How a Joint Credit Card Can Help You

Information verified correct on October 27th, 2016
If anything, a joint credit card helps you budget your expenses together as a couple and lessens the number of bills you receive each month. If anything, a joint credit card helps you budget your expenses together as a couple and lessens the number of bills you receive each month.

Getting on the Same Page

Many couples today face a series of problems when they decide it’s time to make a life together. They’re looking to buy a home, new cars, have children, and buy things together that symbolise their bond. It’s a fun and exciting time of doing away with their singular pasts and building a new future together. It’s also trying, especially when it comes to the bigger goals such as buying a home, when one has a lower credit score. To solve this problem, you might want to look into how a joint credit card can help you.

Improved Credit Scores

Improving your credit score is the goal of most people with low scores. In a relationship, you want to help each other, and there are many ways how a joint credit card can help you. Using the stronger credit score of one partner, the joint card will allow you both to exercise higher spending limits while enjoying lower interest rates. This joint account will allow you to build both credit scores, while combing your two incomes to help pay the bills on time.

Better Terms

The partner with the lower rating will always have worse terms than the other. Higher interest rates and lower credit limits will hamper them and impede their attempts to reconstruct their credit.

How a joint credit card can help you: As a committed couple, you’re striving to reach the same goals. To do that, you may need both of you to have a good credit score. By combining the credit cards into one, you both benefit from the stronger credit history, allowing both to enjoy much better terms, lower interest rates, and easier payment options. This allows the stronger credit to help rebuild that of the weaker partner.

And Just a Few More

When the two of you share a joint credit card account, you’re cutting down the number of bills. Instead of two or three credit cards, you’re now only getting a bill for one credit card that you can use both incomes to pay for. It may only be one bill, but it’s a start to cutting down the stack of bills that you get each month.

There are other answers as to how a joint credit card can help you, as well. You know how easy it is to just go out an max your card knowing that your partner won’t be seeing your statement? When you share the card, you’ll have a reason not to max your card. It’s simply because you don’t want to be the one that gets the phone call from your spouse asking “What could possibly have spent on?!” This provides a great deterrent that will keep you both from overspending.

Sharing a joint credit card account shows that there is an undeniable trust between the two of you. You wouldn’t trust just anyone with your credit or with your financial accounts. By using a joint credit card, you’ll show your partner that you do trust them, and that the goals that the two of you share are important to you. It’s a great step toward building a solid relationship if you’re both on the same page, and it’s also an excellent way to show your partner that you trust them.

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4 Responses to How a Joint Credit Card Can Help You

  1. Default Gravatar
    Carmen | May 5, 2013

    I want to do a joint credit card with my daughter is this available to me.

    • Staff
      Jacob | May 6, 2013

      Hi Carmen. Please check this page for a list of institutions that allow joint primary credit card holders. Jacob.

  2. Default Gravatar
    Tracy | January 18, 2012

    Hi my fiance and I have just recently moved to Australia and we want to apply for a Joint Primary Holders Credit Card. Are there banks that offer this? We have had no luck so far. They have all been One primary and an additional cardholder which is quite different. We both want to share the responsibility.

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Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
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NAB Low Rate Credit Card
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0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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