The Apple Card was introduced two years ago as the company’s first foray into the financial services market – with a credit card, no less. Apple announced today at its special event the expansion of the Apple Card into your Family Sharing group.
That’s right, beginning in May, if you live in the United States, you’ll be able to share your Apple Card with up to five people in your Apple Family Sharing group. They must be at least 13 years old.
You can invite a special someone in your life who is 18 or older to be a co-owner of your Apple Card. This allows both of you to build credit history together, as well as the flexibility of a combined credit limit and “transparency into each other’s spending,” which, depending on how you look at it, may be a bug or a feature. And then there’s life.
Anyway, Apple claims that the co-ownership feature also allows people to “share the responsibility of making payments,” because everything must now be shared. I can’t wait for stories about this to appear in the future.
Existing Apple Card customers who want the flexibility of a higher shared credit limit while keeping the lower APR of the two accounts can merge their accounts.
Apple’s cashback program (Daily Cash) will be available to co-owners and others with whom you share your Apple Card (those who are in that position but are not co-owners are referred to as participants in Apple jargon).
For participants, the owner (or co-owners) can set spending limits, and there are also some “controls to help teach smart and safe financial habits,” so one’s children are probably the best fit for the participant role.