If you have a special person in your life, you might want to add another cardholder to your account. Adding a second cardholder, like a spouse or child, can be helpful for a number of reasons. If you don't know how to add another cardholder to your credit card account, here are some tips to get you started.
How to add another person to a card
Adding a second cardholder is usually easy, and all you have to do is call the company that issued your card. All you have to do is give the information about the person you want to add to your account, and this will be taken care of for you.
Who can I add?
In theory, you can add anyone you want to your account as a second cardholder. But the people you add to your account most often are your partners, spouses, or children. If you are starting to share accounts and pool your assets, you might want to add a partner or spouse. Also, you might want to add a child to your account so you can keep track of their spending while giving them some financial freedom.
There are benefits to adding cardholders.
When you add a cardholder, you can reduce the number of accounts you and the new cardholder have. This makes it easier to pay bills. Also, if you all use the same accounts, it can help you make a better budget as a family. Also, you can use the same pool of money but have different cards, giving you the freedom to spend on your own while someone else does the same. It also lets you keep track of your own and other people's spending, which helps you save money more effectively.
Disadvantages
There are some good things about it, but there can also be bad things. If you add someone as an additional cardholder, you will be responsible for their monthly balance. Since the balance is on your statement, you will be responsible for it. This could cause trouble if your child spends money without thinking or if you are having trouble with your relationship.
Getting rid of a second cardholder
If you have broken up with your partner or gotten a divorce, or if your children have moved away, you should cancel any extra cards so they can't be used. Too many people get stuck with big bills after getting divorced because they forgot to cancel the extra card and their ex-spouse charged everything to their account. As long as you and your partner keep track of extra cards and cancel them when you need to, you can cut down on the number of cards you and your partner need while still being free to spend.
