InvestorQ : Why haven’t credit-cum-debit cards gained prominence in India?
vani Patil made post

Why haven’t credit-cum-debit cards gained prominence in India?

Answer
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nishi Shah answered.
1 year ago


As the name suggests credit-***-debit cards are plastic cards that provide services of credit as well as debit cards.

IndusInd Bank and Union Bank of India have come out with these innovative plastic cards. In October 2018, IndusInd Bank launched its card called ‘Duo’ and in November 2018, Union Bank of India launched its card called ‘Combo’.

One of the main reasons the credit *** debit cards haven’t gained prominence in India is because users are wary of having the two-in-one card. The primary reason for this is that the credit card can be easily used instead of the debit card to withdraw cash and such a transaction will attract high charges.

Banks usually charge 2.5% interest rate (subject to a minimum of Rs 300) for withdrawing cash using credit card.