Here is each card category you can use to manage your shared finances:

Shared

Most people think of the shared credit card when they hear the term ‘joint credit card.’ It’s joint ownership in the truest sense of the phrase: both partners are listed on the account, have cards, and ultimately share full liability.
To apply for a shared credit card, both you and your partner will be subject to a hard credit check which will determine whether you qualify and perhaps also the terms you can get the card on.
Closing a shared account is a case of calling your credit card issuer and asking to have the account deactivated. Following this, both account holders will need to pay off any outstanding credit card debt according to the terms agreed upon when signing up for the account.

Co-signed

A co-signed card allows one of you to be the primary cardholder with access to credit upto the card spending limit. The other partner in this scenario would co-sign and declare that they would bail out the primary cardholder should they default on payments.
The main reason to take this route is if one partner has a poor credit history, as this will limit their options to credit.
There aren’t many banks that issue co-signing as an option for their credit cards, but for those that do, you’ll be able to provide the co-signer’s details with your credit card applications.
Removing the co-signer can be tricky. Provided the primary cardholder has made payments on time, the co-signer might only need to contact the card issuer and ask to be removed. However, if the primary cardholder hasn’t kept up with their payments, it won’t be so straightforward.

Authorized user

The final option is to add your partner as an authorized user on your account. That way, you’ll both be listed on the account with your own cards. The only difference from the shared account is that the authorized user will have limited to no liability and won’t have the information filed on their credit report.
To add someone as an authorized user, find a credit card that allows this option, and have the partner with the highest credit score apply for a more favorable rate and credit cards with high limits.
During the registration process, you’ll come across the option to authorize a user, which is when you would enter your partner’s details. This may require additional service fees.
You can usually have an authorized user taken off the account by calling the number on the back of the card and requesting that they be removed.
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Pros and cons of joint credit cards

Now that you know more about what a joint credit card is and what types there are, what are the main pros and cons of applying for one?

Pros

‍Convenience
For many couples, finances are already shared equally. It’s just that the system for sharing the financial burden of their lives is inadequate.
If this is the case, the benefit of getting a joint credit card is obvious: it streamlines the process of sharing finances, so the couple doesn’t have to stress about making sure they’re both contributing equally.
‍Simple budgeting
When you have a plethora of incomings and outgoings to consider for two partners, making a budget according to each category can seem impossible. With a joint credit card, the process is simple since you can see your combined finances at a glance and use that information to inform your budget.
‍Get additional perks faster
When you have a credit card, it can take a long time to qualify for a perk or bonus you wanted when you signed up, such as gift cards or air miles. With a joint account that has more than one holder, it can be much easier to enjoy the credit card benefits since, in theory, there’ll be much more spending.

Cons

Your credit score could be affected
For each of the joint credit card options, one or both partners could put themselves at risk of taking a hit to their credit score.
If you choose a shared credit card, both of you will assume full liability for any debts you accrue. If you default on a payment due to your partner overspending compared to your budget, you run the risk of damaging your credit score.
With a co-signed account, the co-signer puts their strong credit rating at risk since they are tying their financial status to that of their partner.
Shared liability
The primary disadvantage to owning a joint credit card is that you put your finances on the line and have to place a lot of trust in your relationship and your partner.
A joint credit card means there are two or more ‘co-owners,’ which is convenient in some ways yet implies a complete shared liability. That means the full financial burden of making sure debts get paid off lies with both partners.
The authorized user is the one option in which one partner will have limited or even no liability on the funds they have access to.
Lack of privacy
When you sign up for a joint credit card, you effectively sign away your right to privacy with your money. Whenever you make a payment, it will appear in your joint account, so your partner will be able to see it.
In a joint account, every transaction is transparent, so both partners can see the details of every payment regardless of who made it.

When is the right time to get a joint credit card?

So when is the right time to push the button and sign up for a joint credit card account?
Long-term committed relationship
The first instance in which you might want to consider getting a joint card is if you’ve been together for several years. This proves you’re in a strong relationship, which is paramount to sharing finances without paranoia.
Lots of shared expenses
If you share a lot of expenses as a couple, such as everyday purchases, bills, and groceries, you probably have to make numerous e-transfers to one another regularly.
This is fine for some, but for many couples, this can become frustrating, tedious, and difficult to keep track of who owes who what.
Both have good credit or healthy spending habits
If you’re both prone to spending sprees and the odd lavish combined purchase, then signing up for a joint credit card account could add pressure to the relationship.
Wavering finances in the context of a shared credit card can add a huge amount of stress to both partners, so you want to cultivate healthy spending habits before you take the leap.

The 5 best credit cards for couples

We recommend having your partner as an authorized user since this places less stress on the relationship as one partner has limited to no liability but both get to access the funds. It’s also easy to remove them should your circumstances change.
The best credit cards for young adults will offer credit card rewards, a card sign-up bonus, and extras such as gift cards or luxury hotel access.
Here are five of the best joint credit cards for couples :

American Express Platinum

Sign-up bonus: Receive 100,000 points when you spend more than $6,000 in 3 months on eligible purchases.
‍Credit card rewards: American Express Platinum rewards include access to Centurion airport lounges and fine hotels, and reward schemes.
‍Annual fee: $695
‍Authorized user fee: $175

Chase Sapphire Reserve

Sign-up bonus: Receive 60,000 points when you spend $4,000 in 3 months on eligible purchases.
‍Credit card rewards: Chase Sapphire Reserve card owner rewards include Priority Pass, access to the Chase Ultimate Rewards scheme, car rental and travel insurance, and purchase protection.
Annual fee: $550
Authorized user fee: $75

Capital One Venture X

Sign-up bonus: Receive 75,000 miles when you spend $4,000 in 3 months on eligible purchases.
‍Credit card rewards: With the Capital One Venture X card you can redeem rewards such as access to the Capital One lounge and Plaza Premium Lounge. You can also benefit from Priority Pass, Hertz President’s Circle status, Cell phone protection, Capital One travel insurance, purchase protection, and extended warranty.
‍Annual fee: $395
Authorized user fee: Free up to 4 users

American Express Gold

Sign-up bonus: Receive 60,000 points when you spend $4,000 in 6 months on eligible purchases.
‍Credit card rewards: American Express Gold card rewards include access to the Hotel Collection, travel insurance, purchase protection, and extended warranty.
‍Annual fee: $250
‍Authorized user fee: Free up to 5 users

Blue Cash Everyday

Sign-up bonus: Receive a $350 credit statement when you spend $3,000 in 6 months on eligible purchases.
‍Credit card rewards: Blue Cash Everyday card rewards include return protection, fraud protection, and secondary rental car insurance.
‍Annual fee: $95
‍Authorized user fee: Free

Conclusion

Joint credit cards can be a great way to share finances without all of the messy calculations. It’s a straightforward solution to combining finances effectively and opens the doors to more quickly obtaining perks associated with the card.
You do have to consider the downsides, too. By opting for a joint credit card, you relinquish privacy in how you spend your money and assume the burden of shared liability which could prove disastrous if you split up.