On Monday, Apple released the first beta for iOS 14.5. It included hints to the potential for “Apple Card for Family,” which will allow Apple Card account holders to create user accounts and share their Apple Card account.
Known internally as “Madison,” this new feature will allow Apple Card account holders to split their credit line with multiple users, including friends and family, through iCloud Family Share.
Users would have access to a virtual card in the Wallet app and have the ability to earn individual Daily Cash. Daily Cash provides cash-back for every purchase after its posted to their account. Users can earn 3% on purchases through Apple, 2% on purchases made with Apple Pay, and 1% on purchases made with the physical card.
“Share your Apple Card with eligible friends and family in your family group. Build credit together, track spending, and receive Daily Cash,” said code found inside iOS 14.5.
Cardholders can place a spending limit on each account, and parents can even track individual purchases made on their child’s account. Children will need to be 13 or older to have access.
Apple may choose to hold off releasing this feature until iOS 15, but we hope to see it with iOS 14.5 in the coming weeks.