Joint Account Credit Card

A Joint Account Credit Card is a credit card account that is held in the names of 2 primary account holders of equal status, both of who can use the credit card and have access to all the functions of the credit card, such as disputing charges, transferring a balance, reporting a lost or stolen card, requesting a credit limit or closing the account, independent of the other cardholder.

Any debts on the joint account credit card are the joint responsibility of both cardholders, regardless of who was responsible for the debt. When accessing an application for a joint account credit card the credit card provider takes into consideration the income, credit ratings and current financial circumstances of both applicants.

Introductory Offer: 0% p.a. for 14 months on Balance Transfers PLUS $0 annuak fee in year 1.

  • Up to 55 interest free days - on purchases 
  • Additional Card Holder - Add an additional card holder for $0
  • PayWave - For purchases of $100 or less, tap your Visa Card no need to enter a PIN or sign. 
  • Low Minimum Income to be eligible to apply - Just $15,000 p.a.
  • Maximum credit limit - $40,000
  • Fast decision for online applications - within 60 seconds

Offer conditions: Apply by 20th September 2017. Balance Transfer rate reverts to the variable purchase rate after 14 months.

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Joint Account credit cards

When selecting the best Joint Account Credit Card here are some tips to consider

 

1. Joint accounts can be easier to manage

With a Joint Account Credit Card you will only have a single credit card to manage which can make it is easier to keep a track of your account activity. The monthly account statement for your joint account will list all the transactions made on the account by both cardholders, and the balance can be settled with one payment.

 

2. A single Annual Credit Card Fee

As joint accounts are managed on a single account they generally only charge one annual card fee, so you will save by not having to pay a second annual card fee.

 

3.  Larger Credit Limit

As the income of both applicants is considered when you apply for a  Joint Account Credit Card the credit limit set on the account by the credit card provider is generally higher that that approved for individual credit cardholders.

 

4. Lower purchase rate and more favorable terms

Joint Account Credit Card Accounts are frequently used as a vehicle to help people with not so good credit ratings acquire credit on more favorable terms than they would be otherwise offered if they where to apply solus. As the credit card providers are assessing the credit profiles of both applicants, the positive aspects of one applicant may potentially balance out some of the negative aspects of the 2nd applicant. If you choose to pursue this approach it is imperative that you remain aware that any debts on the joint account credit card are the liability of both account holders, so choose whom you apply for a joint account with very carefully.

 

5. Maxing out on your credit limit

With two people making purchases with a Joint Account Credit card it is not long before you reach the credit cards credit limit, particularly when the card is used for a large ticket item or one of the cardholders has a period of heavy usage, maybe around Christmas for example.  If your spend beyond your maximum credit limit you maybe charged additional fees and if you breach the card limit consistently it can lead to withdrawal of the card by the provider.

 

6. Both Account Holders are liable for the credit cards debts

If either of the account holders misuse or mismanage the credit card, leading to unpaid debts on the credit card, both account holders are legally liable for the debt regardless of which account holder accumulated the debt. This reinforces the earlier point that you should choose who you apply for joint account credit card with very carefully.

 

7. Both Account Holders Credit Scores are linked to the Account

Any mismanagement of a Joint Account Credit Card, such as late payments and non-payments, can impact the credit ratings of both joint account holders, not just the account holder who was responsible for the breaches of the credit cards terms.

Frequently Asked Questions

What is an authorized user on a credit card?

Authorized credit card users vs. joint account credit card holders. There are two ways to share a credit card account with another person: You can be an authorized user or a joint account holder. The liability for the payments differs greatly. With a Joint Account Credit Card the liability is shared between both cardholders, whereas an authorized user on a credit card account has no liability for the debts on the card as these rest with the principal cardholder.