Disney Visa Card--are the perks worth it?

[2Rebecca]

I'm planning a trip to WDW in the fall and am debating on whether I should get a Disney Visa Card (or the Disney Premier Card). It has been 20 yrs since I've been to Disney, so I'm not sure what a "Disney Character Experience" really is or if it is worth taking time away from other things to do. Does anyone have one of the Disney Visa Cards? Are the card member & star wars perks worth attending? What about the 10% dining discount? Do you have to use the VISA card to receive them, or do you get the same discount if you use the redemption card they give you when you cash out points?

It appears I can get better cash back offers with other chase cards where the cash back can be used for anything and not just Disney related. I'll be making a few large purchases in the upcoming weeks, so if I'm going to get a new card, I need to apply for it now, so I can get points whether it be on a Disney Visa or a different card. I'd love to hear your thoughts on the Disney card.

BTW, I always pay my balance off each month, so I'm not worried about interest rates. I also have a non-DVC timeshare, so the 0% for 6-month financing isn't something I would take advantage of because we will be staying offsite.

 

[LAKid53]

The scoop- I know myself.lol
1. I have a fear of commitment.
2. I get bored with something easily.
3. I have no desire to ever have a large car shop repair bill.
4. From age 18 I traded in 3 cars within 2.5 years..and lost a shoot ton of money doing so.
So, ever since then I switched to leasing..except for a few years where I drove 25k miles per year and had to take a break from it.
Basically, I'm fickle..and I hate losing money..I know that I will never keep a car for 10 years (the only way to really make buying "worth it")
So instead, I leased, drove about 18k per year..traded in my car instead of paying for the mileage fees, and went along my merry way in a new car with a new warranty.

It's always funny to me that people saying things like "oh I would never lease! I like to own my car!" But yet Americans are now taking out an average loan term of almost 72 months.
Some going over 90.
Do the majority of these people ever "own" their car? Heck no, they trade in after 4-5 years and have negative equity rolled onto a new loan and paying interest on it..making their bad situation worse. The bank owned their car the entire time..and now a bank owns their new one.lol

And you are the perfect model for leasing. Wants a new car every 2-3 years, won't exceed the annual mileage, etc.

 

[LAKid53]

Like I said above, there are major differences between being a home owner with a mortgage and being a car owner with a bank holding the title. They are apples and oranges. This is one area that I do know a lot about.lol I'm in finance, and I would never recommend someone to take a loan on a car and keep it for 2 years. It's crazy.

Duh. Says the person with a degree in finance.

 

[LAKid53]

That's a myth. Everyone pays the market interest rate, they just don't know it because it gets masked in an inflated principal. You might think you're getting a $30,000 car at 0% interest rate, but you could probably get the same car for $27,000 at a 5% interest rate. If you're getting a "great interest rate," it means you're paying more than the FMV of the vehicle. Dealers don't take on the risk of your credit without compensation.

However, my 820 FICO score does give me some leverage in negotiating, just saying....

 

[LAKid53]

Let's say we're talking about a Porsche Cayenne. Tell me how I would lose money on trade after two years of ownership when buying vs leasing.

By the way, I created a new thread - http://forums.wdwmagic.com/threads/win-or-lose-lease-rent-vs-buy.924556/

Depends. If the Porsche Cayenne holds its value compared to other cars, I would say yes. But you also need to consider the length of your loan. Initially, loans are going to be front loaded with interest, that monthly payment is higher in interest than principle. That's why running an amortization schedule is important for any loan. Ye old compounding interest.

 

[LAKid53]

Finance, eh? Are you seriously going to tell me that holding a loan at 2% and building small amounts of equity in a higher end product that's good for roughly 4-5 years and can be rolled into the next purchase is not as smart as lighting money on fire (I mean leasing)?

If you have a note on a car or a home, the bank owns it.

If you're using a Porsche as the model, then, yes, possibly. But for the majority of auto purchases, no.

Once again, if you're the type of person who buys a new car every 2-3 years, leading makes better sense. The typical car loan is now 60 - 72 months.

I'm the type of car buyers dealerships hate. I pay cash. I've figured out what the dealer really paid. Then I add 2% profit. That's what I'm willing to pay. If they don't like it, I walk. And I have. That usually gets a phone call in a day or two. And I haven't purchased a new car in over 10 years. My most recent purchase 4 years ago was an off lease. That I negotiated.

 

[RustySpork]

If you're using a Porsche as the model, then, yes, possibly. But for the majority of auto purchases, no.

Once again, if you're the type of person who buys a new car every 2-3 years, leading makes better sense. The typical car loan is now 60 - 72 months.

I'm the type of car buyers dealerships hate. I pay cash. I've figured out what the dealer really paid. Then I add 2% profit. That's what I'm willing to pay. If they don't like it, I walk. And I have. That usually gets a phone call in a day or two. And I haven't purchased a new car in over 10 years. My most recent purchase 4 years ago was an off lease. That I negotiated.

If you're doing a typical loan, you're absolutely on the money. All of my comments have been based on 48 month loans. That topic is for that other thread though.

 

[Patcheslee]

Uh, it is illegal...called identity theft.

What REALLY needs to happen is the law about the use of SS numbers be inforced. SS numbers are for the reporting of income only. But try getting any form if credit when you tell a company this.....

ETA: How can a parent use their child's SS number to open accounts? The Patriots Act requires proof of identity to open bank accounts. Unless they are for the essentials of life, contracts entered into by minors can be voided before reaching majority (which is why you co-sign that loan for your 16 year olds car loan).

Happened to me back in the 90s maybe before all the requirements, turned 18 with 3000 in debt for utilities, I contested since I was a minor when the charges were incurred, and did no good. Another 32k in tax liens from using my ssn for his business, took a couple years to clean up and get removed.

They teach all of this in high school? Most students I interacted with were very financially illiterate...

This was back in the early 90s so probably changed by now.

 

[LAKid53]

If you're doing a typical loan, you're absolutely on the money. All of my comments have been based on 48 month loans. That topic is for that other thread though.

That's still not a good comparison. You need to use loans and leases with the same time frame.

 

[21stamps]

The amount of people with paid off/almost paid off homes is so shocking to me. That must be such an amazing feeling...I have a lonnnnngggg way to go.

 

[LAKid53]

Happened to me back in the 90s maybe before all the requirements, turned 18 with 3000 in debt for utilities, I contested since I was a minor when the charges were incurred, and did no good. Another 32k in tax liens from using my ssn for his business, took a couple years to clean up and get removed.
This was back in the early 90s so probably changed by now.

Your parent broke the law. He should have been prosecuted. The only requirement that occurred after the 90s was the Patriot Act. The argument could have been made that the utilities were for your benefit, providing you lived in the house, but you'd probably prevailed. Tax liens, there's no judge who wouldn't have let you out from those.

If I'd been you and discovered this, my first act would be to notify the appropriate taxing authority. If state business taxes, the state revenue department. If income taxes, the IRS. Neither thinks highly of this behavior and they would have gone after him. And contacted the state attorney about the utility bills.

 

[Ricky Spanish]

I'm planning a trip to WDW in the fall and am debating on whether I should get a Disney Visa Card (or the Disney Premier Card). It has been 20 yrs since I've been to Disney, so I'm not sure what a "Disney Character Experience" really is or if it is worth taking time away from other things to do. Does anyone have one of the Disney Visa Cards? Are the card member & star wars perks worth attending? What about the 10% dining discount? Do you have to use the VISA card to receive them, or do you get the same discount if you use the redemption card they give you when you cash out points?

It appears I can get better cash back offers with other chase cards where the cash back can be used for anything and not just Disney related. I'll be making a few large purchases in the upcoming weeks, so if I'm going to get a new card, I need to apply for it now, so I can get points whether it be on a Disney Visa or a different card. I'd love to hear your thoughts on the Disney card.

BTW, I always pay my balance off each month, so I'm not worried about interest rates. I also have a non-DVC timeshare, so the 0% for 6-month financing isn't something I would take advantage of because we will be staying offsite.

We like our Disney Visa.
Use it all the time.
Have used points and perks many times.
My opinion, if you are getting it now for a trip in fall.... then you probably won't rack up a ton of points.

When we first got the card, we used it for our business.
Waited a couple years.
$3500 in Disney rewards.
That was a great vacation!
Bought a ton of "free" Lego in downtown Disney 'cuz you can use your points there, too.
Btw, Lego for me.

 

[Bandini]

The amount of people with paid off/almost paid off homes is so shocking to me. That must be such an amazing feeling...I have a lonnnnngggg way to go.

It's all about priorities and being fortunate. My car is 8 years old and I stick to my budget. But the biggest thing is, I haven't had any major catastrophes that a lot of people have experienced. Since even if you do have great insurance, there are still a lot of additional charges not covered for both health and home.

 

[21stamps]

It's all about priorities and being fortunate. My car is 8 years old and I stick to my budget. But the biggest thing is, I haven't had any major catastrophes that a lot of people have experienced. Since even if you do have great insurance, there are still a lot of additional charges not covered for both health and home.

Priorities are definitely what it's all about. I have no desire to pay off a home loan, with no pmi, and a low interest rate in less than 4 years..or even 5 or 10. There are other priorities at this time where I feel the money is placed better.
I'm sure it's a great feeling for the people who have done it though!

 

[Bandini]

Priorities are definitely what it's all about. I have no desire to pay off a home loan, with no pmi, and a low interest rate in less than 4 years..or even 5 or 10. There are other priorities at this time where I feel the money is placed better.
I'm sure it's a great feeling for the people who have done it though!

Totally agree about priorities. However, it seems that the people who are responsible and set aside savings and plan for their futures are stuck supporting people who are irresponsible through increased taxes. The sub prime mortgage debacle is just one example of that. I know I'm lucky, but I also know that there are a lot of Americans who are not setting anything aside for their retirement. I'm not talking about the people who can't afford to save.

 

[21stamps]

Totally agree about priorities. However, it seems that the people who are responsible and set aside savings and plan for their futures are stuck supporting people who are irresponsible through increased taxes. The sub prime mortgage debacle is just one example of that. I know I'm lucky, but I also know that there are a lot of Americans who are not setting anything aside for their retirement. I'm not talking about the people who can't afford to save.

Paying off a mortgage in 10 years and saving for retirement are 2 very different things. To me, maxing my Roth annually, a hefty percentage into my 401k, a decent portfolio, school for the next 11.5 years, saving for college above that, and a high life insurance policy all are a better use of available funds than tripling or quadrupling my mortgage payments.
In 11.5 years 2 of those expenses go away..and during that time a lot of other miscellaneous expenses will go away as well.

Carrying a mortgage etc is seen as a bad thing these days. But it really isn't. As long as people have a map and plan for their future having a mortgage doesn't mean you're saddled with overwhelming debt. Once your retirement is set then ok, attack the mortgage full steam. With interest rates where they are it seems silly for me not to take advantage of them.

 

[Bandini]

Paying off a mortgage in 10 years and saving for retirement are 2 very different things. To me, maxing my Roth annually, a hefty percentage into my 401k, a decent portfolio, school for the next 11.5 years, saving for college above that, and a high life insurance policy all are a better use of available funds than tripling or quadrupling my mortgage payments.
In 11.5 years 2 of those expenses go away..and during that time a lot of other miscellaneous expenses will go away as well.

Carrying a mortgage etc is seen as a bad thing these days. But it really isn't. As long as people have a map and plan for their future having a mortgage doesn't mean you're saddled with overwhelming debt. Once your retirement is set then ok, attack the mortgage full steam. With interest rates where they are it seems silly for me not to take advantage of them.

You seem to be implying that it's an either or thing with the mortgage. It isn't for me. I max out my Roth, 401K, and pay additional principal on my mortgage. Also, I didn't say having a mortgage was a bad thing.

You seem very defensive for no reason.

 

[21stamps]

You seem to be implying that it's an either or thing with the mortgage. It isn't for me. I max out my Roth, 401K, and pay additional principal on my mortgage. Also, I didn't say having a mortgage was a bad thing.

You seem very defensive for no reason.

No, not defensive at all. I just deal with so many people who concentrated so much on paying off their mortgage that they didn't spend enough investing. It doesn't have to be an either or, but for a lot of people to do all of those costs (that I mentioned, or similar) at the same time while paying off a mortgage in 5-10 years is either impossible, or they wouldn't be able to enjoy life at all during the process.
So what happens with a lot of them is they're now older, nearing retirement, and don't have anywhere near the savings that they should have. But they thought that they were being financially prudent by throwing the majority of it on their mortgage. Now they have less time to make that money gain what it needed to in prior years.

For the people who can "do it all" then the 5-10, even 15 year mortgage pay off is great. But sadly, too many do it at the expense of their retirement. I see it all of the time. It's being pushed on "us" that debt is BAD. Not all debt is bad though, especially a home with equity in it and a payment with a low interest rate, some is good in the long run.

 

[RustySpork]

You seem to be implying that it's an either or thing with the mortgage. It isn't for me. I max out my Roth, 401K, and pay additional principal on my mortgage. Also, I didn't say having a mortgage was a bad thing.

You seem very defensive for no reason.

I might pay my house off in 3 years, and then trade it in for a newer model.

 

[graphite1326]

I have the premiere card and use it to buy all my gas. By doing that it only takes a little while to break even on annual fee. The points sure do add up faster with 2% back per purchase. By the way I drive 50 miles to work every-other-day.

 

[Bandini]

I might pay my house off in 3 years, and then trade it in for a newer model.

Great Idea! I think I'm going to buy another one!