My very first credit card was a joint account with my mom. It worked out perfectly for me. I'd make charges and she'd pay the bill. We never talked about it, which we should have, and eventually she told me not to use the card. Guess it would have been nice if I'd have contributed to the payments.
When you share a credit card with someone else, you can't take for granted that one or the other will pay the bill, because they might not. You have to discuss everything you'd naturally make a decision about like spending limits and payment habits. You have to think about what happens with the credit card if the two of you sever ties.
Read Managing a Joint Credit Card for details on how to share a credit card with someone else. Pros and Cons of Joint Credit Card Accounts can help you make the decision to get a credit card with someone else.
Thank you so much. This information is invaluable.
I always teach my clients a safer way to do this. Assuming it is a parent//child credit card. I tell the parent to pay the bill “no matter what” and collect the payment from the child personally, instead of waiting to pay the card when the child decides to cough up the money.
For some reason, many parents wait to make the payment when they receive the money from their children or worse yet, give the bill for the child to pay, which may not be on time and then end up arguing or fighting with their child for being irresponsible.
I think if the parent takes responsibility for their own credit and have the child show fiscal responsibility by paying “them” instead of the cc company, it can save may frustrations and unnecessary dings on one’s credit.
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My experience has been unless it’s a spouse most people will regret having their name tied in to someones account.