subject: Getting a Supplementary Credit Card [print this page] Getting a Supplementary Credit Card Getting a Supplementary Credit Card
Many families in the UK own one or two credit cards. The card for them is an important part of their lives. It's a lifesaver during emergency situations in particular.
Most often, though, it's the parents who have these credit cards. The father, for instance, being the head of the family and the one who's employed is most eligible to own such form of credit and get the best credit card deals. He can then apply for supplementary cards for his wife and teenage child who is at least already 18 years old.
It is possible to have several cards in one credit card account. For a family, this is a better and cost effective option as only one stamp duty will be charged on the account each year. The stamp duty is levied by the UK government on credit cards as a form of tax. Different duties are imposed on different types of cards in the country. The best credit card deals have the lowest rates.
It should be understood, however, that a supplementary card does not have its own credit limit. As one account has a fixed credit limit, all the cards belonging to this account will have the same limit. You should keep this in mind when making your credit card application.
Sometimes, it is also possible for the principal or main card owner to set a certain limit on his supplementary cards. This is an ideal way to control spending particularly if you want to provide your teenage child with his own credit card. Instead of letting him or her apply for a separate credit card account, giving him a supplementary card would be a good option. In this way, you will be able to monitor their spending.
Banks are often very cautious when it comes to teenagers applying for a new credit card account. As they have not yet established a credit history, these teens are not always granted a card even when it's a debit card they want to get.
In terms of fees, all the cards belonging to a single account will be charged the same fees such as for late payments and cash withdrawals. The annual membership fee, however, may differ. The principal card holder is usually charged the higher fee while the supplementary cards are charged with half the amount.
In the event you decide to cancel one of your supplementary cards, you only have to inform your bank or card issuer. Sometimes, you can request for a cancellation of the card by phone through the company's customer service line.
So consider getting your spouse and teen child a supplementary credit card. This will help them in times when they need to pay an urgent fee or bill.
