Acquiring additional
credit cards for family members is not a
difficult task. Generally husbands and wives can both
be issued their own copies of the same credit card.
However, if more cards are needed for their children,
then they might have to open a joint account with
their children where the children and the parent whose
name is on the account are both responsible for paying
the monthly balance on the account.
Parents can set a predetermined
spending limit on the card which the children cannot
exceed and in this manner teach the children responsible
money and credit management skills. Issuing additional
cards for family members other than a husband, a wife
or children is not recommended and never a good idea.
Unless the principal card holder accepts that the
liability for the card will ultimately rest on their
shoulders then members of an extended family should
get credit cards issued in their own names.
Having credit cards
issued to immediate family members can be a time saving
and useful thing. That way should an emergency arise,
each family member is equipped to handle it rather
than have to rely on the one person in the family
with a credit card to arrive. However, there are draw
backs to issuing additional credit cards for family
members, namely being able to keep a control on what
is spent. If more people have access to a credit card
then chances are it will be harder to keep the family
budget under control unless strict parameters are
set about the credit card’s usage. In all, the decision
to have additional credit cards for family members
is a personal choice that should never be made lightly.
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