11.18.2011

Joint Credit Cards - Brewing Up a Storm?

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I thought this picture was totally appropriate for this post! Today I'm going to talk about "joint credit cards" dun dun dun....*cue thunder noise*

BF and I have been together for 6 years now. I know cah-raaazy. He's working on saving up for a ring I swear. I think. I hope. Anyway we know everything about each other's finances as I've talked about before but we haven't combined accounts because it's just easier to keep everything separate. Once we buy a place together, get married and have kiddos I'm sure that will all take place but right now we are taking it slow with combining accounts.

I incessantly nag him to open up a card for rewards. He has the same crappy Thank You card that I have from Citibank and he has other credit cards with a zero balance (thank goodness!) but he prefers to pay with debit. He says he helps small businesses (which I totally get) but he could be getting rewards! Cash back! Anything! If any of you know how hard it is to get someone to change their old ways, it's like beating a dead horse. Nothing and I mean NOTHING will change their minds.

Yesterday when I mentioned to him that I was opening up a Freedom card he surprisingly took interest. However when I told him he should open one and that I'd even manage it for him (not paying for it, just making the payments for him from his bank account), he went off on his tangent again of not wanting to open up another card. He has a ton of accounts and he hates remembering all that stuff. I can't force him to do what he doesn't want to do anyway. He suggested that I add him onto my card as an authorized user so that he could build up my credit (not that it needs building, mind you) but also so we can rack up more points. I know I titled this post "joint credit cards" but we're only thinking of doing the adding an authorized user thing, which is really not a joint credit card because it doesn't help the authorized user's credit and it doesn't do a pull on their credit either.

Now, I truly trust him but I'm not stupid (heck I write contracts for a living) and I think before this happens we should draft up and execute a domestic partner relationship agreement which addresses the fact that we will both be liable for the charges if anything should happen. I'm not sure how strong this would hold up in court but it is something.

My big dilemma now would be how to separate the transactions. It wouldn't be beneficial for us to just use it as a joint expenses credit card because I spend more than him and it wouldn't be fair to split everything in half. I also am a bit worried (okay I'm freaking out) about how this will affect my budget and Mint account. I am super OCD about my budget and Mint account and I don't want his transactions clogging it up! I don't want to exclude every single one of his transactions either.

Anyone have experience with this sort of thing? Does anyone know if Chase can separate transactions from an authorized user even though it's on the same account? I'll probably be calling Chase this weekend. Anyone have horror stories with joint credit cards, adding an authorized user, or any advice in general regarding this topic? Would be helpful! Thanks:)

7 comments:

Michelle P said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Me and the BF only have joint accounts, we don't have any separate ones so I have some experience.

Even though we have cards with our own names on them, we haven't come across a bank that's been able to offer separate transactions for different authorized users. There might be something out there though, let me know if you hear of one.

Newlyweds on a Budget said...Best Blogger Tips[Reply to comment]Best Blogger Templates

I don't know, this sounds tricky to me.

why is he completely okay with having a card under YOUR account, but not his own? just open your own card!

I didn't know there was a difference between authorized users and a joint credit card so now I have to make sure that my husband is a joint user and not just an authorized user because we've been trying to build his credit.

Michelle's Style File said...Best Blogger Tips[Reply to comment]Best Blogger Templates

No horror stories here ; )

x
Michelle
www.michellesstylefile.blogspot.com

Katherine said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Actually I think on Mint at least, as long as your husband has a different CC # (but the same acct) Mint will only show your transactions and not his - so I think you should be ok, hopefully :) I understand about being anal about that!

thelonelywifeproject said...Best Blogger Tips[Reply to comment]Best Blogger Templates

It's probably smart to draw up some kind of contract, but I agree that it might just be better if he opened up his own card or continued using debit. I don't see a huge benefit of sharing.

just tututiny said...Best Blogger Tips[Reply to comment]Best Blogger Templates

I was the worst at finances so since day one I let hubby then bf take charge and have never looked back. So unfortunately I don't have much experience on this issue. I do understand the beating a dead horse habit though, hopefully you guys will get through this hurdle!

Rafiki said...Best Blogger Tips[Reply to comment]Best Blogger Templates

I don't have any experience in this sort of thing but I can understand both sides of the table.

Unless you two can come to an agreement that you both like and are comfortable with, I feel you should just stick with the system you have now and keep things separate.

The contract seems like a lot of hassle even though I know you are a rising star in the law field :) but more importantly is your peace of mind. I wouldn't want you worrying about your budget, your mint account, his spending and then the splitting of the payments so often.

So like I said, unless you both come to something you are both comfortable with I think the current system is best. You reap rewards and he helps small business. I see nothing wrong with either choice.

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