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And because the Credit CARD Act prohibits people under 21, or anyone unable to establish the ability to pay, from opening a credit card account without a co-signer, more consumers will rely on authorized user status or joint account status to obtain credit, says Guarav Gupta, director of consumer lending and risk at Novantas, a consulting firm for the financial services industry.
Here’s what you need to know before you share a credit card account.
And even though authorized users are not technically responsible for debt repayment, “lawsuits have been maintained against AUs for expenditures run up not by them but by the card owners who defaulted,” Rose says.
“Once a lawsuit is filed, if the AU fails to answer a summons or effectively defend against the charges, they find themselves stuck with a judgment for charges they never incurred.
Since anywhere from 60 percent to 80 percent of credit card lawsuits end in default judgment, one assumes this is not an infrequent occurrence.” For joint account holders, the advantage is sharing financial responsibility and helping one card holder qualify for the credit they desire, says Wayne Sanford of New Start Financial Corp.
Generally, holding a joint credit card account is a good way for couples to manage household expenses, and both parties are legally responsible for the debt.
“Only add authorized users or (become) joint account holders who you trust to make payments and who will not abuse the credit card account,” Williams says.
“In case the relationship (between the two account holders) sours, there’s a great chance for disagreement,” he says.
“This can be a great way to teach children how to be financially responsible and how to use credit wisely,” Williams says.
In some cases, account holders can even set spending limits for each authorized user on the account, Gupta says.
There are two ways to share a credit card account with another person: You can be an authorized user or a joint account holder. “Authorized users piggyback on the credit of a friend or relative,” says Cate Williams, vice president of financial literacy for Money Management International, a nonprofit credit-counseling agency.
These users are entitled to use the credit extended to the card holder, but have no legal responsibility to pay the bill.
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However, if the account owner has a problem that results in a negative credit item being reported, the authorized user’s credit also may be negatively affected.