Debit and credit cards play a very important role in your life and it is used to make payments at almost all places. These days people prefer making payments through cards, rather than carrying cash all the time. However, carrying multiple cards is also annoying, as it makes your wallet bulge and in case you lose your wallet, you also lose all the cards.
This problem can be solved as the banks like IndusInd Bank and Union Bank of India; have come up with an innovative plastic card which is the combination of debit and a credit card. Last year IndusInd Bank launched its card called ‘Duo’ and Union Bank of India launched its card called ‘Combo’. IndusInd Bank has collaborated with Visa to launch Duo and Union Bank of India has collaborated with Rupay to launch ‘Combo’.
Debit-cum-credit cards offered by these two banks are just like normal debit or credit cards, but they are modified with new technology to offer a dual service. These cards are designed with two chips on the front side. One chip works like a debit card which is linked to your savings bank account and another chip works like a credit card. Along with 2 chips on the front side of the card, the card also has two magnetic stripes on the back of the card.
You can use your debit cum credit card as a debit card, by entering your debit card PIN in the ATM. While inserting your dual card in the ATM slot, you must insert the debit card side of the card.
The dual card can be used as a credit card by entering your credit card PIN to obtain a cash advance. You must insert the credit card side of the card in the ATM slot to avail a cash advance. Just like a normal credit card, interest will be charged on cash advance.
To use your debit-cum-credit card as a debit card in a POS machine, you must insert the debit card side of your card and enter your debit card PIN.
To use your Debit-cum-credit card as a credit card in a POS machine, you must insert the credit card side of your card and enter your credit card PIN.
1. Debit card:
For making online payments from your bank account, you must enter your debit card details like card number, expiry date, and CVV on the merchant website.
2. Credit card:
For making online payments using your credit limit, you must enter your credit card details like card number, expiry date, and CVV on the merchant website.
The risk of a dual card is, you must remember which side of the card you need to insert, while withdrawing cash from an ATM or while swiping your card at the POS. In case you use the wrong side by mistake, you will land up in a soup. For instance: If you withdraw cash from the credit card side, instead of the debit card side, you will have to pay interest on cash advances along with the cash withdrawal charges.
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