Joint Credit Card Account: What It Is, How to Get It and What Are Its Benefits

Many of the couples in the United States have maintained separate bank accounts. A good number of them, however, have joint credit card accounts, which they use to finance their monthly expenses. A joint credit account provides couples a number of benefits and advantages.

What Is A Joint Credit Card Account?

A joint credit card account is basically an account that allows two people to share one card and one credit line. The persons included in this account both have the ability to make charges to the account and are both liable for payments. If any delinquency on the account happens, the issuer of the card could go after any of the individuals on the account. A joint account can be opened by couples, friends or colleagues. However, you should be wary of whom to share the account with. In some instances, partnerships could go wrong and joint accounts could follow suit. The shared account could be used to hurt or damage your credit reputation.

How to Get a Joint Credit Card Account

Most often, joint accounts are opened by couples. If you are set to get a joint credit card account with your partner, you can go visit your bank, credit union or even a store. They typically offer shared accounts for couples looking to share one account. Upon application, you and your partner will be evaluated based on your ability to pay, credit history and other factors.

Before you apply for a card, you should discuss with your partner who will be the authorized user and who will be the account holder. While these two both have the power to make charges on the card, they have key differences that set them apart from each other.

Consider your choices. Most major banks, such as Chase, Citibank, Capital One, and Bank of America offer credit cards for couples. You can choose whether you would want to go for Visa or MasterCard for the joint account. After considering your choices, you and your partner can fill out the application form. Some banks offer online application. You can submit it online or you can print it out and send it to your bank.

Perks of a Joint Credit Card Account

A joint account allows you and your partner to track both of your spending habits. Both of you can also use the card to purchase groceries, home improvements, dining, and travel. Instead of worrying about the bills each month, the two of you can split the payments in half. You can also help your partner get better credit and lower interest rates. The key is to make sure you pay the balances in full each month.

What Fees to Expect in a Joint Credit Card Account

There are credit cards that do not have annual fees for joint accounts. However, you should know that there may be additional user fees. If you choose a card that has an annual fee, they may not require you to pay for the cards of the other users you have enrolled in the account. For instance, if you select AmericanExpress, they may charge a fee for every extra card. However the fee here is lower than the annual fee of the primary cardholder’s account.