Ohio-based Fifth Third has launched a combo
card, one that marries the features of credit and debit cards and
claims to be the first bank to do so.
Jon Groch, senior vice president and director
of Bankcard Services for Fifth Third Bank said that there was a
market place for this combo card, which the bank called Duo
Card.
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The card will give users an option to choose
whether they want to make a purchase using the credit card line or
debit card line.
There are differences to the traditional debit
and credit cards, however.
The Duo Card’s signature transactions are not
directly tied to the customer’s current account, which Fifth Third
said reduced the risk of theft if the card gets stolen.
“Many consumers see the value in both debit
and credit options and choose their payment method at the point of
sale for a variety of reasons. The Duo Card gives these consumers
the freedom to choose how to pay and access their cash without
having to carry multiple cards,” Groch said.
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By GlobalDataHe added: “We believe the combination of added
convenience, flexibility and security is a key differentiator for
this product and we are pleased to offer this to our valued
customers.”
