Credit Cards and Your Friends and Family
Why You Should Never Lend Anyone Your Credit Cards
Many consumers enjoy using credit cards, but other consumers, for a variety of reasons, aren’t able to obtain a credit card of their own. This can cause an uncomfortable predicament for some credit card holders. How? Well let me ask you – what would you do if a friend or family member without a credit card of their own asked you if they could use yours? Think it couldn’t happen? Guess again. Many credit card holders have been asked by friends or family if their credit card could be lent out to them. That’s when the trouble begins.
You’ve Got a Good Heart
If you trust your friend or relative, which you probably do, you likely wouldn’t hesitate to lend them your credit card if they really needed it. As close as you may be to the person asking to borrow your card, you may want to rethink that commitment.
When you lend your friend or family member a credit card, you are in essence stating that you’ll take full responsibility for paying off whatever they charge to your card if, for any reason, they were unable to pay the bill. Is that a responsibility you really want to take on?
Never Hand Out Your Credit Card
You should keep your credit card information private and not share this information with anyone, including close friends and family members. If you really want to help your friend or family member out, lend them the cash they need or be the one to handle the credit card transaction. After all, if you wouldn’t be comfortable loaning your friend or family member the cash, you shouldn’t be letting them use your credit card either.
Don’t Take A Guilt Trip
When someone asks you to borrow your credit card and you say no, don’t feel bad about it. It’s not that you don’t trust your friends or relatives. It’s just that you take your credit history seriously, and let’s face it – bad things happen to good people and if something should happen to your borrower’s ability to pay the bill, you’re going to be the one footing it.