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.
Availability 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.
NOTE TO EDITORS: For additional information visit Apple Newsroom
(www.apple.com/newsroom), or call Apple’s Media Helpline at (408)
974-2042.
© 2021 Apple Inc. All rights reserved. Apple, the Apple logo,
Apple Card, iPhone, Apple Wallet, Daily Cash, Apple Pay, Apple
Store, App Store, and iTunes Store are trademarks of Apple. Other
company and product names may be trademarks of their respective
owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20210420006005/en/
Christine Monaghan Apple cmonaghan@apple.com 408-974-8850
Apple Media Helpline media.help@apple.com (408) 974-2042
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