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IndusInd launches credit cum debit card, but it may confuse customers

A credit card cum debit card might seem like a strange idea, but IndusInd bank is offering its customers the benefit of both, in one card. The card looks like any other debit or credit card except the fact that there are two chips placed on either end of it.

Danny D'Cruze        Last Updated: October 12, 2018  | 16:13 IST
IndusInd launches credit cum debit card, but it may confuse customers

A credit card cum debit card might seem like a strange idea, but IndusInd bank is offering its customers the benefit of both, in one card. The card looks like any other debit or credit card except the fact that there are two chips placed on either end of it. The card carries two EMV chips as well as 2 magnetic stripes on the card. Depending on the type of PoS device, one can either swipe or insert the card.

The credit and debit card industry has been lacking innovation since quite some time now. While the new Duo Card by IndusInd Bank is a fresh take on the use of plastic currency, the owner might end up paying a lot more; if the card is handled carelessly. Here we discuss the possible pros and cons of using this feature.

Pros

The biggest advantage is space. With wallets stacked to the brim with all sorts of bank, id, membership cards, squeezing the functionality of two cards in one is definitely a boon.

The card will have a single account statement. As the card account statements will be merged, it will help with keeping track of expenses of both the credit account and debit account.

The reward points earned by both accounts can be combined to avail benefits.

Cons

The use of this card could lead to unintended mistakes while swiping or inserting the card. The two chips are placed on either end but while handing it over to the merchant, he or she could switch sides and end up making the purchase from the wrong card. This problem can be mitigated by assigning two different passwords for both the cards. Cashiers will also have to be trained of such cards as they are the ones who deal with it the most.

If a user swipes the credit card instead of the debit in hurry, and fails to realize that before the end of due date, he or she might end up paying a large sum as interest. The same goes for ATM cash withdrawals. The card owner, if careless, could end up exhausting their credit limit and paying a heavy interest if there's a delay.

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