Managing a joint account is safer and more efficient when each partner has their own bank card. Sharing a card can lead to complications and potential banking violations. Many banks offer discounts on additional cards linked to joint accounts, making it financially advantageous. While some banks provide significant discounts, others may not, but promotions exist that can eliminate fees. Overall, having separate cards enhances security and facilitates better financial management for couples.
The Importance of Individual Bank Cards for Joint Accounts
When it comes to managing a joint account, it’s advisable for couples to avoid sharing a single bank card. Many financial institutions offer attractive discounts for obtaining a second card, and in some cases, these cards can even be free. Let’s explore why having separate bank cards is beneficial.
A joint account is a common practice among couples, as indicated by a 2010 Insee study, which showed that about two-thirds of couples, regardless of marital status, pooled their finances into a shared account. While some couples prefer to use one bank card for joint expenses, this approach can lead to complications and even violations of banking rules. Each bank card is designed to be personal and non-transferable, meaning there is no provision for a “joint bank card.”
Utilizing a single card can result in payment refusals, especially in retail environments where merchants must confirm the identity of the cardholder. Although contactless and mobile payments have made it easier to make transactions without showing the card, sharing your card still poses risks. If fraud occurs, the bank may deny reimbursement if the cardholder was not the one who made the purchase.
Discounts on Additional Bank Cards
To mitigate these risks, it’s beneficial for both account holders to have their own individual bank cards. Interestingly, many banks provide discounts for obtaining a second card linked to a joint account. For instance, around 90 banks offer a 50% discount for a second bank card. Notable examples include La Banque Postale, various branches of Crédit Agricole, and Caisses d’Épargne/Banques Populaires.
Specific discounts vary by institution; for example, Crédit Agricole Aquitaine offers a 40% discount, while others like Crédit Agricole Nord Pyrénées and Crédit Agricole Nord de France provide a 30% discount. Some branches of Banque Populaire in regions such as the South and Auvergne Rhône Alpes also extend similar discounts, but they may be limited to bundled service packages.
On the flip side, a few banks do not provide any discounts for a second bank card, including Crédit Agricole Réunion Mayotte, Axa Banque, Nickel, Revolut, and N26. However, Monabanq is running a special promotion until March 31, allowing the second card to be free with the opening of a joint account. Additionally, banks like BoursoBank, Helios, Hello bank, and Fortuneo offer the second card at no cost, making it easier for couples to manage their finances effectively.
In conclusion, having separate bank cards for joint accounts not only enhances financial security but can also lead to significant savings through various discounts offered by banks. By exploring these options, couples can ensure better management of their shared finances.