Apple Card

Money, investing, mutuals etc
blythburgh
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Re: Apple Card

Post by blythburgh » Tue Mar 26, 2019 11:19 am

Boro Boy and parechedpeas are singing from the same hymn sheet as me. I can but hope they have better singing voices than me :lol:
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Boro Boy
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Re: Apple Card

Post by Boro Boy » Tue Mar 26, 2019 11:36 am

blythburgh wrote:
Tue Mar 26, 2019 11:19 am
Boro Boy and parechedpeas are singing from the same hymn sheet as me. I can but hope they have better singing voices than me :lol:
??? Sing again! I see one seemingly supporting yet another debt card and one very dubious about their existence...

pabenny
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Re: Apple Card

Post by pabenny » Tue Mar 26, 2019 11:57 am

I agree with parchedpeas. s75 protection is invaluable and the cashback or other rewards are free money for those who pay their balance in full. The charges on balance transfers make them a very low cost way of borrowing.

Debt is not bad per se. Few of us have trouble with the idea of a mortgage to buy a house and using debt to fund major purchases such as a car may make sense. Debt becomes problematic when people are using it to fund day-to-day expenditure.
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Re: Apple Card

Post by Boro Boy » Tue Mar 26, 2019 12:26 pm

pabenny wrote:
Tue Mar 26, 2019 11:57 am
I agree with parchedpeas. s75 protection is invaluable and the cashback or other rewards are free money for those who pay their balance in full. The charges on balance transfers make them a very low cost way of borrowing.

Debt is not bad per se. Few of us have trouble with the idea of a mortgage to buy a house and using debt to fund major purchases such as a car may make sense. Debt becomes problematic when people are using it to fund day-to-day expenditure.
You are forgetting to detail that credit card debt is nothing like mortgage debt, it is not asset backed and has an average charge rate of some 15%+
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pabenny
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Re: Apple Card

Post by pabenny » Tue Mar 26, 2019 12:52 pm

All those things are true, and indeed very little consumer credit is secured. I also didn't mention that credit card borrowing is convenient (once I have a card, I can spend up to the limit without having to apply for a new loan each time) and flexible (I could spend £1000 today and repay it next week).

Credit cards are other borrowings are not inherently bad and regulatory requirements on issuers are considerable - they must not encourage reckless spending and there are rules governing how they deal with people in financial difficulties.

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Re: Apple Card

Post by macliam » Tue Mar 26, 2019 12:56 pm

parchedpeas wrote:
Tue Mar 26, 2019 10:58 am
Cash back, interest free balance transfers and Section 75 protection: Credit Cards are awesome if you are financially responisble.
That's a big "IF"

When my niece and nephew inherited a large share (28%) of their Aunt's central London flat, the proceeds didn't pay off the debts they had already accrued! Two things, think of the kind of money we are talking about here..... and they were both in their early 20's!! :shock:
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Re: Apple Card

Post by AAAlphaThunder » Tue Mar 26, 2019 2:29 pm

MSE Credit Card Golden Rules:
Credit card golden rules
Importantly, always follow the golden rules for each card type explained in the many guides we link to. But if you read nothing else, this means:

At worst, always making at least the minimum payment or you can lose any special deals and get clobbered by additional charges.
If you've a 0% deal always aim to clear the card in full by the end of the 0% period (or do a balance transfer) or you'll pay the far higher representative APR interest.
If you use a card for new borrowing, remember it's a debt so NEVER see it as an excuse to overspend - you must pay at least the minimum each month to keep the 0% period.
With a card that pays you to spend, always pay the full balance to avoid interest which can dwarf any gains.
https://www.moneysavingexpert.com/credi ... rk/#golden
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Constantine
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Re: Apple Card

Post by Constantine » Tue Mar 26, 2019 5:09 pm

I'm prepared to say that the Constantine household has £15k in CC debt. All at 0%. And £15k in a Marcus account. No brainer really.
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Re: Apple Card

Post by Chadwick » Tue Mar 26, 2019 7:09 pm

Debt itself isn't bad. It's how you manage it.

Eg. Constantine has £15k of managed debt.
Eg. I run two credit cards (Amex and a MasterCard for when Amex isn't accepted) and the perks/points are free money. I clear both cards without fail every month.

If you can't afford to borrow money, don't.

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Re: Apple Card

Post by pabenny » Tue Mar 26, 2019 7:45 pm

So everyone is in agreement then?
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