A Supplementary/ Additional Credit Card can go a long way during times of need. It also acts as a financial backup for individual family members during emergencies. How? Here’s all you need to know:
Who Is Eligible For It?
The bank issues an additional card on the basis of the primary card (yours). Only the primary card holder’s eligibility is considered for this. You can pass the credit to any family member like your parents, spouse or children who are over the age of 18 years(for most banks). The benefits on the additional card are usually the same as that on the primary card.
How Does It Work?
Irrespective of the number of additional credit cards you take based on the primary credit card, the bank will treat all the accounts as a single one. So, if your primary card limit is Rs 2 lakh, the total expenditure made by the primary and the additional cards will have to be within the amount.
How Much Will It Cost Me?
The cost you will have to bear for supplementary cards varies across banks. Some may offer up to three additional cards for free. A few hundred rupees as joining fees may apply for others.
How Do I Get Billed?
A single account statement will be generated for the primary card holder, and, hence, you get to know the details of the supplementary card holder’s transactions as well. Keeping a tab on the account becomes simpler due to this.