Joint Credit Cards: Can They Be a Good Way to Build Credit?

What is a Joint Credit Card?

Both account holders are legally responsible for credit card payments and staying within the stated spending limits while also sharing the ability to make purchases and use the card as they wish.

How Does a Joint Account Work for Credit Cards?

With joint credit card accounts, what’s good for the goose is good for the gander. Meaning, each person gets to make their own decisions on using the joint credit card in a legal sense.

Pros of Joint Credit Cards

- Convenient for sharing finances with a spouse or loved one (including kids if you’d like to help your children build credit as their parents). - Easier for tracking expense and payment history while also keeping better control over your credit utilization ratio—positives for building good credit scores.

Cons of Joint Credit Cards

- Can’t remove a joint account holder from the account for any reason. Can quickly lose track of the balance due, thinking the other party will handle the payment—resulting in a late payment (or missed) and causing a potentially lower credit score for both parties.

Can a Joint Credit Card Account Help Build Credit?

A joint credit card account can provide both joint account holders with positive (or negative) credit score implications. All activity on the joint credit card account will affect both account holders.

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