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Discussion in 'Apple' started by Ronald Epstein, Jul 23, 2019.
Sam, I forgot your answer. You getting one?
It’s been a decade since I listened to DR (back around the recession). I think his approach to triaging personal debt is practical for some people.
But I also heard him give factually wrong, and potentially harmful, advice on long-term personal finances. My takeaway was he didn’t know much or understand enough about long term investing or the stock market to give basic financial advice to the middle class beyond paying immediate credit card debts.
It’s been ten years. I don’t recall the specifics. If his advice has been helpful, that’s great.
My question about the Apple Credit Card (whoa, on topic, crazy! )
That is, why so much hubbub? It’s just a credit card. Apple hasn’t innovated here. No one went bananas about Amazons credit card.
New iPhone, new laptop, new Watch: I get it. These are new, industry evolving devices with new features and abilities. Even Apple Pay is a big deal, bringing new tech to the masses.
The credit card: just a credit card. It gives cash back at about 2%. Like every other card. It charges usurious interest rates from 12% to 24% if you don’t pay it off. Like every other card. It’s aligned with one of the banks that worked really hard to nearly destroy the American economy a decade ago. Like most other credit cards.
So...what’s the hubbub about? It’s just another credit card exactly like every other credit card, no?
I am going to give you the answer you expect and want to hear...
Look at it! It's Apple! Cooooooool!
Yup, that's why I want it. I may never, ever use it but since my present point in life is tied to everything "Apple," this is just one more way of expressing my brand loyalty.
Not that it means anything to anyone else. I just wanted it.
And you know what? So will a lot of other loyal Apple customers just for those reasons.
And for further argument...
What's the difference between the Apple Card and this one? Yankee fans who probably didn't need a credit card got this one just because it expressed their fan loyalty.
Hope this answers your "who cares" question.
If I ever get an invite, yea
The Yankees card has a much higher limit than other cards which helps it buy...
Come on. I know you are yanking my chain and pushing my buttons .. and it worked.
I think the similarities are that if someone creates a credit card that defines your passion, chances are pretty good you will get it.
Apple knew damn well people would opt for this card just because...it's Apple.
Yeah, but it was funny all the same.
What's that line uttered by DeNiro in some gangster movie?
It's been about as long for me but I actually worked one of his live shows and that's how I met him. I never needed his advice but appreciated his brutally honest approach on the radio as compared to Clark Howard, another nationally syndicated host based here in ATL.
Touch'e and I couldn't agree more.
I’m so stealing this.
As a quick aside, I was amused by an interaction I had recently when paying with my Samsung phone (yes, phones other than Apple do this). Anyway, we were in Iceland (just got back yesterday) and my wife was buying a small knick knack at a museum gift store in a small fishing village. I decided to try paying with my phone just because I was curious if it would work in Iceland. The very nice guy working at the gift shop was fascinated by this process, as he had never seen anyone pay using a phone before. And it worked, just like at home!
That’s what I don’t connect to. Credit cards are about the money: get the best deal. I have credit cards that make financial sense for my needs, not that have Star Trek pictures on them.
I don’t understand it either.
I find even now retail clerks are not infrequently impressed and even surprised by seeing Apple Pay used.
Especially when using Apple Pay as intended. You barely even see the card...
I think iTunes is the only Apple product I use, since they did away with QuickTime for Windows, so this card definitely isn't for me.
I currently have three cards:
American Express Blue Cash Everyday: 3 percent cashback at grocery stores and supermarkets, 2 percent cashback at gas stations, 1 percent cashback on everything else.
Discover Card: 5 percent cashback, rotating quarterly. This year it was Grocery Stores for January-March and Gas & Ride Sharing Services for April-June. Currently it's Restaurants and PayPal. It will be Amazon.com, Target, and Walmart.com for October-December.
Capital One Quicksilver: 1.5 percent cashback on everything.
I use the Amex for groceries and gas (except when 5 percent is available in the category from Discover), the Discover card for whatever's 5 percent that quarter, and the Quicksilver Visa for everything else.
I don't really need another card in that ecosystem.
When I paid off my car loan in 2017, my FICO score dropped 60 points. It's since rebounded some, but is still 34 points lower than it was with the loan. It was explained to me that there there were two causes;
A couple of my credit cards were newer than the car loan, so when the car loan got paid off, the average age of my sources of credit went down.
The car loan was the only installment credit I had, since my student loans were already paid off and I'm a renter rather than a homeowner. So without the car loan, I was no longer demonstrating that I could manage different types of credit.
A triumph of branding. Lots of people have an emotional investment in Apple, and the design team made the card look cool.
Samsung Pay works at more places than Apple Pay (basically anywhere with a wireless reader), yet there are still more places I use a credit card where it doesn't work - - gas stations, most restaurants, most of the golf courses I play, and even some retail stores. I am still pulling out the actual card a lot more than using my phone.
The funny thing is this week I found myself using cash the most, as the few places I went to (small businesses) wouldn't take anything else so they could avoid the fees associated with cards and payment methods like Square...