The Apple Card gets new Family services for credit- and payments-sharing
00Apple launched its inaugural, Goldman Sachs-backed credit card in 2019. Now, it has announced a new, shared variant of this service in order to extend the "healthier financial life" it promises to families. Therefore, 2 people can now co-own one of these payment tools, number-free titanium physical form and all.
Such a shared Apple Card has a single APR, equal to that associated with the co-owner with the lowest rate. Accordingly, the Cupertino giant now touts its new service as an effective way to merge credit and help build it (or not, as the case may be).
Apple Card Family also allows a parent or guardian to share a payments account with a child, so long as they are aged 13 years or more and are part of a Family Sharing Group on their app. This is intended to help the minor in question learn financial responsibility, or so the OEM imagines.
As with all Apple Cards, the new Family accounts can also earn Daily Cash on their purchases. This scheme offers 1% back on all purchases made using the physical card, or 2% when the card is used with Apple Pay. However, buying first-party products or services through either gets the user unlimited 3% Daily Cash.
Cash back at that rate (which appears in a user or family wallet) may also be available through certain partner merchants. Several new additions, including Walgreens, T-Mobile, Panera, Nike and Uber, were also announced today (April 20, 2021).
Apple Card Family will start to become available in the US during May 2021. Applications can be submitted through the OEM's Wallet, which will require the latest iOS update in order to support the new service.