If you understand opportunity costs, have good discipline and use your head, you can use credit cards, lines of credit and 0% interest promotions to your advantage. But that isn't most people, which is why many get in trouble and are playing with fire when they sign up for these.
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Tim Cook Touts 'Incredible' Response to Apple Card Savings Account on iPhone
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Although the bank Apple is partnered with is Goldman Sachs. This is a Goldman Sachs product with Apple’s name in it. And Goldman Sachs isn’t exactly known for its trustworthy behavior (understatement of all understatements, lol).
I have four credit cards, including Apple, that I use to pay for absolutely everything. I haven't paid a penny in interest in over a decade...BUT, I'm not most people, and I mostly agree with you. Making debt so accessible is a problem.
I'm really not a fan of the new "buy now, pay later" installment plan they are implementing. I know there isn't interest, but it sounds too much like payday loan shops.
Is this why banks are freaking out with the amount of withdrawals to move money into these sorts of accounts?
The only thing "incredible", is Tim"s monthly paycheck! Must ease those cost of living pressures for him 😏
Only a $250K deposit limit. What kind of a bank only accepts a maximum of $250K?
Agreed, saving is good, more financing options for stuff you don’t need is bad. If you need something beyond a credit card to finance a purchase then you need financial literacy. (House and car excluded)
You could reasonably argue that there is nothing more American than being in "way too much debt." 🥁
Probably just a way to instill confidence that the entirety of the deposit amount is fdic insured given the recent banking turmoil. Goldman has a $3M deposit limit on their hysa product.
Apple isn’t the bank.
Many other options now for 4.5% and higher.
Not limited to the US. Many countries/cultures work off of debt schemes.
But I share your disdain for these frictionless pay later schemes. Apple shouldn’t be in this business. It tarnishes their brand and is just classless.
You can’t assign a beneficiary? Besides, you’re married.
I can afford to buy my apple products in cash but i always take advantage of their 0% financing. Might as well earn some interest on the money if they are willing to finance it for free. I have 4 credit cards as well and have also never paid a penny in interest.
I don’t understand why people think credit cards are bad. They are just misunderstood. Schools should be spending more time teaching kids how to manage their finances. If you use your brain, and don’t spend money you don’t have, they can work to your advantage. I use credit for all purchases, collecting between 1-5% cash back on various cards, and I have zero debt.
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Goldman Sachs loses money on Apple Card and I'm sure on the apple savings account... I wonder how long this will last.
As long as you have cash set aside to make your payments, pay later is beneficial because you can allow that money to compound interest in your high yield savings account for a period of time rather than spending it all at once. Of course, this will only get you a few bucks even for a big purchase like a mac…and I admit I have never used Pay Later plans… but in principle it can be beneficial because you get maximum interest out of your cash. Altho your credit utilization will increase.
Love your cat avatar. The goggles and its facial expression always crack me up. I think my cat only posed for photos when it was too sleepy to fight props and posing for my camera shots.
At the current inflation rate, keeping your money in a savings account, even with Apple’s “generous” rate, is not very smart.
Would like to see it outside USA. Savings account is good!