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Final Payment Question


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Booked my cruise months ago and paid the deposit.  Final payment is due December 2022. I have the money to pay it off now but wondered is there any advantage to paying it off early or should I wait until December?  Thanks!

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The advantage to paying it off now is you're done with it.

I'd recommend paying it off, minus ~$500. That way, if there's a price drop, you can more easily take advantage of the price change. Price drops are easier/faster if they don't have to refund you any money.

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1 hour ago, PastorW said:

Booked my cruise months ago and paid the deposit.  Final payment is due December 2022. I have the money to pay it off now but wondered is there any advantage to paying it off early or should I wait until December?  Thanks!

Agree with @Matt.  Pay of all but a small balance.  There are a few things that you canNOT do once your cruise is paid in full so there really is no advantage to paying in full in advance (other than having it over with !!) so just leave a small balance.  Congratulations on your cruise !

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27 minutes ago, Pooch said:

I never pay ANYTHING before it’s due.  Money stays in my account til it needs to be paid.  I have reminders on my phone, on the paper calendar on the wall and with my TA.

Meeeeee toooooo.  AND your money isn't working for you if you pay it off early.  No, I'm not going to get rich with the money in my Savings Account, or in my 401K, or other investments, but it is working.  After experiencing the pandemic, I'm especially protective of my money.  I doubt that this would happen but could and I don't think any/most cruise lines can withstand another shut down.  If it happened again, you may wake up one morning and read the news that Royal, Brand X, MSC, whatever filed for Bankruptcy and your money is gone, unless you have travel insurance that covers that.  And many other scenarios that could happen.  So, I'll keep my money close to my mattress, thank you very much.

Royal and/or my TA send plenty of reminders that "FINAL PAYMENT" is due.  

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It doesn't apply to most of you on the site but for the minority, of which I am part, who are paying dollar amounts with cards in another currency, it's worth keeping a regular eye on the exchange rate. If it's in your favour, even if it means paying before final, it can sometimes save a decent amount.

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1 hour ago, FionaMG said:

It doesn't apply to most of you on the site but for the minority, of which I am part, who are paying dollar amounts with cards in another currency, it's worth keeping a regular eye on the exchange rate. If it's in your favour, even if it means paying before final, it can sometimes save a decent amount.

I use the revolut card for this! 

You can change say £ into $ easily on the app and its then saved in $ on you card and app. 

Exchange rate is better than most banks.

When i go to pay for anything thats in $ then payment comes out of $ account so no charges are added. 

Think there is about 98 currencies you can have on card. 

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1 hour ago, Ray said:

I use the revolut card for this! 

You can change say £ into $ easily on the app and its then saved in $ on you card and app. 

Exchange rate is better than most banks.

When i go to pay for anything thats in $ then payment comes out of $ account so no charges are added. 

Think there is about 98 currencies you can have on card. 

I do have a transferwise card that I could use but what concerns me is that it's a debit rather than a credit card. I'm not familiar with revolut, although I've heard it mentioned a couple of times. Maybe I should look into it.

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