Giving someone access to your credit card is not a decision to be taken lightly. Even family members you think you can trust could end up misusing your credit card if you aren’t careful.
For example, this mother lamented her son’s $600 spending spree. Her son was 21 years old and got his hands on his grandfather’s credit card — without his mother’s knowledge. Now, $600 is a significant amount of money, but given the circumstances, things could have been much worse. And while it may be possible to dispute credit card charges, there’s no guarantee you will get your money back.
There are a few rare cases where giving someone access to your credit card might make sense. However, given the risks, it’s best to exercise serious caution before doing so.
Think Twice Before Giving Access
As a general rule, it’s best to avoid giving just anyone access to your credit card. “When it comes to who should have access to your credit card, it’s important to be selective,” said Dennis Shirshikov, professor of finance, economics, and accounting at City University of New York (CUNY). “Only those you trust and have a strong financial relationship with, such as a spouse or partner, should have access to your credit card account.”
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