I keep hearing from varies people that many credit card companies plan to raise their rates by quite a few points within the next couple of months regardless if you have good credit. Has anyone heard this or know if it will affect Apple Card.
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Apple Card Are percentage rates going to go up for Apple Card?
- Thread starter Acorn
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I got an email from Apple Card support this morning with the good news that yes, they're jacking up the rates.
What I've heard is they are adjusting to cool inflation. Just read that they were aiming for March back in January of 2022. so it will be soon.
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The only thing with this, if they are really doing it to cool inflation, i should only affect new purchases, but I don't know if this is the case
Why are people even carrying balances to begin with? Interest rates shouldn’t matter. It’s important to be financially prudent when having a credit card and to only spend what you can pay back immediately.
Yep. It makes no sense at all to carry a balance on a credit card. You know that you are in serious financial trouble if you carry a balance, or that you have no financial sense at all. It's been 28 years since I carried a balance. I pay off every single month. Always.
The main function of a “credit” card is so you can enter into credit.
Your describing the function of a charge card.
If you are in a position to “pay back immediately” and are “financially prudent” there’s very little point to having a credit card, you should be using a charge card, that way you’ll never incur interest rates when using it as intended - and the max membership points are usually tied to the charge cards.
I suppose. But it’s a financial trap to get caught up in cc debt so you can enter “credit”. But of course pay the fees and high interest rates if you fall on hard times, but it’s financially inept to pay 15-20% in interest rates if you live within your means.
Spare me your mansplaining about charge card vs credit cards. I'm well aware of the difference, however that's less of a distinction between the two since Amex now allows you to pay over time on their charge cards which makes your post entirely moot.
Spare me your mansplaining about charge card vs credit cards. I'm well aware of the difference, however that's less of a distinction between the two since Amex now allows you to pay over time on their charge cards which makes your post entirely moot.
1. Thank you for clarifying that paying interest is worse than not paying interest
2. Mansplaining? This is a conversation about interest rates, not some gender-based topic. Why are you going off topic and why are you assuming I am/identify as a male? I find your comment and assumption offensive
This makes no sense. Carrying debt (longer than the monthly cycle) is not the point of a credit card. Rewards, protections, and various other benefits are the reasons to use credit and charge cards. Given that AmEx is the only major issuer offering charge cards anyway, and given the ability to even pay these over time, they're virtually the same.
I respectfully disagree.
Credit cards thrive and survive because the vast majority of people who use their cards overspend and end up paying over months. There is ofcourse exceptions to this.
Most “non premium” credit cards dont have annual fees - they literally make money off the interest rate.. implying - lots of people dont pay off their balance before the statement is due.
Unless you are suggesting Mastercard/Visa and AMEX provide services to their customers “from the goodness of their hearts” LOL
The ability to “pay over time” which is the term AMEX uses (I’m an AMEX Platinum card holder), is a new concept for the charge cards. This is not how the charge cards are marketed
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The issuers are obviously in business to make money, and they do make a bulk of that from interest. While great for them, that should not be why a consumer should get one. My point is that no one should be getting a card with the goal of carrying debt because they can't afford to buy things they would be putting on the card.
To your last comment, that may not be originally how charge cards were intended to be used, but that "Pay Over Time" feature on AmEx cards is heavily marketed (at least here in the US). Maybe it's different where you are. In fact, I have gotten MR points bonus offers to activate it on my cards.
Agreed. A consumer SHOULDNT be buying a credit card if they intend to rack up credit, but unfortunately a lot of customers aren't informed. Whether out of ignorance, or desperation - they get credit cards. Which is where the issuers cash in.
Pay Over Time is heavily marketed here too (Australia), at the minimum, once you have the charge card you get spammed about it a lot.
Ah there you go, perks of knowing how to work the benefits of certain cards
Wasn't the original comment then serving to EDUCATE away the ignorance?Agreed. A consumer SHOULDNT be buying a credit card if they intend to rack up credit, but unfortunately a lot of customers aren't informed. Whether out of ignorance, or desperation - they get credit cards. Which is where the issuers cash in.
Pay Over Time is heavily marketed here too (Australia), at the minimum, once you have the charge card you get spammed about it a lot.
Ah there you go, perks of knowing how to work the benefits of certain cards