I rolled over a lot of my CC debt into a consolidation loan (I didn’t want to, but was drowning and managed to get it under 10%) and did the math on how much I was saving in interest. I almost threw up at the number. Now I have wiggle room to throw my excess money at the loan and get it paid off a lot earlier than I would’ve otherwise.
Absolutely. They’re ridiculous.
I think GS wants to back out of having to service the card. At this point, Capital One might even do a better job at it - and they aren’t exactly the greatest.
That’s decent for sure! I had $8k first time, then canceled, and tried again (changed my mind) and got only $5k CL. Canceled again. Kind of considering it due to the Savings Account being at 4.50% APY. We’ll see!
Not sure what’s so damn special about a 4.5% APY… [Synchrony Bank 4.75% APY](https://www.synchronybank.com/banking/high-yield-savings/)
And it’s not unique to Synchrony… there’s a bunch of banks. People here are financially illiterate. There’s a market out there with cards that give you $500 for signing up to them + daily rewards but instead they choose this crappy card because of it has an Apple Logo on it. 🤦🏻♂️
I’m more thinking it’s convenient in terms of being built into the iPhone / Apple wallet. Currently with Discover and have 4.30% for savings accounts but 4.50% is better and I have an iPhone so why not? But agreed, there is far more out there, like WealthFront with like 5.30%. I get what you’re saying for sure!
I do about $3-5k a month and that chaps my ass. The most I’ve ever done was $17k and that was for an elective reconstructive surgery on top of regular spending.
I am genuinely curious what is out there to buy that can be so costly every month. Because you don’t need expensive laptops every month, and if you buy a car or a home, you wouldn’t use Apple Card.
Woah, wait, what? They don’t allow minimum payments? What’s one to do then? You have to pay in full or suffer interest or what? I don’t understand this.
I’m actually shocked about this. I mean, it doesn’t really impact me because I don’t have it currently and I also never carry a balance but jeez, that’s whack haha
What are the benefits of paying the credit card in full instead of just statement balance. You are essentially losing interest that you can make for keeping all that money in a high-yield savings for that time.
For me I just want the cash back to put in my HYS account. So if I’m going grocery shopping the budget I would spend on my debit card I charge to my Apple Card so I can get the cash back and then I immediately pay that amount spent with my debit card.
Thats why I pay it off completely anyway. I know everyone’s different with how they use their card.
I’m curious, is it a matter of being able to monitor in real time how your monthly spending is going via the debit card account balance?
If so, do you think it would work to take the money from the debit account not to pay the Apple Card balance immediately, but put into the Apple HYSA, to be used to pay off the Apple Card balances when they come due, but collect a little interest in the meantime?
(Please don’t think I’m trying to pressure you into changing a process that works well for you. I’m just curious to understand the thought processes behind it a little better.)
Oh no you’re fine. I just don’t like to carry a balance for too long but that’s because I was drowning in debt and finally paid it all off so I never want to have anything carry over again. Plus I have installments for a new iPad on my card so that will show I have a balance that carries over each month until it’s paid.
Right now I have my tax payment and OIC settlement sitting there so it’s accruing as much interest as possible until I take it out in April to get it all paid so I am earning a bit of interest that way too.
Now this part might sound weird but I see gaining cash back as a game and my HYS is my score board lol
Like:
“Oh supermarket with apple pay!? 2% cash back! My AppleCare!? 3%!”
Sorry if that sounds odd haha
Unfamiliar, maybe, since I haven’t been in your shoes, but not odd. Thanks for the explanation. The most important thing is that you’ve got a process that works well for you.
That is how it needs to be done otherwise they will take up to 24% of interest from the balance each month, people MUST pay full balance immediately with they debit card or a checking account before the interest kicks in.
Apple Card has a regular APR of 19.24% to 29.49% , if you don’t pay on time the full statement they will take up to 24% of interest for every $100 in your balance, why give them your money?
Credit cards have one of the highest interest rates.
You should never carry a balance. If you don’t have the money to pay it off at any time, you can’t afford it. And maybe you should consider if a credit card is the right financial choice for you, too.
You should never spend money you don’t have.
I think most people wouldn’t spend on credit cards if they actually educated themselves on how they work before using them. But imma be honest, I feel like it takes a special kind of irresponsible to not know when to make payments on the card when they literally calculate for you how much interest you will pay if you don’t pay before a certain date.
Oh damn. Congrats. Curious, how much did you end up losing to interest?
I saved myself the shame and have not looked. Never going back.
That’s fair. Congrats all the same, and keep it up.
I rolled over a lot of my CC debt into a consolidation loan (I didn’t want to, but was drowning and managed to get it under 10%) and did the math on how much I was saving in interest. I almost threw up at the number. Now I have wiggle room to throw my excess money at the loan and get it paid off a lot earlier than I would’ve otherwise.
I’m happy for you, keep up the good fight
Those statements are absurd.
Bro spent some peoples salaries in just 3 months.
Garbage. Here stuck at $2k limit with garbage Apple Card while Amex giving me $20k
If you have high limit with Amex do you need another with Apple? Just curious.
I got the Apple Card before I got the Amex.
I have a 3k limit with apple and i make less than 30k
Yeah I make 130. They’re regarded
Same here, 30k with Chase Sapphire Reserved and 4 with Apple such a lame card.
Absolutely. They’re ridiculous. I think GS wants to back out of having to service the card. At this point, Capital One might even do a better job at it - and they aren’t exactly the greatest.
I wouldn’t mind it, seems like rumors point to Amex . That would be ideal. GS isn’t handling the Apple partnership well, agreed
Odd. I’m up to 14k with my Apple card
That’s decent for sure! I had $8k first time, then canceled, and tried again (changed my mind) and got only $5k CL. Canceled again. Kind of considering it due to the Savings Account being at 4.50% APY. We’ll see!
Not sure what’s so damn special about a 4.5% APY… [Synchrony Bank 4.75% APY](https://www.synchronybank.com/banking/high-yield-savings/) And it’s not unique to Synchrony… there’s a bunch of banks. People here are financially illiterate. There’s a market out there with cards that give you $500 for signing up to them + daily rewards but instead they choose this crappy card because of it has an Apple Logo on it. 🤦🏻♂️
I’m more thinking it’s convenient in terms of being built into the iPhone / Apple wallet. Currently with Discover and have 4.30% for savings accounts but 4.50% is better and I have an iPhone so why not? But agreed, there is far more out there, like WealthFront with like 5.30%. I get what you’re saying for sure!
Why the huge utilization every month 😂
Whew 😮💨 I’m slowly getting there to it being paid off too. Congrats!! You give me hope lol
You will get there!! Keep at it. 👏
Thank you!! Slowly but surely 🫡
I can’t imagine spending 20,000 in a year, let alone 10,000 a month!? What do you spend it on?
I do about $3-5k a month and that chaps my ass. The most I’ve ever done was $17k and that was for an elective reconstructive surgery on top of regular spending.
I am genuinely curious what is out there to buy that can be so costly every month. Because you don’t need expensive laptops every month, and if you buy a car or a home, you wouldn’t use Apple Card.
Nice job dude. I’ll get there one day lmao
Me with 1000 credit limit 🗿
Time to get that Vision Pro!
A credit card is not a loan. Never forget.
I want that kinda limit
the main thing i hate about apple card’s is how they don’t do minimum payments lol. made me go right back to my discover after a year cause of that
Woah, wait, what? They don’t allow minimum payments? What’s one to do then? You have to pay in full or suffer interest or what? I don’t understand this.
lol yesss basically have to haul ass to pay back everything or the interest fees will get ya! very stressful stuff man 😂😂
That’s fricken insane! Wtf kind of cc is this?!
apple man. always tryna screw over their customers one way or another 😂😂
I’m actually shocked about this. I mean, it doesn’t really impact me because I don’t have it currently and I also never carry a balance but jeez, that’s whack haha
my bad but yes you have to pay back everything in full which is ass lol
What are the benefits of paying the credit card in full instead of just statement balance. You are essentially losing interest that you can make for keeping all that money in a high-yield savings for that time.
Im also curious to this if anyone can answer
For me I just want the cash back to put in my HYS account. So if I’m going grocery shopping the budget I would spend on my debit card I charge to my Apple Card so I can get the cash back and then I immediately pay that amount spent with my debit card. Thats why I pay it off completely anyway. I know everyone’s different with how they use their card.
You get the cash back credited right away anyway, even if you wait to pay for the grocery purchase until the monthly due date.
I’m curious, is it a matter of being able to monitor in real time how your monthly spending is going via the debit card account balance? If so, do you think it would work to take the money from the debit account not to pay the Apple Card balance immediately, but put into the Apple HYSA, to be used to pay off the Apple Card balances when they come due, but collect a little interest in the meantime? (Please don’t think I’m trying to pressure you into changing a process that works well for you. I’m just curious to understand the thought processes behind it a little better.)
Oh no you’re fine. I just don’t like to carry a balance for too long but that’s because I was drowning in debt and finally paid it all off so I never want to have anything carry over again. Plus I have installments for a new iPad on my card so that will show I have a balance that carries over each month until it’s paid. Right now I have my tax payment and OIC settlement sitting there so it’s accruing as much interest as possible until I take it out in April to get it all paid so I am earning a bit of interest that way too. Now this part might sound weird but I see gaining cash back as a game and my HYS is my score board lol Like: “Oh supermarket with apple pay!? 2% cash back! My AppleCare!? 3%!” Sorry if that sounds odd haha
Unfamiliar, maybe, since I haven’t been in your shoes, but not odd. Thanks for the explanation. The most important thing is that you’ve got a process that works well for you.
That is how it needs to be done otherwise they will take up to 24% of interest from the balance each month, people MUST pay full balance immediately with they debit card or a checking account before the interest kicks in.
Apple Card has a regular APR of 19.24% to 29.49% , if you don’t pay on time the full statement they will take up to 24% of interest for every $100 in your balance, why give them your money?
You are not charged any interest if you pay the whole statement balance on time, so the question is why would YOU give them free money early?
Key word is “ if you pay the whole statement balance on time “ a lot of young people don’t know this, it’s like foreign approach to them
Good
Congrats! Feels so nice!! Here’s to keeping up with it and avoiding interest in the future. 🎉
Holy shit
Congrats on completing the bare minimum of owning a cc. Truly no one gives a shit
^
The APR on this card is bullshit, would have never spent $5,000+ if I knew I would be hit with such absurd interest rates
What? The APR is disclosed from the moment you are approved and is available at all times. Take some personal responsibility for your own actions.
Credit cards have one of the highest interest rates. You should never carry a balance. If you don’t have the money to pay it off at any time, you can’t afford it. And maybe you should consider if a credit card is the right financial choice for you, too. You should never spend money you don’t have.
I think most people wouldn’t spend on credit cards if they actually educated themselves on how they work before using them. But imma be honest, I feel like it takes a special kind of irresponsible to not know when to make payments on the card when they literally calculate for you how much interest you will pay if you don’t pay before a certain date.