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Mumbai, Sept. 4 Standard Chartered Bank has designed a debit-cum-credit card for its Platinum customers. The card, which is called ‘1 Money’, gives customers the option to choose either a credit or a debit card as a default option. Customers who choose the credit card option will be given the choice to make it a debit card after every purchase, and vice versa.

For instance, if a customer goes to a jewellery store and makes a credit card payment, he will receive an SMS from Standard Chartered asking if he wants to make it a debit card transaction. Replying to the SMS will complete the switch.

Similarly, if a customer chooses the debit card as a default option and goes to an ATM, he has the option to make it a credit card transaction by replying to the SMS from Standard Chartered. Customers are given a window period of 24 hours for replying to the SMS.

The fee for this card is Rs 6,000 per annum. Customers also earn reward points on transactions they make.

Mr R.L. Prasad, Head of Standard Chartered’s credit card business, said that in the scenario of rising defaults, the bank was increasingly focussing on its Platinum customers. “Our default rates have, however, remained stable at 8 per cent, against the industry average of 14-15 per cent,” Mr Prasad said.

More Stories on : Credit Cards & Debit Cards | Foreign Banks

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