UNI CARD:
EASIEST WAY TO GET CREDIT CARD LIMIT
Uni Cards that uplifted $18.5 million in funding has recently come up with their Uni Pay 1/3rd card as their first offering in an attempt to encounter the user experience in credit card industry. Following there is additional information of Uni Pay 1/3rd card
What’s Uni Pay 1/3rd Card?
Uni Pay 1/3rd card is technologically NOT a credit
card even though it works mainly like a typical credit card on the exterior.
Fundamentally its a PayLater card (or)
Pay 1/3rd card it means you can spend 30,000 INR this month and pay 10,000 INR
a month for next 3 months without any interest/charge.
NBFC partner (LiquiLoans) that gives approach to the
credit line.
FEES AND CHARGES
|
Joining Fee |
Nil |
|
Renewal/Annual
Fee |
Nil |
|
Interest on
amount |
Late fees
only, as per
the slab |
Rewards
1% Cashback to card (if whole payment is done)
The system
rives “each payment” into 3 parts by default, but you can choose to pay for
full and enjoy 1% cashback.
The cashback
system is simplistic as you can choose the process you want to pay in full in
less steps and it quickly adjusts the cashback to unbilled stmt, just like
below.
It’s
definitely a beneficial experience, however 1% is actually bit low even for entry-level
cards as we’ve cards operating that gives 2% cashback these days.
Company stated
that they’re working on a system that let you earn Uni Coins along store and
you get five times rewards (maybe like HDFC purchase).
DESIGN
The card comes in a mild grey/silver colour that looks
up to the mark.
CREDIT LIMIT
One of the most important detail of an entry-level
card is the credit limit, as most card issuers give a proportionally low limit
especially when its the first card with the bank.
Although Uni states that they can issue cards with
credit limits range from 20,000 INR to 6 Lakhs which sounds optimistic. Which
is good for an entry-level card and most of them have limit in between.
Credit Limit Increment request can be applied after 6
months of card issuance.
How Uni Cards 1/3rd are different
from other Credit Cards?
Suppose you
have a periodic credit card and you have to pay the bill of that card INR 60000. If you pay the surplus amount of money and
due of INR 10000 so the rest is carried forward to next month which is INR
50000. Now you have to pay interest on INR 50000 and also it will be chargeable
from the next date of the billing cycle date.
Now you have a
UNI Card and you have the same pending bill of INR 60000. You can pay the bill
of INR 60000 in three equal instalments of INR 20000/month. In this you don’t
have to pay extra charges on the instalments.
Commonly, you
will get an interest-free period of up to 50 days on regular credit cards. But
you will get benefit of an interest-free period of 90 days on the UNI Cards.
This is the prime difference between UNI Credit Card and other credit cards.
Apply for Uni Credit Card
You can easily
register for the UNI Card through the UNICARD application. This application is available
on IOS Store and Play store where you can download it and simply apply for this
credit card. To verify the application and you have o click selfie and an submit Aadhar card.
You must check the eligibility and complete the KYC. After the authentication you
will receive your UNI Card at your address in 5-7 working days.
FINAL THOUGHTS
Overall the Uni Pay 1/3rd card comes with a good enrollment
experience, premium welcome kit, good credit limit, great rewards and a great
support system. However, if you’re into premium cards and just peeping for
“rewards” then this may not look charming to you. Uni Pay 1/3rd Card is
certainly unique and overall gives a very good experience for someone who’s
totally new to the world of credit
cards.
That’s it , I would be highly interested in seeing a
premium credit card from Uni Card the design I like.
