When banks were bracing for damage to revenues from debit card fee caps two years ago, industry observers predicted they'd fight back with a new breed of hybrid products that steered consumers toward more lucrative credit card transactions.

Today, such predictions look overblown at best. Instead, many banks have kept hybrid credit and debit cards in testing mode for lengthy periods, suggesting that single cards offering dual payment options are yet to live up to their initial promise—and may never do so.

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