Joint Credit Card Account Tips
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Posted: Mon Aug 30, 2004 10:11 pm
Post subject: Joint Credit Card Account Tips
Jody
Date: 4/12/2001 11:00 am CDT
I would like your advice on whether or not credit card companies will allow
me to apply for a card with my name assuming the primary responsibility, but
allowing my younger sister to have a card on this account also. I would like
for her to have the experience of handling this card on her own, with the
billing going to her residence. If there is any problem in regard to
payments, of course I will be responsible.
Do you know if something like this can be arranged?
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Posted: Mon Aug 30, 2004 10:11 pm
Post subject: Joint Credit Card Account Tips
Eugene
Date: 4/12/2001 10:38 pm CDT
You can put her as "authorised user" on one of your cards, either existing or the new ones. Later you can change the billing address to hers BUT you will NOT receive the bills yet you will still be responsible for the account. If she screws up, you won't even know it because the communication is sent only to one address by credit card companies.
I would recommend not changing the billing address to hers. Just give her a copy of the bill every month and make sure she pays it. She can pay to you, and you pay to the CCC - it's a more secure way.
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Posted: Mon Aug 30, 2004 10:12 pm
Post subject: Joint Credit Card Account Tips
Brandon
Date: 4/13/2001 10:02 am CDT
I would just avoid the situation all together. Being responsible for somebody else's debts generally isn't a good thing. I would just have her sign up for a card with an annual fee with a higher interest rate to start building her own credit.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Mon Aug 30, 2004 10:12 pm
Post subject: Joint Credit Card Account Tips
Harry
Date: 4/14/2001 0:23 am CDT
Of course if the account has online access, he can check there to make sure she is keeping up her end.
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Posted: Mon Aug 30, 2004 10:13 pm
Post subject: Joint Credit Card Account Tips
Carl
Date: 4/18/2001 4:25 pm CDT
Jody, There are credit card companies that allow you to set up an account where YOU are the primary party, and any additional persons added are simply "authorized users." Be aware that there are other companies that do not have such a set-up. Accounts with such companies are considered "joint" accounts and both persons are held equally responsible for the billing. (as applicable by State or local law.)
One particular card issuer considers accounts owned by only ONE person, and additional persons are simply "authorized users" who, in most cases, have limited account information accessability.
The drawbacks? Authorized users normally have access to your entire line-of-credit or card availability.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Aug 30, 2004 10:11 pm
Post subject: Joint Credit Card Account Tips
Jody
Date: 4/12/2001 11:00 am CDT
I would like your advice on whether or not credit card companies will allow
me to apply for a card with my name assuming the primary responsibility, but
allowing my younger sister to have a card on this account also. I would like
for her to have the experience of handling this card on her own, with the
billing going to her residence. If there is any problem in regard to
payments, of course I will be responsible.
Do you know if something like this can be arranged?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Aug 30, 2004 10:11 pm
Post subject: Joint Credit Card Account Tips
Eugene
Date: 4/12/2001 10:38 pm CDT
You can put her as "authorised user" on one of your cards, either existing or the new ones. Later you can change the billing address to hers BUT you will NOT receive the bills yet you will still be responsible for the account. If she screws up, you won't even know it because the communication is sent only to one address by credit card companies.
I would recommend not changing the billing address to hers. Just give her a copy of the bill every month and make sure she pays it. She can pay to you, and you pay to the CCC - it's a more secure way.
archive
Posted: Mon Aug 30, 2004 10:12 pm
Post subject: Joint Credit Card Account Tips
Brandon
Date: 4/13/2001 10:02 am CDT
I would just avoid the situation all together. Being responsible for somebody else's debts generally isn't a good thing. I would just have her sign up for a card with an annual fee with a higher interest rate to start building her own credit.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Aug 30, 2004 10:12 pm
Post subject: Joint Credit Card Account Tips
Harry
Date: 4/14/2001 0:23 am CDT
Of course if the account has online access, he can check there to make sure she is keeping up her end.
archive
Posted: Mon Aug 30, 2004 10:13 pm
Post subject: Joint Credit Card Account Tips
Carl
Date: 4/18/2001 4:25 pm CDT
Jody, There are credit card companies that allow you to set up an account where YOU are the primary party, and any additional persons added are simply "authorized users." Be aware that there are other companies that do not have such a set-up. Accounts with such companies are considered "joint" accounts and both persons are held equally responsible for the billing. (as applicable by State or local law.)
One particular card issuer considers accounts owned by only ONE person, and additional persons are simply "authorized users" who, in most cases, have limited account information accessability.
The drawbacks? Authorized users normally have access to your entire line-of-credit or card availability.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 2:00 PM
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