Apple has unveiled Apple Card Family as its latest addition to the credit card, making it a lot more appealing for families and couples. It was one of the smaller announcements that came out of Apple's Spring Forward event on April 20, but it could prove to be one of the more useful for people that regularly use the card.
The Apple Card was first unveiled in 2019, marking Apple's first foray into the credit card market. It's available exclusively on the iPhone, offers up to 3% cash back on purchases, and doesn't have fees of any kind. While it's not the best credit card as far as rewards and perks go, its integration with the Apple Wallet app is nothing short of excellent. Purchases are clearly listed, spending is organized by categories, and Apple actively encourages people to pay their balance on time every month. Now, Apple is trying to make Apple Card more appealing to families.
As the name implies, Apple Card Family is designed to make Apple Card more functional for households with multiple people in them. Apple says that Apple Card users will be able to add up to five other people to their Apple Card account, with the only requirements being that those other users are already part of the same Family Sharing group and are at least 13-years-old. When sharing an Apple Card with someone that's 18 or older, there's the option to make them a co-owner so they can also build their own credit history and get a combined credit limit between both individuals.
Existing Apple Card Owners Can Merge Their Accounts
What's even better is that Apple Card Family can also be used by people that are already Apple Card users. If two people in a relationship both have Apple Card, for example, they can merge their accounts for a streamlined experience — including the lowest APR of the two accounts and a combined credit line.
As far as the user experience goes, it sounds like Apple has covered all of its bases. Co-owners and people having an Apple Card shared with them will all receive their own Daily Cash for applicable purchases, with users also having the option to opt-in for credit reporting so their activity with the card is shared with credit bureaus. Furthermore, when sharing Apple Card is shared with users that are under 18, there are additional tools to help them "learn how to spend independently and responsibly."
In regards to when all of this will become available, users won't have to wait too long. Apple says that Apple Card Family features will roll out this May. An iOS update will be made available when it's ready, with users needing to update to that new software version to access Apple Card Family on their device.
Source: Apple