Joint Credit Cards: What to Know and How to Apply for One

A joint credit card account allows two individuals to co-own a single line of credit, sharing equal responsibility for repayment, fees, and debt, while both having access to spending power.

Joint credit cards can make sharing household finances easier, but if you’re not on the same page about using the card and paying off debt, it could mean trouble for your credit score and your relationship.

While joint credit cards are getting harder to find these days, a number of smaller banks and credit unions still offer them. Here, learn the full story on joint credit cards and their pros and cons.

What Is a Joint Credit Card Account?

A joint credit card allows two people to fully share in the responsibility of spending with a credit card and paying it off. Each cardholder receives a physical card to use, and each also has full access to credit card statements and payments.

Otherwise, a joint credit card operates just like a traditional credit card — with a credit limit and interest rate on borrowed funds. If you carry over a balance month to month, that balance will accrue interest, and both joint account owners are equally on the hook for paying it back, even if one person is doing most of the spending.

Because a joint credit card is in both owners’ names, it impacts both users’ credit files. Making regular monthly payments in full and maintaining a low credit utilization could help both cardholders’ build credit. On the other hand, late payments and accumulated debt can negatively impact both users’ credit.

Recommended: When Are Credit Card Payments Due?

Ways You Can Share a Credit Card

Joint credit card accounts are just one type of shared credit card. Before deciding to apply for a joint credit card, consider whether adding someone as an authorized user on a credit card might be a better option for your situation.

Authorized User

Instead of applying for a credit card with a co-owner, you can make someone an authorized user on an existing credit card. Unlike a joint credit card, only one person serves as the cardholder and bears the full responsibility of the card.

The authorized user can get their own physical card and use it as they see fit. However, the authorized user cannot make global changes to the card, like requesting an increase in credit limit.

Some credit card issuers report credit activity to the credit bureaus for authorized users. Assuming the main cardholder uses the card responsibly (meaning they make on-time payments and keep credit utilization low), this can have a positive impact on the authorized user’s credit profile.

Adding an authorized user can be a good solution for spouses or domestic partners with shared expenses. If one partner has a strong credit score but the other is struggling, the struggling partner might benefit from becoming an authorized user on the other’s card. Additionally, parents who want their children to learn about using a credit card or find comfort knowing their teenage kids have a spending option in emergencies might also benefit from a card with an authorized user.

A caveat: If the main credit cardholder mismanages their credit card and the card issuer reports to the credit bureaus for authorized users, this could have a negative impact on the authorized user’s credit profile.

Joint Cardholder

Joint cardholders share equal responsibility for how the card is used and paid off. Just as there are pros and cons of joint bank accounts, this arrangement can have benefits and drawbacks. A joint credit card enables spouses and domestic partners to approach their finances on equal footing and consolidate household transactions. On the downside, it can lead to disagreements over spending habits and account management, since both users are equally responsible for the entire balance, even if one person makes all the purchases.

Sharing a joint credit card requires implicit trust between the co-owners. Partners who frequently disagree about money management might not find a joint credit card to be a good option.

Differences Between Authorized Users and Joint Accounts

Here’s a closer look at the differences between authorized users and joint accounts.

Privileges

Joint cardholders share the same level of privileges on a credit card. Authorized users, however, cannot increase the credit limit or add additional authorized users. On top of that, primary cardholders can sometimes impose spending limits on authorized users.

Number of Users

Two co-owners share a joint credit card account. With an authorized credit card, there is a single primary cardholder and one or more authorized users. The max number of permissible authorized users varies by card issuer. Some may let you add up to five.

Responsibility

Both co-owners share equal responsibility for a joint credit card account. Authorized users are not responsible for payments, though how the credit card is managed may affect the authorized user’s credit profile.

Impact on Credit Score

With both joint credit cards and cards with authorized users, the account’s history typically appears on the credit reports of everyone involved, which means the behavior associated with that card can influence everyone’s credit files — for better or worse.

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Pros of a Joint Credit Card Account

What are the benefits of a joint credit card? Here are some potential perks of this setup:

•   Equal control: Spouses and domestic partners who want equal control of their finances can benefit from a joint credit card, which affords them equal access to spending, statements, and payments.

•   Convenience of one shared card: If you share finances with a partner, having one credit card with one payment date might be easier than juggling multiple cards and due dates.

•   Potential to get a better rate: If one cardholder has a limited or poor credit, they may be able to access more favorable credit card terms with a joint account owner, provided the co-owner has a positive credit history.

Cons of a Joint Credit Card Account

There are some drawbacks to joint credit cards, however:

•   Shared repercussions for mismanagement: If one co-owner maxes out the card or misses a payment they said they would make, both cardholders share the burden, which can include late fees, a credit score impact, and/or growing interest. And if your partner decides not to do anything about the growing credit card debt, you could be on your own in paying off their shopping spree.

•   Difficulty of removing someone: Removing someone from a joint credit card can be challenging. Your only option for getting out of a bad situation might be paying off and closing the card.

•   Possibility of damage to the relationship: If you and a partner do not share the same financial philosophy, entangling your debts might do more harm than good. Couples who already have conflict around financial issues may find that sharing a joint credit card is detrimental to their relationship.

Applying for a Joint Credit Card

Does a joint account sound right for your situation? Here’s how to apply for a joint credit card:

1.   Find a credit card issuer with a joint credit card option: Many major banks have eliminated joint credit cards (or never offered them in the first place), which means it may take some searching to find a bank that offers joint credit card applications.

2.   Understand the qualification requirements: Read the fine print to make sure you and your co-owner can qualify. It’s not just your own credit score and credit history you have to consider; credit card issuers will be reviewing both applicants to determine if you can get a joint credit card.

3.   Fill out the application: Have all of the necessary information for both applicants handy. It’s a good idea to apply together either in-person or online. Both applicants will undergo a hard credit inquiry.

4.   Set the ground rules: Make sure both of you are on the same page about how you will use the card and who is responsible for making on-time payments. If you’re not sure where to start, check out these basic credit card rules, which can promote healthy card usage.

The Takeaway

With a joint credit card, both account holders can make purchases, and both are fully responsible for paying the bill. This differs from an authorized user setup, where both users can make purchases with the credit card, but only the account owner is legally liable for paying the bills.

Many banks have moved away from joint credit cards and towards authorized user arrangements, which still allow families to consolidate spending onto a single account.

Whether you’re looking to build credit, apply for a new credit card, or save money with the cards you have, it’s important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Do joint credit cards affect both credit scores?

Yes, a joint credit card affects both credit scores equally. Because both individuals are co-owners and co-liable for the debt, the credit card issuer reports the account activity — including on-time payments, missed payments, and credit utilization — to the major credit bureaus for both cardholders. Responsible use can help both credit profiles, while mismanagement or late payments can harm both.

Can I add someone to my credit card as a joint account holder?

No, you typically cannot add someone as a joint account holder to an existing credit card account. However, you can usually add them as an authorized user. Alternatively, you can apply for a new joint account together. However, joint accounts (where both parties are equally responsible for debt) have become increasingly rare, making authorized user status the most common method to share access.

What requirements are needed to get a joint credit card account?

To qualify for a joint credit card account, both applicants typically need to meet the credit card issuer’s criteria. Since both individuals are equally responsible for the debt, the issuer will review the credit scores and credit histories of both people.

Qualifying for a joint credit card requires both applicants to undergo a credit review. Since both users are equally liable for any debt, issuers examine both credit scores and financial histories. While specific requirements like minimum scores or income levels vary by card, a history of responsible borrowing is typically required for competitive rates. Note that many major banks no longer offer joint accounts, so verify availability with your lender beforehand.

Photo credit: iStock/gorodenkoff

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