Best credit card strategies for married couples

Best credit card strategies for married couples

It takes some time for couples to learn how to manage their finances jointly. Here are some great tips to handle credit cards.

The truth is that when you get married, a lot of things change. But credit card issuers don’t care what your marital status is. If you apply for a credit card, they will look at your individual credit history.

Managing your finances separately?

A lot of couples decide to keep their finances separate. If this is your situation, a smart move is for each of you to have your own credit card and pay the balance with the funds you each have in your account. This way, you will each enjoy the benefits of having a credit card while building a credit record.

Sometimes, one spouse will need to make a purchase on behalf of the other, so it is a good idea to make the other spouse an authorized user of at least one of the credit cards you hold. Authorized users can make purchases, but the primary holder is responsible for the account.

Managing your finances together?

Some couples consider that managing their finances as a whole helps them achieve their goals more efficiently. For example, if you are paying a high-interest credit card debt, you can transfer the balance to another credit card with less interest, regardless of which spouse is the primary cardholder. 

If a couple does not have an outstanding credit card debt, they can maximize the rewards they earn from their cards. Couples that handle their finances jointly can use different strategies to earn more points. For example, both spouses can apply for the same reward card when it offers excellent sign-up bonuses. 

To keep track of your credit card spending, the best strategy is to have just one person managing the accounts. The spouse that takes over this duty will be in charge of paying bills, track rewards, etc.

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