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Is getting a supplementary card a good idea?

by damiazara1 month ago
tags: credit cards best credit cards

A supplementary card can provide financial assistance to people who are facing monetary instability. But it has its own set of drawbacks. While it can be useful for a potential supplementary card holder, there would be a mountain of responsibilities and risks for the principal cardholder.

Here is a list of pros and cons of supplementary cards. Pros: When you want to keep a track of household expenses

If you want to track your expenses on groceries, bills and other family-related expenses, getting a supplementary card would be a good idea. When someone close to you needs emergency financial help Any member in the family who is not creditworthy, for instance, an unemployed spouse, a child, or a retired parent, who needs financial assistance in say travelling abroad, could be given a supplementary card.

ConsAccompanies risks and responsibilities If the supplementary cardholder falls prey to online credit fraud or ends up losing the card, you will be held responsible for the negligence. Even if you decide to give the supplementary card to a family member, handing it to them will bring in a lot of responsibilities for you.

High annual fees

You might have to pay a certain amount of annual fee on your supplementary credit card along with the annual fee that you are already paying on your primary card. In a few cases, the total excess fees that you would pay would be much higher than the cash rewards which defeats the purpose of getting the cards in the first place. Since the fee waivers demand minimum swipes or expenses, you will not be able to enjoy the benefits if you aren't planning to use the cards often.

However, if you have made up your mind about giving them a supplementary card, here are a few safety tips that you should keep in your mind:

  1. Make sure that the card is being used only for emergencies.
  2. Set an affordable credit limit.
  3. Register for netbanking so that you can keep an eye on the statements frequently.
  4. Look for cards that have no annual fees.
  5. Sign up for protection alerts.
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