Disney Debit Card and Durbin Amendment

[SunshineGirl]

Got my letter from Chase today explaining that Chase is shutting down the Disney Debit card perks. Here's what I think about it:

Disney Rewards Debit and the Durbin Amendment

[m 'n c]

I left you a comment!

[PSL1013]

This is horrible news! Guess I'll be using my other card that rewards me with airline miles instead....Disney's loss because I won't be using their card anymore!

ok, so I re-read it and you are talking about a Disney debit card, I have a Disney credit card..is this the same or something different?

[m 'n c]

Originally Posted by PSL1013

This is horrible news! Guess I'll be using my other card that rewards me with airline miles instead....Disney's loss because I won't be using their card anymore!

ok, so I re-read it and you are talking about a Disney debit card, I have a Disney credit card..is this the same or something different?

I had to read it twice too. It seems like it is different from the Visa card.

[SCard]

Originally Posted by PSL1013

This is horrible news! Guess I'll be using my other card that rewards me with airline miles instead....Disney's loss because I won't be using their card anymore!

ok, so I re-read it and you are talking about a Disney debit card, I have a Disney credit card..is this the same or something different?

Chase is discontinuing all Debit Card Rewards; credit cards will still have rewards. Love my Chase Rewards cards: Disney and Chase Freedom.

[PSL1013]

Originally Posted by SCard

Chase is discontinuing all Debit Card Rewards; credit cards will still have rewards. Love my Chase Rewards cards: Disney and Chase Freedom.

Oh thank goodness. Yeah, I went to the Disney Visa website and there are two different cards...I never knew that! It wouldn't be the end of the world if they got rid of the perks on the credit card but I would understand if they did. They never make a dime on me for having or using the card, yet they buy me two AP every year..so they are actually losing money on me.

[SunshineGirl]

Originally Posted by PSL1013

Oh thank goodness. Yeah, I went to the Disney Visa website and there are two different cards...I never knew that! It wouldn't be the end of the world if they got rid of the perks on the credit card but I would understand if they did. They never make a dime on me for having or using the card, yet they buy me two AP every year..so they are actually losing money on me.

Why do you say that they aren't making a dime off of you?

[PSL1013]

Originally Posted by SunshineGirl

Why do you say that they aren't making a dime off of you?

I charge thousands on the card and pay it off every month, so I don't pay any interest at all, it doesn't cost anything to own the card and use it and then I cash out and purchase my AP with it...to me it's free money.

[SunshineGirl]

Originally Posted by PSL1013

I charge thousands on the card and pay it off every month, so I don't pay any interest at all, it doesn't cost anything to own the card and use it and then I cash out and purchase my AP with it...to me it's free money.

Ah....but that is the actual issue with the bill. Chase DOES make money off of you. Every time you swipe the card, Chase charges the merchant a transaction fee. Chase then splits that transaction fee with the card holder in the way of the Disney rewards (or whatever the rewards program is). At issue with this new legislation is that in the past, Chase could charge really high rates if someone used the Debit card as a Credit card. The new law is capping those transaction fees. So Chase would not be profiting as much off of each transaction.

The credit card rewards are definitely free money to the credit card holder if they pay off the balances every month. The question is whether merchants are increasing the price of what you buy because they have to pay those card transaction fees on every purchase. That's what Congress is debating.

[PSL1013]

Originally Posted by SunshineGirl

Ah....but that is the actual issue with the bill. Chase DOES make money off of you. Every time you swipe the card, Chase charges the merchant a transaction fee. Chase then splits that transaction fee with the card holder in the way of the Disney rewards (or whatever the rewards program is). At issue with this new legislation is that in the past, Chase could charge really high rates if someone used the Debit card as a Credit card. The new law is capping those transaction fees. So Chase would not be profiting as much off of each transaction.

The credit card rewards are definitely free money to the credit card holder if they pay off the balances every month. The question is whether merchants are increasing the price of what you buy because they have to pay those card transaction fees on every purchase. That's what Congress is debating.

I realize that merchants have to pay a fee but I've haven't paid any higher prices at any stores because I choose to use my card vs. cash...I've seen gas stations that charge higher prices if you use a cc but then we don't purchase from them, it's only a few cents cheaper and we feel we get more back in the payment of points to use our card, if I paid with cash all the time I don't get anything. At least my Disney card is a credit card and it looks like that won't be changing for the moment anyway and I refuse to use Debit cards. When they start messing with my Disney card, then I will start changing my spending habits.