M
oney management skills are essential, yet about half of Americans lack financial literacy, according to the World Economic Forum. Many US schools don’t prioritize personal finance education, meaning that knowledge is acquired by learning from costly mistakes.
The good news is despite these pitfalls, the road to becoming financially savvy isn’t as difficult as it might seem. Familiarizing yourself with basic concepts, like how credit cards work and ways to grow your wealth, can keep you from falling into a debt trap and set you up for long-term stability.
For all the “growth getters” out there eager to get into financial shape, here are five basic yet incredibly effective strategies to protect and build your hard-earned money.
1. Opening a high-yield savings account can be a game-changer
While 68% of Americans have a standard savings account, according to Forbes, fewer take advantage of high-yield accounts that offer better returns. These savings accounts use the magic of daily compound interest, meaning your savings grow every single day, boosting your balance over time without any additional effort from you.
Savings accounts are accessible for anyone looking to start saving. Another perk is that they provide the flexibility to tap into your money whenever you want or need to. When choosing a high-yield savings account, go for one with high APY, no monthly fees, low minimum deposits, or balance requirements. This way, your money isn’t hindered by unnecessary charges.
2. Get ahead of interest before it gets you
Interest truly is the bane of credit card users. The best way to keep you from spiraling into debt is by paying off your credit card bill in full each cycle, or at least as much as you can.
Using cards with a transparent billing system is key. Apple Card is one example. Each time you’re ready to settle your monthly bill, its intuitive payment wheel1 shows you when payments are due and exactly how much you owe to avoid interest. This feature not only helps you manage your spending more effectively but also ensures you’re always aware of your current balance, keeping you one step ahead of accruing interest.
3. Credit cards with no fees are a must
Dealing with interest rates on credit cards is difficult enough — so why make it harder with extra fees? Late fees for missed payments, annual fees that eat into your annual budget, or transaction fees on overseas purchases can add up. Apple Card is an option that has no fees2, and you can use it anywhere in the world.
Apple Card
4. Opt for banking technology that is designed to be secure
In today’s digital whirlwind, quick and safe access to your funds is a must. That’s why it’s smart to choose Apple Card; it offers secure, user-friendly online platforms and round-the-clock customer service that actually connects you to a real representative, especially in emergencies.
And you can forget about rummaging through your wallet or purse when paying at the checkout. Although you can choose to receive a physical titanium Apple Card, it’s also automatically built into Apple Wallet on iPhone. It uses all the security of Face ID or Touch ID so you’re the only one who can use your card in Apple Pay.
5. You’ll want a credit card with benefits
Get more out of your spending by picking a credit card that lines up with your lifestyle and packs some serious perks like no fees and cash back on every purchase. For example, if you’re traveling for business or pleasure often, it’s smart to get a card that offers rewards like cash back on hotels, airlines, and car rentals.
Apple Card is great in this area, giving users up to 3% in flexible Daily Cash back on everything you buy, whether it’s a morning cup of coffee or a brand-new laptop. You can then use the money to chip away at your monthly balance, treat yourself to something nice, or stash it away in your high-yield Savings account3 when you open an account through Apple Card.
See? Being a money growth-getter doesn’t require a finance degree, just a bit of know-how and the right tools.
Apple Card
Learn more about the benefits of being an Apple Card user.
This post was created by Insider Studios with Apple Card.
1 Interest charges shown on the example payment wheel are only provided for illustrative purposes and may not be an accurate reflection of the actual amount of interest charges on your account. Interest estimates provided in the payment wheel in your account are based on your posted account balance at the time of the estimate and do not include pending transactions or any other purchases you may make before the end of the billing period.
2 Late or missed payments will result in additional interest accumulating toward your balance. Variable APRs for Apple Card range from 19.24% to 29.49% based on creditworthiness. Rates as of February 1, 2024.
3 To access Savings, Apple Card Owners and Co-Owners must open a Savings account. Savings accounts are provided by Goldman Sachs Bank USA, Salt Lake City Branch. Member FDIC. Apple Card Owners and Co-Owners may individually apply for a Savings account and are subject to eligibility requirements. By opening a Savings account, Apple Card Owners and Co-Owners are affirmatively electing to have all future Daily Cash automatically deposited into their respective Savings account. Daily Cash may not be divided between Apple Cash Card and Savings accounts. Owners and Co-Owners may individually change where their Daily cash is deposited at any time. Savings accounts are not available in American Samoa, Guam, Northern Mariana Islands, or US Minor Outlying Islands. To set up Savings, you must add Apple Card to Wallet on an iPhone or iPad that supports and has the latest version of iOS or iPadOS.
Merchant offers may change at any time.
Nike: 3% Daily Cash is not available at Nike-branded stores outside the United States.
To access and use all Apple Card features and products available only to Apple Card users, you must add Apple Card to Wallet on an iPhone or iPad that supports and has the latest version of iOS or iPadOS. Apple Card is subject to credit approval, available only for qualifying applicants in the United States, and issued by Goldman Sachs Bank USA, Salt Lake City Branch.
If you reside in the U.S. territories, please call Goldman Sachs at 877-255-5923 with questions about Apple Card.
