The new family feature lets users add thin-file spouses and teens on one account.
Through the launch of Apple Card Family, consumers can now combine credit lines to better build a credit history, while parents can build in guidelines for younger card users in the family. The feature enables Apple to reach consumers who may have thin credit histories, and to enable spending for consumers as young as 13 years old. «When there were two holders of a credit card, one got the benefit of building a good credit history and the other did not,» Apple CEO Tim Cook said in opening Apple’s product launch virtual presentation Tuesday. «We want to reinvent the way this works, too.» Apple Card will now allow spouses and partners to share and merge their credit lines and have equal rights on their account and build a credit score equally, Cook said. «This solution helps to deliver financial equity and it’s a game changer.» Parents have the option to establish spending limits and other controls for younger family members.
