Will Adding a Person to My Apple Card Increase My Spending Limit?
Many users wonder if inviting a co-owner to their Apple Card will increase the spending limit, impacting their financial flexibility. This article will explore the current situation and upcoming changes to the Apple Card account structure, addressing common questions and expectations.
Current Situation
As of now, when you add a person as a co-owner to your Apple Card, it doesn’t automatically increase your spending limit. The Apple Card operates on an independent basis, where each user’s financial stability is independently assessed during the application process. This means that the creditworthiness of the additional person is not directly integrated into the primary user's account limit.
Why Does This Matter?
The primary user retains full control over the spending limit and can add co-owners without necessarily increasing the overall credit limit. However, the co-owner will have access to the primary user's spending limit and their credit card, which can be beneficial but doesn't affect the overall limit on its own.
Upcoming Changes
Starting in July 2021, Apple will introduce new features that enable co-ownership with the benefit of combining the total credit limits of both accounts. This means that both users will share the same account with the combined credit limit of both individual cardholders.
Faqs on Combined Apple Card Accounts
How does it work?When you invite a co-owner to your Apple Card, both parties’ credit limits will be combined, forming a single co-owned account with a new, potentially higher credit limit. This new limit will be determined by the combined financial stability of both users. Can I still invite a co-owner even if they have a poor credit score?
Yes, you can invite a co-owner regardless of their credit score. However, it’s important to consider that the combined financial stability will impact the credit limit. Adding a co-owner with a poor credit score may lower the overall limit. Are there any fees associated with adding a co-owner?
No, there are no additional fees for adding co-owners to the account. Both users will have access to the combined credit limit without incurring any extra costs.
Setting Up Apple Card Family
Apple Card Family is a feature that enables family members to share an account with a combined credit limit. Here’s how to set it up:
Log into your Apple Card account on the Apple website or app. Select the "Family" option and follow the prompts to add a co-owner. Both users will need to accept the terms and conditions of the co-owned account. Once both users accept, both accounts will be combined into one with a new, higher credit limit.Conclusion
The upcoming changes to Apple Card will introduce the ability to combine credit limits through co-ownership, offering greater financial flexibility for users. While adding a person to your Apple Card doesn’t increase the limit by default, the new feature will allow you to combine limits, providing a higher combined credit limit.
Whether you're looking to share more financial responsibility with family members or increasing your spending limit for personal use, combining your Apple Card accounts can be a practical solution. Stay informed about these changes and take advantage of the new features to boost your financial flexibility.