The content is accurate at the time of publication and is subject to change.

Credit cards are always an expensive affair, irrespective of how much you plan and what you are willing to do. If you wish to have a credit card, you have to be ready for the responsibility that comes with it. In most cases, people who are first time applicants will find a lot of trouble getting a credit card sanctioned in their name; this is not to say that it is not possible. If you are college student under 21, chances are you cannot get a credit card on your own; therefore you may have to get a joint credit card with an older person who may be a sibling, friend or a parent.

Getting a joint credit card may seem like a really interesting option, but you have to be ready to deal with the payments and also be able to decide what you can pay. When you take a joint credit card the liabilities are shared equally. The amount of weight age in the credit report will be jointly shred. That means that any good thing will be shared as will any bad marks on that card. Both parties will have to work hard at closing the balance and also paying what is owed regularly. It is not wise to have the outstanding amount increase each time. In addition if the amount grows to over the 30% of the actual credit limit that is available it results in the credit score going down.

When you have a joint credit card you have to be ready to deal with the consequences together. If it was someone who helped just so you can have a credit card of your own, you should respect that good faith and make sure you do not create problems for your benefactor. Paying on time, making sure that you do not overcharge on the card and working your way up with the credit score is the best way to work things out. Eventually when you have a good enough score, you can think of cancelling the joint card and opting for a new one of which you are the sole owner. That way you are paying your dues by contributing to the other person's good credit score and also making sure you have enough of a good score to be eligible for an unsecured card on in no time.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.