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Apple's latest invention: Yes it's a savings account


hegemony
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  • hegemony changed the title to Apple's latest invention: Yes it's a savings account

  • 2 weeks later...
10 hours ago, rpina1 said:

Ironic to have a savings account using an Iphone that is not paid off (for most people).

 

 

It looks like another Apple gimmick.  iSheep will be using the app to save for their next Apple product that they don't need,  I see Apple offering something like a "whopping" 1% off their next overpriced Apple purchase if they use their Apple Savings.  

Edited by Burgerwars
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8 hours ago, Morpheus1967 said:

Why pay it off when I can make payments, that are interest free?  Meanwhile, I can use the money I didn't use to pay it off and earn interest on that.  

Don't most of the phone companies drag such things out three years, with a lot of people insisting on trading in far sooner, lest they not have whatever the latest offering might be?

 

Personally, I like owning my phone, not making payments on it...and then I keep the phone for several years. 

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3 hours ago, centex said:

Don't most of the phone companies drag such things out three years, with a lot of people insisting on trading in far sooner, lest they not have whatever the latest offering might be?

 

Personally, I like owning my phone, not making payments on it...and then I keep the phone for several years. 

same. I always PIF when I get a new phone, using a card with extra purchase protection

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14 hours ago, centex said:

Don't most of the phone companies drag such things out three years, with a lot of people insisting on trading in far sooner, lest they not have whatever the latest offering might be?

 

Personally, I like owning my phone, not making payments on it...and then I keep the phone for several years. 

But what difference does it make?  We are both paying the SAME PRICE for the phone.  They don't charge you interest when you make monthly payments, so why pay for it all at once? To let them put your money to work for them?

 

If I buy a phone that costs $1,000 and spread the payments out over 3 years, I will pay about $28 a month.  At the end of the three years, I will own the phone, and will have paid $1,000.  Why on earth would you pay it all up front?  Put that $1,000 to work instead.  Hell, you could have even purchased I-bonds and been $100 ahead after a year with the current rates they are paying.  

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22 hours ago, Burgerwars said:

 

It looks like another Apple gimmick.  iSheep will be using the app to save for their next Apple product that they don't need,  I see Apple offering something like a "whopping" 1% off their next overpriced Apple purchase if they use their Apple Savings.  

IDK, if it means I earn a few pennies each month while I wait to apply my apple cash balance to my apple card payment I'm okay with that.

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7 hours ago, Morpheus1967 said:

But what difference does it make?  We are both paying the SAME PRICE for the phone.  They don't charge you interest when you make monthly payments, so why pay for it all at once? To let them put your money to work for them?

 

If I buy a phone that costs $1,000 and spread the payments out over 3 years, I will pay about $28 a month.  At the end of the three years, I will own the phone, and will have paid $1,000.  Why on earth would you pay it all up front?  Put that $1,000 to work instead.  Hell, you could have even purchased I-bonds and been $100 ahead after a year with the current rates they are paying.  

Ballers like @centex don't get out of bed for a few pennies.

 

FWIW, I just don't like the idea of now owning the phone. It creates a liability I'd rather avoid as I am to the point of trying to live a simple life. A similar argument could be made as to why we don't have a mortgage on any of our properties.

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27 minutes ago, RehabbingANDBlabbing said:

Meanwhile, I’m just over here transferring my Apple Daily Cash to my regular bank account all the time. Why let Apple hang onto it? I guess now there’s a reason if they are paying interest. But you can send as little or as much to your bank for free, so why not?

because I'm lazy AF? 😭

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  • 1 month later...
56 minutes ago, hegemony said:

 

One thing that caught my interest is 90% of Walmart employees make less than $40,000 per year.  So a full-time $40K worker is making $19.23 an hour. I look at that as a statistic that will discourage people from making a career at Walmart, because stastics show the odds are really against you ever making a very good income. 

Anyway, if a Walmart checking account does get offered, I might apply. I'm a sucker for stuff like this.  

Edited by Burgerwars
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On 10/28/2022 at 6:15 AM, Morpheus1967 said:

But what difference does it make?  We are both paying the SAME PRICE for the phone.  They don't charge you interest when you make monthly payments, so why pay for it all at once? To let them put your money to work for them?

 

If I buy a phone that costs $1,000 and spread the payments out over 3 years, I will pay about $28 a month.  At the end of the three years, I will own the phone, and will have paid $1,000.  Why on earth would you pay it all up front?  Put that $1,000 to work instead.  Hell, you could have even purchased I-bonds and been $100 ahead after a year with the current rates they are paying.  

Your logic makes perfect sense but there are  those that just physiologically feel better out right owning a phone and not having any payments plus being tied to a particular carrier.

Edited by StantheMan
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