The first ever combination debit and credit card ever to be issued in the US was launched by Fifth Third bank on Wednesday, August 24, 2011. It has been named the Duo Card and will definitely help some customers save up some space in their wallets.
The multi-use card allows holders to make purchases from their bank account as a debit card and also access a line of credit if needed. Customers have the option to make their purchases by using the line of credit provided by Fifth Third bank or using their checking account funds. The choice is made when the cardholder makes a purchase. The card can also be used to withdraw money from an ATM.
The debit/credit card will be very similar to the other Fifth Third credit and debit cards according to spokeswoman, Stephanie Honan. Those that use the card for debit purchases will still receive the same fee caps that have been put into place for retailers.
“The Duo Card gives consumers the freedome to choose how they pay and access their cash without having to carry multiple cards,” said Jon Groch, the director of bankcard services at Fifth Third bank.
This is probably the first in a new wave of combination credit and debit cards to be released in the near future. With a clear advantage over carrying two cards, we here at CreditCardsProfessor.com think it will definitely be an attractive offering for banks to have.
As always, stay tuned for more of the latest credit card news, the best credit card offers and important cardholder updates.
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