1 debit for my loan and 1 debit for my dues. So they are combined. I wondered the same thing so I've been keeping up with the transactions on my checking account.
You will have the option of choosing your billing date, so it will also depend on if you choose the same date for each contract. If you choose the 1st and the 15th then you will have 2 debits.
If you purchase both at the same time then this should be the case. If not, then it will eventually happen but it could take a cycle or two.
I like having the smaller contracts (all the same UY) and I have not had any trouble with MS or keeping track.
You will have to complete an individual contract and loan application for each set of points and put 20% (or 10% w/higher int. rate) down on each contract.