Tim Cook introduced the expanded financial service by noting that when two people share an Apple Card, the credit scores of the two are not affected equally, meaning that one person's credit is more improved over time by using the card than the other person's.
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Apple is working to change this so that the credit benefit of the Apple Card – and presumably negative credit activity, as well – are distributed evenly among the responsible persons.
Apple is also introducing the ability of anyone in the family over the age of 13 to use Apple Card through Apple Card Family, which allows parents or guardians to set spending limits and controls on a minor's Apple Card use.
All in all, it's an improved system for managing family purchasing activity through the Apple ecosystem, while also being pretty weird considering that Apple is a tech company, not a financial services company, but here we are in 2021.
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