Apple® today announced Apple Card™ Family, an innovative 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 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.
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With Apple Card Family, people can share their Apple Card, track purchases, manage spending, and build credit together with their Family Sharing group. (Photo: Business Wire)
“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.”
Apple Card is the first credit card designed for iPhone and to help people lead a healthier financial life. Built into the Apple Wallet® app on iPhone, Apple Card has transformed the entire credit card experience by simplifying the application process, eliminating all fees,1 encouraging users to pay less interest, and providing a new level of privacy and security.
Apple Card also offers Daily Cash®, which gives up to 3 percent of every purchase as cash on users’ Apple Cash card each day.2 And with no credit card number, CVV security code, expiration date, or signature on the card, the titanium Apple Card is more secure than any other physical credit card.
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.5 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.
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.
1 Variable APRs range from 10.99 percent to 21.99 percent based on creditworthiness. Rates as of April 1, 2020.
2 An Apple Cash card is required. The Apple Cash card is issued by Green Dot Bank, Member FDIC. See apple.com/apple-pay for more information. If you do not have an Apple Cash account, Daily Cash can be applied by you as a credit on your statement balance. Daily Cash is subject to exclusions, and additional details apply. See the Apple Card Customer Agreement for more information.
3 All Apple Card co-owners must have an Apple device with the latest version of iOS that supports Apple Card and meet all of the other eligibility requirements for Apple Card. Credit decisions determined by Goldman Sachs Bank USA, Salt Lake City Branch. For more details about Apple Card eligibility requirements visit support.apple.com.
4 Some transactions may not be displayed in Maps.
5 Late or missed payments will result in additional interest accumulating toward your balance.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.
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