Joint credit card

ging84

Does anyone do a joint credit card, or atleast one where an additional card holder can have full access to it in their own banking app so they can manage it.

I've got a Lloyds credit card with my partner as additional card holder which we use for shopping / joint spending, I am the only one who can see what has been spent on it in the Lloyds app which isn't ideal but has been ok, but the cards expired last month and the new the additional card doesn't work online because there is no way to do the 2nd factor verification, I've tried to get Lloyds to update the contact number for it but still it doesn't work, so I'm looking at switching to somewhere else that can do it better. 

lr1277

Amex allows supplementary cards. The supplementary card holder can use their own version of the app and they can use their to see their own spending. But they cannot see the spending of the main cardholder. I don't think the supplementary card holder receives any statements.
The main cardholder can see all spending in their app and on their statement.. The main card holder is responsible for the whole bill.
I do not know if a supplementary card holder can pay their part of the bill using a bank transfer and their card number as a reference. 
I understand Amex wants the money to pay the bill from a bank account with the same name as on the card holder. I understand this is because some people will pay their personal Amex from their  Ltd company account and otherw would pay the business card from their personal account. Amex have tightened up all round.

DullGreyGuy

ging84 said:

Does anyone do a joint credit card, or atleast one where an additional card holder can have full access to it in their own banking app so they can manage it.

I've got a Lloyds credit card with my partner as additional card holder which we use for shopping / joint spending, I am the only one who can see what has been spent on it in the Lloyds app which isn't ideal but has been ok, but the cards expired last month and the new the additional card doesn't work online because there is no way to do the 2nd factor verification, I've tried to get Lloyds to update the contact number for it but still it doesn't work, so I'm looking at switching to somewhere else that can do it better. 

There are no joint credit cards issued by any UK based lender

As above, AmEx is the closest that I know of but supplementary cardholders can only see their own transactions and cannot make a payment via the app. They register their own email/mobile so can do 2FA for online shopping etc.

I suspect AmEx would be more amenable for you giving authorisation for a secondary cardholder to do more over the phone, certainly they can already report their own card lost/stolen, book things using the Concierge (if included in the card's service) etc.

Most other card issuers arent very helpful... Barclay's for example said just to share my web log in details with my wife so she can see the whole account and make payments etc even though this is against the terms of service. When 2FA is triggered for logging in though it then becomes a problem as it sends the message to me not her. 

Shanwick

Perhaps if/when Apple launches a UK credit card they may want the lender to provide such a feature. The way Goldman Sachs provided the joint card feature in the USA version is very smooth and only involves using the mobile app. Even in USA joint credit cards are not common. US Bank / Elan do offer the possibility but the process is slow and manual and involves mail or fax.

born_again

To actually provide a joint CC. Means both parties will need to be credit checked & meet the lenders criteria. Due to both being liable for the debt.
Will also exclude under 18 from being provided with a card for emergencies by their parents.

grumbler

born_again said:

To actually provide a joint CC. Means both parties will need to be credit checked & meet the lenders criteria. Due to both being liable for the debt.
Will also exclude under 18 from being provided with a card for emergencies by their parents.

They are jointly and severally liable. If just one person out of two meets the lender's criteria, I don't see how adding an extra person liable for the same debt can do any harm to the lender. This is no different to the common scheme with the main cardholder and secondary one(s).

Yes, the lender can credit-check both, but generally, there is no need in both to meet the criteria. This is just common sense that doesn't always work when it comes to banks.

born_again

grumbler said:

born_again said:

To actually provide a joint CC. Means both parties will need to be credit checked & meet the lenders criteria. Due to both being liable for the debt.
Will also exclude under 18 from being provided with a card for emergencies by their parents.

They are jointly and severally liable. If just one person out of two meets the lender's criteria, I don't see how adding an extra person liable for the same debt can do any harm to the lender. This is no different to the common scheme with the main cardholder and secondary one(s).

Yes, the lender can credit-check both, but generally, there is no need in both to meet the criteria. This is just common sense that doesn't always work when it comes to banks.

At the moment. There is only one ACC holder & they are liable for ALL spending on their CC account.

A additional card holder is not liable for any of the debt, even if it is them that spent the money.

grumbler

born_again said:

grumbler said:

born_again said:

To actually provide a joint CC. Means both parties will need to be credit checked & meet the lenders criteria. Due to both being liable for the debt.
Will also exclude under 18 from being provided with a card for emergencies by their parents.

They are jointly and severally liable. If just one person out of two meets the lender's criteria, I don't see how adding an extra person liable for the same debt can do any harm to the lender. This is no different to the common scheme with the main cardholder and secondary one(s).

Yes, the lender can credit-check both, but generally, there is no need in both to meet the criteria. This is just common sense that doesn't always work when it comes to banks.

At the moment. There is only one ACC holder & they are liable for ALL spending on their CC account.

A additional card holder is not liable for any of the debt, even if it is them that spent the money.

And?

If it's a 'joint' CC, both account holders are liable for the total debt. I.e. the CC provider can chase either of them (of both) for the total amount. I.e. the CC company has two 'main' account holders to chose from and to chase for their total 'joint' debt.

So, if that's what people want, I don't see why it's disadvantageous for a CC to offer such product even if one of two applicants doesn't meet their landing criteria.

DullGreyGuy

grumbler said:

born_again said:

To actually provide a joint CC. Means both parties will need to be credit checked & meet the lenders criteria. Due to both being liable for the debt.
Will also exclude under 18 from being provided with a card for emergencies by their parents.

They are jointly and severally liable. If just one person out of two meets the lender's criteria, I don't see how adding an extra person liable for the same debt can do any harm to the lender. This is no different to the common scheme with the main cardholder and secondary one(s).

Yes, the lender can credit-check both, but generally, there is no need in both to meet the criteria. This is just common sense that doesn't always work when it comes to banks.

The same would apply to loans and other forms of credit that are currently available on a joint basis but there are cases of joint applicants being refused a loan but a solo applicant from the same pair being accepted.

I would imagine this is more the exception than the rule however as, as you say, if one alone is credit worthy for the full amount what harm is having a potential second person to chase for the same. Imagine its only those with the lowest scores and at material risks of IVAs, DROs or other write offs/downs where it may drag an acceptance to a decline.

From a personal perspective had a joint loan with my now Ex. Split was relatively amicable and interest rates had gone up since taking the loan so agreed we'd leave it in joint names and I would continue to pay it off. Fast forward a year or so and the lender contacted me (presumably us) to say they were calling in the loan, I challenged why as fully up to date on the payments and they advised it was because of the other named person on the loan but due to data protection couldnt say what. Obv not happy about this and so expressed my dissatisfaction to which their response was because my ex had defaulted on their own account they'd accept 75% of the outstanding balance as full and final settlement of the loan.

So whilst in theory an extra person to chase should be nothing but a bonus in practice the extra person can cause the amount repaid to be below expectation.  

born_again

grumbler said:

born_again said:

grumbler said:

born_again said:

To actually provide a joint CC. Means both parties will need to be credit checked & meet the lenders criteria. Due to both being liable for the debt.
Will also exclude under 18 from being provided with a card for emergencies by their parents.

They are jointly and severally liable. If just one person out of two meets the lender's criteria, I don't see how adding an extra person liable for the same debt can do any harm to the lender. This is no different to the common scheme with the main cardholder and secondary one(s).

Yes, the lender can credit-check both, but generally, there is no need in both to meet the criteria. This is just common sense that doesn't always work when it comes to banks.

At the moment. There is only one ACC holder & they are liable for ALL spending on their CC account.

A additional card holder is not liable for any of the debt, even if it is them that spent the money.

And?

If it's a 'joint' CC, both account holders are liable for the total debt. I.e. the CC provider can chase either of them (of both) for the total amount. I.e. the CC company has two 'main' account holders to chose from and to chase for their total 'joint' debt.

So, if that's what people want, I don't see why it's disadvantageous for a CC to offer such product even if one of two applicants doesn't meet their landing criteria.

So that then drops into inappropriate lending.
If a person can not get a sole CC, then no way should any lender be allowed to add them in the way you are suggesting. FCA rules.
You are also forgetting the under 18's who can not have a CC & are often provided them by their parents for emergencies. They would be excluded, as they can not be held liable for debts. Rightly so.

NoodleDoodleMan

I f joint credit cards become available with each holder equally responsible for debts - wouldn't it be just as convenient for both parties to have a single card in their own name ?