Converting Credit Card to joint card?

LW7

I've had a Lloyds bank credit card for around 10 years, with various balances over that time. Currently the balance is £4,900 and the credit limit £13,000 (never had over £7k on it). Interest is around £45 per month on the £4,900.

Both the wife and I use this card for emergencies and large outlays (as we don't have any savings). We both also use this for work expenses, hotels, fuel, meals. We both can claim these costs back, but the wife is much worse than I am, and takes months to sort hers out usually.

The card, minus work expenses, probably has a balance of £4,000 on it. Our plan is that we both receive our company bonus' at the end of March (usually around £2500 net) which will clear this amount to zero.We do this pretty much every year, spend on it, and clear it once a year - and I hate it!

I have a few questions moving forwards from this point:

1. Should I look to reduce the credit limit to something around £3k, to stop us "topping up" the card throughout the year? but enough for joint floating expenses?
2. Should I look to add my wife as a joint card holder so she has visibility of the balance and becomes accountable more? Me telling her, just doesn't work.
3. We've just re-mortgaged last month and are going to be £200 a month better off. So we are not going to need any further credit checks etc, but both show as 900+ on CreditScore and Very Good on Noodle. Will adding her as a joint card holder change our credit scores into one? Is this logical to do?
4. Due to the ongoing work expenses, it is worthwhile us having our own cards, where we can use for work costs, and fall foul of any increased balances? As we've both spent on the one card for personal expenses (drinks/shops) every now and again which we shouldn't, but still treat as joint debt. I want to move away from that. 

I hate credit cards, and ideally, once we clear it, I want to use some money each month to build a float within our joint account, and also some personal savings, to use towards work expenses so I don't need to rely on the credit card to do so, but I know the wife won't be able to do this and will end up spending her float/savings and then need the credit card for her work expenses.

Just looking for some pointers about best way to manage moving forwards please.

[Deleted User]

There are no joint credit card accounts.  You can add a secondary cardholder, but the account can only be in one name.

1) Your limit is very low - keep it and accept any increases.
2) Only if you want her to be able to spend.
3) Your scores are not used by lenders in making credit decisions, therefore any change to them is irrelevant.  You each have credit files which lenders will review.  If you are financially associated, they may search the other.
4) I would aim to have two or three cards each and use them regularly, so that you have back ups and can also demonstrate that other lenders trust you and that you can handle credit.  However, if you cannot control your spending, then it would be better to go without.

LW7

Deleted_User said:

There are no joint credit card accounts.  You can add a secondary cardholder, but the account can only be in one name.

1) Your limit is very low - keep it and accept any increases.
2) Only if you want her to be able to spend.
3) Your scores are not used by lenders in making credit decisions, therefore any change to them is irrelevant.  You each have credit files which lenders will review.  If you are financially associated, they may search the other.
4) I would aim to have two or three cards each and use them regularly, so that you have back ups and can also demonstrate that other lenders trust you and that you can handle credit.  However, if you cannot control your spending, then it would be better to go without.

Thank you for that, I wasn't aware that scores were not used by lenders! That's interesting about having 2-3 cards each, and using them, makes sense.

I think I'd be OK with that idea, but perhaps only when as you say, we can control spending and handling things better, It's always been the way to "keep the card for emergencies" but in-fact, we've never had one bigger than £500 (ie washer/fridge) I have insurance up the eye balls for major incidents in any case. So I think we're using that as a cop out to keep having one and spending on it. 

I think perhaps best to clear the card that we jointly spend on. Get a second card in her name with c£<500 limit and both use our own cards for work costs. As that way we can spend and clear it every couple of weeks. 

LW7

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born_again

Better to get a card in her own name.
Some card provider will not cover S75 on additional card holders.

RG2015

born_again said:

Better to get a card in her own name.
Some card provider will not cover S75 on additional card holders.

This concerns me. Do you have specific information on this and which card providers apply this restriction? My wife has no personal income so cannot get a card in her own name.

RG2015

RG2015 said:

born_again said:

Better to get a card in her own name.
Some card provider will not cover S75 on additional card holders.

This concerns me. Do you have specific information on this and which card providers apply this restriction? My wife has no personal income so cannot get a card in her own name.

I have found an answer of sorts on the link below. So if my wife buys a washing machine for our house we both benefit hence would have S75 cover.

https://www.choose.co.uk/guide/section-75-additional-credit-cardholders.html

born_again

RG2015 said:

RG2015 said:

born_again said:

Better to get a card in her own name.
Some card provider will not cover S75 on additional card holders.

This concerns me. Do you have specific information on this and which card providers apply this restriction? My wife has no personal income so cannot get a card in her own name.

I have found an answer of sorts on the link below. So if my wife buys a washing machine for our house we both benefit hence would have S75 cover.

https://www.choose.co.uk/guide/section-75-additional-credit-cardholders.html

No idea who might not. Just something we have heard. We do cover Additional cardholders.

Vortigern

mossmanian If you're using a credit card for business expenses, you should ask your employer to provide credit cards for yourself and your wife. This should have no effect on your personal credit history.

boo_star

Deleted_User said:

There are no joint credit card accounts.  You can add a secondary cardholder, but the account can only be in one name.

1) Your limit is very low - keep it and accept any increases.
2) Only if you want her to be able to spend.
3) Your scores are not used by lenders in making credit decisions, therefore any change to them is irrelevant.  You each have credit files which lenders will review.  If you are financially associated, they may search the other.
4) I would aim to have two or three cards each and use them regularly, so that you have back ups and can also demonstrate that other lenders trust you and that you can handle credit.  However, if you cannot control your spending, then it would be better to go without.

£13000 isn't very low, did you misread it as £1300?

Speedbird676

mossmanian said:

Just looking for some pointers about best way to manage moving forwards please.

Your wife needs to manage her life better 
1. After you receive your bonus and clear the balance keep paying in full every month.
2. Make your wife claim her expenses more regularly. It is ludicrous that you're personally paying interest on expenses incurred for somebody else's business out of sheer laziness.