Comments by "MarcosElMalo2" (@MarcosElMalo2) on "Wall Street Millennial" channel.

@bayareaartist999 But what was the actual deal? The video says it was bad, but I’m missing the details. No fee checks out. Low interest rates does not. It depends on credit history and score. I don’t think it’s fair to blame losses on one product unless you can break down the losses. All we know for sure from this video is that Apple Card is probably partly at fault, but other products in their consumer banking division could have been responsible, too. I like WSM’s videos, but this video is much too light on details.
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@bruxi78230 not that much in banks, but in money market funds that earn a better return than zero for the part they want to keep liquid-ish, and bonds with a big spread in maturities. Or so I remember hearing during an earnings call a few years back. When they’re anticipating a purchase, the sell the money market funds and dump some of the money from maturing bonds into the acquisition/capital fund.
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My rate is pretty high, and when rates started going up it was pretty brutal. This past fall and winter I really made the effort to return the balance to zero. I think the wallet app interface really helped me stay on top of my spending and my payments, enabling me to clear the debt more quickly. It made credit card monthly payments into a game. So, yeah. I also like my Apple Card. If you use it like an American Express and pay the entire balance every month, you’re in the catbird seat.
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What were the disadvantageous terms in their agreement with Apple? That needs to be spelled out. As far as “low interest rates”, that is not true. It depends on your credit history and credit score. My rate is currently at 26.74%. You can bet I tightened my belt and paid the card down to zero! On the other hand, GS has been overly generous in extending my limit, when I didn’t ask. I could see how cardholders might get in trouble with that, especially first time cardholders incorrectly estimating their ability to make the monthly nut. As far as the card itself and how it works with Apple’s Wallet app, my experience has been excellent. The easy to use interface has kept me on top of my spending and my payments. I like that it is easy to determine how much of a payment I make will move the dial on my monthly interest payment.
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