Let’s travel together.

As an authorized user, can I open my own account for the same card?

0


Aug. 21, 2024

2 min read

Young casually clothed woman online shopping from her domestic kitchen

As an authorized user, can I open my own account for the same card?

The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don’t cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our advertising policy and product review methodology for more information.

Editor’s Note

This is a recurring post, regularly updated with new information.

After being an authorized user on a credit card account, you may be wondering about an account of your own. Perhaps you want to apply for a card for the welcome offer, or so you can earn your own miles and/or improve your credit score.

The good news is that you don’t need to close your authorized user card to open your own account for the same credit card.

Here’s what you need to know.

Getting a card you’re already an authorized user on

There usually aren’t any rules disqualifying someone from landing the same type of card they’re already an authorized user on. In fact, it wouldn’t hurt to keep the existing account open. After all, it might affect your credit score if you close the first account. Also, for cards without an annual fee, it won’t cost anything to remain on the other account.

Getting your own account has some benefits, too. You can obtain a welcome offer and enjoy all the benefits a particular card offers (not just the “authorized user” benefits).

ROB LEWINE/GETTY IMAGES

Another thing to consider is Chase’s 5/24 rule, which precludes applicants for Chase cards from being approved if they’ve opened five or more cards in the last 24 months. So it would be wise to apply for any Chase cards you’ve been eyeing before applying for other issuers’ cards.

Daily Newsletter

Reward your inbox with the TPG Daily newsletter

Join over 700,000 readers for breaking news, in-depth guides and exclusive deals from TPG’s experts

Bottom line

In summary, getting a credit card of your own is a good idea — even if you are an authorized user on someone else’s account. And you can remain on their account when you do.

Remember that you may have to pay an annual fee for the new card. Also, you might want to avoid getting the same card. That way, you can receive benefits that complement, not duplicate, those already in your wallet.

Related: Does adding an authorized user affect my credit score?

Featured image by PEKIC/GETTY IMAGES

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.



Source link

Leave A Reply

Your email address will not be published.