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Credit Card
Summary: Learn what an add-on card is and how it can make your children financially independent with responsible credit management. Get insights into add-on Credit Card benefits, monitoring the card, and the application process.
As a parent, you want your children to be financially independent and responsible. As the first step in that direction, you can add your child as an authorised user to your credit card as an add-on card user.
Banks offer add-on cards to the family members of primary cardholders, including children who are otherwise ineligible for regular credit cards. Adding your child to your credit card can also build their credit score and history. In the long run, good credit history can help with easy approvals on loans or mortgages.
In the following sections, you will walk through the basics of an add-on card, its benefits, the need for responsible usage, and tips on monitoring these cards.
There are several benefits of an add-on credit card. The key ones are below -
To ensure your children are using the add-on card wisely, you can monitor their spending in the following ways
As a primary cardholder, you can get three to five add-on cards to give your loved ones financial freedom. However, it is advisable to be practical and set an add-on card limit.
You can easily apply for an add-on card with Metra Trust Credit Cards. You only need to fill out an online add-on application form, and if you fulfil the eligibility criteria the bank has set, you will receive an add-on card(s) in a few days.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.