If you own a credit card, you usually get the option to create subsidiary cards that you can then give to your family members like your partner, children, and so on. Usually, these cards are linked and share the same credit limit, essentially pooling all of the spending together. Now it looks like Apple Card will be getting a similar feature.However, Apple has opted to call it Apple Card Family. In essence, it is the same as sub cards, except that in this case, the main Apple Card will be “shared” amongst family members. According to Apple, the Apple Card will soon be able to be co-owned by two people, and parents can also use the Apple Card Family to share it with their kids.
This in turn will allow parents to better control how their kids spend their money, put in spending limits and controls, and also teach kids how to have safer financial habits. According to Jennifer Bailey, Apple’s vice president of Apple Pay, “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 Family lets people build their credit history together equally.” The feature is expected to be launched in May and can be shared with up to five people at once.
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