While credit cards have made it easier to borrow funds and transact anytime and anywhere, owning one still requires you to have a steady income and decent credit history. This may be a difficult ask for family members who have just landed their first job, are students, or are too old to start building a credit history, such as your parents. In such a situation, if you wish to make the advantages that come with your credit card available to them while also tracking their expenses, you can apply for an add on credit on their behalf.
Having an add-on credit card means that you have a supplementary credit card along with your primary credit card against one credit account. You can share add-on credit cards with your immediate family members who can use it for their needs while you monitor their expenses. Such a credit card, in most cases, does not attract an annual fee or a joining fee, as it is just an additional card. As a result, you can do away with the hassle of owning and maintaining multiple credit cards that are linked to different accounts.
Now that you know what is an add on credit card, let us take a look at how it works?
To understand how an add on credit card works, we shall consider the three most important parameters- credit card limit, account statement and credit score.
The total amount that you can spend on an add on card is usually the same or lesser than that of the primary card. However, if you have multiple add on cards, the total credit limit offered to you will be divided among all the add on cards and the primary card. This new limit is called the credit card sublimit which will be the same in the case of ATM withdrawals.
The transaction history of all add-on cards will be reflected in the primary account statement, at the end of the billing period. As a result, you would not need to check and pay individual account statements. This saves you from the risk of missing payments or being unaware of the spends on the individual add on credit cards.
While tracking the transactions on the add on credit card is easy, any defaults in credit card payment or fraudulent transactions on add on cards can impact the credit score of the primary account holder.
The add-on credit card benefits are in most cases the same as that of the primary credit card. However, there may be subtle differences in the privileges. To understand this, here is a list of common features and benefits you get when it comes to add on credit cards.
If you have add-on cards linked to your account you should be aware of a few critical things-
If you are a primary credit card holder, you can apply for multiple add on cards for your immediate family members who are above 18 years of age. The total number of cards that can be availed as add on cards varies from bank to bank, but usually ranges between one to five cards. Here is a list of eligible members who can get an add on credit card against your primary credit card account.
Different banks may request for different sets of documents with regards to your application. However, the most common documents that the bank may ask you to submit are listed below-
The method for applying for an add-on credit card varies from bank to bank. However, it is important to remember that only the primary credit card holder, on behalf of the add on card holder, can put in an application.
If your bank allows add on credit card application using net banking, you can log in to the bank’s portal, and under credit cards, select the option to apply for an add on credit card. You would then need to fill in the name, address, contact details, and upload all the necessary documents before clicking on ‘Submit’.
You can also visit the nearest branch and place a request for an add on credit card. You would then need to submit the duly filled and signed application form along with self-attested copies of documents and photographs of the add on card holders.
While these are the two most common ways to raise a request, your bank may offer other modes of application too. To know more about this you can call the customer care number of your bank and inform the executive about your interest in getting an add on credit card. The executive would then provide you with the next steps of the application.
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The number of add on credit cards you can apply for varies from bank to bank. Usually it ranges from 1 to 5 cards.
Yes, each add on credit card will have a separate PIN. It is important that add on credit card holders keep their PIN safe and do not share it with anyone. The add on credit card PIN can be changed anytime.
The Cancellation process for add on credit cards is the same as that for primary credit cards. You would need to contact the bank’s customer care and inform them about your desire to cancel your add on credit card. Also, in case you close your primary credit card, your add on credit card also gets cancelled.
Usually it takes approximately 15 days to process the add on credit card application request, provided all information provided is correct. However, the same may vary from bank to bank.