Should you get a joint credit card?

September 21, 2009

So you share a bed and a bathroom but what about a bank account? We help you work out whether it’s practical to share the plactic and how to do it right!

Using a credit card in conjunction with a partner is not always easy, because there are more responsibilities and decisions to make. A lot of things need to be considered when choosing a credit card such as whether or not you should be closing your existing accounts and opening new accounts together, or whether it’s best to opt for an additional credit card for your partner on an existing account.

One of the sneaky benefits of a shared credit card, is you will always know what your partner is spending on! Read on to for some more tips on applying for a credit card with your partner.

Record savings!

In the case where both you and your partner already use a combined account for some of your finances, the idea of sharing the same credit card makes perfect sense. It will help you to streamline your finances with the easy of one joint credit card statement every month. If you do not want to combine your expenses, then you usually deal with numerous statements and going through your statements each month can be a bit of a pain. Keep in mind that it isn’t necessarily good for your credit record to close your old credit cards once you’ve applied for a new one.

Make the most out of your rewards

Couples who own a credit card with a rewards program should make sure they are actually utilising all of the cards features and perks. If the rewards program of your credit card isn’t maximized, then consider using a supplementary card for your partner so that you can accumulate more points and make the most out of your rewards. This tactic will help you to save more money. Frequent flyer rewards programs can also be beneficial for you and your partner since you can travel using the points you accumulate on the rewards program. Perkler is a great Australian website for finding out more about your credit cards rewards program, with a great online community.

Be more responsible with your personal finances

When you used to sharing a lot of things with your partner, you tend to act more responsibly. But before you and your partner decide to merge your finances you need to know each others spending habits. Aside from that, it is also helpful to set out some guidelines and plan out how you propose it will work in terms of budgeting. These rules should not only be based on only your needs, but also considerate of your partner’s needs.

Go for joint credit applications

Some banks, such as St. George Bank, will allow you to use both you and your partner’s income, assets (and liabilities!) when completing your credit card application. This could give you more leverage with your application, as your combined income and assets will be utilised in checking if you meet the minimum requirements for the credit card you are applying for.

Applying for a credit card with your partner isn’t difficult to do. If you have all your information ready, you could choose a credit card, apply online, and get an answer back within minutes!

For more info check out, a free Australian owned online service aimed at helping people manage their credit cards and finances.

For more cash advice click here!

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