There are always exceptions to every rule, but when it comes to a obtaining a joint credit card those bonuses are mighty few and far between. There are just so many traps and shifting circumstances in how people interact with another to open that can of worms. Think long and hard, how many relationships are destroyed over someone borrowing some money? For sure, several of those scenarios pop right into your head.
What Happens With a Joint Credit Card if My Credit is Better?
If you are the one in the duo that possesses the higher credit rating when discussing a joint credit card account, it is a tremendous risk for you to take on the financial responsibility of sharing an account with someone who may not be as financially responsible. You are essentially creating a situation where another party has some type of control over your fiscal future if they back of paying or if you lack the cash to pay their bill.
Maybe you are on common ground when it comes to how your credit ranks. That is terrific, but things happen and that relationship may really well fade into your rearview mirror. This does not apply only to matrimonial bonds, but to family members and friends. You do not have a crystal ball to predict what is coming your way in the future and if that relationship is relegated to the trash heap you do not want to responsible for paying their debts.
What if a Joint Credit Card Actually Helps Me Out?
That is certainly a possibility and there are a multitude of different scenarios where something pretty awful could happen to you that is unavoidable. If you have the lower credit rating, the only reason to open a joint credit card is to improve it. The kicker, however, is each person should be responsible credit card users to build their own credit. It is only to protect themselves. This even applies to the parent/child relationship. Even parents are better off not being involved in their child’s financial future. Therefore, only open a credit line under your own name and keep that way. The trend is for many companies to rid themselves of that option. Maybe they do have that crystal ball and know how tricky and problematic a joint credit card can be.