Questions to ask a significant other before sharing a credit card
Sharing a credit card with your significant other or adding them as an authorized user is a big step to take. Yes, there is no doubt that you and your partner love each other, but issues with finances almost always cause problems, which is why it is essential to tread carefully. If you and your partner decide to share a credit card, there are some very important conversations that need to be had so you can understand each other and your financial habits better. In this article, we will discuss the major questions you should ask your significant other before sharing a credit card or adding them as an authorized user. Let’s get right to it, shall we?
Ask about your partner’s credit history
Conversations about credit history need to be had, especially when you and your partner decide to share a credit card. Having this conversation most times isn’t easy but getting surprised by your partner’s credit history, later on, isn’t either. A recent survey by NerdWallet revealed that about 1 in 5 people in America have lied to their partner about their credit card debt.
When both partners understand where the other stands on their credit card debt, as a unit, they can devise a plan to get themselves out of that financial burden. Imagine finding out about your partner’s credit card debt later on down the line after you have started sharing your credit card with them? That will surely cause a strain in the relationship.
Who will be responsible for paying the bills?
When a couple decides to open a credit card together, it is essential that decisions regarding who will be responsible for paying the bills be discussed. On the other hand, if a partner was added as an authorized user, it is only right that the primary card owner is responsible for paying the bills. When you decide who will take up this responsibility based on your financial capability, friction caused by finances will be averted.
Ask about your partners spending habits
It is crucial that you understand the spending habits of your partner to a certain extent before you take the plunge and share a credit card with them. Small, everyday expenses like groceries are not necessarily relevant this conversation. Does your partner buy impulsively? Is your partner a shopaholic? Does your partner spend without reason? These are some of the questions to which you need answers. You don’t want your partner to put you in unnecessary credit card debt because of their spending habits now, do you?
Wrapping Up
There will always be financial issues to be addressed, and discussing how you will address them as a couple when they arrive is the best way to handle them. Once you have a communication plan in motion, odds of tension caused by financial problems will be reduced or eliminated. Once you discuss the essential topics, sharing a credit card will not seem like a hard feat as you will understand your partner more.
