Best Credit Cards that Allow Cosigners
At a Glance
Whether you’re looking to build your credit or want to help someone else build their credit, using a cosigner for a credit card can be an excellent way to get your finances back on track. But make sure you understand the way cosigning works before applying since the consequences of getting back into bad habits can make things tough for both you and your cosigner.
In this article, you’ll learn:
Comparing the top cosigner credit cards
| Credit Card | Rewards Rate | Signup Bonus |
|---|---|---|
| Bank of America® Customized Cash Rewards credit card | 1 – 3% cashback | $200 online cash rewards |
| U.S. Bank Cash+ Visa Signature Card | 1 – 5% cashback | Extra 0.5% reward for the first year |
| U.S. Bank FlexPerks® Gold American Express® Card | 1X – 3X points | N/A |
| U.S. Bank Altitude™ Reserve Visa Infinite® Card | 3X points | N/A |
| Bank of America® Premium Rewards® credit card | Unlimited 1.5 – 2X points | 60,000 online bonus points |
A closer look at the best credit cards you can get with a cosigner
Bank of America® Customized Cash Rewards credit card
Rewards rate:
- Earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, and 2% cash back at grocery stores and wholesale clubs on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%.
- Earn unlimited 1% cash back on all other purchases.
Annual fee: $0
Intro APR: 0% Intro APR† for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account.
Regular APR: 18.24% to 28.24% variable
Signup bonus: $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening — plus choose how you earn rewards monthly.
Our verdict: Picking your 3%-back category is an excellent feature of this card, as long as you remember to switch them out every quarter. And if you qualify for the Preferred Rewards program that adds 25% – 75% more points with every purchase, this card becomes even more awesome. However, keep in mind that there are spending caps, so it may not be the best option for those who like to splurge.
Pros:
- No annual fee
- Rotating bonus categories
Cons:
- Complicated redemption options
- Spending caps on bonus categories
Apply now: Bank of America® Customized Cash Rewards Credit Card
Learn more: Bank of America Customized Cash Rewards Card Review
U.S. Bank Cash+ Visa Signature Card
Rewards rate:
- Up to 5% cash back on two categories you choose
- 2% cash back on one everyday category
- 1% cash back on all other eligible purchases
Annual fee: $0
Intro APR: 0% on purchases and balance transfers for the first 15 billing cycles.
Regular APR: 19.74% – 29.74% variable
Signup bonus: Earn a $200 rewards bonus after you apply online and spend $1,000 in eligible purchases within the first 120 days of account opening
Our verdict: If you’re someone who loves optimizing rewards and switching cards to get the most bang for your buck, this card is a great fit! It’s also decent for everyday use, but just be aware that it does require some effort on your end.
Pros:
- $0 annual fee
- Bonus categories
Cons:
- Complicated redemption options
Apply now: US Bank Cash+ ® Visa Signature ® Card
U.S. Bank FlexPerks® Gold American Express® Card
Rewards rate:
- 5X FlexPoints on prepaid hotels and car rentals booked directly in the FlexPerks Rewards Center
- 3X FlexPoints on dining, takeout, and restaurant delivery
- 2X FlexPoints at airlines, gas stations, and EV charging stations
- 1X FlexPoint on all other eligible purchases
Annual fee: $85
Intro APR: N/A
Regular APR: 19.74% – 29.74% variable
Signup bonus: Earn 30,000 bonus FlexPoints. Just spend $2,000 within the first four months of account opening
Our verdict: If you’re someone who wants to get into the Amex ecosystem, this card is a great entry point. With a small annual fee and generous points system on everyday purchases, this could be in the running to be your every day card. However, it’s important to note the FlexPoints don’t work like Amex’s Membership Rewards points and can be difficult to redeem, especially if you’re looking for discounted or free travel.
Pros:
- No spending caps on categories
- 3x points for dining
- 2x points for gas stations and EV charging stations
Cons:
- $85 annual fee
- FlexPoints can’t transfer to travel partners
Apply now: U.S. Bank FlexPerks® Gold American Express® Card
U.S. Bank Altitude™ Reserve Visa Infinite® Card
Rewards rate:
- 5X points on prepaid hotels and car rentals booked directly in the Altitude Rewards Center
- 3X points on travel and mobile wallet purchases
- 1X point on all other eligible purchases
Annual fee: $400
Intro APR: N/A
Regular APR: 22.24% – 29.24% variable
Signup bonus: Earn 50,000 bonus points worth $750 on travel. Just spend $4,500 in the first 90 days of account opening
Our verdict: U.S. Bank’s premium-priced travel card is no joke and comes with some impressive benefits like $325 in annual statement credits for dining and travel. Plus, its triple points for purchases made via mobile wallet make this an incredible get for those who want premium benefits while building their credit.
Pros:
- $325 annual statement credit for travel and dining purchases
- 3x points on purchases made via mobile wallets
Cons:
- Points can’t be transferred to travel partners
- $400 annual fee
Apply now: The U.S. Bank Altitude Reserve Visa Infinite® Card
Bank of America® Premium Rewards® credit card
Rewards rate: Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases. No limit to the points you can earn and your points don’t expire.
Annual fee: $95
Intro APR: N/A
Regular APR:20.24% – 27.24% Variable
Signup bonus: Receive 60,000 online bonus points – a $600 value – after you make at least $4,000 in purchases in the first 90 days of account opening.
Our verdict: If you’re someone who travels often and wants a credit card with flexible rewards, you should check out this card. Plus, as a part of the Preferred Rewards program, it’s especially great for those who are already Bank of America® customers and have a decent amount of money in their accounts.
Pros:
- Travel protections
- No spending caps
Cons:
- $95 annual fee
- Complex redemption options as compared to competitors
Apply now: Bank of America® Premium Rewards® credit card
Pros and cons of getting a credit card with a cosigner
Pros
- Increased approval chances: If you have a limited or poor credit history, having a cosigner with a strong credit profile can increase your chances of getting approved for a credit card.
- Access to higher credit limits: With a cosigner, you may be eligible for higher credit limits than you would qualify for on your own.
- Building or rebuilding credit: By making timely payments and managing your credit responsibly, a credit card with a cosigner can help you build or rebuild your credit history.
- Learning financial responsibility: Having a cosigner on your credit card can serve as a valuable learning experience. It provides an opportunity to understand the importance of responsible credit usage, budgeting, and timely repayment. This can help you develop good financial habits and become more independent in managing your finances.
Cons
- Shared responsibility: When you have a cosigner, both you and the cosigner are equally responsible for repaying the debt. If you fail to make payments or use the credit card irresponsibly, it can negatively impact the cosigner’s credit history, potentially straining your relationship.
- Potential strain on relationships: Cosigning a credit card involves a level of trust and responsibility. It is crucial to have open and honest communication with your cosigner to ensure both parties are aware of their obligations.
- Limited autonomy: With a cosigner, you may have limited control over certain aspects of your credit card account. For example, changes to the credit limit or account closure may require the consent of both the primary cardholder and the cosigner.
Are cosigner credit cards right for you?
Determining whether a cosigner credit card is right for you depends on your circumstances and financial goals. Here are a few factors to consider:
- Credit history: If you have a limited or poor credit history, a cosigner credit card can help you establish or improve your credit. Having a cosigner with a strong credit profile can increase your chances of approval and provide access to better credit terms.
- Responsibility and xommunication: It is crucial to have a clear understanding and open communication with your potential cosigner. Both parties should be aware of their responsibilities and obligations, as well as the potential impact on their credit. Ensure that you have a strong level of trust and a solid relationship with your cosigner.
- Financial goals: Consider your long-term financial goals. If building credit is a priority and you are committed to responsible credit usage, a cosigner credit card can be a helpful tool. However, if you are not prepared to manage credit responsibly, it may be best to explore other options.
Methodology
The methodology used to calculate the best cards for fair credit relied on several factors, with the most prominent of those being:
- The required credit score to apply successfully for the card
- The additional benefits offered by the card beyond rewards
- The rewards rate of the card, if applicable
- Overall difficulty in securing a credit card with fair credit
- The history of the card issuer itself
- Any potential costs associated with owning the credit card
The product information provided here is based on research conducted up to a specific date and may have changed. For the latest and most accurate information, we recommend you to visit the respective card’s website before proceeding.
FAQs
Yes, you can build credit with a cosigner on a credit card. When you have a cosigner on a credit card, both your payment history and the cosigner’s payment history are reported to the credit bureaus. As long as you make timely payments and manage your credit responsibly, this can positively impact your credit history and help you build a stronger credit profile.
A cosigner is legally responsible for the credit card debt and shares equal liability with the primary cardholder, while an authorized user has no legal obligation for the debt but can use the credit card with permission.
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