COSIGNING ON A CREDIT CARD
Bank of America, U.S. Bank, and Wells Fargo allow people to cosign on credit cards for those without strong credit. American Express, BarclayCard, Capital One, Chase, Citi, and Discover do not, which should give you some idea of what most issuers think of the practice. A credit card cosigner is on the hook for late payments or outstanding debt the credit card recipient racks up — and nearly 40 percent of cosigners told CreditCards.com they lost money on the deal; 28 percent had their credit damaged; and 26 percent said their relationship with the person they were signing for suffered.
