6502

randominternetperson said:

Why are we debating the efficacy and morality of credit cards?  Virtually everyone in America has a credit card, so what's wrong with Apple offering one with better terms and security than most?  If you don't use credit cards, don't sign up for an Apple Card.  If your existing card is better under all circumstances than the Apple Card, or you don't want yet another credit card, don't get one.  

Now if Apple wants to get into the furniture rental scam, that's another story altogether...

sflocal said:

6502 said:

Maybe you shouldn't buy what you can't afford then. And, I doubt it's most people.

So you paid for your house, car, maybe even the new kitchen appliances all in cash right?

The moment you you think that all people should do what you think is right, you lose all credibility.

StrangeDays said:

6502 said:

StrangeDays said:

6502 said:

StrangeDays said:

wizard69 said:

Soli said:

sirlance99 said:

hmlongco said:

sirlance99 said:

Standard isn’t always best when many cards have better rewards than 2%. Also, my standard purchases are extremely low compared to other categories. There’s practically nowhere that I purchase things that I can’t get at least 3% back and up to 5% on most things. 

Depends on how one defines "best", doesn't it? The Amazon Prime Store Card, for example, gives you 5% back... with a 28.24% annual APR.

Apple committed to a low (albeit unspecified) APR, with no fees, no late charges, and no penalties. Not to mention the not-so-minor fact that you get your rewards back daily as Apple Cash. Not at the end of the month, not when you redeem them. Daily.

Then there's the secure unique randomized card number per transaction. No number or signature to steal on the physical card. No tracking of purchases. No sales of transaction data.

I don't know about you, but there's a ton of value in privacy and security.

Fees and APRs don’t matter if you pay your balance in full. 

You realize that being able to pay off your cards every month isn’t the norm, right?

If you think the “norm” is being stupid then we have a problem.  By the way I learned this the hardway and have drastically changed my use of a credit card.    At this point I try to keep all card purchases beyond an emergency  at a level easily payable every month.   The average person can literally save themselves hundreds of dollars a year by doing so.  

Frankly it wouldnt hurt for our educational system teach students why being conservative in your use of money is so important.  

Whether you believe it's stupid or not is completely irrelevant. Most people cannot pay off their cc every single month, and use it to get by when they need to. It's not even a matter of intelligence, I assure you.

Maybe you shouldn't buy what you can't afford then. And, I doubt it's most people.

You're free to doubt whatever you like. I worked for Capital One corporate for years and will believe and share what I experienced. Again, it's not about your ivory tower morality judgements from on high. It's about the reality of the economy -- the once booming middle-class is being eradicated, and the segments that are growing are low-income, and the very-high income. ie, the rich get richer while the poor get poorer. The middle-class and the promise of the American dream of my parents and grand-parents age where a single-earner need only show up and work hard to get that house and two cars is long gone. 

Please, I see people complain all the time how they have no money and the "man" is out to get them. Yet, they never miss their daily starbucks run, meals out, hulu, netflix, and spotify subscriptions and new car lease every 3 years. And they are dumbfounded on where all their money went.

Uh oh, you've distracted yourself! We were discussing whether it was normal or not for people to not pay off their debts every single month. You claimed most do. I said most don't, which is how I was employed by one of the major credit lenders.

Most of the world runs on credit & debt, actually. Everything from governments to big business to construction projects....nobody pays cash. They borrow, and repay. That you aren't aware of this means you live in a pretty small micro verse when it comes to business. Cute tho. Tout your fiscal conservation! Rawr!

StrangeDays said:

6502 said:

Soli said:

6502 said:

StrangeDays said:

wizard69 said:

Soli said:

sirlance99 said:

hmlongco said:

sirlance99 said:

Standard isn’t always best when many cards have better rewards than 2%. Also, my standard purchases are extremely low compared to other categories. There’s practically nowhere that I purchase things that I can’t get at least 3% back and up to 5% on most things. 

Depends on how one defines "best", doesn't it? The Amazon Prime Store Card, for example, gives you 5% back... with a 28.24% annual APR.

Apple committed to a low (albeit unspecified) APR, with no fees, no late charges, and no penalties. Not to mention the not-so-minor fact that you get your rewards back daily as Apple Cash. Not at the end of the month, not when you redeem them. Daily.

Then there's the secure unique randomized card number per transaction. No number or signature to steal on the physical card. No tracking of purchases. No sales of transaction data.

I don't know about you, but there's a ton of value in privacy and security.

Fees and APRs don’t matter if you pay your balance in full. 

You realize that being able to pay off your cards every month isn’t the norm, right?

If you think the “norm” is being stupid then we have a problem.  By the way I learned this the hardway and have drastically changed my use of a credit card.    At this point I try to keep all card purchases beyond an emergency  at a level easily payable every month.   The average person can literally save themselves hundreds of dollars a year by doing so.  

Frankly it wouldnt hurt for our educational system teach students why being conservative in your use of money is so important.  

Whether you believe it's stupid or not is completely irrelevant. Most people cannot pay off their cc every single month, and use it to get by when they need to. It's not even a matter of intelligence, I assure you.

Maybe you shouldn't buy what you can't afford then. And, I doubt it's most people.

So you would never have a mortgage for a home? Do you really think that most people pay for homes in cash up front?

We're talking about credit card debt; people aren't financing their homes on their credit cards. People buy starbucks coffee on their credit card and then take a year to pay it off. It's stupidity. As Dave Ramsey says, a mortgage is the only acceptable debt and it should be paid off as fast as possible. It's only acceptable as it is an asset that goes up in value, unlike nearly everything else we buy.

I'm complete fine with a car loan. I'd rather not pay cash all at once for something I can spread out over time. Doing so is a feature, and that feature has a price. Since I have the earning ability to pay for that feature, I don't stay up at nite over it. YMMV.

Good luck waging your fiscal holy war on the internet, tho! I'm sure you'll change a lot of hearts & minds! Go get 'em!

StrangeDays said:

6502 said:

StrangeDays said:

wizard69 said:

Soli said:

sirlance99 said:

hmlongco said:

sirlance99 said:

Standard isn’t always best when many cards have better rewards than 2%. Also, my standard purchases are extremely low compared to other categories. There’s practically nowhere that I purchase things that I can’t get at least 3% back and up to 5% on most things. 

Depends on how one defines "best", doesn't it? The Amazon Prime Store Card, for example, gives you 5% back... with a 28.24% annual APR.

Apple committed to a low (albeit unspecified) APR, with no fees, no late charges, and no penalties. Not to mention the not-so-minor fact that you get your rewards back daily as Apple Cash. Not at the end of the month, not when you redeem them. Daily.

Then there's the secure unique randomized card number per transaction. No number or signature to steal on the physical card. No tracking of purchases. No sales of transaction data.

I don't know about you, but there's a ton of value in privacy and security.

Fees and APRs don’t matter if you pay your balance in full. 

You realize that being able to pay off your cards every month isn’t the norm, right?

If you think the “norm” is being stupid then we have a problem.  By the way I learned this the hardway and have drastically changed my use of a credit card.    At this point I try to keep all card purchases beyond an emergency  at a level easily payable every month.   The average person can literally save themselves hundreds of dollars a year by doing so.  

Frankly it wouldnt hurt for our educational system teach students why being conservative in your use of money is so important.  

Whether you believe it's stupid or not is completely irrelevant. Most people cannot pay off their cc every single month, and use it to get by when they need to. It's not even a matter of intelligence, I assure you.

Maybe you shouldn't buy what you can't afford then. And, I doubt it's most people.

You're free to doubt whatever you like. I worked for Capital One corporate for years and will believe and share what I experienced. Again, it's not about your ivory tower morality judgements from on high. It's about the reality of the economy -- the once booming middle-class is being eradicated, and the segments that are growing are low-income, and the very-high income. ie, the rich get richer while the poor get poorer. The middle-class and the promise of the American dream of my parents and grand-parents age where a single-earner need only show up and work hard to get that house and two cars is long gone.