Apple Card Savings Account Available Starting Today With 4.15% Interest Rate

[DrJR]

I think this is fine for people who aren't disciplined enough to use credit for what its. Myself and most of the people I know use credit as a tool. Especially credit cards. I use my credit card for the points and security of not having to walk around with a bunch of cash to get stolen or lose. I pay my card of constantly never carrying a balance more than a week. It's got it's benefits. I also have a mortgage. If I waited to save enough cash to buy a house I'd still be renting.

Most of the people I know who talk angerly about credit and swear it off like the devil have either abused credit at one time and defaulted on a credit card/loan or worship Dave Ramsey like he's some sort of financial god.

You do you without telling others what they should do because it works for you. Sound advise for someone with financial issues is great but basically telling people they are stupid for utilizing credit is not so cool.

I didn't tell what people to do. I said what I did.

Once you see through your addictive speaking you won't be able to unsee it. You are exposing yourself to disaster by using credit cards. I do not. Consumer credit is financial cancer. Stop falling for it. Housing is different as real estate is investment as it is a real asset - anything less than real estate is "consumer credit" and using it is plainly stupid.

 

[monstermash]

Mine transferred instantly it’s just not available for withdrawal yet. Says it takes 5 business days to become available for withdrawal. Are you sure yours is available? There’s a current balance and an available balance if you look under account details.

I'll be more clear. It transferred instantly and was available instantly.

 

[monstermash]

I am getting 4% from my bank. I knew the interest rates would climb back again so I waited. We had over 10 years of ultra low interest rates which encouraged VCs and scammers to try every scam and every pump n dump under the sun to steal money from millions of people and investors.

The result was a small number of people becoming ultra rich and hoarding all the lands and properties for themselves. Everyone else paying rents and subscriptions to these scum.

We should never return to such a scam casino economy again. We should have 4-5% interest saving accounts forever and have sustainable and well distributed growth.

Perhaps you don't realize that by mandating 5% interest on savings you're mandating much higher costs on all forms of borrowing.

Mandatory 5% interest on all savings accounts probably results in a minimum of 12% on all mortgages. Credit cards probably go to a minimum of 25%.

 

[Phone Junky]

This is a joke right? Next you are going to tell me how to make money by borrowing it at a lower rate to invest it somewhere with a higher return...... laughable.

The only joke is you not understanding the use of credit cards to pay your everyday bills and earning points/rewards on these "purchases" and also paying off the credit card every month thereby NOT paying any interest. Play the game with their rules and you win. Credit cards can be very useful and can make you some money as long as you are disciplined enough to not carry a balance.

 

[izzle22]

I didn't tell what people to do. I said what I did.

Once you see through your addictive speaking you won't be able to unsee it. You are exposing yourself to disaster by using credit cards. I do not. Consumer credit is financial cancer. Stop falling for it. Housing is different as real estate is investment as it is a real asset - anything less than real estate is "consumer credit" and using it is plainly stupid.

Here is what you said in quotes. "Pay off your cards and cancel account, it is freeing!!!"

That is telling people what to do. I have used credit for 35 years now and used it to my advantage. No explosive disaster here? I see you have been hurt pretty bad by credit in your past or you are Dave Ramsey in disguise. Credit is not bad if you use it responsibly.

 

[izzle22]

I'll be more clear. It transferred instantly and was available instantly.

Ok well then maybe it was the amount I transferred. It is still not available for withdrawal. I can't see it being different for the different banks. It came out of my bank almost instantly and was in Apple savings instantly.

 

[DrJR]

The only joke is you not understanding the use of credit cards to pay your everyday bills and earning points/rewards on these "purchases" and also paying off the credit card every month thereby NOT paying any interest. Play the game with their rules and you win. Credit cards can be very useful and can make you some money as long as you are disciplined enough to not carry a balance.

Rewards are the marketing gimmick. People who understand this don't need points or accounts that entice overconsumption. That is how you get ahead. You don't use credit to get ahead.

 

[wes2006ag]

I set up and transferred some money into savings yesterday and set up new daily cash to go into savings. Made a purchase with my Apple Card that earned some daily cash but it doesn't seem to have been added to my savings account yet.

 

[DrJR]

Here is what you said in quotes. "Pay off your cards and cancel account, it is freeing!!!"

That is telling people what to do. I have used credit for 35 years now and used it to my advantage. No explosive disaster here? I see you have been hurt pretty bad by credit in your past or you are Dave Ramsey in disguise. Credit is not bad if you use it responsibly.

Consumer credit is always bad because it means you are spending more than you make. If it were the inverse you would have enough cash to cancel the accounts and not dabble in potentially disastrous behavior. End of story.

 

[starkmj]

Ok well then maybe it was the amount I transferred. It is still not available for withdrawal. I can't see it being different for the different banks. It came out of my bank almost instantly and was in Apple savings instantly.

Mine is the same. I transferred a small amount Monday and a larger amount Tuesday, and both are not "Available" yet for withdrawal. A bit unnerving, as when it was in my credit union's bank account it was easily accessible. I'm assuming by early next week all will be fine.

 

[ProfessionalFan]

No, it insures $250K per depositor.

If you have 5 accounts with the same bank, they're not EACH insured for $250K, but $250K total.

Similarly, a single account with 2 (joint) account holders is insured for $500K.

You can have more than $250k insured at the same bank even as a single individual.

"Depositors may qualify for coverage over $250,000 if they have funds in different ownership categories and all FDIC requirements are met." (Per FDIC website)

 

[ProfessionalFan]

I opened my savings account soon as I figured out how to do it. It’s not very intuitive like the Apple Card. It’s like they don’t want to make it obvious.

It seemed really easy and fast IMO.

 

[izzle22]

Rewards are the marketing gimmick. People who understand this don't need points or accounts that entice overconsumption. That is how you get ahead. You don't use credit to get ahead.

I made $2,000 in cash back from my credit card this past year using it for almost everything I could. I paid ZERO interest! How is that not getting ahead? I made $2,000 for just using my card that someone like you missed.

 

[starkmj]

Consumer credit is always bad because it means you are spending more than you make. If it were the inverse you would have enough cash to cancel the accounts and not dabble in potentially disastrous behavior. End of story.

Why are we arguing about this?

DrJR, you hate personal credit, you think it's evil, and it doesn't work for you. Great, agree, it doesn't work for you.

PhoneJunky and izzle22, you use credit to earn points and cash back, and pay it off every month so you don't go into debt. Great, agree, this works for you.

I use credit the same way. I haven't paid credit card interest in years. Feels great, yet I take advantage of no financing offers, cash back, and points.

But what works for one of us doesn't work for others, GREAT. Do what you do, and keep doing it.

Nobody's asking anyone to do anything different.

JUST STOP ARGUING ON THE FORUM. YOU'VE BOTH MADE YOUR POINTS.

 

[ProfessionalFan]

I made $2,000 in cash back from my credit card this past year using it for almost everything I could. I paid ZERO interest! How is that not getting ahead? I made $2,000 for just using my card that someone like you missed.

Nothing wrong with using credit cards that way in my opinion, actually it is smart based on exactly what you said here. Why not get easy cash back when possible?

Ignore the self-proclaimed financial experts. As is the case with every subject on the internet nowadays, everyone comes in and acts like they are an expert.

 

[DrJR]

I made $2,000 in cash back from my credit card this past year using it for almost everything I could. I paid ZERO interest! How is that not getting ahead? I made $2,000 for just using my card that someone like you missed.

You are exposing yourself to marketing gimmick and in the end they win. It is akin to compulsive gambling. I don't gamble or play lotto either. If you have a credit limit you are afraid to lose, or are even proud of like I once was - and no I never had credit problems where I didn't have enough cash to offset balance at any given time - then you are being preyed upon, it is a psychological problem "I have control of this". Instead, if you make more than you spend and don't need credit you can save up to your old limit in a savings account, say the limit on credit was $25k, save that up, use the savings account for emergency and that is real money, really there. Credit cards are a psychological gimmick with points and % back. When you pay real money, out of a real account, or better yet write checks or pay cash like I do for superfluous things I want (within reason) then you break that psychological hold on the account of your mind. It is freeing. Next house I will pay in liquid funds, no mortgage. Cash is king, it is power. Credit is second. Also I expect the industry to tighten funds available considerably as people start defaulting on record-high credit card balances. Economy is grinding down.

 

[Phone Junky]

Mine is the same. I transferred a small amount Monday and a larger amount Tuesday, and both are not "Available" yet for withdrawal. A bit unnerving, as when it was in my credit union's bank account it was easily accessible. I'm assuming by early next week all will be fine.

This is standard practice. I've had a Capital One performance savings account for years. It will show the deposit in your total balance but the available balance takes 3-5 days. The $50 I transferred from my bank account, just to make sure everything was working, on Tuesday is still not available. I also added some more today which is obviously not available yet. I don't know what magical bank @monstermash is using that bypasses these wait times. I doubt their claim that it was available instantly.

 

[izzle22]

Mine is the same. I transferred a small amount Monday and a larger amount Tuesday, and both are not "Available" yet for withdrawal. A bit unnerving, as when it was in my credit union's bank account it was easily accessible. I'm assuming by early next week all will be fine.

Yes, I'm hoping by at least Monday it is available. Like I had said earlier and I assume you are the same. I don't need to withdraw any of it or need it for anything, I would just like to see it available. "unnerving" is the word I would use as well.

 

[izzle22]

You are exposing yourself to marketing gimmick and in the end they win. It is akin to compulsive gambling. I don't gamble or play lotto either. If you have a credit limit you are afraid to lose, or are even proud of like I once was - and no I never had credit problems where I didn't have enough cash to offset balance at any given time - then you are being preyed upon, it is a psychological problem "I have control of this". Instead, if you make more than you spend and don't need credit you can save up to your old limit in a savings account, say the limit on credit was $25k, save that up, use the savings account for emergency and that is real money, really there. Credit cards are a psychological gimmick with points and % back. When you pay real money, out of a real account, or better yet write checks or pay cash like I do for superfluous things I want (within reason) then you break that psychological hold on the account of your mind. It is freeing. Next house I will pay in liquid funds, no mortgage. Cash is king, it is power. Credit is second. Also I expect the industry to tighten funds available considerably as people start defaulting on record-high credit card balances. Economy is grinding down.

Okay I'm done here. You are not ever going to get it. I NEVER spend more than I make or can afford and save religiously while using credit paying it off weekly NEVER paying interest just so you understand.

You do you and I'll do me. I am not saying what you are doing is wrong. It's not, it works for you. You are telling me what I am doing is wrong. Which it's not.

 

[Phone Junky]

"unnerving" is the word I would use as well.

Is this your first time using a bank outside of you brick and mortar one? After you use one for a while you'll think nothing of it. My 80 year-old dad was worried where his money was when I set him up with an online account to earn more interest. The time from the transfer from his checking account to the online savings was kind of "unnerving" for him. He never got used to it.

 

[izzle22]

This is standard practice. I've had a Capital One performance savings account for years. It will show the deposit in your total balance but the available balance takes 3-5 days. The $50 I transferred from my bank account, just to make sure everything was working, on Tuesday is still not available. I also added another $10K today which is obviously not available yet. I don't know what magical bank @monstermash is using that bypasses these wait times. I doubt their claim that it was available instantly.

View attachment 2191614

Yep. That's what I'm seeing as well. Only my Apple cash that I transferred is available. I get it I just don't love it.

 

[izzle22]

Is this your first time using a bank outside of you brick and mortar one? After you use one for a while you'll think nothing of it. My 80 year-old dad was worried where his money was when I set him up with an online account to earn more interest. The time from the transfer from his checking account to the online savings was kind of "unnerving" for him. He never got used to it.

Yes this is my first time using a bank outside my brick and mortar. And this is why I haven't until now. I get it and will be fine with it. I just thought I'd throw it out there. I will be fine and get use to it.

 

[Phone Junky]

Okay I'm done here. You are not ever going to get it. I NEVER spend more than I make or can afford and save religiously while using credit paying it off weekly NEVER paying interest just so you understand.

You do you and I'll do me. I am not saying what you are doing is wrong. It's not, it works for you. You are telling me what I am doing is wrong. Which it's not.

Wasting your time replying to them. "Credit evil" is all they know. Just because they got burned in the past doesn't mean everyone else is that dumb.

 

[Truefan31]

You are exposing yourself to marketing gimmick and in the end they win. It is akin to compulsive gambling. I don't gamble or play lotto either. If you have a credit limit you are afraid to lose, or are even proud of like I once was - and no I never had credit problems where I didn't have enough cash to offset balance at any given time - then you are being preyed upon, it is a psychological problem "I have control of this". Instead, if you make more than you spend and don't need credit you can save up to your old limit in a savings account, say the limit on credit was $25k, save that up, use the savings account for emergency and that is real money, really there. Credit cards are a psychological gimmick with points and % back. When you pay real money, out of a real account, or better yet write checks or pay cash like I do for superfluous things I want (within reason) then you break that psychological hold on the account of your mind. It is freeing. Next house I will pay in liquid funds, no mortgage. Cash is king, it is power. Credit is second. Also I expect the industry to tighten funds available considerably as people start defaulting on record-high credit card balances. Economy is grinding down.

Or you could just be responsible and manage it all. There are advantages to utilizing credit in todays world, especially in the United States. You sound like a Dave Ramsey disciple lol

 

[ProfessionalFan]

You are exposing yourself to marketing gimmick and in the end they win. It is akin to compulsive gambling. I don't gamble or play lotto either. If you have a credit limit you are afraid to lose, or are even proud of like I once was - and no I never had credit problems where I didn't have enough cash to offset balance at any given time - then you are being preyed upon, it is a psychological problem "I have control of this". Instead, if you make more than you spend and don't need credit you can save up to your old limit in a savings account, say the limit on credit was $25k, save that up, use the savings account for emergency and that is real money, really there. Credit cards are a psychological gimmick with points and % back. When you pay real money, out of a real account, or better yet write checks or pay cash like I do for superfluous things I want (within reason) then you break that psychological hold on the account of your mind. It is freeing. Next house I will pay in liquid funds, no mortgage. Cash is king, it is power. Credit is second. Also I expect the industry to tighten funds available considerably as people start defaulting on record-high credit card balances. Economy is grinding down.

Are signup bonuses and cash back marketing gimmicks in order to try and get people to use their credit cards more and go into debt? 100% yes. Doubt anyone tries to argue that.

Is it possible to still use a credit card and take advantage of the bonuses without going into debt? 100% yes.

In your argument, you feel it makes more sense to use a debit card or cash for a $10,000 purchase. While I would use my 2% cash back credit card and get 200 bucks back easy, and simply pay off that full balance when the statement arrives. Basically free money. And by the way, this doesn't even factor the potential interest being earned by that $10k as it sits in my bank account longer until the statement arrives.

How can you possibly say your way is better?