Joint credit cards: Considerations and alternatives
Joint ownership is common for all kinds of financial products, like checking accounts, mortgages and auto loans. In the case of credit cards, a joint account is shared by two people who are equally responsible for the balance.
But joint credit card accounts are increasingly uncommon.
What you’ll learn:
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With a joint credit card, two people share a line of credit.
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If a joint credit card isn’t used responsibly, it could affect both cardholders’ credit scores. It could also leave one person on the hook for the other’s debt.
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Fewer credit card issuers offer joint credit cards than in the past. For example, Capital One doesn’t offer them.
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Rather than opening a joint account, you could explore the benefits of adding an authorized user instead.
What is a joint credit card?
A joint credit card account is one that’s shared by two people.
How do joint credit cards work?
Joint card accounts allow two cardholders to access a line of credit together. Any activity on the account will affect both cardholders. And both are responsible for paying the balance on the card, even if one of the cardholders didn’t use the card.
Pros and cons: Joint credit cards
Joint credit card accounts aren’t as common as they used to be, which could be considered a drawback.
Like any credit card account, a joint account could offer the opportunity for both cardholders to build credit with responsible use. But that cuts both ways. Because derogatory marks for things like late credit card payments could have the opposite effect on both cardholders’ credit scores.
Additionally, having joint access to an account can offer unique challenges and opportunities. A joint credit card can be convenient if you share your finances with a spouse, partner or family member. Both cardholders can manage balances, make payments and share other responsibilities. But if the situation changes, it may not be simple to remove one person from the account.
Joint credit card alternative: Authorized user
Authorized users typically get their own card and can use it to make purchases. But unlike with a joint credit card, an authorized user isn’t responsible for the account. Additionally, primary cardholders have full account access but authorized users have limited access. Primary cardholders can also add and remove authorized users with relative ease.
Even though the primary cardholder is responsible for the account, an authorized user can still build a positive credit history if activity is reported to credit bureaus. But negative information like late or missed payments could affect both cardholders.
Capital One authorized users
You can add an authorized user to your Capital One credit card account without any additional application or credit check. They’ll get a card with their name on it and share your line of credit.
Authorized users can log in to the account with their own credentials. There, they can do things like viewing, downloading and printing their purchases, and booking trips through Capital One Travel.
Joint credit card FAQ
Check out these frequently asked questions about joint accounts and alternatives.
Deciding whether to open a joint credit card account or add an authorized user might depend on your financial goals. For example, if you want to help a loved one build their credit but prefer to have control of the account, adding them as an authorized user could be a good option.
The decision about whether to open a joint account or become an authorized user may also depend on what’s offered through your credit card issuer.
How do you apply for a joint credit card?
With a joint credit card account, the two applicants go through the process together. Each can expect to see a hard inquiry on their credit report. That’s because the credit histories of both will be considered before the account can be approved.
Can you get a joint credit card today?
Joint accounts are becoming less common. Instead, you could consider becoming an authorized user on someone else’s account or adding an authorized user to an account of your own.
What about having a co-signer? Is that an option?
You may have heard of co-signing. But like joint credit card accounts, many credit card issuers don’t offer the option of co-signing.
Key takeaways: Joint credit cards
Joint credit cards could be one way to access credit with another borrower. But alternatives, such as authorized users, offer their own benefits.
If you’re ready to apply for a card that you can share with an authorized user, like a child or other family member, you can compare credit cards from Capital One.
Explore more from Capital One
New to credit or looking for your next credit card?
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Check for pre-approval offers with no risk to your credit score.
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Earn unlimited 1.5% cash back on every purchase, every day, with a Quicksilver card.
- Explore Capital One’s credit cards for building credit with responsible use.
