Joint Application Credit Card...
What you need to know!

A joint application credit card is simply a credit card that allows two people to use it. It typically works when an individual completes a credit card application and then requests an additional card.

The other card or cards will have the second person's name on it, but will have the same account number assigned to it. Probably the most common example of this is a husband and wife. In many cases married people have joint financial accounts for such things as savings, checking and investment portfolios. It greatly simplifies the management of household and family finances and makes any accounts accessible by both partners.

Another common reason for filling out a joint application credit card is a parent wanting to assist their child in establishing credit. In a way this is similar to them co-signing an auto loan. This is often done when the child goes away to college. The advantage here is that the parent can keep an eye on all the activity on the account.

Before you apply for Joint Credit...

Now here are some important points that you must understand before applying for a joint credit card. First, the debt acquired by one cardholder is also the responsibility of the other cardholder. In other words, if your spouse runs up a $3000 debt on the card and you should happen to become separated, simply stating that it is your former spouse's debt and you are not liable for it isn't going to relieve you of that debt.

As long as your name is still on the card, you will be held responsible for any and all debts accrued. The way to stop this is to pay off the debt in full and cancel the card so there can be no further purchases made with it. Canceling a joint credit card can be done by a single party, as long as the account is free of outstanding debt.