- 1). Ask yourself whether the second cardholder shares the same monetary values and financial goals that you do. It is important for the other person to manage finances responsibly as well.
- 2). Understand beforehand that regardless of who makes the purchases, when applying for a joint credit card account, both parties agree to be responsible for any charges incurred. While a joint account allows an individual with poor or no credit the opportunity to build his or her credit standing, couples who apply for a joint credit card must be able to agree on how to spend the credit. Any spending decisions, particularly those involving large purchases, should be made together.
- 3). Take into consideration that when you apply for joint credit, the credit score of each party can be affected. Whether or not you exceed the credit limit or pay the bills on time can improve or damage the credit history of each cardholder.
- 4). Agree to be a joint account holder only if you are prepared to pay the account yourself should the need arise. Although joint account holders both are financially liable for paying the debt, if one account holder should at some point be unable or unwilling to pay, the credit score of each will be negatively impacted if the account becomes delinquent.
- 5). Apply for a retail credit card at a department or chain store. Most major banks, including Bank of America, Chase, Citibank, and Capital One to name only a few, offer MasterCard or Visa credit cards to joint account holders. Bank cards allow consumers more buying power than shopping at just one store. In addition, applicants can select from a wide variety of credit card rewards and benefits programs. Other financial institutions such as credit unions also make credit cards available to joint applicants, often at low rates. Major oil companies (e.g. Chevron, Texaco, Sunoco) offer gas card options as well. To add to the convenience, many of these credit card programs allow busy consumers the flexibility of applying online.
- 6). Think about going the route of an authorized cardholder instead of applying for a joint account. While an authorized user will receive a credit card in his or her own name, that individual is not financially responsible for paying any of the charges made to the account. Nor can the credit score of an authorized user be affected by the account holder’s payment history. Likewise, an account holder’s good payment history will not boost the credit score of an authorized card user.
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