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In August 2023, Apple created a ripple in the credit card industry by introducing the titanium Apple Card. And now, in its 2023 Spring Event, the tech giant did it again by announcing Apple Card Family.
So, what’s the deal with Apple Card Family? Is it a smart move on Apple’s part? Read on to discover all this and more with me.
The idea behind Apple Card Family
Interestingly, Apple CEO started the presentation by mentioning the disparity and lack of clarity in credit scores awarded to two users with the same credit card.
And Apple Card Family is an attempt to resolve the issue. Plus, to reinvent how users can build credit together.
The basic concept is that two people can co-own an Apple Card and share/merge their credit lines. This way, they can improve the credit together and get equal benefits.
Designed to help families achieve a healthier financial goal, it simplifies purchase tracking and expenditure management. And all of that on an iPhone with a single monthly bill.
What does Apple Card Family offer?
With its release, Apple Card attempted to transform the overall credit card experience. Apple managed to simplify everything from the application process to add more privacy and security.
Apple Card Family adds all the more perks to the equation, such as:
Add up to 5 people – Now, you can share your Apple Card account with users who are part of the same Family Sharing group by sharing the Apple Card via Wallet.
Share every aspect – Along with building credit history together, both owners also gain the flexibility of a combined limit and share responsibilities of making payments.
Co-owners transparency – You can also check details of each other’s spending from a single monthly bill.
Parental controls – Add anyone who is 13 years or older as a participant to allow them independent spending. You get insights into their purchases and control their purchase limit.
Combined credit reporting – Whether positive or negative, all account activities will be reported to credit bureaus if the participants have opted for credit reporting.
Apple Card Family offers Daily Cash for all participants
With Apple Card Family, co-owners and participants will earn up to 3% Daily Cash for every Apple Card purchase. For more clarity, see the below breakdown.
When Apple Card is used with Apple Pay – unlimited 2% Daily Cash
When a purchase is made directly with Apple – unlimited 3% Daily Cash
As the name suggests, Daily Cash is added to users’ Apple Cash card every day and can be used right away.
Managing Apple Card Family
You can manage your Apple Card Family using the wallet app on your iOS device. Thus, it is essential for the (co)owners to own an Apple device running the latest iOS supporting the card.
The smart family sharing plan will be available in the US from May. And existing Apple Card customers can merge their accounts, allowing them an even higher shared credit limit while keeping the lower APR.
The card is issued in association with Goldman Sachs, which has the right to make all eligibility and credit-related decisions.
Note: Anyone who is 18 years or older can be eligible as a co-owner and opt for credit reporting. As for users, who are 13 years or older can become participants.
Is Apple Card Family the next best thing?
While I am not a financial expert, the idea seems intriguing. I could surely see the obvious positives that Apple has pointed out.
But would they pan out as smoothly as Apple’s presentation about them or will it meet some potential pitfalls? Well, only time can tell, and all we can do is wait and watch.
A self-professed Geek who loves to explore all things Apple. I thoroughly enjoy discovering new hacks, troubleshooting issues, and finding and reviewing the best products and apps currently available. My expertise also includes curating opinionated and honest editorials. If not this, you might find me surfing the web or listening to audiobooks.
You're reading Apple Card Family: Share Your Apple Card For A Better Credit Score
The technology behind credit card processing is really incredible, and has made our lives so much more convenient in the digital age. No cash on hand for a taxi? Add your credit card to a ride-sharing app like Grab or Uber. You don’t even need to carry your physical card anymore, with MST (magnetic secure transmission) strips in modern smartphones utilized by apps like Samsung Pay,The web of connections
A bankcard network will conduct billions of transactions between customers, merchants, processors and banks, in mere seconds. The merchant’s terminal software (payment gateway) passes the transaction information to the processor, and the processor asks for authorization from the issuing bank. The bank grants the approval through the card network, back to the processor, which passes the approval through the merchant’s terminal. This is fairly similar to the process used for approving or denying anClearing and settlement
So now that you know how the transactions take place between the various pathways, let’s examine the second part of credit card processing – this is clearing and settlement. Settlement is when the merchant sends aProcessing fees and funding
As mentioned above, processors will deposit funds from card sales into the merchant’s bank account, but it depends on the processing company how fees are deducted and when funds are deposited. In most cases, processors will provide next day funding, but typically with the requirement that the merchant batch all of their transactions before a cutoff time (business days). A processor can also hold funds if there is an investigation pending into a transaction, such as suspected fraud activity.
The technology behind credit card processing is really incredible, and has made our lives so much more convenient in the digital age. No cash on hand for a taxi? Add your credit card to a ride-sharing app like Grab or Uber. You don’t even need to carry your physical card anymore, with MST (magnetic secure transmission) strips in modern smartphones utilized by apps like Samsung Pay, Google Pay, PayPal, and other mPOS systems (mobile point of sales). With all of this digital convenience, it’s easy to overlook the complexity behind credit card processing. In this article, we’re going to give a brief overview of how credit card processing works. For more information on the process, you can learn about credit card processing services like Merchant One.A bankcard network will conduct billions of transactions between customers, merchants, processors and banks, in mere seconds. The merchant’s terminal software (payment gateway) passes the transaction information to the processor, and the processor asks for authorization from the issuing bank. The bank grants the approval through the card network, back to the processor, which passes the approval through the merchant’s terminal. This is fairly similar to the process used for approving or denying an online credit card application . This sounds like a fairly straightforward pathway, but it’s a little more complex than that. First, there is a difference between acquiring banks (merchant’s banks) and issuing banks (cardholder banks). The merchant’s bank is a registered member of the card associations (Mastercard and Visa), and provides merchants with the equipment and software for accepting card transactions. This applies to e-commerce websites as well as physical retail stores. The cardholder bank is an issuing bank that grants credit cards to consumers, and is also a member of the card associations. Issuing banks pay the merchant banks for purchases that the issuing bank’s clients make, and the cardholder is then responsible for paying their issuing bank. The card associations Visa and Mastercard aren’t banks, acquiring or issuing. Visa operates the VisaNet network, whereas Mastercard uses Banknet. The card associations basically function as governing bodies of financial institution communities, like ISOs (independent sales organizations) and MSPs (member service providers). The card association governs the members, such as by setting interchange fees, qualification guidelines, improving the card network, and acting as an arbiter between issuing and merchant chúng tôi now that you know how the transactions take place between the various pathways, let’s examine the second part of credit card processing – this is clearing and settlement. Settlement is when the merchant sends a bunch of authorizations to the processor, usually once daily. The processor will forward these authorizations over to the card association networks, while depositing the funds from those sales into merchant’s bank account (while deducting any processing fees). The merchant is no longer involved in the process after this step. Now the credit card network will pay the merchant bank and debit the cardholder’s account, and the cardholder will pay it (i.e. monthly bill).As mentioned above, processors will deposit funds from card sales into the merchant’s bank account, but it depends on the processing company how fees are deducted and when funds are deposited. In most cases, processors will provide next day funding, but typically with the requirement that the merchant batch all of their transactions before a cutoff time (business days). A processor can also hold funds if there is an investigation pending into a transaction, such as suspected fraud activity. As for fee deductions, there are two main methods. The first is daily discounting, which means the processor will deduct their fees each day before funds are deposited. The merchant receives the net sale amount, after fees. The second method is monthly discounting, where the processor will deduct fees for an entire month of transactions once per month, but still deposit funds daily.
Apple Card has been available for just over a year now and looking back over the last 13 months, a new report highlights several aspects Apple and Goldman Sachs have nailed. However, that doesn’t mean there aren’t some areas ripe for improvement.
An Apple Card analysis from chúng tôi by Ted Rossman dives into what has made it successful over the first year, and notably, some ways the pandemic has helped the appeal of Apple Card.Apple Pay focus
First, Apple using a digital first strategy with Apple Pay has proved successful, particularly as consumers have been using contactless payment more amid COVID-19:
The pandemic has greatly accelerated consumers’ appetites for contactless payments, mostly because many are afraid to touch bills, cards and payment terminals due to potential germs. Visa said contactless usage jumped 150% from March to July 2023.
Apple Pay is not the only mobile payment method, of course, but it’s the most popular. It’s also possible to pay by tapping a card itself, although the vast majority of American contactless users prefer to use their phones.
Rossman suggests with Apple Card holders getting 2% Daily Cash when using Apple Pay and the increase of contactless payment use in the pandemic, the behaviors could become long-term habits.Simple cash back formula
While Apple Card has seen some criticism for having middle of the road rewards, the straightforward Daily Cash feature is paying off.Differentiating Apple Card
Apple Card was promoted as a simpler and kinder credit card and Apple has followed through with that. Rossman notes Apple Card users getting pandemic relief from monthly payments without interest, something that has set it apart from the competition. There’s also super easy access to customer service directly from iPhone, no fees, and tools to help customers pay less interest.
From the beginning, Apple Card proclaimed that it would be a kinder, gentler credit card with no fees. Its financial management tools would actively encourage customers to pay less in interest, and it would be easy to contact customer service via text messages and phone calls.
During the pandemic, Apple Card’s customer assistance program has excelled. Upon request, cardholders have been able to skip payments without interest, potentially for many months in a row – a perk that has stood out in the industry for its generosity and longevity.
Greater security is also an important aspect of Apple Card with no numbers on the optional Titanium card and the natural security that comes with Apple Pay.Rewards
The report mentions Apple has done a decent job of expanding its 3% Daily Cash partners. The latest was Panera Bread in August this year. There are now 7 retailers that offer the 3% cash back in addition to Apple. However, Rossman argues Apple’s average rewards rate is still lagging behind its competiors.
Still, while Apple’s expanded list of merchants offering 3% cash back is a start, I don’t personally spend a significant amount of money at any of them, and I’d be willing to bet most people would say the same.
Blending the 3% merchants, the 2% Apple Pay rewards and the 1% physical card return, I suspect most Apple Card users end up below 2% on average. That lags the following cards which extend 2% cash back on all purchases: Citi® Double Cash Card (technically 1% when you buy something and 1% when you pay it off), the PayPal Cash Back Mastercard and the Fidelity Rewards Visa Signature card.
This past summer Apple also expanded its 0% interest offer from just iPhone to now include iPad, Mac, and more.
Meanwhile, the report points at Apple Card’s $50 sign up bonuses it ran this summer as weak. We could chalk this one up as both a modest success in the first year and also a major opportunity going forward.Joint accounts and additional cards
The report from Rossman didn’t dive into these next two opportunities, but they’re important to mention. First, there’s still no joint account support or ability to request additional cards.
There is certainly an untapped market for Apple Card users who share finances. Part of the issue is likely that Apple Card is tied to an Apple ID. Maybe Apple could figure out how to roll Apple Card joint accounts and additional cards into its iCloud Family Sharing. That would make it easy for not only partners to use but also allow parents to give their kids access.Integration with budgeting software
While Apple Card has definitely made progress over the last year by launching the ability to export transaction data as CSV and OFX files, it’s still behind the times. For example, you can pull in Apple Card to budgeting software like Mint, but it doesn’t include transaction data for now. So you just see things like balance, available credit, and your interest rate.
Hopefully, we’ll see Apple improve integration with Mint and other budgeting software to be as feature-rich as competing credit cards in the coming months.Wrap-up
Shortly after Apple Card launched last fall, Goldman Sachs’ CEO called it the “most successful credit card launch ever.” While it’s hard to say for sure if that’s the case (and by what metrics) Apple Card has certainly had a solid debut with a lot of potential going forward.
And in the short term with Apple’s September event expected to bring a new Apple Watch and iPad Air and the iPhone 12 around the corner, a new wave of customers may pick up Apple Card thanks to the enticing 0% interest offer.
If you want to apply for Apple Card, we’ve got a detailed walkthrough here.
FTC: We use income earning auto affiliate links. More.
If you have setup your Amazon AWS account so that you can play around with Amazon EC2, you will know that one of the step (to setup the account) is to enter your credit card detail. This is a no-brainer, so I won’t go into detail on that, but if you have added multiple credit card information, you will find that there is no way to remove any of your credit card from your Amazon AWS user account. Going to the “Payment Options” will only show all the credit cards information, with no options to remove them.
Here’s how to remove your credit card detail in Amazon AWS.
1. Go to chúng tôi (the main Amazon site where you do your shopping) and login with your Amazon AWS username and password.
3. Here you should be able to delete your credit card detail.
Image credit: BigStockPhoto
Damien Oh started writing tech articles since 2007 and has over 10 years of experience in the tech industry. He is proficient in Windows, Linux, Mac, Android and iOS, and worked as a part time WordPress Developer. He is currently the owner and Editor-in-Chief of Make Tech Easier.
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How To Bypass Credit Card & ATM Skimmers?
Earlier this year, several cards & ATM skimmer incidents were reported in the Fort Worth area. The U.S. Secret Service has also taken a nationwide initiative to clamp down ATM skimming incidents happening around. Based on statistics the agency is capable of recuperating around 20 to 30 skimmers in a week.
However, the sad part is the only way to realize that you’ve been skimmed is when charges begin to appear on your statement which you aren’t authorized off.
Also Read : How To Protect Your Small Business From Cyber Threats?Tips To Spot Credit Card & ATM Skimmers
Consider the following things when inspecting your ATMs for skimmers. Remember, you have to pay detail attention to spot ATM skimmers, so be vigilant!
ATM Skimmers generally matches the rest of the machine in terms of appearance and color. Anytime you observe a mismatch, understand that it’s likely to be a skimmer.
Observe the bottom panel of the ATM Machine. Does it look different? This may mean that thieves may have put an overlay over the PIN pad to accurately capture the PIN number.
Be attentive while typing the PIN number, if the keys look loose or spongy, go to a different ATM.
Market is full of a new type of skimmers that get fitted easily inside the card reader slot. Criminals purchase them from Dark Web. Watch the video to know how skimmers are placed and extracted from ATM machine.
When you approach an ATM, try wiggling the machine to spot anything unusual. These machines are well-constructed, so anything shouldn’t be jiggling.
Look for the hidden cameras.
Check for any cracks or pinholes around the machine.
Exposed wires, electrical items or cords on or near the machine.
As thieves have to be ‘unobserved’ while installing and collecting back the skimmer after it has collected a number of people’s data, they mostly select those ATMs that are less trafficked. So, try avoiding using those ATMs, and if you do, look for all the above signs that can help you to spot ATM Skimmers.
Must Read: How To Keep Cyber Stalkers Away From You?Tips To Protect Yourself From ATM Skimmers
Until ATM Skimmer detectors are available to the public, certain law enforcement officials suggested these tips to protect yourself from these type of felonies:
The easiest step you can put up to prevent your PIN from stealing is to cover your hand while entering the PIN with your other hand.
Be alert and always pay attention to whether someone’s watching you while you are in the ATM room.
Use a credit card (preferably with chip) instead of debit card.
Keep a check on your accounts regularly.
Set notifications and alerts on your checking accounts and credit cards.
Visit high-traffic ATM to avoid skimming.
Notify your bank when you go overseas. It can help them to verify a transaction if anytime they suspect a suspicious activity in your account.
Fortunately, many banks are becoming better at detecting fraudulent transactions, so may not process any suspicious charges until you verify that.
While there’s no ultimate way to protect yourself from crooks, but these effective measures and tips can certainly help you to be aware of potential threats.What To Do Next?
If anytime you spot an ATM Skimmer:
Immediately call the cops and don’t use the machine.
If you’ve already, call your banks and ask them to issue you a new card.
Freeze your credit/debit card instantly, this can prevent you from hassles of getting a new card.
Don’t tamper with the credit card skimmer. Because it might be possible that the criminals are nearby waiting to collect information via Bluetooth. (If in case the ATM Skimmer doesn’t transmit the data it gathers)
Find any evidence of fraud? Call 911 immediately!
Think Twice Before You Swipe Your Credit Card and Beware of credit card & ATM Skimmers!Quick Reaction:
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If you don’t have a physical Aadhaar card, UIDAI offers a service to download e-Aadhaar, which is a password-protected electronic copy of Aadhaar, and digitally signed by the competent Authority of UIDAI. As per Aadhaar Act, 2023, an e-Aadhaar is equally valid as a Physical Copy of an Aadhaar for all purposes. Here’s how to get eAadhaar:
2. Enter your Aadhaar number and Fill in the Captcha.
This will download the digital copy of your Aadhaar car. For more privacy, you can also choose to hide the numbers of your Aadhaar and mask them, while downloading.
The first and foremost way safely share your Aadhaar card is to use a Virtual ID (VID) to protect your Aadhaar Number. It is also known as masked Aadhaar, and can be used just like an Aadhaar Number. You can generate a new VID anytime using the steps mentioned below:
2. Scroll the Page to navigate Aadhaar Services.
Similarly, you can view your VID anytime, by switching to Retrieve VID in step 5. You can also create or retrieve your Aadhaar Virtual ID using SMS as well. You need to send the below-mentioned text messages to 1947:
Another way to share your Aadhaar Card safely, so that no one can misuse it, is to share it via the DigiLocker App. It will encrypt your data, like biometrics, and other confidential data. To make sure it can’t be
copied on a card, the format is a little different than a traditional Aadhaar card and also bears the Verified by DigiLocker. Here’s how to share Aadhaar from Digilocker:
1. Open the DigiLocker app (Android, iOS) on your phone.
4. On the Aadhaar screen, tap the Share button from the bottom navigation bar.
UIDAI also allows you to access and download a secure XML file, that can be shared for offline eKYC. This XML file will contain details like your Name, Address, Photo, Gender, DoB, hash of registered Mobile Number, registered Email Address, and a reference id which contains the last 4 digits of your Aadhaar Number followed by a time stamp in a digitally signed XML. Here’s how you can get it for Offline eKYC.
1. Go to the UIDAI website, and log in with your Aadhaar card number.
3. On the next screen, create a 4-digit code.
6. You will be asked to enter your PIN to access the file.
To avoid the duplicacy of the Aadhaar card, UIDAI introduced PVC Aadhaar Cards, with an engraved Aadhaar Logo. This will help to identify the genuine Aadhaar Card, and creating a copy of it is not possible due to the engraved Logo. So, when you share it with someone, it ensures the safety of your data. Check out our dedicated guide to know more features of the PVC Aadhaar Card and how to order it online.
To make sure your Aadhaar is not used for KYC or any other authentication at places like banks, you can lock your Biometrics. This will protect the privacy and maintain the confidentiality of your Biometrics Data (including fingerprint and iris). Once you lock the biometrics, you will not be able to use Biometrics for authentication. Follow our dedicated guide to lock your Aadhaar Biometrics.
You can also lock your Aadhaar card, to disable all sorts of authentication using UID, UID Token & VID for Biometrics, Demographic & OTP modality. While the Aadhaar is locked only VID can be used for authentication, and to unlock your Aadhaar. Here’s how you can lock your Aadhaar card.
1. Go to the UIDAI website on a web browser and choose your language.
2. Scroll the Page to navigate Aadhaar Services.
You can still complete your Aadhaar authentication using the VID created earlier. Similarly, you can unlock your Aadhaar anytime, by switching to Unlock UID in step 4.
UIDAI has provided adequate features for protecting and safeguarding the identity and privacy of the Aadhaar holder, like masked Aadhaar, Offline eKYC, lock and unlock your Aadhaar and more. To learn more about them, follow the detailed steps mentioned above.
In order to safeguard your Aadhaar from any misuse, you can lock your biometric data, or even lock your entire Aadhaar card. This can be done from the UIDAI website, the mAadhaar app, or even SMS.
To make sure your Aadhaar card is not misused, without your permission, you can check the Authentication history of your Aadhaar card. Check out our dedicated article to check your Aadhaar Card authentication history.
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