When Sharing is Caring: Credit Card Smarts for Couples Who Love Rewards

4111105296_4d7dc59105_zWhen you are in a committed relationship, how you deal with the issue of money is important. People have different attitudes to handling their cash, and different practices. It can take time to accept each other’s way of doing things, but ultimately trust about money is a key aspect of the trust that will build the relationship.

Discuss Money Early

In any relationship, it pays to face the money questions early. When you understand your partner’s approach, you will more quickly find a way to reconcile it with your own. Once you have found a way of working that you can both subscribe to, you might well consider sharing your credit card. Whether you have a joint credit card (not available everywhere) or add to an authorized user to a sole account, there are issues to be considered and advantages to be gained. Read more about credit cards on the Apply for Credit Cards website.

The Advantage of Sharing

One advantage of sharing a card is that it can enable you to earn rewards more easily. When both of you spend on the same card, you will soon hit the targets set by the supplier. On the other hand, there is likely to be only one introductory bonus, if that is what has attracted you.

For joint cards, there is the additional attraction that it is likely to have a bigger credit limit than a sole card, and this can be reflected in a better credit rating for both of you.

Introductory Offers

The purpose of introductory offers is to get customers into the habit of spending on a particular card. Usually, there is a reward for the first few months of spending. This is not necessarily a high target (it might be in the region of $500 over the first three months) and for many couples, it would make sense to have one of these cards each, to get the reward twice. If you would be unlikely to generate that sort of spending alone, then sharing the card could help you to reach the target more quickly.

Cash or Save

Many cards offer cashback schemes. These can be a flat rate on everything you purchase or a variable rate on particular categories of spending. You may be able to take advantage of these more effectively by using the same card account.

Another popular bonus is to offer travel miles, turning your card into a method for saving towards a holiday or a mini-break, if that is a priority for you. These can be saved separately, but sometimes it is easier to use them if they are all in one account.

It’s Good to Share

Sharing is the essence of every successful relationship. Understanding how you and your partner spend is helpful in that process, and sharing your credit cards gives you a clear picture and a basis for a common purpose. Although relationships can founder over finances, keeping each other in the picture is an important way to avoid disasters.

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