diff --git a/src/core/host_interface.cpp b/src/core/host_interface.cpp
index 6b1ab732d..50f949e64 100644
--- a/src/core/host_interface.cpp
+++ b/src/core/host_interface.cpp
@@ -586,9 +586,10 @@ void HostInterface::SetDefaultSettings(SettingsInterface& si)
   }
 
   si.SetStringValue("MemoryCards", "Card1Type", Settings::GetMemoryCardTypeName(Settings::DEFAULT_MEMORY_CARD_1_TYPE));
-  si.SetStringValue("MemoryCards", "Card1Path", "memcards" FS_OSPATH_SEPARATOR_STR "shared_card_1.mcd");
   si.SetStringValue("MemoryCards", "Card2Type", Settings::GetMemoryCardTypeName(Settings::DEFAULT_MEMORY_CARD_2_TYPE));
-  si.SetStringValue("MemoryCards", "Card2Path", "memcards" FS_OSPATH_SEPARATOR_STR "shared_card_2.mcd");
+  si.DeleteValue("MemoryCards", "Card1Path");
+  si.DeleteValue("MemoryCards", "Card2Path");
+  si.DeleteValue("MemoryCards", "Directory");
   si.SetBoolValue("MemoryCards", "UsePlaylistTitle", true);
 
   si.SetStringValue("ControllerPorts", "MultitapMode", Settings::GetMultitapModeName(Settings::DEFAULT_MULTITAP_MODE));
@@ -837,7 +838,8 @@ void HostInterface::CheckForSettingsChanges(const Settings& old_settings)
     if (g_settings.memory_card_types != old_settings.memory_card_types ||
         g_settings.memory_card_paths != old_settings.memory_card_paths ||
         (g_settings.memory_card_use_playlist_title != old_settings.memory_card_use_playlist_title &&
-         System::HasMediaSubImages()))
+         System::HasMediaSubImages()) ||
+        g_settings.memory_card_directory != old_settings.memory_card_directory)
     {
       System::UpdateMemoryCards();
     }
@@ -952,14 +954,38 @@ TinyString HostInterface::GetTimestampStringForFileName()
   return str;
 }
 
+std::string HostInterface::GetMemoryCardDirectory() const
+{
+  if (g_settings.memory_card_directory.empty())
+    return GetUserDirectoryRelativePath("memcards");
+  else
+    return g_settings.memory_card_directory;
+}
+
 std::string HostInterface::GetSharedMemoryCardPath(u32 slot) const
 {
-  return GetUserDirectoryRelativePath("memcards" FS_OSPATH_SEPARATOR_STR "shared_card_%u.mcd", slot + 1);
+  if (g_settings.memory_card_directory.empty())
+  {
+    return GetUserDirectoryRelativePath("memcards" FS_OSPATH_SEPARATOR_STR "shared_card_%u.mcd", slot + 1);
+  }
+  else
+  {
+    return StringUtil::StdStringFromFormat("%s" FS_OSPATH_SEPARATOR_STR "shared_card_%u.mcd",
+                                           g_settings.memory_card_directory.c_str(), slot + 1);
+  }
 }
 
 std::string HostInterface::GetGameMemoryCardPath(const char* game_code, u32 slot) const
 {
-  return GetUserDirectoryRelativePath("memcards" FS_OSPATH_SEPARATOR_STR "%s_%u.mcd", game_code, slot + 1);
+  if (g_settings.memory_card_directory.empty())
+  {
+    return GetUserDirectoryRelativePath("memcards" FS_OSPATH_SEPARATOR_STR "%s_%u.mcd", game_code, slot + 1);
+  }
+  else
+  {
+    return StringUtil::StdStringFromFormat("%s" FS_OSPATH_SEPARATOR_STR "%s_%u.mcd",
+                                           g_settings.memory_card_directory.c_str(), game_code, slot + 1);
+  }
 }
 
 bool HostInterface::GetBoolSettingValue(const char* section, const char* key, bool default_value /*= false*/)
diff --git a/src/core/host_interface.h b/src/core/host_interface.h
index 641ced6a0..20edd48ab 100644
--- a/src/core/host_interface.h
+++ b/src/core/host_interface.h
@@ -93,6 +93,9 @@ public:
   /// Retrieves information about specified game from game list.
   virtual void GetGameInfo(const char* path, CDImage* image, std::string* code, std::string* title);
 
+  /// Returns the directory where per-game memory cards will be saved.
+  virtual std::string GetMemoryCardDirectory() const;
+
   /// Returns the default path to a memory card.
   virtual std::string GetSharedMemoryCardPath(u32 slot) const;
 
diff --git a/src/core/settings.cpp b/src/core/settings.cpp
index 061477cf9..81ae46a27 100644
--- a/src/core/settings.cpp
+++ b/src/core/settings.cpp
@@ -275,14 +275,13 @@ void Settings::Load(SettingsInterface& si)
     ParseMemoryCardTypeName(
       si.GetStringValue("MemoryCards", "Card1Type", GetMemoryCardTypeName(DEFAULT_MEMORY_CARD_1_TYPE)).c_str())
       .value_or(DEFAULT_MEMORY_CARD_1_TYPE);
-  memory_card_paths[0] =
-    si.GetStringValue("MemoryCards", "Card1Path", "memcards" FS_OSPATH_SEPARATOR_STR "shared_card_1.mcd");
   memory_card_types[1] =
     ParseMemoryCardTypeName(
       si.GetStringValue("MemoryCards", "Card2Type", GetMemoryCardTypeName(DEFAULT_MEMORY_CARD_2_TYPE)).c_str())
       .value_or(DEFAULT_MEMORY_CARD_2_TYPE);
-  memory_card_paths[1] =
-    si.GetStringValue("MemoryCards", "Card2Path", "memcards" FS_OSPATH_SEPARATOR_STR "shared_card_2.mcd");
+  memory_card_paths[0] = si.GetStringValue("MemoryCards", "Card1Path", "");
+  memory_card_paths[1] = si.GetStringValue("MemoryCards", "Card2Path", "");
+  memory_card_directory = si.GetStringValue("MemoryCards", "Directory", "");
   memory_card_use_playlist_title = si.GetBoolValue("MemoryCards", "UsePlaylistTitle", true);
 
   multitap_mode =
@@ -434,9 +433,21 @@ void Settings::Save(SettingsInterface& si) const
   }
 
   si.SetStringValue("MemoryCards", "Card1Type", GetMemoryCardTypeName(memory_card_types[0]));
-  si.SetStringValue("MemoryCards", "Card1Path", memory_card_paths[0].c_str());
   si.SetStringValue("MemoryCards", "Card2Type", GetMemoryCardTypeName(memory_card_types[1]));
-  si.SetStringValue("MemoryCards", "Card2Path", memory_card_paths[1].c_str());
+  if (!memory_card_paths[0].empty())
+    si.SetStringValue("MemoryCards", "Card1Path", memory_card_paths[0].c_str());
+  else
+    si.DeleteValue("MemoryCards", "Card1Path");
+
+  if (!memory_card_paths[1].empty())
+    si.SetStringValue("MemoryCards", "Card2Path", memory_card_paths[1].c_str());
+  else
+    si.DeleteValue("MemoryCards", "Card2Path");
+
+  if (!memory_card_directory.empty())
+    si.SetStringValue("MemoryCards", "Directory", memory_card_directory.c_str());
+  else
+    si.DeleteValue("MemoryCards", "Directory");
   si.SetBoolValue("MemoryCards", "UsePlaylistTitle", memory_card_use_playlist_title);
 
   si.SetStringValue("ControllerPorts", "MultitapMode", GetMultitapModeName(multitap_mode));
diff --git a/src/core/settings.h b/src/core/settings.h
index 1531bb11e..352ab4d5b 100644
--- a/src/core/settings.h
+++ b/src/core/settings.h
@@ -216,6 +216,7 @@ struct Settings
 
   std::array<MemoryCardType, NUM_CONTROLLER_AND_CARD_PORTS> memory_card_types{};
   std::array<std::string, NUM_CONTROLLER_AND_CARD_PORTS> memory_card_paths{};
+  std::string memory_card_directory;
   bool memory_card_use_playlist_title = true;
 
   MultitapMode multitap_mode = MultitapMode::Disabled;
diff --git a/src/core/system.cpp b/src/core/system.cpp
index b704b31f8..5b5c8b474 100644
--- a/src/core/system.cpp
+++ b/src/core/system.cpp
@@ -1821,17 +1821,9 @@ void UpdateMemoryCards()
       case MemoryCardType::Shared:
       {
         if (g_settings.memory_card_paths[i].empty())
-        {
-          g_host_interface->AddFormattedOSDMessage(
-            10.0f,
-            g_host_interface->TranslateString("System", "Memory card path for slot %u is missing, using default."),
-            i + 1u);
           card = MemoryCard::Open(g_host_interface->GetSharedMemoryCardPath(i));
-        }
         else
-        {
           card = MemoryCard::Open(g_settings.memory_card_paths[i]);
-        }
       }
       break;
     }
diff --git a/src/duckstation-qt/memorycardsettingswidget.cpp b/src/duckstation-qt/memorycardsettingswidget.cpp
index abb525fb5..7895498a9 100644
--- a/src/duckstation-qt/memorycardsettingswidget.cpp
+++ b/src/duckstation-qt/memorycardsettingswidget.cpp
@@ -38,6 +38,32 @@ void MemoryCardSettingsWidget::createUi(SettingsDialog* dialog)
     QGroupBox* box = new QGroupBox(tr("Shared Settings"), this);
     QVBoxLayout* box_layout = new QVBoxLayout(box);
 
+    {
+      QLabel* label = new QLabel(tr("Memory Card Directory:"), box);
+      box_layout->addWidget(label);
+
+      QHBoxLayout* hbox = new QHBoxLayout();
+      m_memory_card_directory = new QLineEdit(box);
+      SettingWidgetBinder::BindWidgetToStringSetting(m_host_interface, m_memory_card_directory, "MemoryCards",
+                                                     "Directory");
+      if (m_memory_card_directory->text().isEmpty())
+      {
+        QSignalBlocker sb(m_memory_card_directory);
+        m_memory_card_directory->setText(QString::fromStdString(m_host_interface->GetMemoryCardDirectory()));
+      }
+      hbox->addWidget(m_memory_card_directory);
+
+      QPushButton* browse = new QPushButton(tr("Browse..."), box);
+      connect(browse, &QPushButton::clicked, this, &MemoryCardSettingsWidget::onBrowseMemCardsDirectoryClicked);
+      hbox->addWidget(browse);
+
+      QPushButton* reset = new QPushButton(tr("Reset"), box);
+      connect(reset, &QPushButton::clicked, this, &MemoryCardSettingsWidget::onResetMemCardsDirectoryClicked);
+      hbox->addWidget(reset);
+
+      box_layout->addLayout(hbox);
+    }
+
     QCheckBox* playlist_title_as_game_title = new QCheckBox(tr("Use Single Card For Sub-Images"), box);
     SettingWidgetBinder::BindWidgetToBoolSetting(m_host_interface, playlist_title_as_game_title, "MemoryCards",
                                                  "UsePlaylistTitle", true);
@@ -47,18 +73,21 @@ void MemoryCardSettingsWidget::createUi(SettingsDialog* dialog)
       tr("When using a multi-disc format (m3u/pbp) and per-game (title) memory cards, a single memory card "
          "will be used for all discs. If unchecked, a separate card will be used for each disc."));
 
-    QHBoxLayout* note_layout = new QHBoxLayout();
-    QLabel* note_label =
-      new QLabel(tr("If one of the \"separate card per game\" memory card modes is chosen, these memory "
-                    "cards will be saved to the memcards directory."),
-                 box);
-    note_label->setWordWrap(true);
-    note_layout->addWidget(note_label, 1);
+    {
 
-    QPushButton* open_memcards = new QPushButton(tr("Open..."), box);
-    connect(open_memcards, &QPushButton::clicked, this, &MemoryCardSettingsWidget::onOpenMemCardsDirectoryClicked);
-    note_layout->addWidget(open_memcards);
-    box_layout->addLayout(note_layout);
+      QHBoxLayout* note_layout = new QHBoxLayout();
+      QLabel* note_label =
+        new QLabel(tr("If one of the \"separate card per game\" memory card modes is chosen, these memory "
+                      "cards will be saved to the memory cards directory."),
+                   box);
+      note_label->setWordWrap(true);
+      note_layout->addWidget(note_label, 1);
+
+      QPushButton* open_memcards = new QPushButton(tr("Open..."), box);
+      connect(open_memcards, &QPushButton::clicked, this, &MemoryCardSettingsWidget::onOpenMemCardsDirectoryClicked);
+      note_layout->addWidget(open_memcards);
+      box_layout->addLayout(note_layout);
+    }
 
     layout->addWidget(box);
   }
@@ -91,12 +120,22 @@ void MemoryCardSettingsWidget::createPortSettingsUi(SettingsDialog* dialog, int
   ui->memory_card_path = new QLineEdit(ui->container);
   SettingWidgetBinder::BindWidgetToStringSetting(m_host_interface, ui->memory_card_path, "MemoryCards",
                                                  StringUtil::StdStringFromFormat("Card%dPath", index + 1));
+  if (ui->memory_card_path->text().isEmpty())
+  {
+    QSignalBlocker sb(ui->memory_card_path);
+    ui->memory_card_path->setText(
+      QString::fromStdString(m_host_interface->GetSharedMemoryCardPath(static_cast<u32>(index))));
+  }
   memory_card_layout->addWidget(ui->memory_card_path);
 
   QPushButton* memory_card_path_browse = new QPushButton(tr("Browse..."), ui->container);
   connect(memory_card_path_browse, &QPushButton::clicked, [this, index]() { onBrowseMemoryCardPathClicked(index); });
   memory_card_layout->addWidget(memory_card_path_browse);
 
+  QPushButton* memory_card_path_reset = new QPushButton(tr("Reset"), ui->container);
+  connect(memory_card_path_reset, &QPushButton::clicked, [this, index]() { onResetMemoryCardPathClicked(index); });
+  memory_card_layout->addWidget(memory_card_path_reset);
+
   ui->layout->addWidget(new QLabel(tr("Shared Memory Card Path:"), ui->container));
   ui->layout->addLayout(memory_card_layout);
 
@@ -113,8 +152,38 @@ void MemoryCardSettingsWidget::onBrowseMemoryCardPathClicked(int index)
   m_port_ui[index].memory_card_path->setText(path);
 }
 
+void MemoryCardSettingsWidget::onResetMemoryCardPathClicked(int index)
+{
+  m_host_interface->RemoveSettingValue("MemoryCards", TinyString::FromFormat("Card%dPath", index + 1));
+  m_host_interface->applySettings();
+
+  QSignalBlocker db(m_port_ui[index].memory_card_path);
+  m_port_ui[index].memory_card_path->setText(QString::fromStdString(m_host_interface->GetSharedMemoryCardPath(index)));
+}
+
 void MemoryCardSettingsWidget::onOpenMemCardsDirectoryClicked()
 {
-  QtUtils::OpenURL(this,
-                   QUrl::fromLocalFile(m_host_interface->getUserDirectoryRelativePath(QStringLiteral("memcards"))));
+  QtUtils::OpenURL(this, QUrl::fromLocalFile(m_memory_card_directory->text()));
+}
+
+void MemoryCardSettingsWidget::onBrowseMemCardsDirectoryClicked()
+{
+  QString path =
+    QDir::toNativeSeparators(QFileDialog::getExistingDirectory(this, tr("Select path to memory card directory")));
+  if (path.isEmpty())
+    return;
+
+  m_memory_card_directory->setText(path);
+  m_host_interface->applySettings();
+}
+
+void MemoryCardSettingsWidget::onResetMemCardsDirectoryClicked()
+{
+  m_host_interface->RemoveSettingValue("MemoryCards", "Directory");
+  m_host_interface->applySettings();
+
+  // This sucks.. settings are applied asynchronously, so we have to manually build the path here.
+  QString memory_card_directory(m_host_interface->getUserDirectoryRelativePath(QStringLiteral("memcards")));
+  QSignalBlocker db(m_memory_card_directory);
+  m_memory_card_directory->setText(memory_card_directory);
 }
diff --git a/src/duckstation-qt/memorycardsettingswidget.h b/src/duckstation-qt/memorycardsettingswidget.h
index bc0109619..49ec2cc66 100644
--- a/src/duckstation-qt/memorycardsettingswidget.h
+++ b/src/duckstation-qt/memorycardsettingswidget.h
@@ -33,7 +33,11 @@ private:
   void createUi(SettingsDialog* dialog);
   void createPortSettingsUi(SettingsDialog* dialog, int index, PortSettingsUI* ui);
   void onBrowseMemoryCardPathClicked(int index);
+  void onResetMemoryCardPathClicked(int index);
   void onOpenMemCardsDirectoryClicked();
+  void onBrowseMemCardsDirectoryClicked();
+  void onResetMemCardsDirectoryClicked();
 
   std::array<PortSettingsUI, 2> m_port_ui = {};
+  QLineEdit* m_memory_card_directory = nullptr;
 };
diff --git a/src/frontend-common/fullscreen_ui.cpp b/src/frontend-common/fullscreen_ui.cpp
index d54e53748..c6791a375 100644
--- a/src/frontend-common/fullscreen_ui.cpp
+++ b/src/frontend-common/fullscreen_ui.cpp
@@ -1804,10 +1804,32 @@ void DrawSettingsWindow()
                                          &s_settings_copy.memory_card_use_playlist_title);
 
         static std::string memory_card_directory;
-        if (memory_card_directory.empty())
-          memory_card_directory = s_host_interface->GetUserDirectoryRelativePath("memcards");
+        static bool memory_card_directory_set = false;
+        if (!memory_card_directory_set)
+        {
+          memory_card_directory = s_host_interface->GetMemoryCardDirectory();
+          memory_card_directory_set = true;
+        }
 
-        MenuButton("Per-Game Memory Card Directory", memory_card_directory.c_str(), false);
+        if (MenuButton("Memory Card Directory", memory_card_directory.c_str()))
+        {
+          OpenFileSelector("Memory Card Directory", true, [](const std::string& path) {
+            if (!path.empty())
+            {
+              memory_card_directory = path;
+              s_settings_copy.memory_card_directory = path;
+              s_host_interface->RunLater(SaveAndApplySettings);
+            }
+            CloseFileSelector();
+          });
+        }
+
+        if (MenuButton("Reset Memory Card Directory", "Resets memory card directory to default (user directory)."))
+        {
+          s_settings_copy.memory_card_directory.clear();
+          s_host_interface->RunLater(SaveAndApplySettings);
+          memory_card_directory_set = false;
+        }
 
         EndMenuButtons();
       }