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Apple shares additional Apple Card‌ Family details ahead of launch

Apple announced the new family-focused features for Apple Card members at its “Spring Loaded” event in April 2021. Today, the Cupertino technology giant has shared additional information regarding Apple Card Family ahead of its probable launch later this month.


STORY HIGHLIGHTS:

  • Apple Card Family was announced in April 2021.
  • The feature lets two people share an Apple Card.
  • Apple Card Family may launch alongside iOS 14.5.

Apple shares Apple Card Family details

Apple Card Family is designed to let Apple Card owners invite others to use the same line of credit, with sharing carried out through Apple’s Family Sharing feature. Ahead of the launch, the Cupertino company has now shared some previously unknown tidbits about Apple Card Family in a new support document on the Apple website.

Apple Card Family features for account owners

Here are your key takeaways in terms of what Apple Card Family account owners and co-owners can do on a shared Apple Card:

  • They share full responsibility for the account balance and all payments, even if one account co-owner does not pay.
  • Account owners and co-owners have their credit reported equally in their own name.
  • They can immediately use their shared Apple Card to receive unlimited Daily Cash back on their transactions.
  • They can add or remove participants and order a titanium Apple Card for participants who are 18 years or older.
  • They can view participant activity and account co-owner activity.
  • They can set transaction limits for participants, lock a participant’s ability to spend, and receive notifications on participants spending.
  • They can request a credit limit increase.
  • They can close the shared Apple Card account at any time but are still responsible for paying any remaining balance.
  • Credit reporting for account co-owners includes positive and negative payment history on their shared Apple Card, as well as credit line utilization.

Keep in mind that each Apple Card co-owner must be at least 18 years old.

Features for Apple Card Family members

And this is what participants can do on a shared Apple Card

  • They’re not responsible for payments.
  • They can view their own transactions and information.
  • They can spend up to the credit limit on the account and may have an optional transaction limit set by an account owner or co-owner.
  • They can immediately use their shared Apple Card and get unlimited Daily Cash on all transactions.
  • If they’re 18 years or older, they can order their own titanium Apple Card.
  • If they’re 18 years or older, they can opt-in to build their credit and be reported on the account.
  • If a participant is 18 years or older and doesn’t want to be part of Apple Card Family, they can apply for their own Apple Card account.3 If their application is approved and they accept their Apple Card offer, they get their own account and are removed from the shared Apple Card account.

Unfortunately, Apple has yet to provide a timeframe for the feature’s launch.

Apple Card Family credit reporting

Apple also clarified how credit reporting works with Apple Card Family.

It’s important for everyone on Apple Card Family to understand how credit reporting can impact their credit file. Information about the Apple Card Family account, such as payment history and credit utilization, are reported to credit bureaus and shown in credit bureau reports for account owners and co-owners. This information may also be shown in credit bureau reports for a participant if they’re being reported on the Apple Card Family account as an authorized user.

Both negative and positive payment history is included in credit reporting.

As a rule of thumb, at least according to Apple, your chances for a more positive credit impact are better if your Apple Card account has been established for a while, shows consistent on-time payments and has low balance typically below 30 percent of the total credit limit.

When is Apple Card Family coming?

Unfortunately, Apple has yet to provide a timeframe for the feature’s launch.

However, the first signs of support for the feature were spotted in the iOS 14.5 software update. Apple is currently testing iOS 14.6 and iPadOS 14.6 with its registered developers and beta testers. We’re only speculating, but it seems a safe bet that Apple Pay Family will arrive alongside iOS 14.6 and iPadOS 14.6 later this month.

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