Coming soon: debit-cum-credit cards to help you shop freely
Public sector lender Central Bank of India will soon launch a flexible card that will perform the dual function of being both a debit and credit card. Sachin Kumar reports. How much India swipesindia Updated: May 28, 2013 02:24 IST
Tired of carrying multiple debit and credit cards and remembering passwords? There's some good news for you on the way.
Public sector lender Central Bank of India will soon launch a flexible card that will perform the dual function of being both a debit and credit card.
What's more, such a card will switch automatically from debit to credit mode when cash runs out in an account.
The card will act as a credit card in case of unavailability of funds in a customer's account and debit card when the account has sufficient funds.
Unlike the current practice of a maintenance fee, this card will be given free to customers.
"We are in the process of making kits for these cards. We expect to launch the card within a month," said S Das Gupta, general managing, Central Bank of India.
"We haven't worked on the details of the card yet but initially the card will be given free to customers."
With the use of plastic money on the rise in India, banks are betting big on credit cards.