So you and your partner are considering opening a joint credit card together. Some would say that this is a big step in the way of commitment. Sure, when you get married you’re opening up your heart and life to someone but when you open a joint credit card together you’re opening up your bank account to that person. Think about it: if someone breaks your heart, you can usually recover, but if someone messes up your finances, fixing that may take more than just time, wine, and therapy. That being said, it can feel really good to have a joint credit card with your partner. It can strengthen a couple to make financial decisions and moves together. You can work on savings goals jointly, and even reap the many rewards a credit card has to offer together. You can probably earn a lot more rewards than an individual user would get, too, since you’re racking up double the usage. All that said, here are some things to discuss before opening a joint credit card.
Is this a true joint account?
First, decide if you want to open a true joint credit card or if you just want to add a person as an authorized user to an existing account. If this is a true joint account, then both of your credit scores and credit history will contribute to what sort of card and limit you get. If one person has such terrible credit that this isn’t an option, adding that person as an authorized user, and having the person with good credit open the actual account, is a great option.