paid off the balance before 6 months from the transaction, or else you'll fall into their trap of owing interest.

wow! Thanks for the warning!

 

[Where'sPiglet?]

One warning if using the Disney Chase Visa: that is 0% for 6 months from the date of the transaction, which usually is sooner than 6 monthly billing cycles after the charge. I forget the exact language, but the monthly bills say something like "interest saving balance", so as long as you pay that, you'll avoid interest charges for the first 5 billing cycles. After that, it is up to you to make sure you've paid off the balance before 6 months from the transaction, or else you'll fall into their trap of owing interest.

This is a great reminder.

One thing I do like about the way they structure it is that you can still use the card for other things, and they give you the "interest saving balance" so you can pay off other transactions in full along with the minimum towards the 0% transaction. On my last statement, the "interest saving balance" was 1% of the 0% balance + the total of my other transactions for that statement period.

The statement is very explicit in stating what transaction is interest saving and when the due date is. What is not explicit on the statement is if the interest is deferred from the transaction date if not paid in full. I just have --- in that spot. I think that it just starts charging interest on the balance remaining after 6 months, not the entire balance, but I'm going to need to go look deeper to make sure.

 

[Sandisw]

This is a great reminder.

One thing I do like about the way they structure it is that you can still use the card for other things, and they give you the "interest saving balance" so you can pay off other transactions in full along with the minimum towards the 0% transaction. On my last statement, the "interest saving balance" was 1% of the 0% balance + the total of my other transactions for that statement period.

The statement is very explicit in stating what transaction is interest saving and when the due date is. What is not explicit on the statement is if the interest is deferred from the transaction date if not paid in full. I just have --- in that spot. I think that it just starts charging interest on the balance remaining after 6 months, not the entire balance, but I'm going to need to go look deeper to make sure.

My understanding from when I checked was that if you didn’t pay the balance in full by the date, then you would owe all the interest that was never charged. So, on the whole amount, even if only a portion is left.

But, that was last year so not sure if the same.

 

[PrincessKL]

If you have other Chase credit cards, you can request to move some limit of one card to another, that’s how I put down the entire 90% payment on one charge.

 

[cncm]

We used the Chase Sapphire Reserve where the 3% rewards points on travel applies and then can be redeemed for travel with 50% bonus (effectively 4.5% cash back when used for travel redemption). On a $27,465 purchase (150 VGF before MB) that's about $1235 in travel credit.

You can also use My Chase Pay to split the payment over 24 months and if it's your first time using that feature, be able to do it for zero fees and zero interest. That's what we did (albeit with the Chase Sapphire Preferred, not Reserve card). Good thing is you get the reward points right away while also getting 0% financing for 24 months.

 

[Cfabar1]

You can also use My Chase Pay to split the payment over 24 months and if it's your first time using that feature, be able to do it for zero fees and zero interest. That's what we did (albeit with the Chase Sapphire Preferred, not Reserve card). Good thing is you get the reward points right away while also getting 0% financing for 24 months.

Can you do this with the Disney Visa as well?

 

[PrincessKL]

You can also use My Chase Pay to split the payment over 24 months and if it's your first time using that feature, be able to do it for zero fees and zero interest. That's what we did (albeit with the Chase Sapphire Preferred, not Reserve card). Good thing is you get the reward points right away while also getting 0% financing for 24 months.

This promotion said it ended on June 30 for me. I don’t know if it still works for others though.

 

[DanCali]

You can also use My Chase Pay to split the payment over 24 months and if it's your first time using that feature, be able to do it for zero fees and zero interest. That's what we did (albeit with the Chase Sapphire Preferred, not Reserve card). Good thing is you get the reward points right away while also getting 0% financing for 24 months.

This promotion said it ended on June 30 for me. I don’t know if it still works for others though.

Zero interest and no fees would be great and I'd definitely take them up on it when I can get 5% on my money. But this didn't work for me before or after June 30. When I go to "Pay Over Time" it wants to charge me "no interest" but adds monthly fees that add up to around $5000(!) over 2 years...

I read on a different thread that you qualify for zero fees if you never used the feature before but, for what it's worth, I never used the Pay Over Time feature before and wasn't even aware of it until reading about it here...

 

[bravo2zero]

Zero interest and no fees would be great and I'd definitely take them up on it when I can get 5% on my money. But this didn't work for me before or after June 30. When I go to "Pay Over Time" it wants to charge me "no interest" but adds monthly fees that add up to around $5000(!) over 2 years...

I read on a different thread that you qualify for zero fees if you never used the feature before but, for what it's worth, I never used the Pay Over Time feature before and wasn't even aware of it until reading about it here...

It worked for me around June 15th. If I went to their tool to plan it it said I would have fees, but no fees showed up if I clicked on eligible purchases and saw what their costs would be. I took the leap of faith it would work (knowing I could rescind and wait if it didnt) and I was able to put it through Plan it for no interest, no fees.

 

[Kidguile]

Can you do this with the Disney Visa as well?

I was not able to do it.

 

[vdangelo239]

You get 0% for 6 months if you buy direct and put it on your US based Chase Disney Visa CC. Both versions of the card are eligible.

Since most people don’t have a credit limit that high, Disney will typically agree (if asked) to split the purchase into up to three payments, one per month for three months. You will need to pay enough each of the first two months to remain in sight of your credit limit when the next charge hits.

You have six months after each of the three payments to pay that payment off entirely. So you have to pay off the first month in full before month seven, the second before month eight, and the third before month nine. You do not want to miss the timing because there would be penalty interest involved.

The guides will generally need to get permission to break your payment into three months.

You won’t officially close until the third payment has been received by Disney from Chase but they will give you points right away.

What else do you want to know?

This is exactly the info I was looking for on this board. It’s Riv purchase day thank you!

 

[Shoktherapy]

Regardless of my credit limit, I would want the 3 payment system. That is much more favorable.