Joint Credit Cards: Sharing is Caring – Guest Post
Anyone who’s ever grown up with a brother or sister has probably been taught the value of sharing at a very early age. I had a younger brother growing up, so I learned from a rather early age to hate the “S” word.
But while we all (well, most of us anyway) eventually learn that sharing is caring, there are a few things in life we tend to like to keep to ourselves, such as our credit card accounts. But for those who would rather share their credit accounts and financial responsibilities, there is a solution in the form of joint credit cards.
Joint credit cards are just what they sound like: A credit card that can be used by two people to charge purchases to, and appears on both of their credit reports. Both parties are responsible for the card’s payments, meaning if one person overcharges or misses a payment on the card, the issuer has two people it can go after to get paid, leaving the both of you needing credit repair fast.
With that said, let’s take a look at the pros and cons of having a joint credit account.
• Now two people can pay the bill! Say you’re both already living together, splitting the bills for rent, utilities, and other necessities. Why not share a credit card as well? Having only one credit card between the two of you can make paying the bill less of a hassle, as well as help you keep a handle on your debts.
• Turn that bad credit around! Does one of you have an unsightly blemish or two on your credit report? If the other person has a credit history that’s dressed to impress, piggybacking onto their card is the surest way to build your credit right back up without the need to consult credit repair companies. Of course, in order for that credit to stay good, the balance will need to be kept relatively low and paid on time.
• Now two people are responsible for the bill! Why shouldn’t you both get a card together? Because now you’re both legally responsible for all purchases made on said card, meaning if one of you ends up spending more than you can afford and come up woefully short on payday, it’ll fall to the other person to pick up the slack and pay the bill.
• It can be used against you! Shared credit cards can sometimes lead to problems in the relationship between the two card holders. Adding financial arguments to any couple’s troubles is never a good idea, especially if one person ever gets angry enough to overcharge the card on purpose and leave the other person with the bill and the wrecked credit.
So is it right for you?
I wouldn’t recommend it. Some things are best left separate, and your credit accounts aren’t an exception. Of course, everyone’s situation is different – only you can know for sure if you should share a credit card account with someone else. Just know they can potentially damage your relationship with the person on the other side of the card.
This is a guest post from John LeBlanc, a writer for My Credit Group, a website dedicated to helping consumers with managing their credit.