Page 39 - Banking Finance October 2020

ARTICLE

The IndusInd Bank Duo Card comes with two Magnetic same pin for both the facilities i.e. for debit as well as credit
stripes & EMV Chips. Simply dip/swipe or enter the relevant card and due to negligence withdraws cash using credit card
card details to enjoy the convenience, flexibility and freedom instead of debit card. As we know that cash withdrawals on
to choose how you pay as well as access cash without credit card are chargeable, the user may have to bear
carrying multiple cards. charges on account of cash withdrawal. The person may
come to know about the mistake only after reconciliation
For every Rs. 150 spent on your IndusInd Bank Duo Card, of account statement and till that date he might have to
you get 1 Reward Point. bear interest on cash withdrawals as well.

DUO Credit Card There is a high probability that customers can make a
Avail air accident insurance up to Rs. 25 lakhs, insurance on mistake while swiping or dipping the card at ATM or at POS
lost or delayed baggage, loss of passport or ticket, missed system while transacting. Even a merchant/cashier at a shop
connections, as well as total protection up to your credit limit. could end up making a mistake while swiping the wrong side
i.e. credit side instead of debit since EMV chips and
DUO Debit Card magnetic stripes are placed at both the ends of the card.
Get air accident cover of Rs. 25 lakhs, personal accidental Off course this issue can be alleviated by the customers by
death insurance of Rs. 2 lakhs, lost card liability of Rs. 3 lakhs, using two different PINs for debit and credit side of the cards.
as well as purchase protection worth Rs. 50,000.
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
The question is: How good is it an option to use such cards?
These duo cards give convenience and flexibility to the account also since both debit and credit are combined into
customers. They need to carry one card for all their financial one card. It's like losing two cards at one go; your credit limit
needs instead of two separate cards (i.e. debit and credit cards) as well as your savings account, both are at risk.
and can travel light with just one plastic card in the wallet.
Conclusion:
The reward points earned using debit and credit sides of the In the present era, where we are moving to a digital world
card are consolidated every month and accumulated by the and also focus is being given on electronic transactions
bank. So, the customer can avail benefits of this consolidated rather than using cash, such kind of technology can be
reward points while redeeming. counted as a forward step in the direction of digital world.

IndusInd bank offers a lost card liability insurance cover for A 2-in-1 card allows cardholders to enjoy the convenience,
Rs 3 lakh to the customers on duo card. Liability insurance flexibility and freedom to choose in a single physical card for
cover is generally offered by certain banks on selected the debit /credit transaction facility and freedom from carrying
variants of credit and debit cards offered. The procedure two cards. It is specially designed for corporate, professional &
for a claim is, if you lose your card or if it gets stolen, you salaried category customers, who have monthly salary income
must report the incident to the bank immediately in order and also need credit card for personal needs.
to deactivate your card and prevent fraud. Also, file first
information report (FIR) with the police. Such cards give ease of transaction and relieve from the
stress of keeping multiple cards in the wallet. Of course
Liability on a lost or stolen card is payable by the bank on technology comes with risks but these risks can be averted/
the expenditures (transactions) incurred during the period avoided by being a little extra cautious like keeping separate
between the loss and your informing the bank. pins for both the cards.

Reward or Punishment? Further, normally there is always risk of lost of multiple card
on lost of wallet. This risk can be averted by immediately
Combining the two cards into one may relieve you of having
to carry multiple cards, but you have got to be extra careful hotlisting the card on loss of card.
before you use them.
Sources:
While using dual card though it gives convenience to carry www.moneycontrol.com,
one card instead of multiple cards, there can be some www.unionbankofindia.co.in
threats associated with these card. Suppose a person keeps www.indusind.com. T

BANKING FINANCE | OCTOBER | 2020 | 39