Six smart things to know about add-on credit cards

Here is a look at six must know things about add on credit cards:

1) If you have a credit card and want to tack on one or more cards for use by your family members, you can ask your bank to do so. These are add-on cards.

2) Add-on cards can be issued to the spouse, major children and parents. A bank may restrict the number of add-on cards per card.

3) An add-on card is as good as your actual credit card and you receive a consolidated bill for the amount spent on both the cards.

4) The limits on spending can be set for each add-on card. Your bank assesses your overall spending limit and issues add-on cards accordingly.

5) You can also register for SMS alerts on the usage of these add-on cards to monitor the amount being spent.

6) The repayment on add-on cards reflects in your credit history. So you may want to add only those spends that you can pay on time.

Source: Economic Times

Thanks and Regards,

Sanchari Sinha,

Intern at DENIP Consultants Pvt. Ltd.