There's some good information in this wiki post, but it doesn't cover all my needs.
I currently autopay all bills from a 1% cashback rewards Capital One credit card, which essentially funds one full vacation a year. I'm about to move in with my girlfriend, and we're about to open up a joint account and pay off shared expenses from there.
My ideal setup is a joint rewards card we can proportionally autopay every month from our personal accounts. But, it sounds like it's difficult to get a joint credit card. As well, our landlord typically uses Venmo, but that can lead to extra fees if paying by credit card.
Here's what I'm hoping to do:
Goals
- Autopay shared bills and get rewards on payment (ideally 1% cashback or higher).
- Autopay some proportion (not necessarily 50/50) of the entire monthly credit card amount from our separate chequing accounts.
- Bypass the standard 3% fee if paying a bill by credit card through Venmo.
- Protect both my SO and myself from each-other's potential negligence and/or malice -- e.g. making sure a messy break-up doesn't ruin either's financial lives (far from anticipated, but always good to have assurance).
- Ensure that neither one of myself or my SO has a lower credit score because either one's taking on all the combined debt.
- Ensure complete transparency to both parties at all times.
The three options I can think of don't handle all cases:
Solutions
- Joint credit card doesn't sound like it really exists.
- Shared chequing and payment over Venmo doesn't handle #1, but handles the rest..
- Personal credit card with authorized user could be tricky for goals #4 and #5, and doesn't handle goal #3.
Solution #3 It also makes things feel a bit unbalanced, but that might be the best pick. Anyone familiar with a setup that allows this?
Submitted April 15, 2019 at 08:31AM by nckswt http://bit.ly/2IyCQP3
