Apple introduced a new Apple Card Family today at its “Spring Loaded” online event, which allows people to share their Apple Card, track purchases, manage expenses, and build credit with their family sharing group. Apple Card Family is designed to help members of the Family Sharing group live a healthy financial life by making it simple to track spending and paying a single monthly bill.
Beginning in May in the United States, Apple Card Family will allow two people to share and combine their credit lines while building credit together. Also, Apple Card Family allows parents to share an Apple Card with their children, with that parents can control the children spending limits so children can understand financial habits.
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.
- 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 into credit reporting.
- All account activity, including positive or negative payment history, will be reported to credit bureaus for participants who opt into 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 the Apple Card Family.
About Apple Card
First of all Apple Card absolutely free there are no annual fees, no additional fees, and no hidden charges. Apple Card is the first credit card developed specifically for iPhones, with the aim of assisting people in living a healthy financial life. Apple Card, which is integrated into the iPhone’s Wallet app, has revolutionized the credit card experience by simplifying the application process, removing all fees, allowing consumers to pay less interest, and offering a new level of privacy and protection.
Daily Cash is another feature of Apple Card, which allows users to receive up to 3% of their purchases as cash on their Apple Cash card each day. The titanium Apple Card is more secure than any other physical credit card because it contains no credit card number, CVV security code, expiration date, or signature.