Apple details Apple Card Family features and restrictions

in General Discussion edited May 2021
Apple on Thursday provided additional details about Apple Card Family, a new feature for the company's branded credit card that allows users to "co-own" an account alongside family members.

Using Apple Card
Using Apple Card

Detailed in a support document, Apple Card Family is available to one cardholder and one member of their Family Sharing group who is 18 or older. Touted as a rethinking of traditional credit cards, the new service enables both members of an account to share a credit line while simultaneously building credit.

A total of six people, including owners or co-owners, can be assigned to a particular Apple Card account. Participants must be 13 or older.

Co-owners share full responsibility for account balance and payments, and have their credit reported equally in their own name, Apple says. Once assigned to an account, a co-owner is eligible for Daily Cash back on purchases, which can range from 1% to 3%, depending on payment method and merchant.

Additionally, owners and co-owners can:
  • Add or remove participants and order a titanium Apple Card for participants who are 18 years or older

  • View participant activity and account co-owner activity

  • Set transaction limits for participants, lock a participant's ability to spend, and receive notifications on participants spending

  • Request a credit limit increase

  • Close the shared Apple Card account at any time, but are still responsible for paying any remaining balance
Participants have a limited set of account management options and, likewise, limited responsibility. They can spend up to an Apple Card's credit limit, but are not accountable for payments. Owners and co-owners can, however, set transaction limits. Participants are also able to view transaction histories and information, and those who are 18 or older can order a personal titanium Apple Card and opt-in to build credit by being reported on the account.

Apple explains credit reporting in a separate section of the support document.
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. Being credit reported can assist with building credit history for account co-owners and participants. Generally, accounts that have been established for a while, show consistent on-time payments, and have low balances (e.g. below 30% of the total credit limit), may result in a more positive credit impact.
Apple Card holders who want to use the new family feature need to set up Family Sharing or be part of a Family Sharing group. Using a device that has its region set to the U.S., owners can invite family members to an account in the Wallet app.

Apple Card Family is expected to arrive in May.


  • Reply 1 of 3
    22july201322july2013 Posts: 3,598member
    I would guess that these features could vary by country when Apple Card is available in other countries. I guess it may depend on whether or not Goldman Sachs gets the business in other countries. Goldman Sachs has a worldwide presence but it isn't a given that they will be the bank used by Apple Card in other countries.

    Considering that GS's stock value has "roughly doubled" since the introduction of the Apple Card, I presume they will try their best to win this business from Apple in other countries too. Their stock could go up by a factor of ten if they win the business world-wide.
  • Reply 2 of 3
    neilmneilm Posts: 989member

    "Apple explains credit reporting in a separate section of the support document. 

    'Information about the Apple Card Family account, such as payment history and credit utilization, are is reported to credit bureaus and shown in credit bureau reports for account owners and co-owners.' "

    Unusual for Apple to make an elementary grammar error like that.
    edited May 2021 anantksundaram
  • Reply 3 of 3
    GeorgeBMacGeorgeBMac Posts: 11,421member
    I can see the benefits for co-owners, particularly those trying to build a credit history.

    But for participants (AKA "kids'), there are, I think, better options.

    I got my grandson a prepaid Starbuck's debit card from Chase.   It works like a regular credit card that he carries in an Apple Wallet on his phone and can be used in any brick and mortar store as well as online for Amazon, EBay, etc....   But, he can only spend up to the amount that is on the card -- which is an important difference from the Apple Card.  There is no way for him to run up the balance beyond what I have already given to him -- it works like handing him case.   He can only spend what has already been givien.  Once he spends that, his transactions are denied until I replenish the funds -- which I can do in less than a minute from my iPhone.   And that has worked well where he is out with friends and needs money -- with a text or a phone call he can request that I load money on his card.   None of his other friends can do that and he appreciates and respects it and does not abuse it.

    While neither of us get rewards from what he spends, neither does the card have any fees:  no annual fee or load fees of any kind.

    i use it for what amounts to "direct deposit" of his weekly 'paycheck" where I pay him for test scores and grades.   He gets $10 for an "A" and I simply go to the Chase app on my phone and add the $10.   Or, recently, I sold some of his football cards on EBay and simply transferred the proceeds to his Starbuck's debit card.

    It's the modern version of a weekly allowance but not only works better, it teaches him lessons on managing a credit card -- which everybody needs.

    For myself, I stopped using cash a couple years ago.   To me, using cash feels so old school.
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