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. Learn more about how joint credit cards work and some alternative options.

What you’ll learn:

• With a joint credit card, two people share a line of credit.

• 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. 

• Fewer credit card issuers offer joint credit cards than in the past. For example, Capital One doesn’t offer them. 

• Rather than opening a joint credit card account, you could explore the benefits of adding an authorized user instead.

A joint credit card account allows two people to access and share ownership of the same line of credit. Because they’re co-owners, both people can manage balances, make payments and share other responsibilities.

Joint credit cards work much like other credit cards. But here are some characteristics that may work a little differently with joint cards:

Credit card issuers often use hard credit checks to determine whether to lend money or extend credit. When you apply for a joint credit card, the issuer may run credit inquiries on both potential cardholders.

Both account owners could get their own card and have full access to manage the account. That means both cardholders could make purchases and change account preferences. They could also have full visibility into account details, including what the other cardholder is purchasing with their card. 

If the situation changes between cardholders, it may not be simple to remove one person from the account. In some cases, it may not be possible.

Joint cardholders are both responsible for the debt, no matter who is using the card. And that means issuers can “seek to collect the amount due from either account holder,” according to the Consumer Financial Protection Bureau (CFPB).

If a joint credit card is used responsibly by both cardholders, it could help both of them build credit. But that requires doing things like paying statements on time every month. Missed or late payments could have the opposite effect and hurt both cardholders’ credit scores.

Joint credit card accounts are becoming less common, and many credit card issuers no longer offer them.

No, Capital One doesn’t offer joint credit cards. But Capital One cardholders can add users—such as an authorized user or account manager—to a credit card account.

If your issuer doesn’t offer joint credit cards or you think a joint card may not be best for your needs, here are a few alternatives to consider:

• Add an authorized user: Adding authorized users is another way for multiple people to access the same line of credit. And authorized users can build a positive credit history if the card issuer reports responsible activity to the credit bureaus.

• Open a joint checking account: This may be a good option if you want an account for shared expenses. You’ll both have equal access to the account as well as debit cards for purchases.

• Get separate credit card accounts: If each person qualifies and wants to be responsible for their own purchases and payments, you may find it helpful to have separate accounts.

Here are some key differences between authorized users and joint credit cards:

You can add authorized users to your Capital One credit card account without additional applications or credit checks. The new user will get a card with their name on it and share your line of credit.

Eligible authorized users can sign in to the account with their own credentials. From there, they can do things like view, download and print their purchases as well as book trips through Capital One Travel.

Check out these answers to some frequently asked questions about joint credit cards and alternatives:

Joint credit cards are rarer these days. But alternatives, such as authorized users, might offer a way for two people to access the same credit line.

If you’re new to credit or searching for your next credit card, Capital One can help. 

• See whether you’re pre-approved for credit cards without harming your credit scores. 

• If you’re looking to build your credit with responsible use, explore cards for people with fair credit. 

• Earn cash back on every purchase, every day with a cash back rewards card. 

• Monitor your credit report and score with CreditWise from Capital One. It’s free and using it won’t hurt your credit scores.