Joint Credit Card  | Pros and Cons of Joint Credit Card

Just like a joint savings account, you can decide to open a joint credit card with a partner or loved one. This gives both of you access to the one credit card account. It also means that both of you are liable for the credit card payments. Hence it will reflect on your separate credit accounts. Check out the pros and cons of joint credit cards below before opting for one.

Joint Credit Card

Pros of Joint Credit Cards

Here are some of the advantages of having a joint credit card account;

  • You share a bill. If the person in question is your spouse, there is a possibility that you both have one rent, one electricity bill, one cell phone bill, it seems only natural to share a credit card bill. Having one less bill to pay can let you make the most of your income. Plus, when it’s time to pay off your debt, you’ll have an easier time deciding which card to pay back first.
  • Help one person get better credit. Adding a spouse or family member with bad credit to your credit card can help them get better credit. A spouse with bad credit may have trouble getting approved for a credit card on their own.

Having a joint credit card will only work if the credit card is managed right – the bill is paid on time and the balance is kept low.

The Cons

There are also downsides to having a joint credit card. These include:

  • Both people are legally responsible for making the payments. That means the credit card issuer can take legal action against you for charges you might not have made to the credit card. You could even be sued and have your wages garnished if the credit card payment becomes delinquent.
  • Credit card disagreements could cause relationship problems.
  • Breakups or divorce make it hard to manage the credit card. No matter what a divorce decree says, the credit card issuer holds you to the original credit card agreement. So if your ex-spouse isn’t paying his or her share of the credit card bills, your credit can still be affected.
  • One person could use the credit card to hurt the other. Especially after a breakup, one cardholder could go on a revenge spending splurge, leaving the other cardholder with the bill.

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