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."