My spouse and I share just about everything including all our bank accounts.  In fact, neither one of use has an individual account; they are all joint accounts including our credit cards. I have found out over the years that we are probably in the minority, as many couples tend to keep separate banking and credit card accounts. I have really tried to understand the reasoning behind this but it makes no sense to me unless the account is a credit card given to you by an employer.  So, rather than confuse myself further, I thought I would provide you the reasons why you and your spouse should have joint credit card accounts.

  1. Helps With Poor Credit – Opening a joint credit card account helps to establish credit or gives an individual with poor credit the opportunity to get a credit card at a lower interest rate.  Considering the current economic situation and unemployment figures, it is highly likely that your spouse could have no credit or a poor credit rating.  By applying for a credit card jointly, both credit histories are considered thus helping your spouse become more credit worthy.
  2. Improve Credit Scores – A joint credit card, if managed properly, will help increase both credit ratings for each card holder. As long as you do not max out the credit limit and always pay the bill on time, both credit scores can slowly increase over time.
  3. Simplify Bill Paying – It makes sense that a joint credit card will reduce waste, make budgeting much easier and make bill paying a snap.  Most everyone wants to help with the environment and having  joint credit cards will cut down on paper consumption, reduce postage spending thus cutting down on carbon emissions.
  4. A Sign of Trust – By having joint credit cards, you and your spouse are sharing and trusting one another while eliminating unnecessary frustrations, jealousy and secrets. It may seem silly but imagine what horrid emotions will run through your mind if you discover that your spouse has an individual credit card you knew nothing about.

Similarly, the risks involved in having joint credit cards can mirror the positive rewards:

  1. Divorce – People can get really nasty during a divorce by trying to max out the joint credit cards or removing the other one from the account.
  2. Double Chance of Lost or Stolen Cards – It’s hard enough trying to keep tabs on one credit card but now you’ll have to keep tabs on two or more.  Make sure to keep your credit card secure at all times to avoid common credit card scams.
  3. Negative Impact on Credit Scores – Just as your could increase your credit scores with responsible use, your spouse could be punishing your good credit with their irresponsible use.

In my humble opinion, the most important reason for having joint credit cards is the trust issue.  If you are not willing to sign up for a joint credit card, what else are you hiding? Your spouse will never really understand why you have an individual account and thus the seeds of doubt begin to spread to your relationship. I am not advocating having joint credit card accounts because of an insecure partner but merely suggesting the possible ramifications should you choose to have individual cards. Once the mind gets going, you never know what path of uncertainty your spouse will go down.

All major credit card companies can help you in setting up a joint credit card account and make sure you check your credit card agreement because additional cards could cost a small one-time fee.

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