Pros And Cons Of Joint Credit Card

Joint Credit Card

A brief introduction of the Joint Credit Card, its advantages and disadvantages is all that can be read in this article.

Introduction of Joint Credit Card:

A joint credit card is a de facto card which doesn’t exist technically in UK yet the concept prevails. A joint credit card is a normal credit card which is issued on the name of a single primary card holder, with the name of a secondary card holder as well. Now the transactions made through a joint credit card will be shown in the transaction sheets of the primary and the secondary card holder as well. Here in this article, we will be illumination some of the benefits, a joint credit card entails and some drawbacks as well.

Advantages of a Joint Credit Card:

Salient advantages a joint credit card entails are as follows:

Sharing a Bill:

Mostly happens when you dwell in a live-in type of situation where the two of you or even a whole group shares the rent of the place you live in, also the electricity bill is shared, telephone or internet connection charges are also shared, joint credit card comes in handy in these situations where not only you save a couple of bucks that are cut down in lieu of tax charges but also there is ease of bill submission as you get some discount as well.

Help the Other Partner get Better Credit:

If one of your family member or even your own spouse is undergoing a financial crisis and the credit card that person occupies is running on bad credit, then you can attach their credit card along with yours and help them in earning good credit. It is almost next to impossible in a situation when the other person doesn’t even bother to try to make things better and to manage the expenses he/she incurs.

Personal Benefit:

If you go for rewards card, then adding another member’s card can result in gaining the profit and sharing it halfway between you and the other card holder.

Joint Credit Card

Disadvantages of Joint Credit Card:

The disadvantages are as follows:

License to Rack Debt:

One of the biggest disadvantage , a joint credit card comes with is, that by adding another member or another cardholder, you are enabling someone to use the facilities for which you are paying. Also if somehow he/she goes rogue and incurs debt of a considerable amount, you will have to pay the debt off as the other cardholder is free from both the banking offense and the criminal offense.

Immature Use of Joint Credit Card:

It may sound a bit childish but trust me it happens. Soon after a breakup or a divorce, one of the card holder has to confront this situation. One of them could go crazy and spend lavishly on shopping and make-up, thus leaving the other one completely bankrupted. One good thing though, if the joint credit card is already maxed out, the one with the shopping privilege will not be able to buy anything as the card will just be a colored piece made of plastic and no more than that.

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