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PSA: Apple Card's Interest Rate is Rising as Fed Battles Inflation
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Let's fight inflation by imposing more financial hardship on people. Great idea.
I get what people say, "don't spend money you don't have, yada yada". Life isn't that simple.
I get what people say, "don't spend money you don't have, yada yada". Life isn't that simple.
I thought that once the card was established the APR was fixed. But now I look in the wallet app and see that the APR has indeed gone up. That's pretty shady.
Actually, raising interest rates is a proven way to fight inflation.
I guess in an "ends justifies the means" kinda way, it sorta does. But lots of working class people pay the price in the process.
Except that person has no idea what they are talking about, it doesn’t work like that at all. That person is screwing themselves and wasting money.
Ah yes because it is doing such a good job getting inflation under control....
I feel that way with any cards that make a big deal about 3% cash back like it's some sort of huge savings. You hand me a dollar bill and I had you three pennies. Do you feel happy? Dummies...
This is one of those credit cards that has a high rate compared to most other cards I have but I like the instant rewards it gives and the 0% interest on Apple Products. So I pay it off every month. Probably doesn't help my credit rating... lol.
All debts are paid. Period.
Unfortunately our overlords don't truly care about inflation because it allows them to monetize the debt they created.
Yes, spending money we (you and I and 'we the people') don't have causes a lot of problems. If they didn't, interest rates would be faaaar less of an issue. Is this a principled stance, or another chance to bring up your favorite punching bag?
I use my Apple Card as a debit card. Pay off completely each month. I like how it makes it easy to see what and where I’m spending. And of course easy fraud detection and resolution. The cash back ain’t much but it’s something. Amazon card is the best though. I get a nice pile of cash from them for use at Amazon. A lot really.
So let's get rid of the ends justify the means thinking. I say we start by stopping the out of control spending because the ends of promised utopia don't justify the means of spending our children's, grandchildren's and great grandchildren's money.
Responsible people pay 0% and use token cash rewards to pay a bit toward cost or other bills. Use CC as cash or comply with interest free monthly payments for up to a year. That’s a sweet deal for me.
Yep exactly. I used to not own a credit card and my score was HORRIBLE! I got my first credit card at 30 years old. Ever since then my credit score skyrocketed.
Think about what you just said.
If I pay a dollar with cash, what do I get back? Nothing.
If I pay a dollar with my debit card, what do I get back? Nothing.
If I pay a dollar with a rewards credit card, what do I get back? 2-3% sometimes higher when you're using transfer partners. Oh I also get fraud protection on the purchase.
I've literally booked business class tickets around the world with my rewards credit cards, maintain a 775+ credit score, and don't pay more than it would have cost me with cash.
The point isn't to buy things to get cash back, the point is you're going to buy things regardless whether it be gas, food, dining out, etc, it's what you use to purchase that thing.
This is assuming you're paying your rewards credit card off each month of course.
My savings account rate is so awesome now! Oops, the decimal was two places off. Need to call the bank.🤣
Amazing how fast rates rise for businesses and how slow to nonexistent rates rise for us. One might think the system is not on a level playing field.🤔
Amazing how fast rates rise for businesses and how slow to nonexistent rates rise for us. One might think the system is not on a level playing field.🤔
Pretty sure there were excessive corporate profits before the current global inflation crisis so try again.
Profits are disproportionately higher during and after covid than before it so try again.
Here is work by the EPI showing this:
https://www.epi.org/blog/corporate-...to-inflation-how-should-policymakers-respond/
Um, that's how credit cards have always worked. It's in the card agreement you chose not to read. Nothing shady about it.