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Sharing a Credit Card

New Member

Sharing a Credit Card

I've thought about opening a joint CC account. I'm kinda glad I didn't seeing as both account holders are "equally responsible for payments." I'm not sure I wanna be paying for my BFs **bleep** if he's spending too much money and can't pay his full share.

 

Does anyone have any advice for opening a shared credit card account with their S.O.?

11 REPLIES
Frequent Contributor

Re: Sharing a Credit Card

I just opened a joint account with my wife and I trust her financially as you should trust your SO financially before even thinking of joint accounts with that individual. 

FICO 8 Scores: EX 706 (11/3/2016) EQ 696 (11/17/16) TU 708 (11/17/2016)

"Use your Credit wisely, don't let it use you!"~Me Smiley Very Happy

New Member

Re: Sharing a Credit Card

That's great advice. Thanks!

 


I guess we have some things to discuss before opening an account together. 

Frequent Contributor

Re: Sharing a Credit Card



ags512 wrote:

That's great advice. Thanks!

 


I guess we have some things to discuss before opening an account together. 



Wise decision myFICO friend!

FICO 8 Scores: EX 706 (11/3/2016) EQ 696 (11/17/16) TU 708 (11/17/2016)

"Use your Credit wisely, don't let it use you!"~Me Smiley Very Happy

Established Contributor

Re: Sharing a Credit Card

 I assume that if you are considering a joint account, you live with each other?  If not, then the correct response should be "Don't open a joint account!"

 

 What is the goal of having a joint account?  (IE, to share household expenses, or "because that's what people do in a realtionship?")

 Do you have reason to think he's not responsible in his bill paying?

 

 I can't tell if you're being facetious, or if your BF has a buying problem.  Smiley Happy 

My cards:

Amex BCE: $15K | Cap1 Venture: $18K | NFCU CR: $14.3K | Wells Fargo: $11K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | Discover IT: $6K | Sportsman's Guide: $5.9K | NRA: $5.5K | Legacy Visa: $2.75K | Elan Plat: $2.3K | Cap1 PS: 2K | Cabela's: $1K


Current Scores: EQ: 718 | TU: 742 | EX: 716

Valued Contributor

Re: Sharing a Credit Card

Definitely have a serious talk with him before you do anything like that. Your concern is legitimate and can cause significant strain on your relationship if he doesn't uphold his end. If you have any doubts I wouldn't even consider it. One fault will be a seven year sentence on your credit report. 

Total CL: $96K
High CL: $39K
Low CL: $7K
Aver CL: $16K
AAoA: 4 Yrs & 1 Mon
Utilization: 4%
Inq: EQ: 10 | EX: 2 | TU: 2
BK CH7 DC: 03/2013
New Member

Re: Sharing a Credit Card

Thanks for the great advice! 

Established Contributor

Re: Sharing a Credit Card

As someone who has been there, done that when I was much younger (because "that's what people in relationships do") I would advise to keep your finances your own until you are married. Sometimes even if you are married it is less of a strain to keep your finances separate and decide who is responsible for what.



Giving up on the images for now

Stepped out of the garden 10/9/16

Frequent Contributor

Re: Sharing a Credit Card

I am unmarried and I share (AU) an AMEX PRG with my SO. We limit the use of this account to shared purchases only, mostly dining and streaming subscriptions (we live together and eat out almost every night).

 

We chose the AMEX PRG specifically because we would be using the card mostly for dining purchases and we wanted to never carry a balance and earn 2x membership rewards points. Using a single account and splitting the monthly balance is less of a hassle than splitting payment at each transaction. We plan to use the points towards vacations we take together.

 

Have you noticed any shared spending patterns in your relationship?

Mar 2017: EQ 733 80 INQ | TU 768 42 INQ | EX 755 80 INQ || AMEX PRG | AMEX BGR | USAA Rewards VS $17K | USAA NAMF AMEX $15K | SECU Visa $10K | Cap1 V1 (AU) $45.75K | AMEX BCE (AU) $10K | Marvel MC $25K | Walmart MC $10K | Freedom $12.2K | USAA Cash Rewards VS $18K | Walmart SC $25K | PENFED CR $9K | AMEX EDP $24K | Banana Republic SC $10K | MECU $10K | Amazon SC $25K | Barclays Apple Rewards $10K | J. Crew $13.6K | Cap1 PlayStation $3K | Cap1 QS1 $2.6K | Business: AMEX Green NPSL | AMEX SimplyCash $2K | AMEX Blue for Business $3K | Cap1 Spark Visa $7.5K | Amazon Rev. $2.5K | Amazon PIF (No PG) $1K | Walmart (No PG) $2.5K | Chase Marriott Business $30K | Chase Ink $14K
Established Contributor

Re: Sharing a Credit Card


ags512 wrote:

I've thought about opening a joint CC account. I'm kinda glad I didn't seeing as both account holders are "equally responsible for payments." I'm not sure I wanna be paying for my BFs **bleep** if he's spending too much money and can't pay his full share.

 

Does anyone have any advice for opening a shared credit card account with their S.O.?


My wife and I have no joint credit cards (or bank accounts for that matter). My advice is if you don't have a compelling reason to do it, don't. Having joint debts (and assets) doesn't really provide any value and can be dangerous in the event you separate/break up.