Which supplementary cards offer the best benefits?
For many, the benefits of credit cards are reserved for those with established credit histories. However, a growing number of financial institutions are offering supplementary credit cards – often linked to a primary account – as a way to extend financial access and benefits to others. While traditionally offering limited perks, some cards are now bucking this trend, providing meaningful advantages to supplementary cardholders.
Understanding Supplementary Cards
How They Work
Supplementary cards share the credit limit of the primary cardholder, meaning banks aren’t extending new credit, but rather redistributing an existing line. This typically simplifies the application process, as a full credit check isn’t required for the supplementary cardholder. However, the primary cardholder retains financial responsibility, bearing the brunt of any missed payments.
Key Rules and Considerations
- Holding a supplementary card generally doesn’t disqualify an individual from being considered a “new-to-bank” customer for welcome offers, with exceptions for American Express and, less frequently, Bank of China.
- Supplementary cards don’t have their own bonus caps; spending is combined with the primary cardholder’s.
- A supplementary card doesn’t impact the cardholder’s credit score directly, but the primary cardholder’s score is affected by payment behavior.
- While the primary cardholder can often set a lower monthly spending limit for each supplementary card, Standard Chartered does not offer this feature.
- Spending on supplementary cards generally counts towards minimum spend requirements for welcome offers and other benefits.
Cards with Notable Supplementary Benefits
American Express Platinum Charge
The American Express Platinum Charge card stands out for its robust supplementary card benefits. These include access to AMEX Love Dining, Chillax programs, Fine Hotels & Resorts privileges, and various airport lounge networks – including Centurion Lounges and Plaza Premium Lounges. Two supplementary cards are provided free of charge, with additional cards incurring a fee of S$163.50.
Other Options
The AMEX Platinum Credit Card offers supplementary cardholders Love Dining and Chillax privileges. The Citi Prestige Card, while offering fewer direct benefits to supplementary cardholders, provides access to World Elite Mastercard perks like hotel elite status and travel benefits. The HSBC Premier Mastercard and StanChart Beyond Card both offer unlimited-visit Priority Pass memberships with their supplementary cards.
Looking Ahead
The trend of offering more substantial benefits to supplementary cardholders could continue as banks seek to attract and retain customers. It’s possible that more cards will follow the lead of American Express and HSBC, extending premium perks to family members or trusted individuals. However, it’s also likely that many cards will continue to focus benefits primarily on the primary cardholder, given their direct financial contribution.
Frequently Asked Questions
What impact does a supplementary card have on a new-to-bank status?
Holding a supplementary card generally does not disqualify someone from being considered a new-to-bank customer, except in the cases of American Express (within the past 12 months) and, less frequently, Bank of China (within the past six months).
Do supplementary cards have their own spending caps?
No, supplementary cards do not have their own bonus caps. They share the spending cap of the primary cardholder.
Who is responsible for payments on a supplementary card?
The primary cardholder is ultimately responsible for all charges made on the supplementary card, and their credit score will be impacted by payment behavior.
As financial institutions continue to refine their offerings, how might the benefits associated with supplementary credit cards evolve to better serve a wider range of customers?