Apple Card Family is aimed at couples and families. You can now own an Apple Card with another adult and allow children or others to access it for a fee. You can see and track everyone̵
How does Apple Card Family work?
This feature allows two people to own one Apple Card together and grant access to that card to others in the family group. Thus, a family with two parents and three children could have the two parents as co-owners giving the children access to their card for payments.
Goldman Sachs partners with Apple for this role and makes all decisions regarding eligibility and creditworthiness as the issuing bank for Apple Card. That means it is the company that decides whether you will get a requested credit limit increase.
Apple Card Family is designed to help families build credit together by pooling and managing their lines of credit as a group. According to Apple’s VP of Apple Pay Jennifer Bailey, one reason the company has rolled out this feature is greater transparency when it comes to credit:
“There is a lack of transparency and consumer understanding in the way credit scores are calculated when there are two users of the same credit card as the primary account holder gains the advantage of building a strong credit history while the other does not,” said Bailey. , adding that this feature allows users to “ build their credit history equally. ”
iOS users can add up to five people to their group by sharing their Apple Card with them via Apple Wallet. You must be 13 or older to join the group and 18 or older to be a co-owner.
Members under the age of 18 are listed as “Participants” and there can be only two co-owners. Anyone who opts for credit reporting will have their history reported to major credit bureaus, building credit. Co-owners are held responsible for payments even if one of them fails to pay.
Co-owners can see the purchase history and limit the purchases of others in the group. Group members benefit from a combined credit limit.
In other words, “co-owners” are similar to those with traditional joint accounts (who share financial responsibility), while “participants” are similar to authorized users (who can buy things but are not responsible for the card).
Payments are tracked on your iPhone and shown on a single monthly bill. Each user’s expenses are listed separately, as well as the total spent amount for that month and the total statement amount. You can change the view to show the spending amounts by day, month, or year.
Apple says there is “absolutely no charge” to the card, although late payments will result in additional interest on your bill.
What users can do
User rights with Apple Card Family vary depending on whether you are a co-owner or a participant. Co-owners of the account can do things like:
- add or remove group members
- view the activity of participant and co-owner
- receive notifications about participant spending
- set spending limits and locks
Group participants can:
- view their transactions and account information
- opt for credit reporting if they are over 18
- spend up to the account’s credit limit, but can be limited based on what the co-owners have set
Co-owners and participants over 18 can also order their own titanium Apple Card.
All you need to set up Apple Card Family is a compatible iPhone or iPad with the latest Apple OS and an Apple Card account with Family Sharing enabled. You can apply for an Apple Card directly from your iPhone or via the Internet. Once you do that, you can invite up to five other people to your group, and one of them can be a co-owner as long as they are over 18.
From May 2021, Apple Card Family and the Apple Card will only be available in the US.
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