is there a negative side to paying the balance early?

[Loralie]

My cruise is April 12, 2012 and my final payment date is not due till Jan. 2012. We will be on the Explorer leaving from NJ. I came into some money and I wanted to just pay the whole thing and have it done with but I was wondering if there is a downside to paying the cruise early?

 

Here is another part to consider. With all the rumors going around that the Liberty is coming to NJ in May 2012, I may want to change it and go on the Liiberty when the dates come out. Will having the balance paid cause a problem?

 

Thanks,

 

Loralie

[cb at sea]

Nope...no downside at all. Except of course, RCI gets the use of YOUR money.....other than that....

[caribsun]

If it helps you to get a good nights sleep, pay it off.

Cancellation terms.

http://www.royalcaribbeancruises.com/About_Cruising/Cancellation_Policy.html

[Paul65]

The only downside is giving up whatever you might earn keeping that money in your own account for a while longer. But with the way interest rates are these days, that probably won't amount to very much. :)

[Loralie]

Thanks for all the info. Part of me would feel better knowing the cruise is paid for and done with. Part of me is nervous spending all that money right now. Another part of me is worried that if I don't pay off the cruise I will spend the money and wont have it and have to use credit cards. LOL I keep asking my DH...are you sure you still want to go? LOL. It's so far away, you never know what will happen.

 

Thanks again,

 

Loralie

[Bakincakes]

Since you are paying in cash there really is no downside.

 

As you said, that will keep you from spending the money elsewhere.:)

[TOlson70]

I prefer to pay mine in full as well, its done its paid for, one less thing to worry about.

[zoncom]

NO WAY! final payment is considered final settlement. Can be subject to no refunds. Anthing can happen to your personal situation in the future. I also heard of a lady who posts here prepaying for a discount and agency took off with the funds. Also, most likely pricing will come down and since you made final payment you most likely will not be eligable for rereductions. If it makes you feel better start a savings/ money market fund with the cruise balance amount. Then it will be safe.

[NMG318]

Certificate of Deposit for 1 year at 1% (might be able to do a little better) on $1000 earns about $10. $4000 would earn $40. You can use that $40 to buy a few beers or let Royal have it (if you pay now).

[bigeagle12]

NO WAY! final payment is considered final settlement. Can be subject to no refunds. Anthing can happen to your personal situation in the future. I also heard of a lady who posts here prepaying for a discount and agency took off with the funds. Also, most likely pricing will come down and since you made final payment you most likely will not be eligable for rereductions. If it makes you feel better start a savings/ money market fund with the cruise balance amount. Then it will be safe.

 

Think it goes off date final payment is due .. not date final payment is actually made.

[rim2rimhiker]

One negative side would be if they filed bankruptcy, now your money goes to their creditors. After the last couple years, no one is too big to fail.

[ryano]

. Also, most likely pricing will come down and since you made final payment you most likely will not be eligable for rereductions..

 

That is not correct. :) All price drops are honored until the final payment date that Royal Caribbean has set. Not when you pay off the cruise.

 

The peace of mind to me of having it paid off early is way worth more than the few cents I would gain by leaving the money in savings.

 

To each their own.

[land lover]

I never pay a vacation off until the last moment...for over a year you will lose options to spent or save that money as you want. If as you stated you might spend it and then have to rely on credits cards for the cruise, what would have you done prior to coming into this money? Life changes in a year+ my advice keep it in your pocket ....until you have to pay.

[land lover]

Thanks for all the info. Part of me would feel better knowing the cruise is paid for and done with. Part of me is nervous spending all that money right now. Another part of me is worried that if I don't pay off the cruise I will spend the money and wont have it and have to use credit cards. LOL I keep asking my DH...are you sure you still want to go? LOL. It's so far away, you never know what will happen.

 

Thanks again,

 

Loralie

 

I think you have answered your own question.

 

L:)ri

[Snackdaddy]

I like to pay early so I can get the Royal Caribbean Visa Credit Card bonus Royal Points credited to my account. In this way, I usually have plenty of time to redeem the Royal Points for OBC.

[Paul65]

Actually, after reading Snackdaddy's post, it occurs to me that if you have a credit card that offers some sort of cash back, you might end up doing even better than what you would earn on a short-term CD. Charge it to your credit card, enjoy whatever perks that gives you, and pay the credit card off in full, when it comes due.

 

Of course, I suppose you could do both....get the CD now, and then pay your cruise via credit card, cash in your CD and pay off the credit card. :cool:

[DivingPrincessE]

Think it goes off date final payment is due .. not date final payment is actually made.

 

That is not correct. :) All price drops are honored until the final payment date that Royal Caribbean has set. Not when you pay off the cruise.

 

The peace of mind to me of having it paid off early is way worth more than the few cents I would gain by leaving the money in savings.

 

To each their own.

 

Not exactly. I paid off a cruise early, then a price drop occurred...and they did NOT want to refund any money to my CC. The RCCL rep said that all he could do was offer me OBC. I had to threaten to cancel the cruise all together and call back in 5 minutes to rebook. I was put on hold for a while, he came back and told me the money would be refunded to my CC.

 

Royal does not like giving money back. It's just easier if they don't have it until they need it.

[DanJ]

As to the concern about the Liberty coming to Bayonne, and wanting to switch to that. I would think that the Explorer would be leaving Cape Liberty if the Liberty came there, so they would likely be moving existing bookings over to that ship into similar cabin grades/locations, and protecting the price you already booked for. I don't think paying in advance would affect that negatively.

[ATG]

I LOVE paying them off early. I made the last payment on my October cruise as a Christmas present to myself. I use my CC and get the benefits from it. Then I have plenty of time to think about specialty restaurants and anything else I need (OK - want) for vacation.

[CFIGuy]

If people are worried about the price drops not being honored, etc, then just pay everything minus $100. I am sure that 60 days prior $100 wouldn't be a huge burden.

[ollienbertsmum]

The Liberty is going to be in Europe in Summer 2011, do you think it will stay across the Atlantic next year? I was looking forward to more cruises in this class of ship.

[DanJ]

The Liberty is going to be in Europe in Summer 2011, do you think it will stay across the Atlantic next year? I was looking forward to more cruises in this class of ship.

 

There is just speculation at this point that RCI is going to put a bigger ship in New Jersey at some point. For now, the Liberty is scheduled to be in Port Everglades next winter doing the 4 and 5 day itineraries the Navigator is doing right now and the Navigator is supposed to be in Europe.

[Oscar_the_Grouch's_Sis]

Think it goes off date final payment is due .. not date final payment is actually made.

 

That is correct

 

zoncom was confused on the matter.

[dmdicato]

Not exactly. I paid off a cruise early, then a price drop occurred...and they did NOT want to refund any money to my CC. The RCCL rep said that all he could do was offer me OBC. I had to threaten to cancel the cruise all together and call back in 5 minutes to rebook. I was put on hold for a while, he came back and told me the money would be refunded to my CC.

 

Royal does not like giving money back. It's just easier if they don't have it until they need it.

 

...but that OBC is credit back to the credit card at the end of the cruise!

[DivingPrincessE]

...but that OBC is credit back to the credit card at the end of the cruise!

 

It's an extra step to getting the money back that I would rather avoid.