Apple Inc. has developed Apple Card Family as an opportunity to introduce a new way for families to share credit cards and build your credit together. Let’s dig deeper into the topic.
How to Build Credit With Your Family
Have you heard about the already-existing strategy for building credit? It’s called “piggybacking” and allows a teenager, parent, or a trusted person to use your credit card as an authorized user. Those who lack credit or have poor credit history sometimes rely on this option to build their credit or make it better.
What about Apple’s new service? It’s called “Apple Card Family” and is designed as an innovation in the field. The Apple Card is shareable and it allows for purchase tracking, keeping under control of what’re spending, as well as using the Family Sharing group to establish credit.
By the way, if you need a business funding provider that’s ready to work with bad credit merchants or those without any credit at all? Are you interested in how you can build your credit? Be aware that there are reputable alternative online lenders in the high risk field that you can turn to. Make sure the offered rates are among the cheapest, the services are among the most advanced, and the application is fast and hassle free.
New Apple Card Features
The user can share this new Apple card with any person who qualifies for the card and is 18 years or older. The card offers transparent spending to co-owners, who can also be equally on the hook for using the available amount.
What’s more, if you own an Apple card, you can merge it with another user’s account so the credit limit gets higher. The annual percentage rate (APR) of the combined credit limit will be the lower of the 2 original accounts.
Credit bureaus will receive the payment history associated with the account. Children aged 13 – 17 don’t fall under the category of the users whose account activity is being reported.
So, Apple Inc. has designed its new “Apple Card Family” that’s now available to Apple Card customers in the U.S. If you’re a customer, you can share the Apple Card with up to 5 people in Wallet. The Family Sharing group must be the same for all of these people. The age requirement is 13 years old or older.
Author Bio: Michael Hollis is a Detroit native who can help build your credit. He’s experimented with various occupations: computer programming, dog-training, accounting… But his favorite is the one he’s now doing — providing business funding for hard-working business owners across the country.