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