When Apple unveiled the first beta of iOS 14.5 to developers in early February, 9to5Mac reported references to a new “Apple Card Family” feature currently being developed based on internal system code. Now, with iOS 14.5 beta 3, Apple has added even more references to the Apple Card Family – indicating that the feature will be available soon.
We already know that the Apple Card Family, which is internally called ‘Madison’, allows users to share the same Apple Card with other family members through iCloud Family Sharing. The code indicates that the cardholder will be able to set a spending limit for each invited user, just as with supplementary card cards.
9to5Mac has now discovered that Apple Card users can choose between two different types of sharing. With “Allow spend only”, guest users will not have access to the total balance, settings and transaction history. To enable these features for guest members, the cardholder must select the “Become co-owners” option.
Interestingly, if you invite a family member as a co-owner, the Wallet app will provide the option for the invited member to have their own credit point in agencies instead of sharing the same credit point. In order to do so, the invited person must provide his or her social security number to Goldman Sachs Bank to enable separate credit reporting.
By providing your social security number to Goldman Sachs Bank USA, you can set up credit history while using Apple Card. Credit reporting can help people with no or limited credit history by setting up or expanding their credit file.
In general, accounts that: (i) have been established for some time, (ii) show consistent payments, and (iii) balances below 30% of their total credit limit will have 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 are not responsible for payments. Being an authorized user in an account that has a negative payment history or that is being overused can have a negative effect.
Apple has never confirmed that it’s working on Apple Card Family, but the codes in iOS 14.5 strongly suggest that this feature is likely to be officially announced in the coming weeks.
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