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| I'm getting married. What are the best credit cards for married couples? |
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Last Updated
13th of April, 2010
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When it comes to credit cards, married couples must decide whether to keep credit card accounts combined or separated. Would separate credit card accounts be best for you and your new spouse? What about opening a joint credit card account for household expenses?
If you wish to share the credit card account to pay your household bills, simply add your spouse as an authorized user to each of your credit card accounts and a separate card will be mailed to him or her. That way each of you will have access to each other’s credit card accounts. Be sure to tell your significant other you are going to do that. No one likes surprises when it comes to finances. This option may be a good idea for couples who already share and manage financial obligations together.
For couples with opposite money personalities – for example, someone who spends freely versus someone who is averse to credit card debt – this option could lead to conflict and could end badly.
No matter how much an authorized user may contribute to the charges on a credit card, that person is not financially liable for the payment of the credit card account.
Some couples would prefer to keep their credit cards account separate and cover their individual portion only, just like before marriage. Each spouse is responsible for the payment of each individual credit card account. And the payment history and management of the credit card account is reflected in the credit history and credit score of the individual account holder.
How about big ticket items? When it comes to applying for a car loan or a mortgage, a potential lender will look at both of your credit records, including the handling of individual credit card accounts.
It is a good idea to open one or two join accounts for that reason and keep them in good shape. When you open a joint account, your credit report and your spouse’s credit report are pulled and reviewed. And you and your spouse are both liable for the payments on the account. The account will show up on both of your credit reports and it will be factored into each of your individual credit scores.
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