Fifth Third Bancorp is offering a payment card that enables users to pay from either a credit or debit account.
The Cincinnati-based bank said Aug. 24 that it is the first U.S. card issuer to offer such a product. Customers may use its MasterCard-branded Duo Card to pay for funds using a line of credit or with funds from their checking account.
Customers would select either the credit or debit option when paying at the point of sale. Users also may withdraw funds from their checking accounts at ATMs.
“Many consumers see the value in both debit and credit options and choose their payment method at the point of sale for a variety of reasons,” Jon Groch, Fifth Third Bank senior vice president and director of bankcard services, said in a press release.
Online payday lender Think Finance last year developed the Elastic card, a prepaid debit card with a line of credit of up to $500, that rewards consumers with lower fees for exhibiting good behavior, such as making payments on time. But the debit-credit combo has not been an easy sell to both banks and regulators (
