Banking Finance February 2023

Debit-cum-Credit card: More For Less

In banking industry we have experienced three kinds of cards. Debit cards, Credit cards and Pre-paid cards. Now some banks have come up with fourth kind in its category which will reduce the weight of your wallet.

Union Bank of India and IndusInd Bank have come up with a new innovative type of card that is combination of the two cards into one. Union Bank of India named its card ‘Combo’ and launched on it’s centenary year in November 2018 and IndusInd Bank had launched it’s Card just one month ago in October 2018 launched its card called ‘Duo’.

These dual cards look similar to regular debit or Credit Cards but they have been modified with technology. It has two chips on the face of the card; one chip that functions as a debit card (and linked to your savings bank account) and another chip that functions like a credit card. Both these chips are placed on the two opposite ends of the card.

Apart from two chips on the face of the card, there are two magnetic stripes on the back of the card. Depending on the mode of transaction (debit or credit) customer just need to present that particular side at point of sale (POS) system to swipe or dip.

Union Bank’s Rupay Combo Debit Cum Credit Card
Union Bank’s Rupay Combo Debit Cum Credit Card is a Rupay International 2-in-1 card that allows cardholders to enjoy the convenience, flexibility and freedom to choose in a single physical card for the debit /credit transaction facility and they need not to carry two cards.

To enable cardholders to choose between credit and debit card facility, there are two different card numbers, separate chips, separate magnetic stripes and two different CVV numbers. Cardholder has to generate green PIN for debit card and credit PIN can be generated from the website There is indication on both horizontal ends of the card to enable cardholder to choose credit or debit card.

Cardholders can use combo card as debit card linked to his/her bank account by inserting/swiping ‘debit card’ side of the card in ATM/POS card reader and enter the debit card PIN for financial and non financial transactions at ATM and purchases at POS machine. Transaction initiated with the card will appear on the statement of cardholder’s bank account.

For eCommerce (online) transactions , cardholder has to enter card credentials, “Debit card number, expiry date, CVV and mobile OTP for transaction from debit card” and “ credit card number, expiry date, CVV and OTP for transaction from credit card” on merchant website/mobile app to make the payment. The transaction will be authenticated using the one time password (OTP) sent on the cardholders number cardholder has registered with us.

The features of Union Bank Combo Debit Cum Credit card are as under:

Sr. No. Feature Debit Card Credit Card
1. Card Variant Platinum Select
2 Daily cash withdrawal limit – ATM Rs40,000/- 20 % of Card limit
3. Daily shopping limit- PoS & internet Rs60,000/- Upto card limit
4. Total Daily limit Rs1,00,000/- Upto card limit
5. Validity 5 Years 5 Years
6. Average Quarterly Balance 3,000 NA
7. Personal accidental insurance 4 lakh 20 lakhs
8. Card issuance charge Rs.200/- + Taxes per card NIL
Additional benefits:

RuPay Debit Platinum RuPay Credit Select
Complimentary Lounge Program at 25+ domestic lounges and 500 + international lounges Complimentary Lounge Program at 25+ domestic lounges and 500 + international lounges
Cash back on Utility Bill Payments Cashback on Utility Bill Payments and Dining
Exclusive Merchant Offers Exclusive Merchant Offers
24/7 Concierge Services 24/7 Concierge Services

The IndusInd Bank Duo Card comes with two Magnetic stripes & EMV Chips. Simply dip/swipe or enter the relevant card details to enjoy the convenience, flexibility and freedom to choose how you pay as well as access cash without carrying multiple cards.

For every Rs. 150 spent on your IndusInd Bank Duo Card, you get 1 Reward Point.


Avail air accident insurance up to Rs. 25 lakhs, insurance on lost or delayed baggage, loss of passport or ticket, missed connections, as well as total protection up to your credit limit.


Get air accident cover of Rs. 25 lakhs, personal accidental death insurance of Rs. 2 lakhs, lost card liability of Rs. 3 lakhs, as well as purchase protection worth Rs. 50,000.

The question is: How good is it an option to use such cards?

These duo cards give convenience and flexibility to the customers. They need to carry one card for all their financial needs instead of two separate cards (i.e. debit and credit cards) and can travel light with just one plastic card in the wallet.

The reward points earned using debit and credit sides of the card are consolidated every month and accumulated by the bank. So, the customer can avail benefits of this consolidated reward points while redeeming.

IndusInd bank offers a lost card liability insurance cover for Rs 3 lakh to the customers on duo card. Liability insurance cover is generally offered by certain banks on selected variants of credit and debit cards offered. The procedure for a claim is, if you lose your card or if it gets stolen, you must report the incident to the bank immediately in order to deactivate your card and prevent fraud. Also, file first information report (FIR) with the police.

Liability on a lost or stolen card is payable by the bank on the expenditures (transactions) incurred during the period between the loss and your informing the bank.

Reward or Punishment?

Combining the two cards into one may relieve you of having to carry multiple cards, but you have got to be extra careful before you use them.

While using dual card though it gives convenience to carry one card instead of multiple cards, there can be some threats associated with these card. Suppose a person keeps same pin for both the facilities i.e. for debit as well as credit card and due to negligence withdraws cash using credit card instead of debit card. As we know that cash withdrawals on credit card are chargeable, the user may have to bear charges on account of cash withdrawal. The person may come to know about the mistake only after reconciliation of account statement and till that date he might have to bear interest on cash withdrawals as well.

There is a high probability that customers can make a mistake while swiping or dipping the card at ATM or at POS system while transacting. Even a merchant/cashier at a shop could end up making a mistake while swiping the wrong side i.e. credit side instead of debit since EMV chips and magnetic stripes are placed at both the ends of the card.

Off course this issue can be alleviated by the customers by using two different PINs for debit and credit side of the cards.

Also, if such dual card is hacked or stolen, then user may tend to lose out on credit limit and may register loss from savings account also since both debit and credit are combined into one card. It’s like losing two cards at one go; your credit limit as well as your savings account, both are at risk.


In the present era, where we are moving to a digital world and also focus is being given on electronic transactions rather than using cash, such kind of technology can be counted as a forward step in the direction of digital world.

A 2-in-1 card allows cardholders to enjoy the convenience, flexibility and freedom to choose in a single physical card for the debit /credit transaction facility and freedom from carrying two cards. It is specially designed for corporate, professional & salaried category customers, who have monthly salary income and also need credit card for personal needs.

Such cards give ease of transaction and relieve from the stress of keeping multiple cards in the wallet. Of course technology comes with risks but these risks can be averted/avoided by being a little extra cautious like keeping separate pins for both the cards.

Further, normally there is always risk of lost of multiple card on lost of wallet. This risk can be averted by immediately hotlisting the card on lost of card.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *