I don’t intend to cheapen it. I intended to point out that debt is also a powerful addiction. Apple doesn’t have to facilitate it.
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Apple Pay Later Launching 'Soon'
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I don’t intend to cheapen it. I intended to point out that debt is also a powerful addiction. Apple doesn’t have to facilitate it.
I would watch what you wish for because Goldman Sachs is losing their shirt on Apple Card... I hope Apple doesn't go into financial business
They already do with Apple Pay. If I want to buy something online, I don't even have to take out my credit card. I just click the website and click Apple Pay and it's mine... The same goes with buying something at the store. I don't need to take out my wallet or even think about it. Double click the side button on my phone and it's mine. The world is mine and I will buy it all!
Wait is money getting taken out of my checking account when I do this? 🤣🤣
There’s a reason they were talking about Payments with a capital P revenue as part of services earnings today.
We spend more than we need or want to because these things exist. Should I buy a MacBook Air or $99 a month or a MacBook Pro for $129. For $30 I'll just get the pro! Wooooot!
Whatever small commission Apple will pay to these companies is a very good investment.
Educated people follow some kind of financial plan for their lives, be it Dave Ramsey or Bogleheads, etc.
Avoid traps like this. Pay up front for your merchandise based on your budget. I know someone who has it all on a loan already from Apple and it's like a car payment. Phone, watch, iPad, MacBook.
Whatever small commission Apple will pay to these companies is a very good investment.
Educated people follow some kind of financial plan for their lives, be it Dave Ramsey or Bogleheads, etc.
Avoid traps like this. Pay up front for your merchandise based on your budget. I know someone who has it all on a loan already from Apple and it's like a car payment. Phone, watch, iPad, MacBook.
I know it's a crazy thought but I don't buy stuff if I don't have the money to buy it in full there and then while still leaving enough money over for essentials (rent/food/etc).
My iPhone 12 Pro Max cost me £1,150 so I bought it because I had the money in my bank ready to spend and I wouldn't be left broke.
I do have a credit card which I hardly use. I stick my monthly subscriptions and small fees on it to keep it ticking over but mostly it's there for things like if my car breaks down or I need a new washing machine/fridge/microwave. I could go buy myself a MacBook Pro right now on my credit card but that'd be dumb.
I know people need to use payment plans which is a shame but most people use them to buy **** they don't need!
My iPhone 12 Pro Max cost me £1,150 so I bought it because I had the money in my bank ready to spend and I wouldn't be left broke.
I do have a credit card which I hardly use. I stick my monthly subscriptions and small fees on it to keep it ticking over but mostly it's there for things like if my car breaks down or I need a new washing machine/fridge/microwave. I could go buy myself a MacBook Pro right now on my credit card but that'd be dumb.
I know people need to use payment plans which is a shame but most people use them to buy **** they don't need!
Ya because Apple Card is totally not trying convince people to spend more and (in Apples hopes) not pay it off in time.
This is very bad. You should never buy these kind of highly depressive assets using loans. There’s simply no justification. Always save up instead but in general if you cannot buy it easily you should simply never buy it.
Seems very reasonable..
With Apple Pay Later, a purchase can be split into four payments that can be made over the course of six weeks.
With Apple Pay Later, a purchase can be split into four payments that can be made over the course of six weeks.
Four payments within six weeks? In which way is that better than a normal credit card? My credit card bill for a month has to be paid at 18th of the next month. So if I buy something today and pay with a credit card, it is charged on March 18th. That is six weeks plus one day from now. Of that distance is only long, If I buy something at the beginning of a month. If I buy something on February 28, I have to pay for it 18 days later.
However you should never buy anything, if you do not have the money at the moment of purchase with the exception of essential stuff like needed medicine or a place to live. So Instead of waiting to the 18th of the next month, I always transfer my money to my credit card account right after or even before the purchase.
Any incentive to go into debt should be avoided. Americans already have a huge private debt problem. It seems normal in the US to have several credit cards in order to be able to accumulate more debt. Eight credit cards are not unusual, while in Germany most people do not have a credit card at all and those who have one usually only use it for travelling.
Getting something new usually is a positive thing and the payment is a negative thing. So it makes sense to get rid of the negative thing first and then enjoy the positive thing. That is especially true for temporary things like a concert. Would you want to pay for a concert that already is in the past?
However you should never buy anything, if you do not have the money at the moment of purchase with the exception of essential stuff like needed medicine or a place to live. So Instead of waiting to the 18th of the next month, I always transfer my money to my credit card account right after or even before the purchase.
Any incentive to go into debt should be avoided. Americans already have a huge private debt problem. It seems normal in the US to have several credit cards in order to be able to accumulate more debt. Eight credit cards are not unusual, while in Germany most people do not have a credit card at all and those who have one usually only use it for travelling.
Getting something new usually is a positive thing and the payment is a negative thing. So it makes sense to get rid of the negative thing first and then enjoy the positive thing. That is especially true for temporary things like a concert. Would you want to pay for a concert that already is in the past?
6 weeks is a bit of a strange period isn't it? It you get paid monthly it only gives you one month of realistic delayed payment may have been better upping to 8 weeks to cover another month.
PSA: If you can't pay cash for a computer or simple device you should not purchase it.
How would this feature increase revenue for Apple? The extended payments do not accrue interest. Is it simply because it would boost the number of transactions (because people would buy things they couldn’t pay for fully)?
You are right. Im one of those people. The BNPL got so big I am now unable to pay them. Its horrible!!! It does add up quickly.
No no, I wasn't arguing with the USA part — that part is clearPossibly.
But doesn’t Apple launch all services USA first?
Debt is not an addiction. Spending perhaps. People crave instant gratification but they do not want to end up underwater. Either way, people do not have to put sugar and salt in food either, but they do. And others are free to choose not to eat that. Apple is not a babysitter and these are not children anyway. These are adults and ultimately they need to act as such.
These Pay Later services, of which there are several others, make their money on a commission from the retailer, typically 10 to 15% of the purchase price.
Millions of people are already using them in shopping apps, and food delivery apps to essentially put their groceries or sandwiches and Chinese food on “instant layaway“.
I am absolutely certain that Apple did not want to get into the regulatory mess that is a part of the banking industry. Sometimes it really is better to leave certain things to the professionals, than to make your own version.