If you’re in a long-term relationship, chances are you’ve started sharing routine expenses like rent, utilities, and groceries. But constantly trying to split costs can get complicated, especially if you haven’t fully combined your finances with your partner’s.
Fortunately, you can eliminate many of the logistics of shared costs by simply sharing a credit card account. That way, you can pay for your joint costs in one spot and reap the rewards together!
Sound good? If so, there are a few things to consider.
This comprehensive guide will showcase the best credit cards for couples and go over everything else you need to know about sharing a credit card account.
Overview of the best credit cards for couples
While there’s no one singular “best” credit card for couples, there are plenty of excellent options. Choosing the perfect card for you and your partner really depends on what you need from the card and which perks will be most useful to you. Here are some of the best credit cards for couples:
Best for travel: Capital One Venture Rewards Credit Card
Capital One Venture Rewards Credit Card
In A Nutshell
Capital One’s leading product is the Capital One Venture Rewards Credit Card and it shows. A one-time 75,000 mile bonus after spending $4,000 in the first 3 months is flat out AWESOME, and 2X miles per dollar spent is about as good as it gets with a travel rewards credit card.
Credit Score Requirements:
What We Like:
- Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening.
- 2X miles earned for $1 spent on all purchases
- Receive up to a $100 credit for Global Entry or TSA PreCheck®
Best card for everyday purchases: Amex Blue Cash Preferred Credit Card
Best no-annual-fee card: Capital One VentureOne Rewards Credit Card
Capital One VentureOne Rewards Credit Card
In A Nutshell
The Capital One VentureOne Rewards Credit Card has a litany of benefits including a 20,000 mile one-time bonus after spending $500 in the first 3 months, and 0% intro APR on purchases and balance transfers for 15 months (after which the standard rate of 19.74% – 29.74% Variable applies). A balance transfer fee of 3% applies to amounts transferred within the first 15 months.
Credit Score Requirements:
What We Like:
- A one-time bonus of 20,000 miles after spending $500 in the first three months
- 1.25 miles earned on every $1 spent
- No annual fee and no foreign transaction fees
Best signup bonus card: Chase Sapphire Preferred® Card
Best card for cash back: Wells Fargo Active Cash® Card
Best card for poor credit: Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card
In A Nutshell
If you are worried that you will not get approved for a conventional credit card or have been rejected in the past, the Capital One Platinum Secured is an excellent option. It’s rare to find one that doesn’t charge an annual fee and Capital One will automatically review your credit limit in as little as six months.
Credit Score Requirements:
What We Like:
- Put down a refundable security deposit starting at $49 to get a $200 initial credit line.
- Be automatically considered for a higher credit line in as little as six months with no additional deposit needed.
- No annual fee and no foreign transaction fees.
Best for travel: Capital One Venture Rewards Credit Card
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While the Capital One Venture Rewards Credit Card is an excellent all-around credit card, it’s particularly well-suited for travelers. The card earns 2x miles on all purchases, plus 5x miles on hotels and rental cars booked through Capital One Travel. Miles can be redeemed for flights, hotels, rental cars, and more. Plus, you don’t have to bother with blackout dates or complicated award bookings. You can simply use miles to book travel through Capital One Travel or even redeem them for existing travel-related charges on your card.
The Capital One Venture Rewards Credit Card is a good credit card for couples for a number of reasons. You can earn unlimited 2x miles on every purchase and the card comes with a huge signup bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening.
Best for everyday purchases: Amex Blue Cash Preferred Credit Card
In a Nutshell
The Amex Blue Cash Preferred card offers great rewards earning potential for all your everyday purchases. It earns 6% back at supermarkets (max of $6,000 per year), 6% back on streaming services, 3% back on transit and gas, and 1% back on everything else.
Credit Score Requirements
Good to Excellent (700+)
What I Like
- Very high cash back rates on groceries, streaming services, and transit/gas.
- The $95 annual fee is waived for the first year.
- Unique benefits, like discounted Disney Bundle memberships.
The American Express Blue Cash Preferred is a great “daily driver” credit card. It offers one of the highest cash back rates of any credit card — at least for certain categories. You’ll earn 6% back on supermarket purchases (up to $6,000 per year), 6% back on eligible streaming services, 3% back on gas and transit, and 1% back on everything else. This card is a great way for you and your partner to maximize the rewards you earn on everyday purchases.
This card has a $95 annual fee, but it’s waived for the first year. And even after that, the card has some unique perks to help offset this fee. For example, there’s a $7-per-month statement credit if you subscribe to The Disney Bundle, a $10 monthly statement credit for Equinox home workout subscriptions, and more.
Best no-annual-fee card: Capital One VentureOne Rewards Credit Card
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The Capital One VentureOne Rewards Credit Card is an excellent no-annual-fee credit card for couples. It’s designed for travel and doesn’t have an annual fee (unlike most travel cards). This card earns a flat 1.25 miles per $1 spent, and miles are worth 1 cent each when redeemed for travel. You can also earn 5x miles on hotels and rental cars booked through Capital One Travel.
While the signup bonus is smaller than average, it’s still a relatively generous 20,000 bonus miles once you spend $500 on purchases within the first 3 months from account opening. This card also has a helpful 0% intro on balance transfers and purchases for 15 months (3% balance transfer fee applies).
Best signup bonus: Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® Card card is another premium travel card with a huge signup bonus: 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $1,000 when you redeem through Chase Ultimate Rewards®. Additionally, this card earns Chase Ultimate Rewards® points, a flexible rewards currency with dozens of excellent redemption options.
The Chase Sapphire Preferred® Card offers generous rewards and perks. There’s a $50 annual hotel credit for Chase Ultimate Rewards® bookings, which helps offset the annual fee. You’ll also earn a 10% points bonus each anniversary (so if you earn 50,000 points, you’ll get 5,000 bonus points). And you’ll earn points quickly, with 2x points on all travel, 5x on travel booked through Chase Ultimate Rewards®, 3x on dining, and 1x on everything else.
Best for cash back: Wells Fargo Active Cash® Card
In a Nutshell
The Wells Fargo Active Cash is a simple card that earns 2% cash back on all purchases. There’s no annual fee, and the card even comes with a $200 signup bonus after you spend $1,000 in the first 3 months.
Credit Score Requirements
Good to Excellent (700+)
What I Like
- 2% back on all purchases.
- No annual fee.
- $200 signup bonus after spending $1,000 in the first 3 months.
The Wells Fargo Active Cash credit card is a simple, no-frills card with no annual fee and a competitive rewards rate. Couples can earn 2% cash back on all purchases with the Active Cash® card. This straightforward rewards structure is nice for folks who like to keep things simple or those who can’t utilize travel perks and miles.
The Active Cash also comes with a $200 signup bonus after you spend $1,000 in the first 3 months. The low spending requirement is a benefit, as it shouldn’t be too difficult to reach the $1,000 requirement. Plus, there’s a 0% introductory APR for the first 0% for 15 months on qualifying balance transfers months of card membership, which can help you and your partner save on interest.
Best for poor credit: Capital One Platinum Secured Credit Card
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The Capital One Platinum Secured Credit Card is a great option if you and your partner don’t have great credit. This card works differently from standard credit cards as a secured credit card. First, you’ll need to make a refundable security deposit ($49, $99, or $200, depending on your credit). From there, you’ll be given a small credit limit and can start using your card. After you’ve shown that you can responsibly use and pay off your card balance, Capital One will consider raising your credit limit with no additional deposit needed.
Many secured credit cards have high fees or require significant deposits. But the Capital One Platinum Secured is very competitive. There’s no annual fee, and deposits start at just $49. You won’t earn rewards or get fancy perks, but this card is a great option if your goal is to build credit with responsible use.
What to look for in a credit card for couples
There are quite a few credit cards on the market, so where should couples even start?
Well, certain perks and features are more important for couples to seek out in a credit card. Here’s what to consider:
Authorized users with no additional fee
Most credit cards are opened in a person’s name, and the credit account is tied only to that individual. However, couples can add their partner as an “authorized user,” which gets the partner their own card to use.
That card has a unique credit card number but is tied to the same account. The primary cardholder is responsible for any charges the authorized user makes, so it’s essential to only add authorized users that you trust.
It’s often free to add an authorized user to a card account, but this isn’t always the case. Some cards charge an extra annual fee when you do this.
If you’re looking to save money, it’s best to seek out a card that doesn’t charge any extra fees for an authorized user.
Competitive rewards
Many cards earn credit card rewards points when you spend money using the card. Some offer cash back rewards (like 1% back on all your purchases), while others offer airline miles or other points (like 1 airline mile per $1 you spend).
Finding a credit card with a competitive rewards rate can help you maximize the benefits of using credit. In addition, both you and your partner can earn rewards, as even authorized user cards typically qualify for rewards points.
It’s also wise to look for a card with a rewards program that suits your lifestyle and preferences. For example, if you’re an extensive traveler, choosing an airline card might make a lot of sense. But if you don’t travel much or just want something straightforward, a cash back rewards card may be optimal for you.
Perks for your lifestyle
Credit cards can provide a variety of perks in addition to the rewards they offer.
These perks can include the following:
- Purchase protection, like extended warranties or protection against theft or damage
- Travel perks, like airport lounge access or no foreign transaction fees
- Financial perks, like access to free credit monitoring tools
- Introductory offers, like 0% APR for a certain period
Each card offers different perks and advantages, some of which are more useful than others. To find the best card for your needs, consider which perks you’ll actually be able to utilize. For instance, if you frequently travel, seeking a travel rewards card with perks like trip cancellation coverage and rental car insurance could benefit you.
Adding a partner as an authorized user on your credit card is simple.
The primary cardholder (you) will need to contact the card provider or use their website or app. You will need to provide them with the following information:
- The authorized user’s full name
- The authorized user’s date of birth
- The authorized user’s address
Some credit card issuers may also request the authorized user’s Social Security number, although this isn’t always required.
Many credit card issuers can add an authorized user online through online banking or their mobile app. Look at your account options page for details.
Another option is to call the number on the back of your card. Then, explain to the customer service representative that you’re hoping to add an authorized user.
And if you’re applying for a new credit card, there will typically be an option to add an authorized user during the application process.
Keep in mind that some issuers may charge additional fees for authorized users.
Other considerations for couples looking for credit cards
Before you sign up for your next credit card, there are a few things to consider
You might consider using an existing credit card. If one partner already has a good credit card, a simple option is to add the other partner as an authorized user on that credit card. The only downside is that you won’t be able to take advantage of a credit card signup bonus.
Becoming an authorized user can affect your credit. When someone is added as an authorized user on a credit card account, that account’s history can affect their credit. This is usually beneficial — for instance, if you have excellent credit and a good credit history, but your partner doesn’t, adding them to your account can potentially boost their score.
Joint credit card accounts exist, but they’re rare. Most credit cards for couples are simple cards for an individual, and that individual then adds their partner as an authorized user. However, some banks do offer joint credit card accounts where two people share responsibility for the same account. These accounts are pretty rare these days — so authorized user setups work well for most couples.
Original Article: https://www.moneyunder30.com/best-credit-card-for-couples
