Standard Chartered Bank has introduced a new card product in the market. Called “1 Money”, this is a single card which doubles up as a credit card as well as a debit card.
Surprised? Well, this is how it works:
At the time of applying for the card, you have to choose a default option, which is either the credit card or debit card.
Whenever the card is swiped after every purchase, the bank sends you an SMS to confirm which card option to use. Based on bank/card account balance, you can switch the option, provided you reply with your choice within 24 hours. If there is no response from you, the default option is debited.
If this is your primary card, sending SMSes after every transaction can get cumbersome, especially if you don’t set the default card option carefully. Abroad, it is possible to select the card option at the POS (Point of Sale) terminals. However, Indian merchant establishments are yet to be equipped with that technology, so SMS zindabad!
This “1 Money” card is currently invite-only, and being offered by StanChart to select premium customers. The annual fee is Rs. 6,000.
It’s an interesting concept for sure, although not much of use for someone like me. I don’t use debit cards for any online/offline transactions at all, except to withdraw cash.
Do you feel this card will be popular in India?
