Whats a joint account??
Answer:
What Mastercard is looking for is someone else who can be held responsible for any amounts to be paid on that account. So, if an account is held jointly, both people are equally liable for whatever amount is charged on that card. The moral of the story: be very careful who you sign up with for a credit card.
well if she's married, her 7 her hubby MIGHT have an joint account..or either mastercard is looking for some one else that will handle the bill if she fails bhind on a payment
In her case, that would be NA (non applicable) If she's trying to establish credit, that may be why they're asking for another name.
If she wants to include anyone else to be eligible to use her MC too.
As the name implies joint account is held jointly by more than one person.
If you have a bank account, the Credit card company may issues a card on the credibility of your bank account.
If you have a joint account in the bank along with your sister, your or your sister ( and both) can deposit money and withdraw too.
Hence both are liable for any default.
If one person takes credit card and closes the savings account, the credit card company may have some issues. For them, it is a safe bet to find the joint account details so that, if your sister defaults, they can make you liable for the dues.
All the best
Ramesh
The Human Search Engine
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Joint accounts requires two parties in agreement:
- whether transactions require the signatures of all parties or whether one party can take actions on his/her own;
- responsibility lies with both parties that they are both equally liable for monies owed, individually and together;
- usually, both are able to use the card;
- in practice, minors and persons deemed without cash or job, are required to have a guarantor, who in the event the aforesaid card holder is unable to pay, the guarantor will pay up;
- where there is a minor and persons deemed without cash or job, a limit may be placed on spending, to prevent uncontrolled spending, which is useful if the card gets stolen.
If you chance across a term in the application Jointly and Severally:
It is a legal term describing the individual's decisions are bound to all parties involved and thus undivided. It is in relation to underwriting, that both parties will honour their debts, and that the financial institution is legally entitled to pursue both parties, in the event of non-payment.
It's when you and someone else have the account together.
As others have stated, a joint account is an account in two or more names. If you are filling out an application that has room for a joint account holders name, you can usually leave it blank or write N/A (not applicable). If you have already applied and the card issuer has asked for a joint account holder, they have turned her down but will consider issuing a card if someone with better credit is named on the account.
2 persons in one account..
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