What is a joint credit card?
A joint credit card has one primary account holder and an additional user. Both can use the card to make purchases, but only the main account holder is responsible for managing the account and repaying any debt.
How do joint credit cards work?
Joint credit cards can be used to pay for anything that a normal credit card can. They also incur the same types of credit card fees and charges. The main difference lies in who is legally responsible for managing the account and repaying any debt. Here’s how it works:
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Main account holder: This person applies for the credit card and is responsible for all aspects of the account. This includes making payments and repaying any debt. The primary account holder's credit history is used to set the credit limit and terms of the card.
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Additional user: This person will get their own card linked to the same account. This additional user can make purchases using the card but is not legally responsible for repaying the debt.
Should I get a joint credit card?
Whether you should get a joint credit card depends on several factors. These include your financial situation and the relationship you have with the person you’re considering adding. Weigh up the advantages and disadvantages before making a decision:
Advantages of getting a joint credit card:
- Makes managing shared expenses more manageable. Such as household bills or travel costs.
- Simplifies finances. Easier to track and manage joint spending in one place.
- Access rewards and benefits. Both users can contribute to earning rewards points or cashback more quickly.
Disadvantages of getting a joint credit card:
- The primary account holder is solely responsible for repaying the debt, even if the additional user incurs the charges. This could lead to unexpected debt.
- Could negatively impact the credit score of the main account holder if payments are late or the card is mismanaged.
- Requires a high level of trust and clear communication between both users to avoid issues or potential conflicts.
Who can I get a joint credit card with?
You can get a joint credit card with someone you have a strong, trusting relationship with. Commonly, people get a joint credit card with:
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Spouse or partner. This is the most common scenario. Couples often share joint credit cards to manage household expenses and shared financial goals. You don’t have to be married to get a joint credit card together.
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Family member. Parents, adult children, or siblings may opt for a joint credit card to help manage shared expenses or to build credit for a family member.
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Trusted friend. Although less common, it’s possible to get a joint credit card with a close friend. There should be a strong trust and a clear understanding of financial responsibilities.
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Business partner. For small business expenses, some people choose to get a joint credit card with a business partner. However, a business credit card might be a better option in this scenario.
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Disclaimer: We make every effort to ensure content is correct when published. Information on this website doesn't constitute financial advice, and we aren't responsible for the content of any external sites.
Fiona Peake
Personal Finance Writer
Fiona is a personal finance writer with over 7 years’ experience writing for a broad range of industries before joining Ocean in 2021. She uses her wealth of experience to turn the overwhelming aspects of finance into articles that are easy to understand.
