Apple has announced Apple Card Family, a new way for people to share their Apple Card, track purchases, manage spending, and build credit together with their Family Sharing group.
Available in the U.S. in May, Apple Card Family allows two people to co-own an Apple Card, and share and merge their credit lines while building credit together equally. Apple Card Family also enables parents to share Apple Card with their children, while offering optional spending limits and controls to help teach smart and safe financial habits, according to Jennifer Bailey, Apple’s vice president of Apple Pay.
“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. There’s been a lack of transparency and consumer understanding in the way credit scores are calculated when there are two users of the same credit card, since the primary account holder receives the benefit of building a strong credit history while the other does not,” she adds in a press release. “Apple Card Family lets people build their credit history together equally.”
Bailey says these are the features of Apple Card Family:
° Apple Card customers can now add up to five people to their Apple Card account by sharing Apple Card with them in Wallet. All users must be part of the same Family Sharing group in order to be invited to Apple Card Family, and be 13 years of age or older.
° An Apple Card can be shared with any eligible customer who is 18 years or older as a co-owner, providing the opportunity for both to build credit history together, get the flexibility of a combined limit, provide transparency into each other’s spending, share the responsibility of making payments, and deliver the convenience of a single monthly bill to pay.
° An Apple Card can be shared with anyone who is 13 years or older as a participant, so they can learn how to spend independently and responsibly, while giving co-owners transparency and features that provide insight into purchases and control over their purchase limit. Participants over the age of 18 can also opt in to credit reporting.
° All account activity, including positive or negative payment history, will be reported to credit bureaus for participants who opt in to credit reporting as well as all Apple Card co-owners.
° Existing Apple Card customers can also merge their Apple Card accounts, giving the flexibility of a higher shared credit limit while keeping the lower APR of the two accounts.
° Co-owners and participants will each receive Daily Cash for their Apple Card purchases.
° Apple works with Goldman Sachs as the issuing bank for Apple Card who makes all eligibility and credit decisions as a part of Apple Card Family.
