I was wondering what most of you experienced cruisers would recomend. I have a cruise booked for a couple years down the road. Should I pay it off as soon as possible if I can or do I hold off for the rates to drop. I did do the early saver, so there is no backing out now and I wouldn't want to anyways. It's on the Carnival Dream, and all new ports for me I would love to see.
Since there is no advantage to paying the balance on your cruise this early, I'd wait until close to final payment time. Why should they have your money for two years instead of you?
Some of the upscale cruise lines offer a discount off the cruise price if you pay in full within a certain amount of time after the deposit is paid. I can't think of any such perks that Carnival has.
I know of no advantages to giving them your money early, either. I'd say put it in a bank, but you might be better burying it in your back yard (Just kidding). Since it's 2 years off, you could even do some 6 month CDs and earn a little interest.
I like to have the cruise paid for before I board the ship, but 2 years is a long way out. Its your money... keep it and wait until the 70 day payment in full date before handing it to Carnival. Worst case scenario- you pay now and Carnival goes bankrupt in a year...good luck getting that money back. (Although I don't think this is a plausible scenario, you never know how much worse the economy is going to get)
Like Penny said, drop it in a CD and let it work for you. I'd say leave it where ever it is now, but if that's in the stock market... well I'll let you figure that concern out.
It its earning some interest somewhere you make some extra spending money AND its "safe" from you spending it on something else.
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================================================== ========== Carnival Cruise Lines:
Fantasy 90, Celebration 95, Victory 05, Conquest 05, Spirit 6/06, Freedom 6/08, Holiday 7/08, Victory 6/09, Valor 9/09, Dream 6/10, Splendor 8/10,Conquest 8/11,Magic 11/11,Triumph 4/12,Spirit 7/12,Freedom 11/12, Triumph 2/13 - The fire cruise
NCL Dream October 2006, RCCL Mariner OTS June 2007
All nice recommends; there is one that you should NOT listen to and that would be to put it in the market as you would have to be cruising more that two years down the road ! I too like to have it mostly paid off by the time we go but it dosen't always work out that way. Better in your pocket than the cruise lines until it is due !
Should I pay it off as soon as possible if I can or do I hold off for the rates to drop. I did do the early saver, so there is no backing out now and I wouldn't want to anyways. It's on the Carnival Dream, and all new ports for me I would love to see.
I used Early Saver for my Dream cruise too. I'm not paying it off until it's due. Make sure you keep up with any price drops. There is no limit to the times they'll adjust the price. If you have the extra money I would put it in a CD as Penny and Jim said.
I was wondering what exactly is a CD? As a few have mentioned to put any extra money there for now? Is this a type of savings account?
For financial terms it is a Certificate of Deposit. It is for a set time term and interest rate and normally earns a higher rate of interest than a typical savings account.
For cruise forum lingo it means a Cruise Director.
Dwayne
* We are not offering professional financial advice.
Thank you for the answer, I wonder if this is something my bank would do here in canada or if this is American. I know that we have some different bank lingo between the two counties. I will call them. Thank you!
(Just kidding). Since it's 2 years off, you could even do some 6 month CDs and earn a little interest.
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