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Can you and your spouse share a credit card? What are the benefits?

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It is entirely possible to share a credit card with your spouse. Shared credit card accounts means that both spouses have complete access to the other’s bank account. This puts an end to any form of financial privacy that was ensured by the bank previously. But why would anyone want to be legally joined in an undefined amount of debt?

Sharing a credit card with your spouse has its pros too. If you are giving consideration to the fact that you might share a credit card with your spouse then you will first have to decide whether your significant other will be an authorized user or a joint holder.

Authorized user

Adding your spouse as an authorized user means that they will not be responsible for recompensing the credit card debt. When a partner is not responsible for repaying the debt, they also cannot help in improving their spouse’s credit rating. The plus point here is that lenders often don’t pay attention to authorized user accounts when they make judgments.

Joint holder

If you and your spouse have agreed to share a credit card then one of the many reasons behind it might be that one of you hasn’t yet established a decent credit history. Presuming this applies in your case, you must be aware that this is only effective if the person you share a credit card with is a joint holder. In the scenario of a joint account, both you and your significant other will be accountable for recompensing the credit card debt.

Why share a credit card with your spouse?

There are several incentives that will come your way if you share a credit card with your significant other. These include:

  1. Bill consolidation
  2. Combining flyer miles and credit card rewards
  3. Decreased annual fees
  4. Greater mutual trust

Before you commit to share a credit card with your spouse, take into consideration how well your spouse manages their finances. What you are risking here is your credit history. If your spouse overspends consistently and regularly pays bills late then your credit history will be damaged considerably.

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