Joint card/accounts for renovations fund

martynf_2

Hello,

I'm just buying a house and have some money set aside for renovations. My partner will be project managing most of the work whilst I will be funding it, so I would like some way for each of us to have a card to access the renovation fund. What is the best way of doing this?

- Joint account?
- Credit card with two users?
- Prepay card with two users?
- Big pile of money under the bed?

Thanks,


Martyn

mrmajika

IMHO

- Joint account? - Yes, this is a good option for what you want to achieve. You can both have a debit card and full access to the account. You will, however, both be financially linked. If this is a problem, then think carefully.

- Credit card with two users? - Strictly speaking there's no such thing (apart from business cc's??). There would be one account holder and one additional card holder. The main account holder would be legally financially liable for the full amount owing on the card. Again, it's no problem, so long as the whole thing goes swimmingly and you don't part on bad terms. A credit card would give additional protection when placing deposits for goods etc.


- Prepay card with two users? - As above really. It's not the first option I'd consider.

- Big pile of money under the bed? - No. Just, no!

HTH

StuC75

Depends how you are likely to be paying for the work..

Credit Card for Online transactions - look for those giving cashback %'s on your purchases given the volume of what you might be spending.. Also provides protection should there be any problem with suppliers - damages, going out of business etc..

Tradesmen are likely to prefer cash - so joint access to the account to withdraw cash as needed to pay these..

bag of cash is harder to monitor, since budgeting and good management is most important with such a project..

martynf_2

Thanks for the quick replies. I think we'd avoid the joint account because it may affect credit ratings. The point about cash is a good one, I hadn't considered it but of course we will need to pay for some things cash.

It looks like the credit card is a good idea but I'll have to be careful how much they charge for cash withdrawals.