PSA: Apple Card's Interest Rate is Rising as Fed Battles Inflation

[PinkyMacGodess]

Perhaps but that doesn't make it a con job. That's like saying every discount, coupon, rebate, free trial, etc. is a con because they WANT you to buy buy buy.

No one is being deceived here. Cash back offers are legitimate.

That's not apples to apples. You use a coupon, the transaction is done. You saved 'x' dollars etc off of an item or service, and that's it. A 'cash back' plan is a con because if you don't pay it off, you LOSE money. If you keep buying, you lose money. It likely subconsciously plays into that old saying 'You have to spend money to make money', but you aren't 'making any money'. You have an obligation to continue to pay for that transaction, or yes pay for it all at once, but either way, you have the ability to really screw yourself, where using a coupon for $1 off toothpaste is done at the register (provided they accept the coupon).

AND a lot of those 'cash back' scams have limits, and certain items that they don't count on. And some are so slick: The Verizon 'bring your own' 'cash back bonus', $500 per device when you sign up. Sounds good, right? What can you use the 'money' on? Apparently not to much. Taken do I feel? Guess... (Oh, and I'm apparently locked to Verizon for taking their 'money' I can't apparently use on anything)

Oh, and rebates?

Ever had one refused? Ever had one that you never received? Ever had one where the rebate is a gift card for the store or brand? Rebates can be a scam too. (See Verizon BYO above)

Discounts?

A girl I knew in high school stood up in the retail class I was in and explained how the jewelry business worked. It's a ripoff! Even with a discount,t hey are still nailing you to a wall and shaking all of the money out of you they can get. The markups on some of that stuff is in the 5 figures!

Free trials?

You have to read the fine print. Free trials now have become a morass of lying and scamming. Usually there is a clause that the 'free trial' automatically becomes a renewing shipment plan, and getting out of it is usually hard, AND people that do that usually end up getting more offers from other companies, or shell companies that want to suck your money out of you. There are law offices that now work to get people out of 'free trial' plans. And some of them are very hard to get out of. TANSTAAFL!!!

There are people out there that believe that they need your money more than you do, and they will use anything they can to get it. NEVER trust a deal that looks 'too good'... Cash back? Check the interest rates! Check the payment policies. Check if there are penalties for early payment. Read that fine print...

 

[CarAnalogy]

Most cards tie their interest rate to LIBOR. Try searching your T&C for “LIBOR”.

It’s actually not in there by that acronym.

But, they do tell me right on the first page that it’s based on the prime rate and will vary. But it’s also dated as of 6/30/22 so they did indeed change the terms on me. It’s probably my own fault but I am so sure the original terms I agreed to did not say that.

 

[webkit]

That's not apples to apples. You use a coupon, the transaction is done. You saved 'x' dollars etc off of an item or service, and that's it.

Similar is true for a credit card with cash back. When you buy an item for $XXX, the transaction is done and you get X% cash back. You saved X% and you may not have even been required to purchase anything specific as is typically the case with a coupon.

A 'cash back' plan is a con because if you don't pay it off, you LOSE money.

If you had the money to buy the coupon product then you should likewise have the money to pay the credit card bill too. It’s not a con. No one is being deceived.

Oh, and rebates?
Discounts?
Free trials?

And whether it be driven by cash back, coupons, rebates, discounts, free trials, etc., if someone keeps buying things they can't pay for, that's THEIR issue. It doesn’t make any of these things a con.

I'm surprised you buy or subscribe to practically anything if you think so much of these types of things are cons.

 

[0924487]

The entire banking system would've defaulted in 2009 had the Federal Resetve not intervened and inject trillions of dollars of reserves into their accounts at the Fed.

You do realize FED is a privately held for profit institution, right? Same with most central banks in western countries, such as the UK, etc. People who de facto own the banks and the FED have significant overlap. Those people tend to not have huge credit card debts.

 

[BootsWalking]

You do realize FED is a privately held for profit institution, right? Same with most central banks in western countries, such as the UK, etc. People who de facto own the banks and the FED have significant overlap. Those people tend to not have huge credit card debts.

It's a quasi-governmental agency, not private institution. If you don't believe that, consider how many privately-held companies are granted the power to create money in America. That's right - none. Only the Federal Reserve.

 

[0924487]

It's a quasi-governmental agency, not private institution. If you don't believe that, consider how many privately-held companies are granted the power to create money in America. That's right - none. Only the Federal Reserve.

Who owns FED, you’d think it’s the US government directly or indirectly. But, no, FED is owned by private citizens and shell companies. Rothschild, Morgen, etc., are among the owners.

Ever heard of the quote, “GIVE me control of a nation's money supply, and I care not who makes its laws” by Mayer Amschel Rothschild?

 

[BootsWalking]

Who owns FED, you’d think it’s the US government directly or indirectly. But, no, FED is owned by private citizens and shell companies. Rothschild, Morgen, etc., are among the owners.

Ever heard of the quote, “GIVE me control of a nation's money supply, and I care not who makes its laws” by Mayer Amschel Rothschild?

The Fed is privately owned yet has to forward any profits it itself directly earns to the US Treasury. It's a complicated arrangement.

 

[0924487]

The Fed is privately owned yet has to forward any profits it itself directly earns to the US Treasury. It's a complicated arrangement.

Not any profits, only a portion of the profits based on shares. I remember it was around 20%.

Don't get me wrong. Most Western countries are de facto collectively owned by no more than 100 families around the world. There is nothing wrong with that, and I'm not complaining. There is no need to defend anything. I'm not bothered by that.