Two years after Apple Card was introduced, Apple has announced its expansion into the Family Sharing group. Apple has announced the Apple Card Family, which will be available for Apple Card users in the US in May. Also Read - Apple buys startup that converts iPhone into payment terminal
Apple Card Family allows another person of the age of 18 years or above to co-own an Apple Card with the owner and share and merge their credit lines together. Also Read - Samsung Pay to launch a debit card, to compete with rival Apple, Google and Huawei cards
In addition, up to five people can be added to an Apple Card account by sharing Apple Card with them in Wallet, known as participants. Anyone of 13 years of age or older who is a part of the same Family Sharing Group can be a participant of the Apple Card Family. Also Read - Credit card records of millions left exposed by payments startup for nearly 3 weeks
“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,” Apple said in a press release.
The Apple Card owner and the co-owner can build credit history together, get the flexibility of a combined limit and share the responsibility of making the payments together, which will help provide transparency into each other’s spending. There will be a single monthly bill to pay.
Existing Apple Card customers can also merge their Apple Card accounts. Apple’s Daily Cash will be available for co-owners and participants as well for their Apple Card purchases.
Apple Daily Cash gives users up to 3 percent back of every purchase as cash on the Apple Cash Card. More benefits include 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.