Find out if you are a second user on credit cards
If someone gives you permission to use their card, you could be responsible for paying off all the debt on the card, even if you did not sign the credit card application. If you have a ‘companion card’ to your partner’s account, you could be responsible for paying the debt from both the companion card and the main card.
If you did not sign the credit card application, ask the credit card company if you will have to pay all the debt on the card. The Consumer Protection Act says that you must follow the credit agreement’s rules if you use the card. This is true even if you did not sign the application for the card.
If you are responsible for all the debt on the card, you have the right to get a copy of the monthly credit card statements. Read the statements. This will tell you if the debt is being repaid and whether the terms of the agreement have been changed.
Late payments, making only the , and going into all hurt your . A bad credit rating can prevent you from getting loans, credit cards, and mortgages in the future.
Company credit cards
You can also be responsible for paying on a credit card your employer gives you, if you sign the application for the card.
If you sign the application and your company does not pay the on the card, you may have to pay it.
So, make sure you understand what you’re agreeing to before you sign an application for a company credit card.
