Why Get Add On Credit Cards For Your Family

Rahul, a software engineer, is 35 years old, and his wife, Riya, a journalist, is 33. They have been married for three years and have recently welcomed their first child. Like all new parents, they are uncertain of the increase in their monthly expenses going forward. While brainstorming, they agreed that in order to efficiently manage their budgets, they should keep all their major expenses on a single credit card. This way, they can understand exactly how much they are spending each month and allocate budgets accordingly. However, they realised that using a single card can be tricky as it involves sharing OTPs over the phone. Also, when they are not shopping together at a physical store, they need to use alternative modes of payment like cash, UPI, or debit cards. That is when they think of getting an add-on credit card. Now, Rahul and Riya find managing their monthly expenses much easier. Instead of spending cash or juggling multiple credit card bills, Rahul and Riya simply pay off their expenses once a month. Managing a family budget was never this easy for them!

When should you consider getting an add-on card for your family?

The use case mentioned above is just one of the many ways a family can make use of add-on credit cards. Typically, people get add-on credit cards to share or manage expenses for parents, siblings, children, or spouses. Following are the main reasons why it makes sense for you to get an add-on credit card:

Streamlining family budgets

By linking supplementary cards to a primary cardholder’s account, all transactions are consolidated on a single statement. This makes it easy to keep track of expenses, sort spending into different categories, and set budgets for different family members. Each person who is added as a family to your primary account has the freedom to spend using their own card, but the main account holder can get a view of the overall spending. So whether you want to share or manage expenses for your parents, spouse, children, or siblings, an add-on credit card is the perfect solution.

Easy accessibility to credit cards

If someone is young or just starting their financial journey, it can be challenging for them to get a credit card. In these cases, add-on credit cards can come to the rescue. Add-on cards can help them start the training for responsible credit card usage. For some people, past financial missteps may also have impacted their credit score, making it difficult for them to qualify for a new credit card. By giving them an add-on card, you can help them reap the benefits of using credit cards while they revive their financial situation.

The OneCard MyFamily Advantage

Credit card without credit score

Even if your family member doesn’t have a credit score, they can get their own OneCard

Sharing of credit limit

Your credit limit is shared with your family’s add on credit cards. You can assign a monthly spending limit ranging from Rs. 2,000 to up to 100% of your credit limit.

Spends management

Track, manage, and control spends of your family’s add-on credit cards.

Consolidated rewards

Family members earn reward points for their spending, which can be redeemed by them or the primary cardmember as well.

Separate offers

No splitting of offers! Each add-on credit card has separate offers.

No additional fees

Add-on cards do not require any joining or annual fees, just like your primary OneCard!

How do I add members to MyFamily?

Step 1: Open your app and go to the “My Family” section

Step 2: Click on the “Add Family Member” button

Step 3: Add details of your Family Member.

Step 4: Your family member will receive an invite, and needs to download the mobile app to complete the onboarding process.

Step 5: You will get a request to approve the request of your family member, to activate their card.

Step 5: Your family member then needs to activate their virtual OneCard to start using it! The physical card will be delivered just a few days later.

Who can apply?

• The family member should have a PAN card
• They should be more than 18 years old
• They should have an active bank account
• Family members include spouses, children (over 18 years old), parents, parents-in-law and siblings

Points to keep in mind regarding add-on credit cards

Add-on credit cards have a lot of benefits, but there are a few things to keep in mind before applying for one.

The primary cardholder is responsible for making the repayments.

Since transactions on both the primary and add-on credit cards are billed on a single statement, the primary cardholder is responsible for all transactions made with the add-on credit cards. While you can certainly share expenses with your family members, if there is any delay in making the repayment, the impact is on the primary cardholder’s account and credit score.

Add-on cards do not impact credit scores of their users

Since add-on credit cards are linked to the primary credit card holder’s account, the impact is also seen on their credit score. So if your family member intends to build their credit profile, it is better for them to get a new credit card for themselves. If they are new to credit or their credit score is low, they can opt for an FD backed credit card.