Comments on: Do You Share Your Credit Card With Family And Friends?

By: LOR

LOR — Wed, 17 Mar 2010 02:08:42 +0000

Think twice about being a secondary card holder.
I was given one to help purchase goods for a business partner/ He was the primary card holder.
Im now being sued for the entire amount of the credit card even though I didn’t sign anything and used a fraction of the amount.
– barkrupt in Canada

By: kate

kate — Mon, 27 Apr 2009 18:52:52 +0000

I can’t believe this is for real! If lending cash to friend can make things more complicated, can you imagine what sharing a credit card would be like? I actually had a friend whose ex-boyfriend convinced her to add him as a user on a store credit card in her name. After buying furniture, a flat screen tv, and who knows what else on her card, he skipped town… leaving her with $5,000 in debt! That small decision had an enormous negative impact on her life for over a year. It’s a true example of the power of small in action. Never underestimate the little things!

By: Intelligent Speculator | Ramblings

Intelligent Speculator | Ramblings — Sun, 26 Apr 2009 22:15:29 +0000

[...] the NYSE’s stock soaring -The Wild Investor presents “When to sell a stock” -Do you share your credit card with family and friends? -Is your bank working for you?? -Earth Day: Another idea More on this topic (What's this?) [...]

By: ME

ME — Thu, 23 Apr 2009 14:36:50 +0000

I have been thinking about doing this.

We have a nanny and it would be easier to give her a CC instead of having cash handy. This would help her develop a credit history in Canada. I wouldn’t be too worried cause I would have a pretty low limit on it… and besides, I am the one who writes a cheque for her each month to pay her.

besides…. I trust her in our house, with our kids

By: MoneyEnergy

MoneyEnergy — Wed, 22 Apr 2009 15:32:20 +0000

The credit card still may not be safe in my own hands, let alone a friends’!:)

I can see where it might apply, though, in the case of immigrants coming in and trying to help out family or very close friends. But in general I think lending the card to a friend is a bad idea. A certain family member or spouse, maybe. That said I have had a credit line under my parent’s name, but I never needed to draw on it.

By: Jerry Hung

Jerry Hung — Wed, 22 Apr 2009 15:06:11 +0000

Sorry, my CC stays with me, and my brother only, regardless of how much rewards I am getting

Well, maybe one would convince the boyfriend/girlfriend as well, but I wouldn’t do it as it may get ugly

By: Charles in Vancouver

Charles in Vancouver — Wed, 22 Apr 2009 14:59:22 +0000

My Dad gave me a secondary VISA in his name and my Mom gave one to my sister, when we were each teens. The card showed up on my online banking so I could see the charges. Dad and I had an understanding that the card was only to be used for medical expenses, emergencies, or anything else that they specifically asked me to put on the card. Also, I’m not much of a clothing shopper and they never knew what to buy me, so I was allowed to buy some clothes on it within reason.

Of course, it was understood that if I used the VISA for anything unapproved, without a good explanation or a payback, then I would no longer get to keep the card. It all worked out pretty well.

At age 19 when I had my first significant job, I was able to get my own CC; but at 27 I still have a card on Dad’s account too, for those occasions when they want to pay for an expense (e.g. flights home, or taking relatives out for a fancy meal).

By: Julie

Julie — Wed, 22 Apr 2009 14:07:23 +0000

My sister has a Visa card in her name on my account. I set it up when I went traveling a couple of years ago so that she could pay for some of my expenses (mainly vet and food for my cat). We’ve kept the card active and I’ve found that it comes in handy and saves us having to figure out how much I owe her. She is absolutely trustworthy so that helps obviously!!

By: guinness416

guinness416 — Wed, 22 Apr 2009 12:49:26 +0000

It sounds daft, but I know some immigrants who do help newly-landed friends and more distant family out in this way, people who haven’t got credit ratings yet. I wouldn’t (I’m cold hearted like that) but it’s the sort of thing my husband and his friends would do for sure.

As for the kids talk above, I got my first credit card when I was 22-ish and well out of college. It was an additional card on my now-husband’s account now that I think about it. My parents would have laughed their asses off and told me to get another job at the idea of giving me one, and the banks in Ireland didn’t trust students. I ‘ve turned out okay.

By: tom

tom — Wed, 22 Apr 2009 12:41:31 +0000

We need to consider this as business and even if you share your cards with others, there needs to be some rules and restrictions in place.

Not only do you have to watch how you spend on it, but now you have the task of watching someone else, if not babysitting them to make sure they don’t abuse the card.

I say you need to cut the umbilical cord early on and make them work to improve their credit or whatever it is that they have an issue with.

Another point to consider is knowing the habits of the person, if they have good money habits, you can considering helping them but put a contract with restrictions in case something goes wrong.