State owned Central Bank of India has embarked on an innovative product for Indian Consumers – Debit Cum Credit Card which will be launched very shortly according to the management of the bank in a release to CardBhai. The Card will automatically act as a Credit Card when Customer’s Bank account Runs out of Funds which is linked to the Debit Card.
S Das Gupta GM of Cards Division told,
We are in the process of making kits for these cards. We expect to launch the card within a month. We haven’t worked on the details of the card yet but initially the card will be given free to customers.
Central Bank also stated that the Details of Interest Rate on Credit / APR maybe linked to Cash credit Accounts in case of SMEs / Businesses and for Individuals / Salaried Professionals the same need to be worked out along with the Billing Cycle periods and other issues involved in servicing the credit card as per RBI guidelines.
Central Banks Debit Cum Credit Card will be given to Select Customers of the Bank as deemed fit by the Branch / Managers.