When Apple released the first iOS 14.5 beta for developers in early February, 9to5Mac reported references to a new feature “Apple Card Family” that is under development based on the system’s internal code. Now, with iOS 14.5 beta 3, Apple has added even more references to the Apple card family – suggesting that the feature will be available soon.
We already know that the Apple card family, internally called “Madison”, will allow users to share the same Apple card with other family members through iCloud Family Sharing. The code suggests that the card owner will be able to set a spending limit for each invited user, just as with complementary cards.
9to5Mac has now discovered that Apple card users will be able to choose between two different types of sharing. With “Allow spending only”, invited users will not have access to the total balance, settings and transaction history. To enable these features for invited members, the card owner must select the “Become co-owner” option.
Interestingly, if you invite a family member as a co-owner, the Wallet app will offer the option for the invited member to have their own credit score at branches rather than sharing the same credit score. To do this, the person invited must provide their Social Security number to Goldman Sachs Bank to allow separate credit reports.
By providing your Social Security number to Goldman Sachs Bank USA, you can build a credit history when using the Apple Card. Credit reports can help people with no or limited credit history by establishing or expanding their credit file.
Generally, accounts that: (i) were established some time ago, (ii) have consistent one-off payments and (iii) balances below 30% of your total credit limit will result in a more positive credit impact. Your account will be reported to the credit bureaus as an authorized user, which is a sign that you can spend on the account, but you are not responsible for payments. Being an authorized user on an account with negative or overused payment history can have a negative effect.
Apple has never confirmed that it is working on the Apple Card Family, but the codes on iOS 14.5 strongly indicate that this feature is likely to be officially announced in the coming weeks.
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