Standard Chartered Bank has introduced a new card product in the market, a credit cum debit card, called "1 Money".

Surprised? Well, this is how it works:

At the time of applying for the card, a customer has to choose a default option, which is either the credit or debit card. Whenever the card is swiped after every purchase, the cardholder will be sent an SMS asking for confirmation about which card option to use. Based on account balance, the customer can switch the option, provided the reply by SMS is sent within 24 hours.

If there is no response, the card mode set as the default option is debited. Abroad, it is possible to select the card at the POS (Point of Sale) terminals, however, Indian merchant establishments are yet to be equipped with that technology.

The card is currently being offered by invitation only to its premium customers, and comes with an annual fee of Rs.6,000 per annum.

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