Even if you decide to share a card with your partner, it's important to still hang onto your individual cards, especially those you've had for a while, Kuderna says. Closing your oldest credit card can negatively impact your credit score.
He also recommends that his clients consider co-mingling their finances including opening joint savings and checking accounts, while keeping their credit cards separate. Sharing a bank account is a good way to hold one another accountable for all your expenditures, he says. Being transparent is important to have a happy marriage.Sharing a credit card with your spouse can, in many cases, streamline the budget process in your household, says Erin Lowry, founder of.
"If both of you are charging purchases it could potentially drive up your utilization, and therefore impact your credit scores," Lowry says. "If you have a $3,000 limit and you each spent $1,000 on it in a month, that's too high a utilization ratio since the optimal is using no more than 30% of the available credit limit."
For those opening a credit card solely to maximize the rewards or travel points they could earn, Lowry says that it doesn't usually make sense to add a partner as an authorized user. "Instead, it would be better to stagger opening your own cards to take advantage of sign-up bonuses," she says.
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