Should You Get a Joint Credit Card?

If you are in a relationship, you might be considering getting a joint credit card. There are many things you should consider before opening one, so it is important that you are informed of all the pros and cons.

As with all major financial decisions, opening a new credit card should be taken seriously, especially because your credit score is at stake. Be sure to keep reading to learn all the information you need to know to determine if you want to open a joint credit card or not.

Why It’s A Big Deal

Making financial decisions as a couple can be hard, especially if you two have different income and spending habits. It is likely that you and your partner share some expenses such as splitting bills proportionately. However, tackling credit card bills might be a whole different story.

This is because they pile up so quickly, and if you forget to pay your bill, you’ll get a late fee and will be charged with interest. Even if you are able to get control of your credit card debt quickly, both of your credit scores will take a big impact.

Pros of A Joint Credit Card

Although opening a joint credit card is a high-stakes decision, there are some advantages to it. It could help improve your credit score if your partner has a good credit score. For example, if your score is in the 600’s and your partner’s score is in the 800’s, you’ll get more favorable terms on your credit card if you open a joint account. After months of responsible, on-time payments, your credit score will rise.

Another pro of a joint credit card is that there is one less bill each month. However, if you do plan on opening a joint credit card, make sure you and your partner have a plan for paying the bill each month. Will the money come from a shared checking account that you both contribute to? Will you contribute the same amount each month, or different amounts depending on who earns more? These are some of the questions you must consider.

Cons of A Joint Credit Card

The biggest risk that you take when opening a joint credit card is nonpayment. If your partner makes large purchases that you can’t afford to pay for or neglects to pay the bill, both of your credit scores will be greatly harmed. Because of this, it is extremely important to make sure that you trust the person you’re opening the card with and that they are responsible enough.

Authorized User Approach

Making someone an authorized user on your credit card is a step down from sharing a joint credit card. An authorized user can spend, but doesn’t have to pay. This approach is popular with families; some parents add their children as authorized users on their account. In most cases, the credit card shows up on the authorized user’s credit report even though the authorized user doesn’t pay the bill.

If you’re an authorized user and the primary account holder stops paying the bill, your credit score will also be impacted. For instance, this could happen if the parent experiences an illness and stops paying the bills, and the child has no idea. Similar to a joint credit card, being an authorized user on someone else’s card involves some risk.

Author’s Verdict

If you are looking into getting a joint credit card, hopefully this post has helped you decide whether or not it’s right for you. In addition, if you are going to open one, make sure that you trust the other person and that they are responsible.

In addition, we have a list of bank promotions to get some extra cash in your pockets today. You may also want to check out savings accounts if you want to get started on saving up money.

U.S. Bank Promotions 2025: $450, $500, $900 Personal Checking & Business Bonuses

Discover Bank Promotions: $360 Cashback Debit Bonus, Up to 4.00% APY for 2025

Huntington Bank Bonuses & Promotions: $100, $400, $1,000 Checking Offers 2025

• 1
• 2
• 3
• ›