Apple's credit card gets a family plan with new Apple Card Family program

Apple described the family plan as set of features designed to make it easier for families to track spending and build a "healthier financial life".

Unpacking Apple's Spring Loaded event

Apple is bringing more family features to its Apple Card credit card program. The Cupertino tech giant held its Spring Loaded event on Tuesday and introduced Apple Card Family, a set of features designed to make it easier for families to track spending and build a "healthier financial life."

Also: Apple's Spring Loaded event: The five biggest announcements

With Apple Card Family, Apple Card cardholders can merge credit lines with spouses and partners, giving each person equal accounts and a chance to build credit together. The program also allows cardholders to share their accounts with children over 13, with optional spending limits and controls to steer their financial habits.

Here are some more details about Apple Card Family:

  • Apple Card customers can add up to five people to their Apple Card account via the Wallet app. All users must be part of the same Family Sharing group in order to be invited.
  • Those 18 years or older are classified as a co-owner of a shared Apple Card account, which allows them to build credit history and utilize credit reporting.
  • Those 13 to 17 years old are classified as a participant on a shared Apple Card account. Being a participant does not impact the minor's credit history unless they are opted in to credit reporting.
  • Existing Apple Card customers can also merge their Apple Card accounts for a chance at a higher shared credit limit and lower APR. 

"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," said Jennifer Bailey, Apple's vice president of Apple Pay. "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. Apple Card Family lets people build their credit history together equally."

First launched in 2019, Apple Card has an architecture and financial setup that makes the credit card as compelling as a rewards program. Customers get 3% Daily Cash on all purchase made with Apple; 2% with Apple Card and Apple Pay usage and 1% with the physical card; and 1% with the titanium Apple Card. Goldman Sachs is the issuing bank and MasterCard provides a key payment partner to get a global base.