NEW: Apple Pay Later - The end for Affirm, Afterpay, Klarna, other Buy Now Pay Later players?
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- Опубліковано 18 жов 2024
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I say no. Everyone else give me account , apple turn me down
Why wasn’t this called Apple Slices?
😂😂 this is brilliant 😂😂
i see what you did there!!
👏👏👏 stands up* 👏👏👏👏👏👏👏👏👏👏
I keep laughing at this comment on and off. 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
😭🤣😭🤣
Affirm is too solid, as well as they give you huge limits.
Buy now pay later platforms are a slippery slope in my opinion. I think the same thing that holds true for how you should use credit cards extends to this topic as well... if you can't afford to buy it all at once (and it's not an absolute necessity for you to live), you shouldn't buy it in the first place. It doesn't shock me that Apple is coming for this market as they do with a lot of markets out there, but I would definitely be careful using these without understanding the consequences of them. I'd say the same for credit cards and I'm a self-proclaimed credit card enthusiast lol.
I completely agree. These programs are barely a step above those paycheck cash advance scams. Its just another lure to get people to buy things they cant afford and dont probably need and then trying to market it as some kind of benefit to the consumer.
@Shawn I agree with you here Shawn! It's great to get to hear your personal experience and how your mindset has changed on this over time, but I think you're exactly right. You just have to be cognizant of your financial situation before buying something, especially if you're going to have to pay it off over time.
I don't think it will kill off any of these services mainly because the timeline to pay off a 6 week length of time to pay it off is pretty much the same as buying it straight out with any credit card . When for example I can get something through Affirm and have up to 36 months to pay without compound interest added every month . It's a locked in amount if I pay more then they reduce the interest and offer to a lower amount owed if I paid the balance in full . Example I just got a pair of shoes that cost $120 through affirm when I went to pay it off it had an offer that if I paid $113 they would consider it paid in full . Like where the interest would of been added the 1st . But since I pre scheduled a payment for the $113 amount a couple days before , they waived the interest .
The issue with Apple is their due date on payment . I mean most people that use these services , use them because they can't pay the full amount in one lump sum and most likely get paid once on the 1st of the month . So when they pay on the 1st they are not only paying interest , but also compound interest for paying 2-3 days late depending on how long it takes Apple to start the payment process . An example my bill was due on the 31st of July . June the 1st I scheduled to pay it off in full . Apple decided to start the process on the 5th , so the payment was declined . So I rescheduled it on the 6th . It was finally processed on the 9th . Then Apple tried to charge me interest on the 9 days they diddled around , on top of the interest they already charged on the 30th of May . No reductions were made for paying it early or any compensation . So now I just use my Apple card for the overall credit limit on my credit scoring and only pay the Apple care fee as usage on the card .
They’re not going to kill off the other buy now pay later companies,Because those other companies tend to cater to people with bad credit….And that’s a huge chunk of people
True, though a lot of those companies have been losing a lot of money, so they might have to tighten their approval requirements.
They not really cater to bad credit more like fair credit
I disagree. It isn’t for people who have bad or fair credit. I have excellent credit and I chose to use affirm simply because I like how affirm has flexible payment options and you can pay it in instalments without any interest.
It also is more convenient to me in comparison to my credit card.
I can use my debit/cash card but I prefer the flexibility. Not to mention, it is marked as a CFA on my credit report and no hard inquiry 🤷🏼♀️
Even when I was in the game I never carried a balance on a card. Autopayed statemenet balance everytime.
This is great for people with very good credit. Because they don't have issues paying their debt. And they they get the opportunity to get something expensive without paying interest on the CC.
Sounds like a good deal to me, when the credit cards are charging outrageous interest rates on unpaid balances.
I always pay the full balance of my credit cards. But this summer I’ll be making a long trip and would like to distribute the trip expenses over time. Apple Pay Later will give me four months to pay a bill, with no interest charge and no visibility to my credit rating.
The banks cannot compete with this because they make most of their profit from interest charged on unpaid balances. Apple is in effect subsidizing a short-term loan to a known customer, choosing not to add fees or percentages, resulting in a “free” service to the owner of the Apple product.
Is this considered “Tier 2” credit? Is Apple Pay Later on the order of a store card? I’m not familiar with any of the Buy Now Pay Later credit programs.
Considering how many millions of people use Android and not Apple, I don't think the other places are going anywhere.
My son swears that every1 uses an iPhone, and they are better than android. Which we both know isn't true. 😂😄🤣😭
Apple is the most used phone in America.
I don’t think this will make a difference. I think apple users are the type of crowd less likely to use BNPL.
Why? That doesn't really make sense to me, what difference would it make what kind of phone a person uses?
@@xxviciousbeautyxx Apple users are more likely to have increased income and don't need BNPL. They are generally more wealthy
I used all the 4 payment plan Apple Pay later turn me down say I did not have credit so forget Apple Pay later I will keep used other company better
They run your credit to be able to use it???
Dave says no no bad bad
I feel like a lot of people are gonna use the Apple Pay later feature
My AfterPay is $2000 limit… so no! AfterPay is ok, but looking forward to Apple 🍎 Pay Later…
Great content as always, thanks Adam!!!
Other than Apple Pay Later, do any of the other players report your payments? You mentioned Apple will start. All three credit reporting agencies?
I know affirm does. I think klarna does as well.
Affirm only reports to one.
I’m excited about Apple Pay Later. I am heavily invested in the Apple ecosystem so this would be great for me.
Me too
Afirm is monthly payments which is better in my opinion.
I mean it's basically an interest-free loan so the longer you can stretch out the payments the bigger the advantage.
Awesome 👏
I wonder when this will happen.
Good cause affirm be tripping. Because i change my number i cant get back in
Thanks for the tea
Credit cards will always be #1. Increased scores and free money if you use them responsible
Since not everyone has an iPhone, the answer is no. In the United Kingdom, the market is split 51.63% iPhone and 47.80% Android. In Ireland, the split is 48.07%/51.49% in favor of Android, and the split in New Zealand is 46.43%/52.27%, favouring Android. In Germany, the split is 37.67% vs 59.79%. In France, 35.49% vs 63.94%. China and India, the world's two most populous countries, the iPhone holds market shares of 24.32% and 3.92% respectively, with Android's shares reaching and 74.98% and 95.26%.
It’s gonna help Apple Stock! Not that it needs help! Lol
This…sounds reasonable
Globally, there are 1.5 Billion iPhone users.
Nah for everyone thinking this is bad. I believe this is a very good thing as it sounds like you can build credit it with. I’m excited for it
Im pretty sure affirm already does, aswell as klarna
@@Angel_72v no, don’t think so. Googled and went to multiple sites. They only soft pull but they don’t report to beureas
Does Apple Pay report though? This isn't the same as the Apple Card so idk.
@@BlackJesus8463 Apple Pay doesn’t report but from the looks of it the payments of this new system does so it’s definitely a better option then Klarna & all the others
Thanks.
Hi
Do u know if i am applying for apple credit card woupd it be a soft bull or hard one ?
Hard pull if you accept whatever offer they give but it will be about a month or two after receiving your card . Just keep in mind you will also have to do a separate application process to access the apple cash portion that the 1-3 % cash back is accessible . Where you will have to send in photos of documents as well . That will be the hard part about it . After about the 15th time of sending a photo of my ID . I was ready to take my IPhone outside and throw it on the ground and stomp om it . I applied for my card at least 20 times in a 3 day period and no hard pull when denied . It is easier to apply from a phone android or iphone . Android take better pictures though . Thus when you are on your Iphone trying to sign up for apple cash with their camera .
@@cordiallake595 i was rejected
I am new to the usa in general
@@shenoudabekheet8701 I suppose then you might want to apply for a credit building card or some type of financing . I mean either way they would start you out with a low amount .
Like for example my first credit building thing was I got medical financing when I had a tooth extracted . The total cost was $600 . Since I didn't have any credit history , I had to pay upfront 50 % = $300 . Then $25 a month for a year . That brought my score to around 680 .
Then after I paid that off I applied for a capital one platinum not the secured card . Which brought it to 740 . They started me out with a $300 limit . Although I don't suggest Capital one . Being that overall they give the lowest credit limit compared to any other credit card company.
I do suggest if you like motorcycles there is the Harley HD card unsecured it will be a hard pull but worth it . Or one of the other card companies one with the $95 fee being that they have a higher lowest credit line . Example Chase $95 sapphire preferred = minimum $5000 limit . $550 Chase Sapphire reserved = minimum credit line $10000
Or if you don't think you'll be approved there is other financing for example when you shop . A regular thing almost everyone does anyways . Some stores have financing there . Such as Affirm at Walmart . I mean of course you need a cellphone for that .
These are just ideals . I wouldn't worry to much about how long you have been here in the US it might be because they are thinking that you are going to get a card , max it out . Then flee the country . But once they establish that you'll be here for awhile they approve you for cards more often .
I just recently applied for 2 cards in a period of two days - Capital one venture , chase ink , then closed the venture card and my platinum card all within a week . As long as the ending total line of credit is higher than before it doesn't really affect much .
Also of course as long you pay the bill , that goes a long way too . Well anyways welcome to the states . I wish you the best
@@cordiallake595 thank u alot i already have discover it and capital one platinum
And as u said in capital they gave me 300 limit and said it is gonna increase so i am waiting
I just want to have a good score then apply for chase or amazon or wallmart or Amex or capital one venture x and ofcoure apple card
All of the good cards i hope
Thanks
When is this starting?
Yes can wait
I always pay NOW. Never later. Because. I'm out of the game.
That's a strategy I've heard some people do 🤔
Eh I mean this is great for those who want to have their payments made in less than four months for buy now pay later finance
Yup! Store cards are usually something like a year.
“Must link a debit card to pay back your loan. No credit cards.”.
So, no points, miles, or cashback?
F### that noise.
It’s for those who uses debit. But honestly you shouldn’t use debit to begin with, it’s the installments that gets people interested. You should always use credit cards, there’s more benefits to that while debit has none
Apple has not innovated since Steve Jobs died
Lmaoo Apple Pay later they are in too late. Sorry
I think the amount they offer up to ($1000) is too small to try and steal share from Affirm and others. $1000 isn’t that much that would require installments like purchases that are significantly higher. Also, you’re only gaining 2 weeks more than if you used a credit card with typical 30-day terms. If Apple really want to play in pay-later they should allow a higher amount, like $2500 or more.
@@DarkKnight-gw4gw exactly man you are right on this analysis. They had their chances when affirm was small but they put that thought on hold and now they are paying for it
When are people going to learn not to buy things they cant afford to pay with cash? I understand there are certain advantages to borrowing free money with no interest. Such as being able to take that cash and invest it elsewhere. But when youre talking about a 6 week loan under $1000 for only select merchants (which alludes to probably frivolous spending). I dont see how that is meant to benefit anyone except for maybe in some very specific scenario like if you need new clothes for a new job and dont yet have the cash for those things. But thats clearly not the target market. This is just an excuse for apple to take a slice off the top from purchases you should realistically be paying cash for. Or responsibly using a credit card of course which should almost always be treated like cash anyway. These buy now pay later programs are so dumb 👎
When the government stops doing it. 🤣🤣✌