Carnival Easy Pay

[salty dingo]

Nobody likes to be hit up with a big bill all at once... even if we know it's coming it's easy to postpone the inevitable until final payment... and then... ouch!

 

We decided to do a novel approach to payment after my mother in law died, and left my DW with a small slice of what remained of her IRA. The laws are such that we must take out a certain sum each year, because she was over 70. So, when the time comes that we must withdraw, we're putting that cash (after taxes) that toward a cruise. We feel like it's her way of letting us remember her in a fun way each year.:halo:

[Quilcruisers]

We are good with saving but it has not translated into us paying off our cruises in small monthly increments. What we have been doing is booking the cruise then paying nothing until the final due , no matter our good intentions. I took advantage of the payment plan for my August cruise and will probably do the same for others. It is beneficial for me to have them auto magically take the payments. I guess we all know our limitations. I have been cruising since 2006 and have never paid my cruise early or in full prior to the due date. Definition of insanity?

 

 

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[sgttami]

I might do Easy Pay if I booked a year or more ahead. For years I just paid the deposit and then balance when due.

 

The last few cruises I went on however, full payment was due when I booked since they were only a few weeks (or days) before sailing.

 

I think it is a good idea to have as an option.

[RWolver672]

Better yet, put the money each month in a savings account so that you can earn interest on your own money. A much better option than depositing it in Carnival’s account early and letting them make the interest.

 

 

 

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That's what we do. We have it set up at the bank that they automatically take $200 each month out of our regular savings account and put it in a separate account for cruising which we never touch other than for cruises.

 

Now here's the funny part. We booked a cruise for February, 2019 in April of 2017. At that time, the account had $1320 in it. Up to the present, we have earned $1.41 in interest on an account that now has $2921 in it. We have ten months left before the final payment is due. On average, I'll say another $2.50 interest will be added by then. That means that the interest we saved by not giving Carnival the money sooner will amount to roughly $3.91. That wouldn't even buy us one drink. I take that back. It would buy a bottle of water.

 

We always do wait until the final payment is due but my point was that the interest on a savings account doesn't amount to a hill of beans anymore.

[crooooze]

we’ve stocked up on those verizon gift cards that saved us 10%. Once I bought the gift cards, I’ve already gave all my money to carnival. May as well just apply the cards immediately and pay off the cruise. But the 10% savings on the GC far exceeded any interest I would have gotten by hanging on to it in the bank.

[cruisent]

we’ve stocked up on those verizon gift cards that saved us 10%. Once I bought the gift cards, I’ve already gave all my money to carnival. May as well just apply the cards immediately and pay off the cruise. But the 10% savings on the GC far exceeded any interest I would have gotten by hanging on to it in the bank.

 

Those gift cards are great! Along with Carnival, I have a Royal Caribbean sailing booked which also has those 10% off gift cards but apparently you can only apply them to new bookings and nothing else with RC, but with Carnival's you can use them for just about anything they offer which I love.

 

And also, by letting your cash it sit in the bank, you're basically doing the exact same thing that you're trying to avoid by not giving it to Carnival, because even though you're earning those few pennies in interest....the bank is also using your money and earning interest too. So why not just give it to Carnival?!

 

This is why I don't even factor this into the equation. My main concern is paying the cruise off in the most painless and efficient way. And besides, let Carnival have the interest. Heck, if it's helping to pay for all the ship refurbishments and updates all the better! :)

[ParrotRob]

Better yet, put the money each month in a savings account so that you can earn interest on your own money. A much better option than depositing it in Carnival’s account early and letting them make the interest.

 

 

 

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$26.75 per month invested in the very best interest-bearing savings accounts will compound a little over $6 interest in those same 19 months. Whatever would you do with such a windfall?

[Tiger0613]

$26.75 per month invested in the very best interest-bearing savings accounts will compound a little over $6 interest in those same 19 months. Whatever would you do with such a windfall?

 

I only have one savings account. I got $50.84 in interest last year from a Capital One branch savings account with a 0.2% interest rate. It helped that I had a five-figure balance to start with. The 0.2% rate applies to the second tier($15,000 or more) and up. The first tier was 0.05% the last time I checked.

 

Capital One removed info about branch accounts from their website because they are trying to push people to get Capital One 360 online accounts. You have to call or go into a branch to get info about branch accounts now.

 

The rate on a 360 savings account is 1% on all balances. It has no fees, minimum opening deposit, or minimum account balance.

[ParrotRob]

I only have one savings account. I got $50.84 in interest last year from a Capital One branch savings account with a 0.2% interest rate. It helped that I had a five-figure balance to start with. The 0.2% rate applies to the second tier($15,000 or more) and up. The first tier was 0.05% the last time I checked.

 

Capital One removed info about branch accounts from their website because they are trying to push people to get Capital One 360 online accounts. You have to call or go into a branch to get info about branch accounts now.

 

The rate on a 360 savings account is 1% on all balances. It has no fees, minimum opening deposit, or minimum account balance.

 

Even so, that $26.75 per month over 19 months will compound to 84 cents at the whopping 0.2%. The $6 I referenced earlier was based on the "high yield" online accounts that are now paying 1.5%. You need to put your five figures into Goldman Sachs and turn your 0.2% into 1.5%

[Tiger0613]

Even so, that $26.75 per month over 19 months will compound to 84 cents at the whopping 0.2%. The $6 I referenced earlier was based on the "high yield" online accounts that are now paying 1.5%. You need to put your five figures into Goldman Sachs and turn your 0.2% into 1.5%

 

I would get an online account but I want and need branch service. Most branch high yield accounts require $50,000+. I don't have that yet. Also, I don't trust Goldman Sachs.

[cruisent]

If I had a 5 figure savings account, I wouldn't need to do Easy Pay lol. I believe this option is geared more to those like me who struggle to maintain 2 figure balances. :)

[Tiger0613]

If I had a 5 figure savings account, I wouldn't need to do Easy Pay lol. I believe this option is geared more to those like me who struggle to maintain 2 figure balances. :)

 

It's more like four figures. I mentally keep the proceeds from a house I sold in 2015 separate. I won't spend that amount except as a down payment on a new house. I will spend the interest I get from it. Alot of the remaining money in my account is already earmarked for other purposes.

 

I would rather earn interest(even a small amount) instead of giving Carnival my money ahead of time and get no interest.

[ParrotRob]

Balances are irrelevant. The point was simply to the person that suggested it would be better to "invest" the 26.75 per month instead of EZ-pay, there is no savings account of any kind that makes "investing" 26.75 per month for 19 months a worthwhile endeavor.