The US tech giant, Apple, has launched Apple Card Family for its credit card. People will be able to share their Apple Cards as a result of this. They will be able to monitor their transactions, control their spending, and create credit with the Family Sharing community using this card.
This feature will be available in the United States of America in May. This means that parents will be able to share Apple Card with their children. This might sound negative to a few people but it comes with a feature that allows you to keep spending limits and control the spending habits of your children.
This Apple Card Family aims to make financial spending and monitoring within a family much simpler and manageable to control. The family card can be accessed from the Apple Wallet app that is available on iPhone. Some of the features of this Apple Card Family are listed below.
- Up to 5 people can be added to the one Apple Card account. It can be done by sharing Apple Card with them in Wallet. The minimum age to be part of this 13. All the members in one account should belong to the same Family Sharing group.
- Apple Card can be shared with any eligible customer who is 18 years or older as a co-owner. This move will provide transparency into each other’s spending, divide the responsibility and make them realise. Also, they won’t have to pay separate bills. It is added into one.
- The card can be shared with anyone above 13 years of age. It is done with the motive to make them learn how to spend independently and responsibly. The co-owners will be able to track and thus, monitor each spending.
- Every credit history will be notified to credit bureaus for participants who have decided to join the credit reporting and are also Apple Card co-owners.
- Co-owners and participants will each receive Daily Cash for their Apple Card purchases.
- Goldman Sachs, one of the biggest financial institution in the world, is the issuing bank for Apple Card. They are the ones who make all eligibility and credit decisions.
To use this amazing feature, Apple users will be required to update to the latest version of IOS.
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