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Capital One Won’t Open Joint Accounts On Credit Cards

Tuesday, August 27, 2013 - 5:27 AM
A reader emailed me a question about why Capital One is not allowing joint accounts for their credit cards. If you want more than one person to use the card, they are only allowing the other person to be an authorized user. Here’s an excerpt of his email:
I read the details of the Quicksilver card from Capital One and it seemed like the best general purpose rewards card out there right now, what with the 1.5% back on everything.  It does require really excellent credit, but fortunately we have that, and I was approved

However, that’s when I found out that Capital One would not let me set up with this card as a joint account.  Authorized user was no problem, but joint was a no-go.  I asked why, and was told that its just policy, so in essence they were unwilling to give a reason.  I then asked if they had any other cards where I could get a joint account, and was told no, they no longer offer joint accounts on any of their cards

So – question to you and to the Depositaccounts community at large - are they just looking to hook up with single people at this point, or what?  (Yes, pun intended.)

Any ideas why Capital One won’t allow joint accounts for their credit cards?

I’m thinking it may be due to payment liability. Even with authorized users, only the primary account holder is legally liable for the balance due on the account. For joint accounts, both account holders are both equally responsible for the balance. More details about joint accounts and authorized users are in this CreditCard.com article.

 
6
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,633
1. Tuesday, August 27, 2013 - 8:49 AM
I have never heard of a joint credit card. I have heard of authorized users. Has anyone had a credit card bill that is sent as a joint account? 
3
Ally6770Ally6770930 posts since
Jan 16, 2010
Rep Points: 2,706
2. Tuesday, August 27, 2013 - 12:03 PM
Which Credit Cards Allow Co-Signers?

Why doesn't every issuer accept co-signed accounts? Some institutions might be reluctant to deal with "the logistics" of servicing joint accounts, says Dennis Moroney, research director of bank cards at TowerGroup in Needham, Mass. With authorized users, he says, "there's no question about who owns the debt."

http://www.bankrate.com/finance/c...igners.asp

Note: As of February 2013 Chase no longer allows joint accounts.
4
ShorebreakShorebreak2,674 posts since
Apr 6, 2010
Rep Points: 14,511
3. Tuesday, August 27, 2013 - 12:17 PM
A co-signer is not a joint account. When a credit card owner dies his debt is forgiven if that person has no assets. If the name is on a house, car, etc then debt owed will  be paid from these assets. A joint account would mean both would be responsible and both would pay. A co-signer is someone who signs onto the account and would be responsible for the amount owed. A co-signer is used when the owner does not have good credit and is not able to get a loan or credit card without a cosigner. An authorized signer in the past would sign on to an account and would be able to establish good credit if the owner paid the bill on time. That no longer  happens. The credit report goes on the owner only. 
3
Ally6770Ally6770930 posts since
Jan 16, 2010
Rep Points: 2,706
4. Tuesday, August 27, 2013 - 12:49 PM
Co-signer, joint account holder, guarantor: Know the difference

BofA, Discover and Wells Fargo still offer joint accounts.
4
ShorebreakShorebreak2,674 posts since
Apr 6, 2010
Rep Points: 14,511
5. Tuesday, August 27, 2013 - 4:05 PM
Thanks. I never had a card with any of the 3 of them. Never heard of a joint card holder until today. Thanks for the information Shorebreak. 
4
Ally6770Ally6770930 posts since
Jan 16, 2010
Rep Points: 2,706
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