Paying off cruise before due date?

[dreday3]

Hi,

 

We aren't cruising until end of November, but we have all the cash in account now to pay off cruise.

 

Any negatives to doing this early? We already have a couple good discounts plus $200 OBC that we don't want to lose, so I'm not sure we'd get a better deal later?

 

I just hate leaving the money in my account until later, I have weak willpower.:p

[NightOne]

Hi,

 

We aren't cruising until end of November, but we have all the cash in account now to pay off cruise.

 

Any negatives to doing this early? We already have a couple good discounts plus $200 OBC that we don't want to lose, so I'm not sure we'd get a better deal later?

 

I just hate leaving the money in my account until later, I have weak willpower.:p

 

Pay it off.

 

You'll have a great feeling and you will not have to worry about it anymore.

 

Then start sticking money aside for shore excursions, drinks, photos, etc. :)

[dreday3]

Pay it off.

 

You'll have a great feeling and you will not have to worry about it anymore.

 

Then start sticking money aside for shore excursions, drinks, photos, etc. :)

 

Thanks!! :)

[molly361]

Pay it off- I have paid off our October cruise quite a while ago. Working on the Feb 2016 one now.:)

[spookwife]

Hi,

 

We aren't cruising until end of November, but we have all the cash in account now to pay off cruise.

 

Any negatives to doing this early? We already have a couple good discounts plus $200 OBC that we don't want to lose, so I'm not sure we'd get a better deal later?

 

I just hate leaving the money in my account until later, I have weak willpower.:p

 

paid mine off yesterday and FP is not due til the end of September. the pennies I would earn leaving it in the bank until last minute are not worth it. you can still take advantage of price drops until your real FP due date.

 

it puts no financial burden on us, even in emergency.

[Ashland]

Go ahead pay it off...just remember it's the date final payment is due not the date you choose too make final payment for any other associated discounts that might pop up.

[dreday3]

Thanks everyone!

 

Since this money is specifically for the cruise, I'm going to pay it off!

 

Alright! :D

[WrittenOnYourHeart]

I always like to pay off my cruises early - that way I don't accidentally spend the money (like you, I've got weak willpower when it comes to some things) AND so that I don't forget (I haven't, but I've seen more than one report of people who did and then their cruise got cancelled). It's not like it would raise THAT much interest in my account - might as well just get it checked off the to-do list!

[Clarea]

Pay it off- I have paid off our October cruise quite a while ago. Working on the Feb 2016 one now.:)

If you really enjoy paying off cruises, I would gladly forego the immense personal satisfaction and permit you to pay off a few of ours.

[molly361]

If you really enjoy paying off cruises, I would gladly forego the immense personal satisfaction and permit you to pay off a few of ours.

 

You are too good to me;)

[ryano]

Another vote for pay it off. To me, the peace of mind of knowing my cruise is paid for in advance trumps the pennies in interest I might gain. I try and pay my cruise off ASAP after booking. And as pointed out, you can get price reductions up until Royal Caribbeans final payment date for your cruise.

[Kamloops50]

Hi,

 

We aren't cruising until end of November, but we have all the cash in account now to pay off cruise.

 

Any negatives to doing this early? We already have a couple good discounts plus $200 OBC that we don't want to lose, so I'm not sure we'd get a better deal later?

 

I just hate leaving the money in my account until later, I have weak willpower.:p

 

Paid off all the cruises for 2015. Will start paying for 2016 Europe when airfares are out.

[dixieva]

I never pay off any cruise until they tell me final payment is due. Just the way I do things. Don't like paying things off early. I like to hold on to my money until the last minute:)!

 

Do whatever works best for you.

[sr4mjc]

I like to hold onto my money too. It's not so much the interest, it's the liquidity. I have an account that's just for vacation monies set aside in ING or whoever they are called now. When you pay off your cruise early, it's on your credit card, which you then pay off. If for some reason, emergency, etc and you have to cancel, you will end up with a credit back to your credit card. That's not the same thing money back in your wallet.

 

Although I suppose you could use a debit card and have an put back in your account if it came to that, but then you don't earn any miles or points :D

 

So I just set it aside, not to be touched, until I know it's time to use and I didn't need it for any other emergency that may not have been able to be paid with that credit.

Edited June 3, 2015 by sr4mjc

[Paul65]

I am in the "hold on to my money as long as possible" crowd, but there are really no significant down sides to paying off early, if that's what makes you happy. I earn about 0.8% annual interest rate on the savings account I keep short-term extra money in, so the interest earned might be a little more than "pennies," but it's not likely more than a couple dollars. Maybe enough to buy myself a glass of fresh-squeezed OJ one morning. :D

[Clarea]

I am in the "hold on to my money as long as possible" crowd...

I am also in that crowd. Royal is very quick (milliseconds) to take my money, but loathe (days) to give it back should I cancel or make changes.

[cruisingsince94]

We have always paid off our cruises prior to final payment being due. I continue to watch for price drops until final payment date. We typically make our final payment 3 months prior to the cruise date.

[cincicruisers]

Another vote for paying off early. Then I continue to put money aside for excursions, shopping, photos, and casino. Sometimes I don't spend all the kitty fund so I continue to save to pay off next cruise.

[pam_1024]

I don't cruise till mid December and I am paying mine off this week. Also have gratuities paid and my sea pass account money set aside. I pay everything as early as possible so I can enjoy the days leading up to the cruise without worrying about money. I also have my suitcase partially packed. :o

[nolesrule]

If you have trouble holding onto money that's sitting there in your account already earmarked for something, I would highly recommend the software called You Need A Budget. I'm not trolling. It's a sincere recommendation. I've been using it for a year now, and it really is a game changer.

 

Furthermore, if you're only losing out on pennies of interest by paying a cruise off months in advance, you are keeping your money at the wrong bank. The amount I still owe on our cruise in March 2016 will earn ~$22 over the next 7 months sitting in the savings account until final payment. Not a lot, but not pennies. And that cruise is budgeted for from money already in hand.

[rjrice1]

I am thinking about paying off my early too.

Was thinking about using a interest free credit card for two yrs...

Will just pay it off way before of course and points too.

Hopefully enough points to fly back to Aruba. lol

[LMaxwell]

I pay things when they are due, not months in advance. There is no feel good factor for me in parting with my money earlier than necessary unless there is a financial benefit to doing so. In the case of a cruise, if I need to cancel but I'd paid off early I am in the position of waiting to get my own money back. No thank you.

[ryano]

OP, as you can see, there really are no negatives in paying it off early and that IS the question you asked. Just because there is no feel good factor for others does not mean there isnt one for us that pay our cruise off early :)

 

I will NOT book a cruise unless the money is totally expendable income so having an emergency is not an issue for me. If it is for you and not having immediate access to this money would put you in a bind, you may want to hold on to the money until final payment date. If not, pay it off now!

 

As far as getting money back from Royal Caribbean, I have always had great luck I guess. Ive had to cancel a cruise before and have had several times where price reductions were refunded back to me. I had my money back all times within 2 business days. YMMV though.

 

This is very much a personal preference thing no matter how many differing opinions you get here. Do what YOU feel is best for YOU. Not what we think or say ;)

Edited June 3, 2015 by ryano

[JulieRose]

At .99% interest, I'm with those who hang on to the money as long as possible. Between now and when my final payment is due, just what is due on the cruise will generate about $8 interest which equates to a drink-of-the-day!

[cindivan]

Interest is so low do what makes you happy. One thing to consider is regarding insurance. I paid off our last cruise about two weeks early. Then my parents told me my mom might need surgery. We couldn't get insurance because we had made final payment. After many hours in the phone I got Royal to refund $100 in their room. I bought insurance, then paid the final $100. It can be done, but it was a pretty big hassle.

 

I can't think of any other disadvantage to paying it off early though.