From old high school sweaters to dessert on date night, sharing happens early on in a relationship. Over time, though, couples might start merging more than just their time and belongings — they can begin to combine their finances, too.
Splitting expenses like rent and bills with a partner can lower regular expenses, but keeping control of your own money is key to achieving long-term security.
CNBC Select breaks down three ways to stay financially secure on your own terms.
Tools to build financial independence
Open a 0% APR credit card to pay off existing debt
High-interest debt can limit your individual long-term financial goals and stability.
Using a 0% APR credit card allows you to pay down existing debt without daunting interest rates. The goal is to reduce what you owe faster while keeping more of your money working for you instead of going toward interest. More of your payments go directly toward the principal balance rather than being eaten up by interest charges.
However, Durriya C. Pierce, CFP® at the financial wellness platform Fruitful, told CNBC Select that using a 0% APR credit card to pay off debt “only works if you have a clear understanding of your cash flow and aren’t taking on additional debt.”
“It’s important to nail down a timeline – whether it be 10,12,18 months – to pay off your balance during that introductory 0% period to make it work to your advantage,” Pierce said.
Two cards worth considering are the Chase Freedom Unlimited® (see rates and fees) and the Citi® Diamond Preferred® Card.
The Chase Freedom Unlimited offers a lengthy introductory APR on purchases and balance transfers. Note, balance transfers carry a fee of $5 or 3% of the amount of each transfer, whichever is greater, for the first 60 days. After that, it’s $5 or 5% of the amount of each transfer, whichever is greater.
The Chase Freedom Unlimited® is a no-annual-fee card that earns generous cash-back on everyday purchases and a lucrative welcome bonus.
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Limited Time Offer: Earn a $250 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Enjoy 5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
- No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% – 27.74%.
- No annual fee – You won’t have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, in the first 60 days. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
The card also earns cash back rewards, including 5% on travel booked through Chase Travel℠, 3% on dining and drugstore purchases and 1.5% on all other purchases, making it a strong option for those seeking both introductory APR benefits and everyday rewards.
The Citi® Diamond Preferred® Card also offers an intro APR on balance transfers and purchases. Balance transfers incur a 3% fee for the first four months, rising to 5% thereafter with a $5 minimum.
The Citi® Diamond Preferred® Card is one of the best balance transfer credit cards and also has a generous intro APR offer.
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- 0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 16.49% – 27.24%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- No Annual Fee – our low intro rates and all the benefits don’t come with a yearly charge.
- Buy now and pay later. Split your payment for eligible purchases of $75 or more into a fixed payment with Citi® Flex Pay.
- Get free access to your FICO® Score online.
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Foreign transaction fee
With a longer balance transfer period, this card is ideal for shifting debt in pursuit of a lower APR, though it does not offer rewards or a welcome bonus.
Get a prenup to protect your assets in case of a divorce
A prenup is a legal contract set up before marriage that outlines how assets, debts and financial responsibilities will be divvied up in the event of a divorce or death. Prenups help establish clear financial boundaries upfront, protect assets you’ve built independently and reduce the risk of costly, drawn-out disputes if the relationship ends.
“A common misconception is that prenups are only for rich people or celebrities, but if marriage is on the table, a prenup should be part of that conversation, regardless of your financial background,” Pierce said.
Without a prenup, couples default to state laws, and if a settlement agreement isn’t made, the court will divide up assets and finances.
Rocket Lawyer can help you get started with a free, customizable prenuptial agreement template and access to other legal resources like, wills, NDAs, and business contracts.
Rocket Lawyer
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Cost
$39.99 per month for Rocket Legal subscription, $19.99 per month for Rocket Legal+ subscription (or $239.88 paid annually)
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Estate planning options available
Wills, living trust, power of attorney, power of attorney for a child
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Access to legal assistance
Included with subscription
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Standout Features
Rocket Lawyer has options for dozens of legal situations, including wills and estate planning documents. Attorney assistance and access to documents are available with a subscription, which has a free trial and can be canceled at any time.
Build and sustain your own credit history
Building your own credit history is crucial to qualifying for property rental and ownership opportunities, personal and auto loans, and credit cards. Without a credit foundation, you may face limitations or higher costs if you ever need to manage finances independently.
Credit cards are one of the most reliable ways to build credit, though not all offer equal terms when it comes to APR, rewards or beginner-friendliness. With a credit card, consistent on-time payments and low credit utilization are reported to the credit bureaus, helping you establish a strong credit profile over time.
If you’re looking to bolster your credit history, consider starting with a secured credit card or a beginner-friendly unsecured option. A secured credit card requires a refundable deposit that typically becomes your credit limit, making it easier for lenders to approve you while you build credit. Unsecured credit card options don’t require a deposit and are typically available to those with good credit history, although there are some card options for those trying to build credit.
Two choices are the Capital One Platinum Secured Credit Card, which allows you to start with a low minimum deposit, and the U.S. Bank Cash+® Secured Visa® Card, which lets you earn cash back while building credit.
The Capital One Platinum Secured Credit Card, which has no annual fee, offers your choice of three minimum security deposits: $49, $99 or $200 to get at least a $200 initial credit line.
The Capital One Platinum Secured Credit Card can help you build, or rebuild, your credit because you can be approved with no credit or bad credit.
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- No annual or hidden fees. See if you’re approved in seconds
- Building your credit? Using the Capital One Platinum Secured card responsibly could help
- Put down a refundable security deposit starting at $49 to get at least a $200 initial credit line
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It’s free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One’s mobile app
- Top rated mobile app
Balance transfer fee
- $0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
The U.S. Bank Cash+ Secured Visa Card requires a refundable deposit of $300-$5,000, which becomes your credit line. You earn 5% cash back on up to $2,000 in combined eligible purchases on two categories of your choosing each quarter, and 2% on one everyday category.
If you pay on time and stay within your limit with either card, you’ll be automatically considered for an unsecured card, and your deposit will be returned.
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every bank review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best one-year CDs.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.