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Duo Cards About to Make Debut. Debit & Credit in One Card!
Posted on September 9, 2011
A new kind of credit card is set to draw consumer interest soon. The US Fifth Third Bank has announced its plan to introduce a new kind of credit card on the market for the first time. The card, dubbed the Duo Card, will combine both debit and credit card accounts on one plastic card. Consumers using the card will have the option to use the card by accessing their bank account directly or their line of credit. This will eliminate the need to carry multiple cards in a wallet and still have access to your money.
The Duo Card will also feature popular credit card programs such as rewards programs where customers can cash in points earned on purchases to repay loans received from the bank’s line of credit. Additionally, like a traditional credit card, interest rates will vary based on consumer credit scores. Currently the annual percentage rates are said to range between 12.99% to 23.99%.
For the debit card options, there are fees involved which relate to the minimum amount of cash held in the account. Fees are waived provided the cardholder maintains the minimum required amount at all times.
Cash can be accessed using the Duo Card in four different ways including PIN-authorized transactions, signature-based transactions, cash back options at the register or ATM withdrawals. Consumers can dictate which account the cash comes from to cover the transactions.
Whether the card’s convenience goals will be attractive to customers, it certainly is a new foray for the credit card industry. Consumers will likely appreciate the ease of card use and the accessibility to their cash no matter where it is. Banks are continually seeking new ways to cater to their clientele to make personal finance easier and affordable.
No immediate word on when the Duo Card will be available on the US market.
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