We already have credit cards in Europe.When our solid banking systems degrade in paying everything as a loan. Cold day in hell.
They close the account and report a new one as co-owner with the higher limit. What’s so hard to understand?…But it says to do so, one’s account is immediately closed? That gives me pause — as normally a closed card is no good for your credit — unless they are really reinventing things and then I’d wonder why they didn’t call this out.
Credit cards are superior to other forms of payment when used properly. I have 5 credit cards and generally net about $50 per month in cash back, all while paying zero interest.Americans and their credit cards![]()
He becomes a co-owner on the card and your payment history becomes his. Just the same as adding your wife as a co-owner on a card, the card history gets reported to both credit reports.I'm interested in getting my son as a participant on my card. He's 25, graduated from college, living with us, and unemployed due to Covid slamming his field. He has part time work for maybe 20 hours/week at minimum wage, has about $10k in the bank and is unable to qualify for a credit card on his own. If I put him as a participant on my Apple Card then he can supposedly build a credit history despite not being responsible at all for any payments at all on the card. I'm struggling to see how that gets you a credit history unless they can track his credit spending and his corresponding contributions to the card's payments. Can anybody enlighten me please?
And for you there's millions of people not using them properly, which is the entire problem.Credit cards are superior to other forms of payment when used properly. I have 5 credit cards and generally net about $50 per month in cash back, all while paying zero interest.
Their problem, not mine.And for you there's millions of people not using them properly, which is the entire problem.
This is different than simply being an authorized user. If someone is removed as an authorized user, like say from a divorce, the credit history is removed for the AU’s credit, possibly causing a significant ding to their credit file. With this, both cardholders are responsible parties for the credit line and the it will remain on both reports.I love how apple rebranded the 'Authorized User' and people are acting like it's some revolutionary thing... haha.
so - you're saying "participant" does not help build a credit score? He needs to be co-owner? (I had same question for my sons, both over 18, and trying to ensure they get this credit building benefit)He becomes a co-owner on the card and your payment history becomes his. Just the same as adding your wife as a co-owner on a card, the card history gets reported to both credit reports.
No updates yet. Hopefully it will be available soon - sounds like it will probably be when 14.6 is available.so how can we actually add someone as an authorized user? any update on this