Watch your Disney Credit Cards!

BuddhasHomeGirl

BuddhasHomeGirl

New Member
Original Poster
They are raising all the rates...I just got mine and it went up to 13.99% ....I called them and canceled it because I have very good credit and WONT pay any card that high. They told me it is because of the economy (well duh)


SO, I just wanted to give you all a heads up.
 
Tom

Tom

Beta Return
BuddhasHomeGirl said:
They are raising all the rates...I just got mine and it went up to 13.99% ....I called them and canceled it because I have very good credit and WONT pay any card that high. They told me it is because of the economy (well duh)


SO, I just wanted to give you all a heads up.
Click to expand...

ARGH! Better pay mine off!
 
surfsupdon

surfsupdon

Well-Known Member
Yep it's true. Because I don't use it often and pay it off fully each month I will keep the card.

If I couldn't afford to pay off in full monthy, I would cancel it immediately.
 
tecowdw

tecowdw

Well-Known Member
badrew said:
I was paying 9.99%. I got the letter a few weeks ago as well. Not sure if I am cancelling yet or not.
Click to expand...

So this thread got me thinking about my Dsiney Chase card. Come to find out mine has flucuated ever since I opened it. Summary of my year-end interest rates for purchases:

2003 - 10.9%
2004 - 11.9%
2005 - 13.9%
2006 - 15.15%
2007 - 14.4%
2008 - 10.9%

Of course, my Disney resort charges have usually been at a promotional 0% so it's not been an issue (that's all I use the card for).

Doesn't everyone's fluctuate all the time? I thought they were tied to prime somehow like most cards.
Or are people just now noticing (first time I noticed)?
:shrug: Odd!
 
Mr. Tickle

Mr. Tickle

Member
I noticed mine fluctuated every year as well. I just called up Chase and asked if I could get a fixed rate instead of a variable. At the time the fixed was 1% higher than the variable, but at least I knew it would not go up every couple months. I received the rate increase notice in mail recently & the only rates that went up were the cash advance and the late fee penalty. I suggest calling Chase asking what options you have.
 
disneytopdog

disneytopdog

Active Member
I did the samething they raised mine to 12.9% from 9.9%. I talked to a supervisor not the "phone jockey" that answered the 800 number and they dropped it back to 9.9%.
 
WDWFigment

WDWFigment

Well-Known Member
tecowdw said:
Of course, my Disney resort charges have usually been at a promotional 0% so it's not been an issue (that's all I use the card for).
Click to expand...

While I'd love to take advantage of that for our trips, I think it'd be too hard to keep track of, and I don't want to end up paying any interest, so I just pay it off each month and forgo the financial better of investing that money elsewhere for the 6 months (or is it a year?).
 
KeithVH

KeithVH

Well-Known Member
As long as you don't have a bad payment history, it never hurts to call and nicely ask to keep your lower rate. Even the lowly people who answer the phone have the power to make individual changes like that.

Secondly, unless you have a real problem, in most cases it's better to keep the card and just don't use it. I don't know for 100% certain, but I've been told by people I trust that cancelling a card, even with a perfect record for a given card and no issues, will result in a lowering of your overall score.
 
dolbyman

dolbyman

Well-Known Member
you only have two credit cards ? .. here in german tv americans are shown as credit card monsters with at least 10 or more cards :eek:
 
Disney05

Disney05

Well-Known Member
Catch 22 said:
Try being in the UK. Many cards operate between 16% and 22%...
Click to expand...
Is your interest rate base on the LIBOR rate? I know a lending institution my organization uses no longer is based on the Prime rate, they've switched to the LIBOR which is a British measure and is a bit higher. I think Wall Street also uses it to some extent.
 
Southern_Tink

Southern_Tink

Member
Straying from the subject slightly...
... my husband and I are considering getting a Disney Credit Card once we've finished paying off our current Best Buy Credit Card. I know I can find out details by calling, etc. but I know I can get better insight on here. Could someone tell me the benefits, perks, why you chose a Disney Card?
We plan to use our card to mostly pay for monthly gas and food and Disney purchases (when we go on vacation). We plan to pay it off at the end of each month as well. I'd like to have a little insight mainly regarding Disney benefits and such.
Thanks!
 
hwdelien

hwdelien

Member
dolbyman said:
you only have two credit cards ? .. here in german tv americans are shown as credit card monsters with at least 10 or more cards :eek:
Click to expand...

I don't have any. I only have a debit card that comes out of my checking account. No interest, no payments, free checking. It is good.
 
E

Erika

Moderator
KeithVH said:
I don't know for 100% certain, but I've been told by people I trust that cancelling a card, even with a perfect record for a given card and no issues, will result in a lowering of your overall score.
Click to expand...

Hanging on to your card preserves your credit history. Eventually you get to a point where it's no longer such a big deal but especially if you are younger or don't have a whole lot else on your record, it's definitely a good idea.

Edit- Here's a much better explanation from Motley: http://www.fool.com/personal-finance/credit/dont-cancel-that-credit-card.aspx
 
TurboCaroline

TurboCaroline

Is it 5:00 yet?
I have always paid mine off every month...so I have no idea what the interest rate is...
I love getting my $200 a year in rewards dollars from them...:D
 

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