Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Credit Cards were first introduced in the 1950s and has since gone on to become one of the most procured financial products in the world. It would not be far from the truth if one were to say that credit cards have changed the landscape of the financial world today due to their popularity across the globe. This financial tool may be small and unassuming but has completely changed the way loans and purchases work in the world today. There are a number of reasons as to why credit cards are so popular. One of them is the convenience factor. Carrying one or even two credit cards is better than carrying a wad of cash. Additionally, individuals can use funds with just a swipe as most merchants accept credit card payment for their merchandise.
Due to its popularity, this financial product can be availed from a number of banks and financial providers as long as the eligibility criteria is met. Not everybody can avail credit cards however, as there are certain conditions that need to be met before one becomes eligible This is due to the fact that credit cards are not free. In addition to joining fee and/or annual fee, customers will have to pay the credit card bills every month during the billing cycle. In case cardholders are unable to pay the bill completely, they can also pay just the minimum amount that is due. However, in case the bill is not paid in full, an interest rate will be imposed on the subsequent payments. If left unchecked, this amount can end being quite hefty resulting in the cardholder falling into a debt trap. Therefore, one must be able to afford a credit card.
Therefore, only if an individual meets the required eligibility criteria can he/she procure a credit card. Eligibility factors for a credit card varies depending on the age, income and credit score of the applicant, among other factors. However, sometimes individuals may not meet the above criteria for various reasons and these applicants can avail an add-on or supplementary credit card.
Supplementary credit cards on the other hand can be availed by family members of the primary cardholder only if they meet the required eligibility criteria such as age and if they are related to the primary cardholder.
Supplementary or add-on credit cards are additional cards provided under the primary credit card to relatives of the primary cardholder. These cards usually have the same benefits and credit limit as the primary credit card and can be utilised similarly. Additionally, add-on credit cardholders can avail Rewards Points and AirMiles along with other discounts every time they use their credit card to pay for products or services. The number of add-on credit cards that can be availed depends on the credit card issuer but is usually between 3 to 5 cards. Individuals can avail add-on credit cards for their family members such as children who are adults, spouse, siblings and so on.
One of the most popular and respected banks in the country, HSBC is renowned for their customer friendly services along with their plethora of product offerings. As part of their banking portfolio, HSBC provides credit cards, loans, insurance and debit cards among other products. Supplementary credit cards can also be availed by family members of the primary cardholder.
The eligibility criteria for a HSBC add-on credit varies based on the terms and conditions of the bank. However, some of the common eligibility criteria that need to be met, are as follows -
Other eligibility criteria may be applicable based on the terms and conditions on HSBC.
In order to avail an add-on credit card from HSBC if eligible, the following documents will have to be furnished -
Additional documents may be necessary and would be requested for by HSBC. Customers should note that it is mandatory to provide KYC or Know-Your-Customer documents else the application will not be accepted.
Customers can apply for an add-on credit card from HSBC by downloading the application form available on the HSBC website under the section titled ‘applications’ which is towards the left side of the main page. This form will have to be downloaded, filled and then submitted across the counter at the nearest HSBC bank. This will have to be done along with the required documents, both original and photocopies. This will then have to be validated by the Branch Officer.
Add-on credit cards from HSBC is generally procured by the credit cardholder for his/her family members who may not be eligible for a primary credit card. These supplementary credit cards come with a plethora of features and benefits as given below -
The fees and charges for HSBC add-on credit cards will vary based on the card that is procured. Customers are requested to contact the bank for information regarding the same.
Customers should note that finance charges are calculated from the date of transaction and fees and charges are subject to change based on the terms and conditions of HSBC.
For further information regarding the same, customers are asked to contact HSBC directly.
Customers can avail up to 3 add-on credit cards from HSBC.
Credit card bill for an add-on credit card is paid by the primary cardholder.
Credit score will not be calculated on the basis of an add-on credit card. Instead, all spends will be reflected in the primary cardholder’s credit report. Hence the add-on credit card must be used carefully by the credit cardholder.
The credit limit for an HSBC supplementary credit card is either the same or lesser than that of the primary credit card. This is dependent on the terms and conditions of the issuing bank, which in this case is HSBC.
Immediate relatives of the primary cardholder can avail an add-on HSBC credit card.
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