You merge your finances when you get married. This includes things such as debt, mortgage and bank accounts. Many couples wonder what type of credit cards they should apply for. You can still apply for a credit card by yourself even if you are married. You have your own credit score. There are many ways that couples can get the most out of their credit card.
You can add your spouse as an authorized user to your credit card. You can use the credit card if you are an authorized user. However, the primary card owner is the one who is responsible for paying the bill every month. The husband and wife can both apply for separate credit cards and then add each other as authorized users.
Transactions that are made on the primary card holder’s card can affect both spouses’ credit score. Therefore, if the authorized user is irresponsible, then it can ruin their own credit and their spouse’s credit. On the other hand, both spouses can get a better credit score if the user is responsible.
Double the Card and Double the Bonus
If the credit card company offers a sign-up bonus, then you and your spouse can both apply for the same credit card. This allows you to double the bonus offers. However, if there is a minimum spending requirement, then the two of you may not want to apply for a credit card at the same time.
One of you should apply for the card, meet the minimum spending requirement and then apply for the second credit card. It can be difficult to meet the minimum spending requirement within the time frame. The two of you should decide how much you can realistically spend without causing financial problems. Sign-up bonuses are great, but you should not live beyond your means in order to meet the spending requirements.
Diversify the Rewards
Every credit card has its own unique rewards. This includes cash back, points and miles. It makes sense in order to reap all of the benefits of a credit card. You all can add each other as authorized users to each credit card. This will allow the two of you to take advantage of all of the credit card rewards. It will also allow you to meet the minimum requirements much faster if there are two people using the same credit card.