Long ago, taking a loan from the bank was considered as taboo in the society but since the introduction of credit cards it is quite alright to buy things on credit. Later on, a new concept called Supplementary Credit Cards was also brought up to ease up a few more things. Basically, a supplementary credit card is an additional credit card that is issued under your original or primary card. The card can be issued for family members, parents, spouse or children above 18 years of age, depending on the terms and conditions attached with the card. There is a limited number on the supplementary credit cards that can be issued which differs from bank to bank.
Benefits of Supplementary Credit Cards
A credit card and a supplementary credit card will nearly have the same features but sometimes this may change from bank to bank. Here are some of the benefits listed –
Usage – As most credit cards allow usage in India and abroad for shopping, supplementary credit cards offer you the same benefits. If you are a holder of a supplementary credit card, you can shop online as well as offline.
ATM facilities – With the help of supplementary credit cards, you can withdraw cash from the ATMs anytime of the day. The withdrawal limit may be same as that of your original credit card or it could less as well.
Reward points – Each time you swipe a credit card, you get some bonus or reward points, as some banks call it. After cumulating a certain amount of reward points you are entitled to a benefit or boost from the bank. Supplementary credit cards have the same feature. The same number of reward points will be given for subsequent swipes as given on your primary card.
Monitor Usage - If you wish to grant supplementary cards to your children who are dependent on you, you can easily monitor the spending habits whenever the credit card is swiped.
Independence - Supplementary credit cards given to parents give them financial freedom and are also useful in times of emergency.