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Apple Card to Offer Savings Account for Daily Cash
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who cares about any of that.
I surely dont. stop spamming crap thats irrelevant to your feelings. I agree with Tim, id rob everyone of your guys pockets if you guys let me willingly. why not? hes a for profit business and as a stock holder, I appreciate his ruthlessness.
he isn't forcing anyone to do anything. let the fools part with their money.
I wonder how the numbers work here. US Bank obviously isn't making a 6% transaction fee from Apple or Target, so how do they break even here? Is it from people that don't claim the rewards? Or are they just hoping that people will also use it at other places? Fees?
Seems fishy if they are losing money year after year if I only use the card at the selected 6% retailers.
Yea healthier to me would mean a good DTI ratio, and being able to save after expenses
I have had a look at your recent posts. You are not well and make no sense.
you misunderstood my post. you are MY EXACT assumption because you ARE me, I too pay off my card every single month and spend similarly to you. Let's use your example so you understand my point...
You have spent about $70,000 on your Apple Card per year according to your example:
- Let's say you get back 2% of that with a mix of 1%, 2%, and 3% cash back items.
- That means per year you get $1,400 in Apple Cash.
- A high yield savings account will get you 2% interest on that $1,400 in Apple Cash per year (that is the interest I was talking about, not as you assumed that I was talking about interest YOU OWE if you don't pay your bill in full monthly... if you don't pay your CC bill then of course you have bigger problems than anything I am talking about here.) That is what Apple will now allow you to automatically put that Apple Cash into to "invest" it.
- That means with the new Apple Cash savings interest on your $1,400 in Apple Cash each year you will earn an extra... READY FOR IT... $28 per year in interest.
My point is under the new offering from Apple if you spend $70,000 a year on your card like in your example you will now get an extra $28 dollars per year in interest on your Apple Cash... while that's nice and I certainly won't turn it down (hey maybe I can buy an iPhone case with it every two years!) that extra $28 for you will hardly "help you live a healthy financial life" as the PR quote claimed.) If you can already afford to put and pay off $70,000 a year on your card certainly you can agree $28 is a rounding error.
Hope this makes my point clearer.
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Sure. I understand that part. But I'd bet on some fees in the small print. Maybe a large "membership fee" that offsets the extra 3%. I just think it's unlikely that they are going to lose money year after year on smart customers.
I opened a Marcus account at 1.5% about six months ago. Rate has gone up several times since then and currently at 2.15%. It is hard to look at "regular" bank savings accounts offering 0.01%. Might as well just not bother. Save the processing costs and just mail me a candy bar every now and then.
As a long term investment obviously not. That doesn't even keep up with inflation but as a short term small investment, (a holding account if you will, aka Apple Cash) anything over 2.25% is fair.
probably because I am as far right as it goes, and I am not going to be a echo chamber to the majority wanting 'equality for all' type stance.
im for profit, driven by profit, and I could care less about anything less to get it. hell I flipped like 70 ps5's on the side and made something like 25k when it came out. I have zero shame and im all about the business
the reason I am here is because I am a big apple guy, I own everything apple and enjoy it. so yeah, im here for apple, anyone against apple saying they are greedy etc. im going to call out when they toss emotions into it. oh wow, a company touched me 20 years ago, Tim is bad guy for partnering.
get out of here.
I personally dont see a point to saving money though. either spend it, or invest it or pay off mortgage. letting any money just sit seems like a pure waste. personally im putting 6k extra principal a month at the moment to get my mortgage paid off. just another 18 months or so and my remaining mortgage should be almost paid off.
thing is my mortgage is 3.25% 30 year, but damn. id rather pay it off than have money sit in a boring account.
I respect you for admitting and owning your limitations and shortcomings. All the best.
People like myself let money "sit" for good reasons. You should always have money set aside for emergencies and what not. If something comes up and you need to pay for something expensive quickly it's best to have a savings account for that. It's not always easy to get cash quickly when it's all tied up in a mortgage or investments that could be risky.
Yes paying off a mortgage is smart, but putting all your money in a mortgage and not setting any aside for emergencies is not.
But hey! You do "you".
Seriously. T-Mobile's Money bank(or whatever it's called) just went up to 1.5%
My credit Union Alliant just raised their APY to 2.20% yesterday. It seems CU and Internet banks are responding aggressively to the Fed's rate increase.
As a daily user of Apple Card and Apple Cash for my weekly grocery/gas budget, I really want this. Like yesterday.
Apple today announced that Apple Card users will be able to open a new "high-yield" savings account from Goldman Sachs and have their Daily Cash automatically deposited into it, with no fees, no minimum deposits, and no minimum balance requirements.
Apple says the savings account option will be available "in the coming months," but it did not reveal what the interest rate will be for Daily Cash balances. Goldman Sachs' existing online high-yield savings account Marcus currently has a 2.15% APR.
As with all Apple Card features, users will be able to manage the savings account through the Wallet app. Once the account is set up, all Daily Cash received from that point on will be automatically deposited into it, unless a user opts to continue having it added to their Apple Cash card. Users can change where their Daily Cash is sent at any time.
Apple Card offers 2% Daily Cash on any purchase made with Apple Pay, and 3% Daily Cash on purchases made with Apple Pay at select retailers, including Apple, Uber, Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware. Apple Card users who take advantage of the savings account option would be able to earn interest on their Daily Cash automatically, allowing the amount to grow over time.
Users will be able to deposit additional funds into the savings account through a linked bank account, or from their Apple Cash balance. Likewise, users will be able to withdraw funds from the savings account at any time, with no fees.
"Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future," said Apple Pay chief Jennifer Bailey. "Savings delivers even more value to users' favorite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives."
Launched in 2019, the Apple Card remains exclusive to the United States. Apple's credit card can be managed completely through the Wallet app on the iPhone, with a physical version available for use at stores that do not accept contactless payments. Daily Cash is limited to 1% for purchases made with the physical Apple Card.
Article Link: Apple Card to Offer Savings Account for Daily Cash
Speaking of T-Mobile, I do enjoy getting 3% every time they auto pay my monthly bill with Apple Pay, using my Apple card.
You'll see the point when you need emergency cash and can't get it. Also, $6K a month to pay off a loan at 3.25% is not a great use of that money - you are locking yourself into a very low rate of return. Unless you are retired or near retired, in which case, go for it. But everyone should have a few months worth of cash in an emergency fund.
