Joint account owner vs. authorized user - credit cards

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills

Joint account owner vs. authorized user - credit cards

Postby boggler » Thu May 02, 2013 12:14 pm

I'm trying to add my partner as a joint account owner to my credit card, but most places I spoke with only offer authorized user status, with a single account owner. Is this normal? What do most of you do to share credit cards with your partners?

Part of the reason I want to do this is to have the account listed equally on both credit histories (we pay off in full every month). I've heard horror stories about spouses being listed as an authorized user on all cards with excellent credit, but then being denied for credit at a later date since they were never listed as an owner.
boggler
 
Posts: 593
Joined: Thu Feb 07, 2013 3:29 am

Re: Joint account owner vs. authorized user - credit cards

Postby Default User BR » Thu May 02, 2013 1:04 pm

There was a prior thread where married people were having trouble getting joint accounts. You might want to just open two accounts, with each other as authorized users. This has the advantage of doubling up on bonuses.


Brian
Default User BR
 
Posts: 7503
Joined: Mon Dec 17, 2007 8:32 pm

Re: Joint account owner vs. authorized user - credit cards

Postby nonnie » Thu May 02, 2013 6:13 pm

boggler wrote:I'm trying to add my partner as a joint account owner to my credit card, but most places I spoke with only offer authorized user status, with a single account owner. Is this normal? What do most of you do to share credit cards with your partners?

Part of the reason I want to do this is to have the account listed equally on both credit histories (we pay off in full every month). I've heard horror stories about spouses being listed as an authorized user on all cards with excellent credit, but then being denied for credit at a later date since they were never listed as an owner.



Seems to me I read an article just the other day that said CC companies were stopping joint owners and tilting toward authorized users--but that may have been just my whirlwind application for an Amex at Costco the other day. I do know that I'm only an authorized user on my partner's USAA CC and it shows up on my credit report. He's an authorized user on *my* Bof A Amex and my credit report shows the account as "individual" so I'd assume he's just an authorized-- he doesn't have any credit reports handy so I don't know if it shows up or not.

I'm not quite sure what/how "listed equally" means-- other than I guess Joint vs. authorized. If you don't have a problem qualifying can't you each get one and have the other as authorized? We each have four or so-- we're older and retired-- individual cards for our own expenses and use the joint card for joint expenses. It's a long weird story why we now have three joint cards. We each have excellent credit--over 800-and each we get a credit report one of the reasons for it not being better is "not enough credit sources"-- the more the better it seems. I saw an article the other day that said the average is "about 10"-- we don't have a mortgage or car loans so that counts against us!

Nonnie
This post may be monitored for quality assurance purposes.
nonnie
 
Posts: 1920
Joined: Thu Mar 13, 2008 9:05 pm
Location: Northern California

Re: Joint account owner vs. authorized user - credit cards

Postby abuss368 » Thu May 02, 2013 9:45 pm

Default User BR wrote:There was a prior thread where married people were having trouble getting joint accounts. You might want to just open two accounts, with each other as authorized users. This has the advantage of doubling up on bonuses.


Brian


No difference if the rewards are a percentage of dollars charge. Depends on the rewards program.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + REITs
User avatar
abuss368
 
Posts: 6549
Joined: Mon Aug 03, 2009 3:33 pm
Location: At the Beach

Re: Joint account owner vs. authorized user - credit cards

Postby ingenue » Fri May 03, 2013 8:46 am

Re: doubling up on bonuses with two cards. Some rewards structures reduce reward percentages after a spending cap is reached. Typical example: Receive 5% cash back on the first $1000 you spend each billing period! (Spending above $1000 per period earns 1% rewards.) A couple spending $1000 each earns $60 rewards using a joint account, but $100 ($50 each) rewards using individual accounts (of the same credit product).
ingenue
 
Posts: 57
Joined: Thu Jul 21, 2011 9:56 am

Re: Joint account owner vs. authorized user - credit cards

Postby Default User BR » Fri May 03, 2013 11:03 am

ingenue wrote:Re: doubling up on bonuses with two cards. Some rewards structures reduce reward percentages after a spending cap is reached. Typical example: Receive 5% cash back on the first $1000 you spend each billing period! (Spending above $1000 per period earns 1% rewards.) A couple spending $1000 each earns $60 rewards using a joint account, but $100 ($50 each) rewards using individual accounts (of the same credit product).

Plus many give a sign-up bonus, $100 or more.


Brian
Default User BR
 
Posts: 7503
Joined: Mon Dec 17, 2007 8:32 pm

Re: Joint account owner vs. authorized user - credit cards

Postby Calm Man » Fri May 03, 2013 11:06 am

Maybe the partner should get his/her own card?
Calm Man
 
Posts: 2839
Joined: Wed Sep 19, 2012 10:35 am


Return to Personal Finance (Not Investing)

Who is online

Users browsing this forum: imada84, plannerman and 23 guests