Dear Liz: My wife and I have credit cards where I am designated as the primary account holder. What happens to my wife’s access to the account should I pass? Should she now apply for credit cards where she is the primary holder?
Answer: Credit card companies typically close accounts when they learn of the primary cardholder’s death. (It’s usually the executor’s job to inform creditors of the death, but card issuers also learn of deaths from the Social Security Administration.)
So it makes sense for both spouses to have at least one or two cards where they are the primary account holder. If you die first and all the cards are in your name, she might have to scramble to get replacements.
I realized this issue when I attempted to have my wife see our credit card transactions online. It wasn’t possible since I was primary. However, if I make her a joint cardmember it is. There was the usual delays and forms to fill out. In essence, she has to show she has the income to pay the monthly statement on top of the mortgage. That part was a little confusing because we have a jointly owned house and taxable accounts. I separated the taxable accounts for income purposes, but the house I couldn’t.