Understanding floater credit cards and their benefits for families

Floater credit cards are supplementary cards that share the credit limit with a primary cardholder. They can be issued to family members, allowing them to make purchases while maintaining a shared credit limit. Virtual floater cards for UPI payments are also common. These cards generate separate billing statements, and payments must be made individually for each card. The overall credit limit remains the same, and reward points cannot be transferred between the cards. A floater card does not necessarily enhance the credit limit. Floater cards are useful for families, especially if one member travels frequently or lives apart. They allow for easier household purchases while managing expenses through the primary card.