Apple Card Family Allows People to Share Apple Card and Build Credit Together
Apple today has announced Apple Card Family for its credit card. It is a feature that will allow people to share their Apple Card; this will allow them to track their purchases, manage spending, and build credit together with the Family Sharing group. The feature will be available in the U.S. in May, and Apple Card Family will allow two people to co-own an Apple Card.
Once that is done, they can then go ahead and share and merge their credit lines, allowing them to build credit together. Apple Card Family is also going to allow parents to share Apple Card with their children. However, you will be given the option to add spending limits and controls that will help teach "smart and safe financial habits".
Apple Card Family is Here to Make Financial Spendings Within a Family a Lot Simpler
Apple Card Family is made in such a way that will assist the Family Sharing group that will advocate a better financial life. Here is what Jennifer Bailey, Apple Pay's vice president, had to say.
We designed Apple Card Family because we saw an opportunity to reinvent how spouses, partners, and the people you trust most share credit cards and build credit together. There’s been a lack of transparency and consumer understanding in the way credit scores are calculated when there are two users of the same credit card, since the primary account holder receives the benefit of building a strong credit history while the other does not.
Apple Card serves as the first credit card that has been designed for iPhone, and it is built into the Apple Wallet app that is available on iPhone. Below, you can see some of the salient features that the Apple Card Family is bringing.
- Apple Card customers can add up to five people to their Apple Card account by sharing Apple Card with them in Wallet. All users must be part of the same Family Sharing group in order to be invited to Apple Card Family, and be 13 years of age or older.
- Apple Card can be shared with any eligible customer who is 18 years or older as a co-owner, providing the opportunity for both to build credit history together, get the flexibility of a combined limit, provide transparency into each other’s spending, share the responsibility of making payments, and deliver the convenience of a single monthly bill to pay.
- Apple Card can be shared with anyone who is 13 years or older as a participant, so they can learn how to spend independently and responsibly, while giving co-owners transparency and features that provide insight into purchases and control over their purchase limit. Participants over the age of 18 can also opt in to credit reporting.
- All account activity, including positive or negative payment history, will be reported to credit bureaus for participants who opt in to credit reporting as well as all Apple Card co-owners.
- Existing Apple Card customers can also merge their Apple Card accounts, giving the flexibility of a higher shared credit limit while keeping the lower APR of the two accounts.
- Co-owners and participants will each receive Daily Cash for their Apple Card purchases.
- Apple works with Goldman Sachs as the issuing bank for Apple Card who makes all eligibility and credit decisions as a part of Apple Card Family.
Apple Card Family is coming in Pay to Apple Card customers in the U.S., and you will need to update to the latest version of IOS. You can learn more about Apple Card by heading over here.
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