Apple just reinvented kids’ allowances with Apple Card Family

I haven’t tried Apple Card yet because it’s only available in the U.S., and I’m Canadian. But it’s a very cool digital take on a credit card with no fees and good insight into your spending patterns.

Today, it just got better: you can give your kids an Apple Card, set limits on it, and be able to view expenses and teach them fiscal responsibility with it. Essentially, Apple’s reinvented the traditional kids’ allowance.

From my story at Forbes …

Today CEO Tim Cook announced the Apple Card Family. Two people can co-own the card, merging their spending, and parents can also share it with their children. Crucially for that part, parents can set spending limits so kids don’t buy the Lambo or a third pair of Air Jordans.

Or go to McDonalds for breakfast, lunch, and supper.

“We designed Apple Card Family because we saw an opportunity to reinvent how spouses, partners, and the people you trust most share credit cards and build credit together,” Apple’s vice president of Apple Pay Jennifer Bailey said in a statement.

Another benefit she highlights: now both spouses can build their credit history, rather than all of it accruing to the primary cardholder.

Get the full story in my column …