Apple Introduces ‘Apple Card Family’ For Sharing & Building Credit Together
Image via Apple
Apple has announced the ‘Apple Card Family’, a new way to share your Apple Card, track purchases, manage spending, and build credit together with your Family Sharing group.
The program is debuting in the US this month, and will allow two people to co-own an Apple Card, while sharing and merging their credit lines and building credit together equally.
Apple Card Family also allows parents to share their card with their children, while setting optional spending limits and controls. It’s designed to help a Family Sharing group track their spending, all on the 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,” said Jennifer Bailey, Apple’s Vice-President of Apple Pay.
Apple Card members can now add up to five people to their account, by sharing their Apple Card with them in Wallet. All users must be part of the same Family Sharing group, and be 13 years of age or older.
To make someone your co-owner, they must be 18 years of age or older. This co-owning feature allows both users to build credit history together, make use of a combined limit, and share the responsibility of making payments, all cumulating in a single monthly bill.
Existing Apple Card users can also merge their accounts with a co-owner, accessing higher shared credit while keeping the lower interest rate of the two accounts. It will display a range of payment options and calculate interest costs in real-time via Wallet.
According to 9to5Mac, family members who are 18 years of age or older can also order a physical titanium Apple Card, which can be used at stores that don’t accept Apple Pay.
For more information, head over to the site here.
[via Apple and 9to5Mac, cover image via Apple]
Also check out these recent news
