When people get married, or life dictates that they need to have some sort of joint account, then they will more often or not get a joint account and a joint debit card.  When this is done then it is important to set some ground rules.

When should couples get a joint debit card?

This is a common question that many newlyweds or long-term partners face when they decide to share their finances. There is no definitive answer to this question, as different couples have different preferences and goals. It could be that you’re moving in together, or you’re just housemates and need to pay the electricity and NBN bill. This will mean that a common debit card is often a good idea. However, here are some possible benefits and drawbacks of getting a joint debit card that you might want to consider.

Benefits of a joint debit card:

It can make it easier to pay for shared expenses from one account, such as rent, groceries, utilities, or entertainment. You won’t have to worry about splitting bills or transferring money between accounts. Although the introduction on the “osko” and apps like BeemIt have changed this problem recently.

It could help you save for goals faster. You’ll be combining your money that could go towards your wedding, a holiday or even to stump up the 20% deposit for a house.

Sometimes a joint debit card can even help build trust. You’ll both have access and oversight of the money going in and out of the account. Here you’ll be able to have open and honest conversations and support each other financially.

Disadvantages of joint debit cards

It might reduce your financial independence and privacy. As you’ll both be able to see the money coming in and out, you might not feel comfortable with your partner knowing every financial detail about you. This is definitely one of the things to discuss before opening the joint account.

There’s also a certain element of risk associated with it. If you have an overdraft attached to your account and your significant other decides to blow $1000 at Star City one night, you’ll both be liable for the fees and interest on that amount.

If you both have completely different financial goals, it’s best to put these on the table before opening a joint debit card. You really want to be sure that you’re not going to end up worse of financially.

Questions to ask your potential joint debit card partner

Clear communication from the start can make a big difference.

• Why do you want to get a joint debit card?
• What are the benefits and drawbacks for you?
• How much money will each of you deposit into the account?
• How often will you do so?
• Do you get an overdraft attached to the card
• What expenses will you pay with the card?
• How will you decide what is fair and reasonable?
• How will you use the joint card?
• Will you need both signatures to access the account or just one?
• Who will have a physical debit card and how will they use it?
• How will you communicate and monitor the account?
• How often will you check the balance and transactions?
• How will you resolve any issues or disputes?

If you both agree on these questions and your partners answers and feel comfortable with sharing a joint debit card, then you can apply for one online.

Joint accounts can be a great way to take commitment to the next level, but planning is an important part of the process.

By looking at all of the factors above as a couple, you should be able to manage your joint account fairly and responsibly for years to come.