Couples unwilling to share credit cards

Its all sharing between the sheets but married couples are still unwilling to share a credit card

While couples are willing to share a bed and all that goes on between the sheets, almost three quarters of a million Australians who are married or in defacto relationships say that it will be till death do they part before theyll share a credit card(1) with their partners, according to research(2) released today on behalf of the BankWest Zero MasterCard. The national survey revealed that a wave of credit card caution is sweeping coupledom.

Nearly half (43%) warn those who havent yet walked down the aisle to wait more than two years, or till they wed, before sharing a credit card and risk the danger of being liable for their partners expenses.

According to BankWests Steve Kane, "We conducted the survey as part of our Get Australia Saving campaign - trying to discover how couples view the topic of shared finances. Its interesting to see that while married couples are comfortable sharing everything from nail clippers to razors, they still want to maintain their credit card independence. "

"And amusingly while its stereotypically men who run a mile at the sign of commitment, both sexes are equally cautious at the thought of sharing a credit card."

The BankWest Zero MasterCard survey also examined why couples couldnt bear to share and uncovered a staggering one in five married or defacto people were concerned by their partners growing credit card debt. This indicates not sharing may well be a wise move for those couples with polar spending habits.

It appears that those in married or defacto relationships are happier when it comes to sharing bank accounts other than a credit card, with 72 per cent having a joint cheque or savings account and 50 per cent a mortgage. In fact only seven per cent have a mortgage in their own name.

According to Gay Curtis, money coach and author of Smart Couples Guide to Money, "Even though couples may be dedicated to one another, they shouldnt rush into making any significant financial commitments that they may regret later down the track. Marriage may be the ultimate sign of commitment, but it doesnt necessarily mean that people have to share a credit card account. Whats most important is that couples have shared financial goals for the future. A good starting point is www.getsaving.com.au which has some great credit card and general money saving tips and tools."

Concludes Kane, "Credit cards with a zero interest-free period like the BankWest Zero MasterCard are great for giving couples the time to sort out their finances and get on top of any debt that has been incurred from over-indulgent spending".

(1)For the purposes of this research, sharing a credit card means allowing a partner to be an additional cardholder to the credit card account. Most credit card accounts in Australia must be held by one account holder only, who is responsible for all account liabilities.

(2) Newspoll research using a representative sample of 597 Australians aged 18-64 who are either married or in a de facto relationship (i.e. living together). Survey results reflect the opinions of about 7.4 million Australian adults.