Endgame for Debit, Credit Card? Now, swipe this for both functions, more reward points

In the wake of the increasing popularity of payment wallets, banks are announcing new debit and credit card-related offerings. Some banks have introduced all-new cards that can serve both as Debit as well as a Credit card. One side of the card will run like a debit card while the other one will work as a credit card. Experts say that if you do not want to keep more cards, then this dual card on offer can be a great option. IndusInd and Union Bank have come up with such cards that serve dual purposes. IndusInd Bank launched Duo in October last year, while Union Bank launched this card in November by name Kambo, which has already gained quite a popularity. 

Other banks are also expected to offer similar facilities to lure customers soon. 

Sumant Kathpalia, Head – Consumer Banking, IndusInd Bank said, ''IndusInd Bank also ensures the compensation of Rs 3 lakh for any fraud on losing the card. That is, if a person purchases it when the card is lost, then it will be reimbursed up to three lakh rupees by the bank. However, you will have to inform the bank immediately about the loss of the card and also have to file an FIR.''

Features of Debit-cum-credit card:

1.  This card has two chip and two magnetic strips.

2.  Debit card details are on one side.

3.  Credit card information is on the other side.

4. More reward points are offered on this card.

Union Bank’s Rupay Combo Debit Cum Credit Card allows cardholders to enjoy the convenience, flexibility and freedom to choose in a single physical card for the debit /credit transaction facility and they need not carry two cards. To enable cardholders to choose between credit and debit card facility, there are two different card numbers, separate chips, separate magnetic stripes and two different CVV numbers. 

The IndusInd Bank Duo Card aims to deliver a seamless and delightful client experience and offers the best of both worlds, in one plastic. The convenience of having dual functionality, and a wide range of offers and features on one plastic, is sure to resonate with our audience.

According to IndusInd Bank, the Duo card will reduce the hassle of customers. The card will have the same statement both debit and credit usage. The customers will be able to see the account of the purchase from both the cards. Despite the different purchases, both the reward points will be joined together and the customer will be able to get additional benefits while redeeming. The reward points can be used for both debit or credit purchase.