Fifth Third Bank Introduces Duo Card;
Fifth Third is First U.S. Issuer to Offer Combined Credit and Debit Card
Cincinnati – Fifth Third Bank announced today the introduction of its Duo Card, a combined credit and debit card providing customers the convenience of conducting all card transactions with one plastic. Fifth Third Bank is the first card issuer in the U.S. to offer this dual functionality and the Duo MasterCard cards are now available.
“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,” said Jon Groch, senior vice president and director of Bankcard Services for Fifth Third Bank. “The Duo Card gives these consumers the freedom to choose how to pay and access their cash without having to carry multiple cards.”
With the Duo Card, customers can choose to make purchases using either a line of credit or funds available in their checking account. To draw funds from their checking account, cardholders would simply select the debit option at the point of sale and enter their PIN, or they can withdraw money from their checking account at an ATM.
To draw funds against a line of credit – like a traditional credit card – consumers need only select the credit option at the point of sale and sign to complete the transaction.
Every signature or credit purchase is covered by MasterCard® core benefits including MasterCard’s Zero Liability Protection. Unlike traditional debit cards, the Duo Card’s signature transactions are not directly tied to the customer’s checking account, so no cash is in jeopardy should the card be stolen or compromised.
Groch adds, “We believe the combination of added convenience, flexibility and security is a key differentiator for this product and we are pleased to offer this to our valued customers.”
“Consumers today want payment cards that provide them the ability to make purchases when, where and how they want,” said Tim Murphy, chief product officer, MasterCard Worldwide. “MasterCard and Fifth Third have a long track record of working together to meet the needs of both consumers and businesses. Today’s announcement reinforces this commitment.”
Visit http://www.my53card.com/duo/ for more information.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets and operates 15 affiliates with 1,314 full-service Banking Centers, including 103 Bank Mart® locations open seven days a week inside select grocery stores and 2,434 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Vantiv, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2011, had $276 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Fifth Third Bank. Member FDIC. Subject to credit review and approval.