A joint credit card allows two people to share financial and legal responsibility for a line of credit, making it a practical option for anyone wanting to combine their finances.
While joint credit cards offer benefits such as shared responsibility and the ability to pool rewards, they also come with some risks that you’ll want to be aware of.
Key Points
- Joint credit cards are fairly rare in Canada. Not all financial institutions allow you to apply with a co-borrower.
- Most credit cards allow authorized users, which is a good alternative to a co-borrower.
- Unlike an authorized user, being joint credit card holders means both users are equally responsible for the debt.
What Is A Joint Credit Card?
A joint credit card is a credit card account shared by two people, typically spouses or partners, who both hold equal responsibility for the debt.
This is different from having an authorized user, where one person owns the account and the other simply has permission to use it. Instead, a joint credit card means both parties are legally responsible for the account.
Features Of A Joint Credit Card
Let’s take a closer look at the main features of a joint credit card.
Who Is Responsible for Payments?
With a joint credit card, both account holders share equal responsibility for making payments on the debt. This means if one person racks up debt or misses a payment, both of your credit scores will take a hit. Lenders don’t discriminate between which person made the charges, or whose purchases accrued the debt – the full balance is the responsibility of both borrowers.
Who Has Access To Credit Card Benefits?
Since both cardholders are co-owners, they each get full access to the card’s perks, such as rewards points, cashback, travel insurance, etc.
However, this also means that any rewards earned are tied to the joint account, and they can’t typically be split or transferred separately if the account is closed.
Impact on Credit
A joint credit card will affect both cardholders’ credit scores.
As always, on-time payments and responsible use can help build your credit profiles, but high balances or late payments can negatively impact both individuals. In other words, if one person mismanages the account, the co-borrower will also suffer the consequences.
Additional Cardholder vs. Co-Borrower
An important distinction here is the difference between a co-borrower on a joint credit card, and an additional cardholder, or authorized user, on a regular credit card account.
Co-Borrower
A co-borrower on a joint credit card shares full responsibility for the debt and has equal authority over the account. Unlike an authorized user, a co-borrower’s financial decisions will directly impact their credit profile and overall liability.
Additional Cardholder
An additional cardholder is someone who gets added to an existing credit card account, but isn’t legally responsible for the debt. They have permission to use the card, and their name is attached, but only the primary account holder’s credit score is affected by use of the card.
How To Apply For A Joint Credit Card
Applying for a joint credit card in Canada involves a few key steps. Here’s how to do it:
1. Choose A Credit Card Provider
If you’ve already got a credit card account, you may be able to simply add a co-applicant, as it were, to your existing account, provided it’s in good standing.
If you’re searching for a new joint credit card account to open with a partner, you can start by researching banks and financial institutions that offer joint credit cards. Not all credit card issuers provide joint accounts, so this is something you’ll have to look out for. Consider important factors including:
- Interest rates: Some cards have lower rates for those with strong credit histories.
- Rewards and perks: Cashback, travel points or other perks may be included.
- Annual fees: Some premium joint cards have higher fees, while others are free.
2. Check Eligibility Requirements
Both applicants will have to meet the lender’s eligibility criteria, which will include being the age of majority, meeting credit score and income requirements, and more.
Learn more: What Credit Score Do I Need to Get a Credit Card?
3. Gather Required Documents
Once you’ve found the card you’d like to apply for, and made sure you meet the requirements, both applicants will need to provide certain details and prepare documentation for submission:
- Government-issued ID (driver’s license, passport or provincial ID)
- Proof of income (pay stubs, tax returns or bank statements)
- Details of financial obligations, including any existing debts or loans
- Employment details such as your employer, position, and salary.
4. Submit Your Application
Depending on the card issuer you chose, you will be able to apply in one or more of the following ways:
- Online – Most banks allow both applicants to fill out a digital application together.
- In-branch – Some banks will require an in-person visit to finalize the application.
- By phone – Some banks will give you the option of applying together over the phone.
5. Wait for Approval
Once your joint credit card application is submitted, the lender or issuing bank will review both applicants’ credit histories and financial standing. If your application is approved, the credit limit and interest rate will be determined based on your combined credit profile.
After approval, both individuals should receive a physical credit card and will share equal responsibility for managing the account. It’s a good idea to have a plan in place for how you’ll both manage the card going forward following approval, to help avoid disagreements later on.
Which Banks Offer Joint Credit Cards?
Very few Canadian financial institutions currently offer joint credit cards, where two individuals share equal responsibility for the account. Here’s an overview of the offerings from Canada’s major banks.
- Royal Bank of Canada: RBC is currently the only major Canadian bank providing information about joint credit card accounts online. You can sign up for most of their credit cards with a joint application, or add one to an existing credit account.
- Capital One Canada: Capital One does not currently offer joint credit card accounts. However, they do allow primary cardholders to add authorized users, who can make purchases but are not responsible for the debt.
- Scotiabank: Scotiabank may offer a joint credit card account, but you’ll need to get in touch with your local branch to find out more information. They also offer supplementary cards, which are the same as adding an authorized user.
- TD: TD Bank does not currently provide options for a joint credit card or co-borrower, but you can add an additional cardholder who will not be liable for the balance.
- Bank of Montreal: BMO does not offer joint credit card accounts, but you can add up to five authorized users.
- Canadian Imperial Bank of Commerce: CIBC doesn’t provide joint credit card options, but like other banks they do allow for the option of authorized users, with the primary cardholder retaining sole liability for the account.
- National Bank of Canada: NIBC has an offering referred to as a joint credit card, but it doesn’t actually function like one. Instead, it involves a primary cardholder with authorized users, like most Canadian banks.
Eligibility Requirements For A Joint Credit Card
Before applying for a joint credit card in Canada, both applicants must meet the lender’s eligibility criteria. Here’s what financial institutions typically require:
1. Age Requirement
Both applicants must be at least 18 or 19 years old, depending on the province or territory. In most provinces, the age of majority is 18.
2. Creditworthiness
Lenders will assess both applicants’ credit scores and histories before approving a joint credit card. Even if one person has excellent credit, the approval process will consider the risk of both applicants.
3. Income Requirements
Banks will evaluate the combined income of both applicants to determine eligibility and set a credit limit.
If one applicant has no income or irregular earnings, the other party’s income may still qualify them, but approval will vary depending on the card issuer’s policies.
4. Residency Status
Both applicants must be Canadian residents in order to apply for a joint credit card. Some banks may require applicants to be permanent residents or citizens, while others may accept temporary residents with valid work or study permits.
5. Debt-to-Income Ratio
Lenders will review each applicant’s existing debt profile to ensure they can manage a new credit line. A high debt-to-income ratio will reduce your chances of approval, or perhaps result in a lower credit limit offered.
Benefits Of A Joint Credit Card
A joint credit card can offer several advantages, especially for couples, family members or even business partners looking to combine their finances.
Shared Responsibility: Both cardholders are equally responsible for making payments, which can help ensure your balance is paid on time and reduce financial stress.
Higher Combined Credit Limit: Since lenders assess both applicants’ credit profiles and incomes, joint cardholders may qualify for a higher credit limit than they would on an individual account.
Credit Building for Both Users: Responsible use of a joint credit card can help both individuals build or improve their credit scores, making it easier to qualify for loans or mortgages in the future.
Easier Expense Management: With a co-borrower credit account, it can be easier to track and manage your combined expenses in one place, rather than juggling multiple credit cards.
Maximizing Rewards: Joint cardholders can pool their spending to earn more cashback, travel points or other rewards faster than if they were using separate credit cards.
Learn more: How Living Common-Law Affects Your Finances
Disadvantages Of A Joint Credit Card
While joint credit cards can offer convenience and shared benefits, they also come with considerable risks that you should be aware of before applying.
- Shared Liability for Debt: Both parties are legally responsible for the full balance, meaning if one person racks up charges or misses payments, the other is still on the hook for the debt.
- Impact on Credit Scores: If one cardholder makes late payments or accrues significant debt, it can negatively affect both individuals’ credit scores.
- Potential for Financial Conflict: A joint credit card could lead to disagreements over spending habits, payment responsibilities or financial priorities, creating tension in a relationship.
- Limited Availability: Most Canadian banks don’t currently offer true joint credit cards, so your options here are definitely restricted compared to individual credit cards with authorized users.
Alternatives To Joint Credit Cards
If you can’t find the right card or if joint credit cards are simply too limited, there are other ways to share your finances.
Add As An Authorized User
The primary alternative is for one person to open an individual credit card account and add the other as an authorized user.
This allows the authorized user to make purchases using the card, but they won’t carry any legal liability for the balance. While this may help build credit, depending on the issuer’s reporting policies, the primary cardholder is solely responsible for the balance.
Learn more: How To Add An Authorized User To A Credit Card
Open a Joint Bank Account
Joint bank accounts are more readily available than joint credit cards. With a joint bank account, you can make transactions and pool money into the same account. The biggest difference is that you’ll be using your available funds in the account, and you won’t have the same cash back or points program that many credit cards have.
Learn more: Pros and Cons of Joint Bank Accounts
Apps like Splitwise allow couples or roommates to track shared expenses without needing a joint credit card.
These apps help divide bills, monitor spending habits and set financial goals together. While they don’t offer credit-building benefits, they are a practical way to manage combined finances.
Learn more: Best Budgeting Apps In Canada 2025
Bottom Line
A joint credit card can be an excellent financial tool for couples and others who want to combine their finances, but there are risks involved. Plus, most banks in Canada don’t currently offer true joint credit card accounts, other than RBC.
If a joint credit card isn’t available or ideal for you, alternatives like adding an authorized user or using budgeting apps can still help you smoothly manage your shared expenses.
