Apple used its Spring Forward event last month to announce the Apple Card Family, which enables joint ownership and family sharing of the company’s credit card. As it prepares for launch, the company has provided more detailed information on how the new options work – including age limits for participants and additional checks for owners – in a support document, as indicated by MacRumors. The changes will be familiar to anyone who has a joint account or has added authorized users to their credit card.
As the owner of an Apple Card, you can invite up to five members of your Family Sharing group to join and select one of them as a co-owner as long as they are at least 18 years old. While the other four participants can be as young as 13 years old.
The co-owners of the account will have their credit declared also in their own name and will share full responsibility for the account balance and all payments. They can also set multiple controls for participants, including spending limits; request an increase in the credit limit; receive unlimited daily cash back on their transactions and close a shared account.
Participants, on the other hand, are subject to more restrictions based on their age. They are not responsible for payments, they can view their own transaction history, and can spend up to the credit limit on the account (although account owners or co-owners can set an optional transaction limit). Besides, they can use their shared Apple card to get unlimited money on transactions daily. People aged 18 and over can choose to create their credit, be reported to the account, and can also order a Titanium Apple Card.
Apple also warns that all Apple Card members are affected by credit reports, based on their payment history and credit usage. This information is “reported to the credit bureaus and presented in the credit bureaus reports of account holders and co-owners” and also applies to a participant who is an authorized user. For accounts that show regular, timely payments and low balances, the Family Sharing option can help create more positive credit scores for all users, according to Apple.
Once the option is uploaded, Apple Card owners will be able to invite family members by tapping on the Wallet app, selecting “Apple Card”, tapping the “More” button, and under Contacts, selecting “Apple Card”, pressing the “More” button. choosing the option “Share my card”. Apple previously said the Apple family of cards will arrive in May via an iOS update.
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