Apple Introduces Apple Card Family, Lets Users Build Credit Together

Apple has announced Apple Card Family, a new way for people to share an Apple Card, track purchases, manage spending, and build credit together with their Family Sharing group.

Available in the US 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. Apple Card Family is designed to help the Family Sharing group achieve a healthier financial life by making it easy to track spending, all on iPhone and with a single monthly bill.

“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,” said Jennifer Bailey, Apple’s vice president of Apple Pay. “Apple Card Family lets people build their credit history together equally.”

Managing Apple Card Family
● Apple Card customers can 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.
● 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.3
● 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.3
● 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.

Unlimited Daily Cash with Apple Card
Apple Card offers Daily Cash, which gives back up to 3 percent of every purchase as cash on the Apple Cash card. Users will receive unlimited 2 percent Daily Cash every time they use Apple Card with Apple Pay, and unlimited 3 percent Daily Cash on all purchases made directly with Apple, including at Apple Store locations, on apple.com, the App Store, the iTunes Store, and for Apple services.

Apple Card has extended 3 percent Daily Cash to more merchants and apps for customers purchasing with Apple Card using Apple Pay, including Uber and Uber Eats, Walgreens, Nike, Panera, T-Mobile, and ExxonMobil. For purchases made with the titanium Apple Card, users get 1 percent Daily Cash. For more details on 3 percent Daily Cash merchants, visit apple.com/apple-card.

Daily Cash is added to users’ Apple Cash card each day and can be used right away for purchases using Apple Pay, to put toward their Apple Card balance, or to send to friends and family in Messages. Apple Pay is now accepted at over 90 percent of stores in the US.

Apple Card delivers experiences only possible with the power of iPhone, including 24/7 support by simply sending a text from Messages. To help people better understand their spending, Apple Card uses machine learning and Apple Maps4 to clearly label transactions with merchant names and locations in Wallet, and provides weekly and monthly spending summaries.

There are absolutely no fees associated with Apple Card: no annual, late, international, or over-the-limit fees. To help people make informed choices, Apple Card shows a range of payment options and calculates the interest cost on different payment amounts in real time in Wallet.

Availability
Apple Card Family is coming in May to Apple Card customers in the US and will require an update to the latest version of iOS. To apply for Apple Card, open Wallet and tap the Add (+) button. Learn more about Apple Card at apple.com/apple-card.