Credit Card Joint Account

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Many couples go for bank joint accounts and likely credit card joint accounts are also there for couples. A credit card joint account can be availed by two people, who can access the cards equally and can get the cash benefits and they have to share the payment liabilities. This facility is best for couples. However, there is a catch. Credit cards are issued to one authorized person. If he wants to add on another person, he can apply to the credit card company with proper documentation.

The added on user will be authorized to use the credit card as well as the authorized person. He will get an additional credit card for his personal usage. He can use the card for purchases. With the permission of the authorized user, he can access the online account to make transactions. The secondary credit card account holder cannot be liable for paying off bills unlike the primary credit card holder. Pros and cons of credit card joint account are mentioned below:

Advantages of joint credit cards: The advantages of joint credit card accounts are encapsulated below:

  • The account holders can access and share the account at their convenience. They can share the bills. The policyholder can use both the cards in case of any heavy payment. You can buy some time to decide which card to use first to pay back your debt.

  • Having a joint credit card account would help the policyholders to get better credit points. However, the account holders have to use the card very carefully. The bills should be paid after a certain interval to keep the balance low.

  • The primary account holder can add on any member of the family, who had bad credit history. If the credit history is good, this will help the secondary user to increase his credit points.

  • Joint credit card account holders can get good interest rate.

Disadvantages of joint credit cards: The drawbacks of credit card joint accounts are described below:
  • Both the cardholders are responsible to pay off the bills. The credit card company can issue legal suit against both the cardholders if they falter at any point. The credit card holders can have their wages reset.

  • According to the statistics, joint credit cards can lead to serious relationship problems. To put it in other words, many couples cancel their account due to their relationship issues. Even if the couples do not call off their card agreement, joint credit cards have some loopholes. In case of a divorce or breakup, the cardholders need to be responsible like before. If any of them fail to pay off the bills, the other one will be affected.

  • One cardholder can harm another person's credit history by accessing the joint account. For example, a person can go on shopping and end up sending bills to the other person.

Last Updated on 12/05/2011