Last week we looked at how to set up an Apple Card Family and add a co-owner and participants. Today let’s look at the advantages.

What account owners and co-owners can do on a shared Apple Card

  • They share full responsibility for the account balance and all payments, even if one account co-owner does not pay.
  • They can build credit together equally, which means that account owners and co-owners are each reported in their own name. Credit reporting includes positive and negative payment history, credit utilization, and additional information. Card usage and payment history might impact each account co-owners credit score differently because each individual’s credit history will include information that’s unique to them.
  • They can immediately use their shared Apple Card to receive unlimited Daily Cash back on their own transactions.
  • They can add or remove participants and order a titanium Apple Card for participants who are under 18 years old.
  • They can view participant activity and account co-owner activity.
  • They can set transaction limits for participants, lock a participant’s ability to spend, and receive notifications on participants spending.
  • They can request a credit limit increase.
  • They can close the shared Apple Card account at any time, but are still responsible for paying any remaining balance.2

What participants can do on a shared Apple Card

  • They’re not responsible for payments.
  • They can view their own transactions and information.
  • They can spend up to the credit limit on the account but might have an optional transaction limit set by an account owner or co-owner.
  • They can immediately use their shared Apple Card and get unlimited Daily Cash on all of their own transactions.
  • If they’re 18 years or older, they can order their own titanium Apple Card.
  • If they’re 18 years or older, they can opt in to build their credit and be reported as an authorized user on the account.3

If a participant is 18 years or older and doesn’t want to be part of Apple Card Family, they can apply for their own Apple Card account.4 If their application is approved and they accept their Apple Card offer, they get their own account and are removed from the shared Apple Card account.

(This how-to is based on my experiences and info on Apple’s support pages.)

Article provided with permission from AppleWorld.Today