Apple unveils Apple Card Family, enabling people to build credit together

By Pavithra R

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

The new Apple Card Family allows two people to co-own an Apple Card, and share and merge their credit lines while building credit together equally. It also enables parents to share the card with their children, while setting optional spending limits and controls to help teach smart and safe financial habits.

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

Apple Card is a credit card designed for iPhone and to help people lead a healthier financial life. Built into the Apple Wallet app on iPhone, the card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, and providing a new level of privacy and security. It also offers Daily Cash, which gives up to 3% of every purchase as cash on the Apple Cash card.

The company is making available the new service in May to Apple Card customers in the U.S. and will require an update to the latest version of iOS.