Thrifty Thinking: Credit Card Questions to Ask Before You Say "I Do"

An American Express survey in 2013 found that six million couples were planning or expecting to get engaged on Valentine’s Day. And this was a 50 percent increase over 2012. With all the wining and dining going on that night, it’s a good bet no one is concerned about credit card compatibility.

Beverly Harzog, a nationally regarded credit card expert, consumer advocate, and author of the new book, "CONFESSIONS OF A CREDIT JUNKIE: Everything You Need to Know To Avoid the Mistakes I Made" (Career Press, 2013) says, "It’s best to talk about money early in the dating relationship, but really, in our culture talking about money is still a bit taboo, especially  when you’re courting."

So for couples who haven’t had the “credit card talk,” now’s the time. A 2012 Kansas State University study showed that fighting about money was the top predictor of divorce.

Here are 7 questions to ask before you tie the knot:

#1: What’s your credit score?
Sound too bold? You can soften it a little by asking if your betrothed has excellent, good, or fair credit. If your beloved has bad credit, then it’s a good idea to find out why. Bad credit isn’t always a sign of being irresponsible. But whatever the cause, it’s good to know what happened before going into a marriage. If one of you has bad credit, it will impact your ability to get a credit card, loan, or mortgage in both names.

#2: Do you have any credit card debt?
If the answer is yes, it’s very important to find out the total. Sure, it’s your partner’s debt, but if it’s a biggie, the stress could affect your relationship. Find out how your significant other plans to pay it off. If your partner expects you to help pay it off, that’s an important thing to know before the wedding, too.

#3: How do you feel about separate credit card accounts?
There’s no such thing as a joint credit history. So even if you’re married, you each have your own payment history and credit scores. It’s fine to have a joint credit card account, but be sure you each build excellent credit in your own name with separate accounts, too. If there’s a divorce or one of you dies, you’ll need your credit history to recover financially from the loss. If you do have a joint account, be sure you each understand that you’re both legally liable for the debt. If one of you is a spendthrift, this could spell trouble down the line.

#4: How will you pay for big purchases?
Let’s say you want to buy a really nice big-screen HDTV. Do you wait until you can pay cash? Or do you use a credit card with a zero percent intro APR with the intent of paying it off before the go-to interest rate kicks in? Or does your partner think it’s okay to carry a balance rather than wait for a new TV? It’s really important to know if you’re in love with a person who carries a balance and doesn’t worry about the interest. Over time, this can cause some huge fights if your credit philosophies are totally out of sync.

#5: Will we use credit cards to pay everyday expenses?
This can be a real sticking point with couples. Some people can’t stand the thought of having a credit card balance, even if you plan to pay the debt in full before the due date. Others enjoy being a “power user” and use rewards cards for just about everything. Be sure you have the same philosophy when it comes to trying to profit from your credit cards.

#6: Who will pay the bills?
This is related to #5, in a way. If you’re a power user, you have to be on top of your budget and your credit card payments. Mess it up and you could end up not only in debt, but with a trashed credit score. Have a talk and decide who is best suited to take charge of the budget and pay the bills. If you decide to split the duties, that’s fine. Just be very clear about which bills you each need to pay. And set up a weekly meeting to make sure you’re each on top of the bills and on the same page financially.

#7: How do you feel about splurges?
Often, couples don’t address this problem until one of them comes home with a new leather jacket. And then there’s a fight. Tackle this issue way before the honeymoon. Decide if you’ll each have an amount to spend on a credit card that’s just for you. If you feel more comfortable using cash for this, that’s fine. Or you can take a Power User approach and use a rewards credit card for your splurge item so you earn cash back or miles.