In this work, we will learn the Pros and Cons of Joint Credit Cards. A joint credit card is a credit card owner by more than one person. They can be 2,3 or more. Each time people have a joint credit card account, they make changes to the credit card and the card’s history is added to their credit report. They are all responsible for the credit card payments.

However, before applying for a joint credit card with anyone, think about it very well. Ensure that both you and the other party are responsible, honest and trustworthy.Joint Credit Cards

Pros and Cons of Joint Credit Cards; Advantages of Joint Credit Cards

With a joint credit card, especially with a spouse sharing bills are easy. Instead of having to pay all by yourself, you have a helping hand. The bills you can share include rent, electricity bill,  cell phone bill, and others.

Joint credit card is sometimes the only way to get your spouse a credit card or to get a low-interest rate. It is more pronounced when the other party has a bad credit score.

When you add a spouse or family member with bad credit to your credit card you can help them improve. As long as you do not overspend and avoid late payments, the credit score will be well built for both parties.

Pros and Cons of Joint Credit Cards; Disadvantages of Having a Joint Credit Card

To start with, the two parties are responsible for all the payments whether they both used the card or not. In a situation where one person uses the card for purchases, the other partakes in the payment. The credit card issuer can take legal action against both parties for any delinquency.

Moreover, when there is a divorce or a broken relationship, handling the card becomes war. The financial institution still holds you responsible for the card.  When the other party defaults, it still affects your credit score.

In a 2008 poll conducted for CreditCards.com, 19%  of persons interviewed opined that it brought serious misunderstanding. In most cases, it ends up badly, one person always takes the other for granted.

Is a Joint  Credit Card an option?

Do not just start sharing a credit card. Carefully consider if you can really do it. The person you intend to share the card with, is he mature and reasonable? If not, have a separate card each.  In the CreditCards.com survey, only 9% of respondents said they felt closer to the person after sharing a credit card. Similarly, 9% said they felt more in control of the relationship. This means that for a lot of people, joint credit card spoilt their relationships and destroyed the trust they had for themselves.     Carefully review the pros and cons before having a joint credit card.