Credit Cards : Access to Credit for the Whole Family

Credit Cards : Access to Credit for the Whole Family

If you have ever been in credit card debt, you know just how easy it is to fall into debt without even realising it. Using your credit card is after all very tempting; especially with the sale signs you see everyday, and the store promos that are held in conjunction with credit cards.

Because of the risk of credit card debt, a lot of credit card owners that have learned from their lesson end up cutting up all their other cards and just limiting the number of credit cards in their family to one. In a way this is very sensible since it makes tracking your credit card account quite easy. However, this also leaves all the other members of the family without direct access to credit; access that they might not always need, but could sometimes need.

A way to give your family access to credit, while maintaining a reasonable degree of control to the credit card spending habits of everyone, is to simply make use of a common feature that a lot of Irish credit card companies offer the ability to add card holders under one account. Instead of having everyone apply for an individual credit card account, what you can do is use your account to get additional cards for your family members. This way the additional card holders under your account will have access to credit with you finding out all the transactions made by each authorised user, since all purchases and payments are reflected on your account.

Aside from the ability to manage everyone's credit card transactions through your own account, the credit limit is shared by everybody so that you don't have to worry about getting bloated balances. If one of the additional account holders overspends, the rest of the family will have less credit available to them. What happens is that everyone has to adjust their expenses to accommodate the decrease in credit limit. A positive side effect of this, which may not be a financial side effect, is that all the family members will be concerned about keeping each other's spending in check. This promotes communication and cooperation within the family, at least if everyone wants to have fair access to credit. The whole family can decide to apply credit card spending rules, starting with individual limits and acceptable purposes for using the credit, in order to manage the account wisely.

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