Add-on Credit Cards provide many benefits: Add-on Credit Cards provide many benefits. However, if the card is used carelessly, it can lead to losses.
What are Add-on Credit Cards?
Add-on credit cards are additional credit cards. Add-on credit cards are secondary or supplementary credit cards. Primary card holders can apply for these cards for their family members.
Primary card holders can avail add-on credit cards for their children, life partner and parents. The benefits of this card are the same as the primary card.
However, if you are applying for such a card, it is important to keep in mind the risks associated with the card.
Keep these things in mind regarding add-on credit cards
Credit score of primary card holder
With add-on credit cards, all responsibility for expenses lies with the primary card holder. In such a situation, if the payment is not made on time by the secondary user or there is any mistake regarding the payment, then it affects the primary card holder.
Due to the mistakes of the secondary card holder, the credit score of the primary card holder can get spoiled.
Expense limit
With an add-on credit card, the primary card holder has the facility to manage transactions related to the secondary card.
In such a situation, if you are a primary card holder, then to manage the expenses, definitely set a spending limit.
When not to apply for the card
If you choose the right secondary card holder who manages the expenses, then you can avail the benefits of this card. At the same time, if the secondary card holder spends unnecessarily then this card will not be right for you.
In such a situation, it is advised to use this type of card with caution only when necessary.
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