When you apply for a credit card with another person you take your relationship to a whole new level. Joint credit cards often a variety of pros, but really more cons. Some of those vary, also, depending on whether you have good credit or poor credit. Should you sign up for debt, arm in arm with someone you love? Let’s dive in and see.
First, let’s get it out of the way and say that you can “share” an account with another person by making them an authorized user on your account. So, if you have a gasoline card and you want your child to be able to fill up the family car whenever they want you can get a gas card from your account printed in their name with them as an authorized user. They won’t have the ability to manage your account, they won’t have any financial responsibility and your card will not appear on their credit report. It will be all yours, they just get to use it.
On the other hand, you can also get a “joint” credit card. This is when you apply for a credit card as a joint applicant with another person. You both give your social security number, you both agree to all the terms, and you are both given cards as well as financial responsibility for the account. You do not have to be related to get a joint card with someone; any two people can apply for a joint credit card.
When you apply for a credit card with another person this joint credit card offers a variety of benefits, some more tangible than others.
If you decide on a joint credit card ensure that the person you sign up with knows how to use a credit card wisely – in fact, suggest that they start reading right here LINK TO START OF THIS GUIDE.
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