Latest News
-
Trade Setup: Nifty Slides Below 22,000 Mark; Global Markets Plunge On Reports Of Explosions In Iran -
JNK India IPO To Open On 23rd April: Check Price Band, Issue Size & More Details Here -
Banks Close As India Votes: Lok Sabha Elections Phase 1 -
Trade Call: 2 Technical Intraday Stock Picks By Sumeet Bagadia On Friday, April 19 -
Swing Trading Guide: 2 Buy/Sell Stock Picks By VLA Ambala On Friday, 19th April -
Stock Market Live Updates: GIFT Nifty Cues Gap-Down Starts; US, Asian Markets Down, Oil Prices Rise $3/bbl -
1:3 Bonus Share, Rs 13.25/Share Dividend: Buy Maharatna PSU, TP Rs 355, Fundraise Approved -
Results, Dividend, Fundraise On April24: Buy Top Bank Stock Amid Rich Valuation, TP Rs 1400: Nomura -
1:4 Bonus Shares, Rs 7 Dividend: Big Update Announced; Buy The FMCG Stock? -
1:10 Stock Split: 1 Rs 980 Smallcap Has Split Into Ten Shares; Check Out New Price Level, Fundamentals!
Debit Cum Credit Cards: Should You Go For Them?
Most of the urban population nowadays prefers carrying plastic money such as debit and credit card as against cash, and there can be not just one debit or credit card, you may in fact possess more of them. So, if you intend to replace these cards with a dual card that serves as both a debit and credit card. Here we have the options for you from two leading banks:
Debit cum credit card options:
IndusInd Bank’s Duo Debit-cum-credit card:
IndusInd Bank launched Duo card with the functionality of both debit and credit card.
Features of This two-in-one Duo Card with two magnetic strips and 2 EMV chips brings the functionality of debit and credit cards to the Indian consumer, on a single piece of plastic. The card design uses the anagram technique to enhance and highlight the uniqueness of the Duo card.
When used as a debit card, the following benefits are granted:
1. A special loyalty program, which rewards customers for all types of expenses. You can accumulate reward points through the program and redeem them for exciting cashback and gifts.
2. Get one free movie ticket per month, with each movie ticket you buy through BookMyShow.
3. Losing sleep in the face of rising oil prices? Here's some good news. There is no surcharge on your IndusInd Duo debit card. This applies to all petrol stations in India.
4. Get air accident cover of Rs. 25 lakhs, and personal accidental death insurance of Rs.2 lakhs.
But when used as a credit card, the benefits are as follows:
1. An attractive rewards program where you get one reward point for every Rs. 150 spent on your IndusInd Bank Duo credit card
2. Overcome by the desire to travel? Take advantage of the incredible Travel Plus program under which you are entitled to special waivers on the cost of using lounges outside India.
3. Get insurance on lost or delayed baggage, lost tickets or passports, and full protection up to your credit limit.
4. Buy a movie ticket and get one for free. Take advantage of this offer up to 12 times a year. This offer, however, only applies to bookings made on BookMyShow.
5. With "Total Protect", you can banish concerns related to fraudulent use of your card. This is a unique program that covers you for an amount up to the credit limit of your credit card. "Total Protect" offers you an insurance cover for unauthorized transactions - in case of loss or theft of the card - as well as for incidents of counterfeit fraud.
Union Bank of India’s ‘Combo’ card:
Later in November 2018, the public sector bank partnered with Rupay to launch the bank's Combo card that combines the debit and credit card into one.
Features of Combo card: The unique Combo card by Union Bank offers personal accident cover of Rs. 4 lakhs.
As one-time issuance fee, the bank charges Rs. 200 but there are no annual charges for the Combo card as in the case of IndusInd Bank's duo card.
How debit cum credit cards work?
Appearance-wise these cards are similar to a regular debit or credit card but feature two chips located on the two opposite ends of the face of the card. One of the chip works as a debit card and is linked to customer's savings account while the other is linked to the credit account of the customer.
Further on the reverse side, there are two magnetic stripes, and as per the transaction customer needs to present a particular side at the ATM or POS terminal for carrying out the transaction.
Pros of Debit cum credit card
1. Offer convenience and flexibility as you now with such an offering can replace your multiple cards with a single duo card that offers both debit and credit facility. This way you can reduce the weight of your wallet as well that until now had multiple cards to carry out different financial transactions.
2. In respect of the transaction carried out using the dual card, customers are provided a single account statement at the end of every month, thus helping in keeping a track of expenses on credit as well as debit accounts through one statement.
Should you opt debit cum credit cards?
These cards come with a restriction that both the debit and credit facilities on the dual offering are from the same bank. Whereas in a regular case, you select the credit card from the provider that offers benefits suiting your lifestyle such as zero surcharge on petrol, airlines miles card etc. So, the choices or offering that you get here might get limited.
Also, the problem here is that you due to your negligence may insert the wrong side of the card and may spend using your credit limit while you were intending to make the transaction via your savings account, thus adding to your trouble and credit burden.
So, as a wise choice, you should avoid these dual debit-cum-credit cards for now and remain happy with separate debit and credit cards.
GoodReturns.in
