Just Married: Ask These 5 Questions Before Deciding on a Credit Card With Your Spouse

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Discuss these questions before saying “I do” to sharing a credit card. 

Once you’re married, it’s a good time to talk about potentially combining finances. Lots of couples share at least some financial accounts. One popular option is sharing a credit card, with 62% of married couples saying they did this in a survey by The Ascent.

Getting a credit card with your spouse has its benefits. You two could earn credit card rewards together, and it may simplify your finances, too. But it’s important to make sure you’re on the same page first. Money fights among couples are all too common, and they’re the second-leading cause of divorce after infidelity, according to a Ramsey Solutions survey.

Effective communication now can help you avoid those dreaded fights about money later. To ensure you two are on the same page before you start looking for good couples credit cards, here are the right questions to ask each other.

1. What’s your credit score?

Even when you’re married, you still have your own individual credit score. There are a couple of reasons why you and your spouse should each share these with each other.

A credit score is a measure of how a person has handled credit. If either of you has subpar credit, it’s important to figure out why and what can be done to improve it. Let’s say your spouse has a low credit score because they have lots of credit card debt. That’s something to work on before getting a card together.

Also, if you two are planning to open a new card, one of you will need to apply for it and add the other as an authorized user. Most credit card companies don’t offer joint credit cards anymore. It generally makes sense for the person with the higher credit score to apply, since they’ll have better odds of getting approved.

Don’t know your credit score? Here’s how to find out your credit score in three steps.

2. How do you normally pay your credit cards?

When your credit card bill is due, you have a few options. You could pay the:

Minimum payment amount: The smallest amount that will keep you current on your bill. Only paying the minimum isn’t recommended, because your balance will accumulate more interest and take a long time to pay off.Statement balance: The full amount on your credit card statement. If you always pay your card’s statement balance, you won’t be charged interest on your purchases.Current balance: When you view your account online, the current balance includes the statement balance plus any more recent charges you’ve made. You can pay the entire current balance, or if you pay the statement balance, then those more recent charges go on your next credit card bill.Custom amount: You can also send a payment for any amount you want.

The best way to use credit cards is to pay in full, meaning either the statement or current balance, every month. This way, you avoid credit card interest. If you or your spouse don’t do that already, it’s a smart goal to set for yourselves.

3. Who’s going to be the primary cardholder?

As mentioned earlier, joint credit cards are few and far between. It’s far more common nowadays for one person to apply for a card, and then add their spouse as an authorized user. Or, one spouse could add the other on a credit card they already have.

Activity on the card impacts both people’s credit scores. So, if the bill is paid on time, it can boost the credit scores of both the primary cardholder and the authorized user. However, the primary cardholder is the one responsible for managing the account and making payments.

4. What type of credit card is right for us?

There are quite a few types of credit cards available. The right choice for you and your spouse will depend on your financial goals. Here are some of the most popular card types:

Cash back credit cards are a great way to save money on everyday expenses. You’ll get a set percentage back on purchases you make. Some of these cards offer more back in bonus categories, such as groceries, dining, or gas.Travel rewards credit cards earn points or miles that you can redeem for travel. Most also offer extra travel perks, too. If you go on multiple trips per year, one of these cards is an excellent choice.0% intro APR credit cards help you save on interest. During the intro period, which can last 12 months or longer, your card won’t charge any interest. If you want to pay off purchases over time, go with this type of credit card.Balance transfer credit cards are designed for paying off credit card debt. They have a 0% intro APR that applies to balance transfers.

For consumers with good credit and zero credit card debt, cash back and travel rewards cards are often the way to go. Read about types of credit cards together with your spouse to see what best fits your situation.

5. When do we need to discuss spending in advance?

Before you and your spouse start sharing a credit card, set ground rules on when you’ll need to discuss purchases in advance. For example, you could decide that if a purchase is over $300, you both talk about it first. If it’s less, that’s a purchase either partner can make unilaterally.

Doing this is a great way to avoid arguments and any awkward feelings about spending money. Neither of you will have to wonder if it’s okay to buy something, and there won’t be any expensive surprises on the credit card bill.

Sharing a credit card with another person is a big step. It’s worth spending some time going over the above questions first. They’re all important financial topics to talk about, and they’ll ensure you and your spouse are ready to get a card together.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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