New Chase Disney Rewards Debit Card!

[Tom]

I believe half a percent is .005%, so it would take $5000 in spending to break even. For example, if I want to figure out sales tax in my state, which is 7%, I multiply the price by .07, that would make 1% = .01 and a half percent = .005.

You're right. That's what I get for trying to answer and do math at 11:30pm. On the Disney Visa CC, it's 1% (or .01, or a penny per dollar spent). With the Debit Card, it's .5% (or .005, or a penny per two dollars spent).

Somehow, we racked up our 25 pts in no time this year. Lots of bills (insurance payments, cable, Christmas purchases, etc).

The bottom line is that this card is only a decent deal for someone with terrible credit who can't get a credit card with better rewards.

....or, for those of us who have Credit Scores in the 700's, but prefer to eliminate a line of revolving credit from our record AND simplify the process by just having it deduct money from checking right away rather than putting it on CC, then paying another bill.

Credit cards are actually better for your credit score. Assuming you're using the cards the same way (paying off your balance in full each month), the credit card has the definite advantage. In that case, the fee increases are irrelevant.

They're better only if you keep a low balance and have a low credit limit. Disney keeps increasing our limit and it's VERY high right now. We're going to be calling soon to have it cut in half, actually. But, when you have a mortgage, home equity loan, 2 cars and student loans - having a CC on your report does more damage than good.

 

[WDWFigment]

ohh, that hurt. basically what ur saying is that this card and all debit cards like it are reserved only for the lowest form of working class people who are to poor to either establish credit or pay back their owed debt. and that you are part of the privilaged high class part of the public who own several houses, drive bently's, own a private jet, and whos home is bigger then the white house.

although im just kidding with you, that comment could be interpreted as sorta condescending, but i never heard of a checking account that dont come with a debit card. i didnt go looking for this perticular card, i went for a new checking account, the card came with it. it has nothing to do with my credit, which i have in good standing.

i would never have a credit card. why would i want to buy something and pay more for it then the price on the pricetag? cc interest rates are retarded. 22%, 25%, 17%, ??? i understand they have to make money somehow, and charge you for using their name with the card, but i think a more reasonable rate is 5%, or less.

Sorry, I didn't meant to come across the wrong way. I'm a student who is far (far...very far) from wealthy, but I've built my credit score up slowly, and at one point I was one of those people who had to start with a debit card rather than a credit card with great rewards.

The solution to avoiding paying the high rates is to pay the credit card off in full each month. I don't buy anything I can't afford, so there is no issue with paying exponentially more for each item I buy. These high interest rates (and others paying them) are also why CC companies offer better rewards.

....or, for those of us who have Credit Scores in the 700's, but prefer to eliminate a line of revolving credit from our record AND simplify the process by just having it deduct money from checking right away rather than putting it on CC, then paying another bill.

They're better only if you keep a low balance and have a low credit limit. Disney keeps increasing our limit and it's VERY high right now. We're going to be calling soon to have it cut in half, actually. But, when you have a mortgage, home equity loan, 2 cars and student loans - having a CC on your report does more damage than good.

Again, if you're using it the same way as you would a debit card, why keep any balance on the credit card? A higher credit limit is better, as it increases your debt-to-credit ratio. Again, you need to pay off the card in full each month to see a positive affect on your score, but you should be doing that each month, anyway.

For me, the simplification justification doesn't work. It takes me like 30 seconds to pay the credit card. I'll gladly take the additional rewards for that time commitment.

 

[rtiller]

sorry, i didn't meant to come across the wrong way. I'm a student who is far (far...very far) from wealthy, but i've built my credit score up slowly, and at one point i was one of those people who had to start with a debit card rather than a credit card with great rewards.

The solution to avoiding paying the high rates is to pay the credit card off in full each month. I don't buy anything i can't afford, so there is no issue with paying exponentially more for each item i buy. These high interest rates (and others paying them) are also why cc companies offer better rewards.



Again, if you're using it the same way as you would a debit card, why keep any balance on the credit card? A higher credit limit is better, as it increases your debt-to-credit ratio. Again, you need to pay off the card in full each month to see a positive affect on your score, but you should be doing that each month, anyway.

For me, the simplification justification doesn't work. It takes me like 30 seconds to pay the credit card. I'll gladly take the additional rewards for that time commitment.

+1!

 

[fosse76]

It's .5%. Half percent. You only have to spend $500 to break even. If you pay bills with it, you get there pretty quick. We pay our $150/mo cable/internet bill with it each month and that pretty much covers our fee quickly, and we never have to use our CC. We love it.

That's incorrect. You only get 1 point ($1) for every $200.00 you spend. That means after spending $1000 you only have 5 points ($5). It would take spending $5000 to get 25 points ($25) to break even with the annual fee. With the credit card, you waould have 50 points ($50) at that point AND it would be free money essentially, since there is no annual fee. As long as you don't carry a balance or incur any penalties, it's a good deal. The debit card, no so much.

 

[Tom]

That's incorrect. You only get 1 point ($1) for every $200.00 you spend. That means after spending $1000 you only have 5 points ($5). It would take spending $5000 to get 25 points ($25) to break even with the annual fee. With the credit card, you waould have 50 points ($50) at that point AND it would be free money essentially, since there is no annual fee. As long as you don't carry a balance or incur any penalties, it's a good deal. The debit card, no so much.

Yeah, I realized my mistake (see Post #22). I was tired

 

[JimboJones123]

Do you get all the Rewards perks like special offers, discounts, and meet and greets? I would pay $25 just to access those perks.