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Sep 10, 2014 1:44 PM in response to SaeedAppleby King_Penguin,On your computer's iTunes you should be able to edit/remove your payment info by going into the Store > View Account menu option and logging into your account, and on your account's details page there should be a payment link. If you are doing it on an iOS device (iPad, iPhone or iPod Touch) then tap on your id in Settings > iTunes & App Store (Settings > Store on iOS 5 and below) and tap on 'View Apple ID' on the popup and log into your account - that should also give you a payments link on your account's page.
Changing payment info : http://support.apple.com/kb/HT1918
If you don't get the 'none' option on the payment details screen : http://support.apple.com/kb/TS5366
With iOS 8, which I think yesterdays's announcement said is being released next wednesday, there will be 'family sharing' : http://www.apple.com/ios/whats-new/family-sharing/
Parents get more control, while kids feel like they have more freedom. It’s not a parenting miracle, it’s Family Sharing. Enjoy the convenience of paying for family purchases with a single credit card. Enable “Ask to Buy” to require children to get permission before making iTunes, iBooks, and App Store purchases
So far that is all that I've seen about family sharing, on release there will hopefully be more details