Credit Cards, Add On Cards, Benefits for families
What Are Add On Cards?
Add on cards are cards that are added on by the bank to a primary credit card.
The primary credit card holder is the one that the bank issues the credit card too (based on credit history, rating, income, business group, profession etc) and by virtue of being connected to the approved borrower (primary credit card holder) others can also avail of such facilities.
E.g. A stay-at-home wife, may not get a credit card because she does not have any income or job. But using her husband's credit card for shopping is tantamount to fraud (You cannot use another's credit card, irrespective of relation).
Hence the bank issues an addon card to the wife based on the credit card of the husband. This add-on card gives her all the benefits of a regular credit card.
Why Choose Add On Cards
Add on cards are generally provided free of cost and with no additional paper work.
Most banks will offer you add-on cards free when you apply for a credit card and hence you can get more of your family access to the facilities.
The other benefits include getting additional points / loyalty benefits / miles/ goodies etc on all the combined spends
How To Make The Most of Add On Cards
Create spending limits
This is really important if you are going to give an add on card to a teenager or your children who still do not have the understanding or the maturity to handle a credit card.
Outstanding amount on the credit card is a liability and should be used accordingly.
Designate Cards for Particular Expenses
You can choose different credit cards for different types of purchases and hence create a simple way to track your expenses under that head.
Set up SMS / Email Alerts
Set up all spend alerts to one central number so that you are aware of the spending. Remember the add on cards do not get a new credit limit, they share your credit limit. hence if someone spends 10000 on their add on card, your collective limit comes down by 10000.
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