I'm still trying to decide who Misterman's wife's $1000 sheets are for, if they aren't for him!
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So on an expansion, what are people’s thoughts on having separate vs joint credit cards?
Probably a way more relevant question these days than bank accounts :rofl:
*stirsthepot*
I have my own, and I have a separate where the wife has an authorized card.
Credit cards are less of an issue either way because the money to pay them would be coming from the same place(s) regardless of your chosen financial situation. Even if you "share' credit cards, they have separate numbers and arrive as separate statements within the same bill. I suspect most 3-account folks have their own CC(s) and then one joint CC for anything that gets paid with the joint account.
Yes, that's why I said "within the same bill", but there are 2 card numbers and 2 subtotals on the bill, so it's treated as separate right up to the total so you know exactly how much you each owe if that's how you're set up. If it's the joint account CC, then it doesn't matter either because you're just paying it from the joint account anyway.
My problem is with our WestJet card I can't see all the transactions or the statement. Not sure why they can't just make it so both cardholders have full access.
Well me and my wife only have one credit card. So do I win the marital trust contest for that category?
Since this thread has gone off the rails, I'm going to turn the trust argument right around and say it's the joint account people who don't trust their spouse/partner and thus they need to be able to see where every dollar goes!
On a more serious note, has anyone brought up tax efficiency? Being team sport and all, I'm so glad my wife is naturally an awesome saver/investor at her tax rate, while I foolishly spend my money on things like our mortgage, daycare, food, utilities, clothing, etc.
Joint CCs, except I have 1-2 more cards than her at any given time as I churn for rewards points.
Bumping because recently married and we are trying to figure out how to do a joint account the simple and fair way. Searching on beyond.ca was pretty much the first thing I did when researching. What penis has written below is pretty much what we have come down to. 3 account system... contribute to joint account by percentage of gross income. Add up living expenses. Use joint account to pay bills. I make considerably more than her so I'll be contributing quite a bit more towards the joint account but it seems to be the most fair way of doing things.
On the right path here? Also, thanks for the words of wisdom here. Good discussion.
It is what we do as well.
Our joint account is where the majority of the money goes for the house and major bills and some savings.
We then each have our own accounts but even from there we will help one another of something is needed.
Since I make more than my girlfriend I also help out more where needed in the household.
Works fine for us.