Guide on Supplementary Credit Card Readiness Check
SUPPLEMENTARY CREDIT CARD – Here is a guide on how to check whether or not your loved one is ready to handle this type of credit card.
More and more people are realizing the benefits of credit cards. Truth be told that these were tainted by records of credit cardholders who mismanaged them and were left in debts, But, these cards are actually made for the benefit of the cardholders may it be personal or business purposes.
There are different types of credit cards. Among the categories are the primary and the supplementary. The latter refers to the card that is being used by someone who really owns the account with the bank, a lending company, or an entity.
The supplementary credit card refers to the card that is issued as an extension of the primary credit card. It is usually applied for and given to a family member or a loved one.
The bill of the supplementary credit card usually appears together with the primary credit card. The owner of the account has a big responsibility on this thus it is important to check on the readiness of your loved one to be a credit cardholder.
Based on Moneymax, there are ways to check whether or not your loved one is ready to handle a supplementary credit card. Here are the questions to consider:
- Does your loved one understands what a supplementary card is?
- Does your loved one has a stable source of income?
- Does he or she has a good budget plan?
- Does your loved one have an outstanding debt?
It is also important to consider your part as the owner of the main account. Are you ready to cover the possible additional debt? Is your credit limit enough for both of you? Since you will be sharing an account, you will also be sharing a credit limit. It is important to discuss how the spending will take place without maxing either of your credit cards.
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