Does each spouse need their own credit card if there are no spending/debt issues?

[Anonymous]

My husband and I currently each have a credit card in our name, and we are both listed on the other person's account (we both have a card w/our name on it for both accounts).  We use the credit cards for convenience, security and to get air miles - we never carry a balance from month-to-month.  We are both conservative w/our money - neither of us has "spending issues", nor do we anticipate any such problems in the future.  Both our names are on our car loans and our mortgage, and we jointly share all our bank & investment accounts.  We live under our means and pay everything on time.  My husband is self-employed and I stay home w/our 2-yr old.  We live in TX.

My husband wants to have only 1 credit card account for simplicity, but I am concerned about not having a credit account which is primarily in my name, in order to be sure I have an established (positive) credit history should he unexpectedly pass away.  Since have no spending issues as regards sharing accounts, is there any reason we should NOT have only one credit card account, which is primarily in his name and on which I am listed as an authorized user and for which I carry a card with my name on it?  Would that still be building a positive credit history for me shoud I need it individually in the future, or should I keep an account for which I am the primary cardholder? 

Thank you!

[Anonymous]

It would absolutely be better to each keep a card in your name for the long-term benefit of both of your credit histories. My wife and I do the same thing, except her card doesn't get any rewards, so we just put $1-5 on it per month just to help her build credit, the rest of the monthly expenses go on my card(s).

[Uborrow-Upay]

Hi, kblank!  Welcome to the forum!

Aside from maintaining an individual credit history for yourself (for any number of reasons), having your own account can save you lots of headaches if you're away from home (you do use those airline miles, don't you?) and his wallet gets stolen.  Your separate account is the safety net, 'cause his account would be closed when reported stolen, and would therefore be unavailable to pay for car rentals, hotel bills, food etc. until a new card is issued, received and activated.

Bottom line?  Keep a separate account with your name as the primary cardholder...just in case.

Have a very Happy New Year, too!

[Anonymous]

It is smart to have the set up you currently do. You have already touched on the reasons for why so I can only assume you are seeking reassurance. If that is what you seek, I back your idea 100%! If more people realized the dangers of banking a couples credit profile on one spouse, a lot of headaches could be avoided.

[Anonymous]

Thanks so much, good tips.