What is Supplementary Credit Card?
Supplementary Credit Cards are additional Credit Cards that are offered with the primary credit card. It is a kind of additional credit that a cardholder receives with his/her primary credit card. The primary credit cardholder supplementary can gift these supplementary cards to parents, children or spouse. Some credit card providers offer supplementary credit cards for free while other may charge fees on it.
Supplementary credit cards in Malaysia:
There are many banks in Malaysia such HSBS Bank, Citibank Malaysia, Standard Chartered Bank etc. which offer supplementary credit cards to customers. These credit cards come with attractive offers and extra financial freedom. With minimal documentation and quick processing, it is very easy to apply for these supplementary cards in Malaysia. Banks and credit card companies in Malaysia issue up to 3 to 5 supplementary credit cards to a primary credit cardholder.
How does a Supplementary Credit Card work?
You can apply for a supplementary credit card based on your primary credit card. You as a primary credit cardholder can pass these supplementary credit cards to family members and friends above the age of 18 years. All supplementary cards issued to your dependents will be included under your single primary account. The credit limit of a primary credit card will be split among the supplementary credit cards.
For example if your primary credit limit is RM6, 665 and you have 1 supplementary credit card, the amount can be split equally between both the cards. However, the primary cardholder can set a lower sub limit for the supplementary card. Instead of setting RM6, 665 for the supplementary credit card, you can set RM2000 for your supplementary card. The same can be set for ATM withdrawals made by using supplementary credit cards. Since all supplementary cards are billed under the single primary account, it is the responsibility of a primary cardholder to ensure that all bills are paid on time. Otherwise, it may adversely affect the credit score of the primary cardholder.
Key features of Supplementary Credit Cards:
The supplementary credit cards come with a number of attractive features. Listed below are the main features of them:
- These are additional credit cards received with the primary credit card.
- Supplementary cards can be applied online.
- Quick processing and minimal documentation.
- Supplementary credit cards are billed under the primary account.
- Banks or credit card providers usually issue up to 3 to 5 supplementary credit cards under the primary account.
Benefits of using Supplementary Credit Cards:
The Supplementary credit Cards offer the same benefits a Primary Credit Card offers. Listed below are the popular benefits offered by Supplementary Credit Cards:
- Supplementary Credit Cards are accepted worldwide.
- You can use these cards to purchase all kinds of services and products
- Supplementary Credit Cards can be used for online shopping as well.
- These credit cards can be used for cash withdrawals at an automated teller machines (ATMs).
- These credit cards offer attractive rewards which can be redeemed for various services.
Fees & charges of Supplementary Credit Cards:
The fees and charges charged on supplementary credit cards may vary from bank to bank. Some bank may offer them for free while others may charge annual fees or joining fees. Besides, late payment fees and cash withdrawal fees may also apply for these cards.
Supplementary Credit Cards are of great use when it comes to help your parents and children who are financially dependent on you. But, make sure that they utilize the credits responsibly and bills are paid on time.
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