Debit-Credit Cards: Fifth Third Bank, First Issuer of Dual Card in the US
- Fifth Third Bank partners MasterCard and launches its Duo Card, the first dual debit/credit, EMV compliant, mag-stripe card.
- This new card enables debit and credit payments as well as ATM cash withdrawals.
- The cardholder selects his payment facility at the point of sale. Debit transactions are PIN-secured and customers have to sign for credit payments.
- Other countries have more mature dual card markets: in France, Crédit Agricole was the first bank to propose this option with the Twin card. US-based Fifth Third Bank stands as a pioneer on this market currently upset by the increasing development of the EMV acceptance network. Also, Visa recently announced it intended to favour the adoption of this standard in the US.
- In France, dual cards are a major issue as the Consumer Credit Reform is step by step being enforced (Loi Lagarde). This law for instance requires that debit payments be activated by default.