Are you looking to add an authorized user to your credit card but worried about setting a spending limit for them? Look no further! In this article, we will explore various credit cards that allow you to set spending limits for authorized users. By the end, you'll be armed with the knowledge needed to make the right choice for your financial needs and maintain control over additional cards.
Which Credit Cards Let You Set A Spending Limit For Authorized Users Table of Contents
Why Set a Spending Limit for Authorized Users?
Credit Cards That Allow Spending Limits for Authorized Users
Why Set a Spending Limit for Authorized Users?
Adding an authorized user to your credit card can be a convenient way to help someone build credit or provide them access to funds in an emergency. However, giving someone else access to your credit line can come with some risks. Setting a spending limit for authorized users can help you:
- Maintain control over your account
- Avoid surprises when your statement arrives
- Teach responsible credit card use
- Prevent overspending and potential debt accumulation
Credit Cards That Allow Spending Limits for Authorized Users
Thankfully, there are credit cards available that offer spending limit controls for authorized users. Let's dive into the details of a few options:
American Express Cards
American Express allows you to set spending limits on additional cards as low as $200 per billing cycle. This feature is available for multiple Amex cards, including the Blue Cash Everyday® Card, American Express® Gold Card, and The Platinum Card® from American Express. Adjusting the spending limit for authorized users is easy using the American Express Account Services website or mobile app.
Chase Cards
Chase also offers an authorized user spending limit feature for select cards such as the Chase Sapphire Preferred® Card and Chase Sapphire Reserve®. Users can set limits for additional cardholders at any amount above $1. Keep in mind that these limits reset each billing cycle. Chase cardholders can manage authorized user spending limits through the Chase online account portal.
Wells Fargo Cards
Wells Fargo provides the ability to set spending limits for authorized users on some of their credit cards, like the Wells Fargo Platinum card and Cash Wise Visa® card. The minimum spending limit is $25. Wells Fargo account holders can manage authorized user spending limits through online banking or by contacting customer service.
Which Credit Cards Let You Set A Spending Limit For Authorized Users Example:
Jane is the primary cardholder for an American Express Gold Card. She wants to add her college-aged son, Tom, as an authorized user to help him build his credit score. However, Jane is concerned about giving Tom access to her entire credit line.
Thankfully, Jane learns that her American Express Gold Card lets her set a spending limit for authorized users like Tom. Jane decides to set a monthly spending limit of $500 for Tom's card, teaching him budgeting skills and preventing any unexpected surprises on her credit card statement. Jane easily manages and adjusts Tom's spending limit using her American Express account services online.
Now that you know about credit cards that let you set spending limits for authorized users, you can confidently choose a card that meets your needs. By setting a limit, you'll maintain control over your account, teach financial responsibility to authorized users, and avoid the stress of unexpected charges. Remember to revisit our Flik Eco blog for more personal finance tips and investing advice. If you found this article helpful, be sure to share it with friends and family members who may also benefit from understanding credit card spending limits for authorized users.
