Credit Cards can be EVIL and should never used to "Borrow" money. They should be used ONLY as a convenience and paid off monthly.
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Apple Card: All the Details on Apple's Credit Card
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I don't get it, besides someone liking the physical card I don't see any reason to use this over another card. It doesn't really compete on anything except perhaps ease of integration with apple pay, but I've never had an issue with any of my other cards. Maybe the charge categorization app will be super slick?
If you use it correctly, you are doing pretty much exactly what you are doing now, AND you get cash back rewards for doing so. It's a win-win. No interest and you get $$ back. When i say that's using it "correctly", I mean that for the consumer. In the eyes of the credit card company, someone like this is NOT the ideal customer, because they do not make any money off of you. In their eyes, they want to see Joe Public charge way more $$ on a credit card and carry it over month to month, because of all the interest. You gotta be smart with it. Some people are, some people aren't, and some people just don't care.
I already have enough banks in my life. I don’t need to add the Apple Bank to my list.
Same here. My primary card will remain and is already setup with ApplePay but might get one of these to replace one of my others and only have it in ApplePay. No need to carry the physical version, I will use my main card for that. My other backup card is a travel rewards card that has not been that helpful. It never gets used so I never earn anything but I have it just in case.
Indeed. Wise words falling on deaf ears. If you have a credit card, you should treat it like a debit card. Always pay on time (or even better - before its due) and always pay your full monthly statement. If you can't, you shouldn't be using credit cards at all. EVER. They will ruin your life.
Why is everyone talking about interest rates? You're doing something very wrong if you're paying interest on a credit card on a regular basis... nothing should ever go unpaid for over a month...
Apple has had a co-branded credit card with Barclaycard for years.
https://cards.barclaycardus.com/banking/cards/barclaycard-visa-apple-rewards/
Also, if you use a debit or credit card, then the bank and processing network will know how much you're spending and where. How else would they process the transaction?
See you about 10 minutes after someone in your family goes into a hospital.
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Does that apply to cars, homes, and food as well?
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You have the money you need to pay drawn out of your bank account.
For me it's insurance and perks. If someone gets my cc# and makes a charge, I just call and get it reimbursed. If someone gets my debit card number and makes a charge, I'm out of luck. At least that's how it was, I haven't looked back into it in over a decade. Maybe debit cards are better about it now.
If you have a balance on a credit card, unfortunately you would probably be better off not having one. Long term, short term life happens.
If you average Apple's 13-24% its actually above the average by 1% at 18.5%. Though, I have no idea how weighted each end of that range will be for the total membership will be. In theory if it weighted more towards the 13% end it could be lower.
The way Apple introduced it I kinda expected like 5% to 12.5% max but then once I heard a bank had to be involved that was a pipe dream.
I pay my CC bills every month so this has never been a real concern for me. But Apple making it sound like it was ground breaking low seems like some straight up nonsense.
noun: a right, immunity, or benefit enjoyed only by a person beyond the advantages of most.
Must be nice.
wow that's an incredible rate, the current fed rate is 2.5% so that means your bank is only making 3.5%.... They don't even do that for their high net worth millionaire clients with perfect credit scores... I mean at 3.5% it probably costs the bank more to issue the card and distribute the money to vendors than what they make....I would hold on to that card forever.
Well, my AMEX Delta Sky Miles Platinum card still has a lower interest rate. Plus I get SkyMiles with every purchase. In addition, by being a Plantium card member, I can check 2 bags for free on every flight. And the card comes with American Express' extended warranty guarantee on anything I purchase. I'm not bragging, but I don't see Apple Card offering any perks like that (specially if you fly a lot!).
I think what Kaibelf is trying to say is that not everyone can pay for cars or home in cash so they have to finance which means using credit. That involves interest rates.
Saying “If you cant put down cash for it don’t buy it” can be somewhat of a misnomer. Not everyone has 200,000 to plop down on a home all at once; but they can afford to finance after putting some amount down before financing.
What the heck are you talking about? You realize credit card debt is something that mostly plagues the poor, right? It's not a tool made to help them, it's a tool made to hurt them.
Oh yeah, I was thinking how this is going to work with the EveryDollar App. I was planning on using the card for all my purchases (usually just little things around town) and pay it off every couple of days.
Now throw Quicken into the mix. It'll be a bit confusing. At least with Quicken I mainly use that as an electronic check register. I really don't care where I spend my money. EveryDollar tracks where it's been spent.
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I'm with you on this, but I think this is a way for them to have every iPhone user able to use ApplePay wherever they go. Before, if your bank didn't support it, you'd have to load money on your Apple Cash card and I'm sure that was a hassle. Now they just use it and move some money over when they get home.
Rewards are kind of meh compared to cards like the free citi double cash 2% everything card. I would love to whip out this titanium card to use with purchases but alas you can't because it only rewards 1% back if you use the physical card. 2% cash back only works with apple pay. The one reason why I'd use the card is to use the titanium card but then you're punishing me for using the physical card. What gives.
I'll be sticking to my sapphire reserve
I'll be sticking to my sapphire reserve
I think the primary thing is security. If someone steals a credit card, they're stealing the bank's money. If someone steals a debit card, they're stealing your money. Inherently the bank has more of an interest in protecting their own money than your money. In other words, a fraudulent charge on a debit card means you might not be able to pay rent until it's resolved; but a fraudulent charge on a credit card is removed from the statement almost immediately while its investigated. While debit cards offer some protections, they're not nearly as good as with a credit card.
The secondary reason is perks. Cash back, points, airline/hotel status, etc. Most of my vacations are half paid for with points usually.
As for the interest rate, you only have to pay that if you carry a balance from month to month. In a way, a credit card is a 0% interest loan until the end of the month. If you pay it all by then, no interest at all. If you only pay some of it, and let some roll over to the next month, then you pay an interest rate. But this is bad to do and pretty much universally inadvisable. Some people call into a trap of credit card debt, and it's very hard to get out of.