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Apple introduces Apple Card Family, enabling people to share Apple Card and build credit together

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manfromunkle
Established Member

Apple introduces Apple Card Family, enabling people to share Apple Card and build credit together

 

PRESS RELEASE Wed April 20, 2021 Apple

Apple introduces Apple Card Family, enabling people to share Apple Card and build credit together>

 

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 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.

 

Availability
Apple Card Family is coming in May [2021] to Apple Card customers in the US and will require an update to the latest version of iOS.

 

Reaction from the Washington Post, Wed April 27, 2021

PERSONAL FINANCE

Apple thinks building credit should be a family affair. No 13-year-old needs credit.

 

Apple is touting the ability of Apple Card customers to form family groups — up to five people — that can manage the credit card spending from their iPhones. All users must be part of the same “Family Sharing” group and be 13 or older.

 

With Apple Card Family, individuals 18 and older can opt into having the card’s usage reported to their credit reports. For those who opt into the reporting, all account activity — positive or negative payment history — is reported to credit bureaus. The credit history is not reported for children 13 to 17.

 

Cardholder on left shares his Apple Card (Goldman Sachs MasterCard)  with "Karina" and "Marisa"Cardholder on left shares his Apple Card (Goldman Sachs MasterCard) with "Karina" and "Marisa"


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8 REPLIES 8
Brian_Earl_Spilner
Credit Mentor

Re: Apple introduces Apple Card Family, enabling people to share Apple Card and build credit togethe

Cool. So they're offering authorized users but allowing you to opt out of reporting. 

    
Message 2 of 9
rostrow416
Established Contributor

Re: Apple introduces Apple Card Family, enabling people to share Apple Card and build credit togethe


@Brian_Earl_Spilner wrote:

Cool. So they're offering authorized users but allowing you to opt out of reporting. 


It's just like Apple to make it sound like it's a revolutionary idea.

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Message 3 of 9
iced
Valued Contributor

Re: Apple introduces Apple Card Family, enabling people to share Apple Card and build credit togethe

Allowing users to opt out of reporting doesn't make sense (at least on negative info). This seems really open to abuse.

 

Max out the card and opt out so other creditors don't know you're maxed out. If I were to miss a payment, can I opt out so that that late never gets reported (or gets clawed back if it already reported)?

 

I'm with the WaPo article on this one. Kids don't need to build credit; they need to be taught fiscal responsibility and the credit will come naturally.

Message 4 of 9
Revelate
Moderator Emeritus

Re: Apple introduces Apple Card Family, enabling people to share Apple Card and build credit togethe

I would be teaching them fiscal responsibility which in this day and age includes credit and building thereof imo.

 

I'm not sure that teaching them without including credit cards from day 1 is going to be a successful venture: get them engaged with them before college where there's still a deluge of offers around and they can legally get in trouble on their own at that point.

 

If I ever do have kids I'm going to be teaching them a bunch of stuff my parents never bothered to tell me; not sure life would have been better bu it would've been different if I hadn't done some pretty stupid things in the past that were avoidable.




        
Message 5 of 9
iced
Valued Contributor

Re: Apple introduces Apple Card Family, enabling people to share Apple Card and build credit togethe


@Revelate wrote:

I would be teaching them fiscal responsibility which in this day and age includes credit and building thereof imo.

 

I'm not sure that teaching them without including credit cards from day 1 is going to be a successful venture: get them engaged with them before college where there's still a deluge of offers around and they can legally get in trouble on their own at that point.

 

If I ever do have kids I'm going to be teaching them a bunch of stuff my parents never bothered to tell me; not sure life would have been better bu it would've been different if I hadn't done some pretty stupid things in the past that were avoidable.


I'm curious what you meant by the above.

 

I would argue that fiscal responsibility can (and should) be taught without including credit cards until much later, and even then only in the context that they are tools to facilitate a purchase and nothing more. You and I usually see things similarly, so I think I'm misunderstanding you here.

Message 6 of 9
CreditInspired
Community Leader
Super Contributor

Re: Apple introduces Apple Card Family, enabling people to share Apple Card and build credit togethe

What I found confusing was the use of the word co-owner. Is this different or the same as authorized user, who of course shares no responsibility to pay.


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Message 7 of 9
HeavenOhio
Senior Contributor

Re: Apple introduces Apple Card Family, enabling people to share Apple Card and build credit togethe

@CreditInspired, co-ownership is the equivalent of a joint account. Owners and co-owners are equally responsible for payments, and they each have full control over every aspect of the card.

 

Participants (authorized users) aren't responsible for anything and may have spending limits imposed on them by one of the owners.

 

From Apple:

Set up Apple Card Family and add a co-owner and participants

 

Responding to posts above, reasons authorized users might want to opt out of reporting include to avoid having a young account or potentially less than optimal utilization on their reports.

Message 8 of 9
CreditInspired
Community Leader
Super Contributor

Re: Apple introduces Apple Card Family, enabling people to share Apple Card and build credit togethe

Thanks @HeavenOhio 


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Message 9 of 9
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