Article of Uni Pay 1/3rd Card
Uni Cards, which recently raised $18.5 million in investment, has launched their Uni Pay 1/3rd card as their first product in an effort to improve the customer experience in the credit card market. Everything you need to know about the Uni Pay 1/3rd card is right here.
Uni Pay 1/3rd Card: What Is It?
Charges and Fees
Rewards
Design
Credit Capacity
Unboxing
Support
Should you apply for a Uni Card?
How Can I Apply?
Last Thoughts
Uni Pay 1/3rd Card: What Is It?
Uni Pay 1/3rd card is technically not a credit card, but it functions in a similar way to a conventional credit card. It's essentially a PayLater (or) Pay 1/3rd card, which means you can spend 30,000 INR this month and pay 10,000 INR per month for the next three months without incurring any interest or fees.
The tech layer is the fascinating because it employs:
On the outside, the RBL/SBM bank's Prepaid card method supply access to Visa.
LiquiLoans, an NBFC partner, supply approach to the lending line.
So it's a domestic prepaid card, which means you can't use it for foreign transactions or cash withdrawals, and you might have trouble loading wallets because of RBI limitations, which are likely to be lifted in a few months.
Uni Cards has the great and brief video that reminds me of the movie: Ronin 47.
Charges and Fees
Nil membership fee
Nil renewal/annual fee
Interest on a revolving credit line
Only late fees, according to the slab
It's ideally a Lifetime Free card (for the time being) with a reasonable late fee scheme (instead of daily interest).
Rewards
1% payment on your card (if pay in full)
By default, the system sort "each payment" into three parts, but you can be pay in full and collect a 1% payback.
It's a pleasant experience, although 1 percent is a bit low, especially for entry-level cards, as we now have cards that offer 2 percent cashback.
Like most other current premium cards, the Design Uni Card has a crisp and clean design with a name on the front and card information on the back.
The card is a light grey/silver color plan that looks good.
Credit Capacity
The credit limit is one of the most necessary aspects of an entry-level card, as most issuers supply a modest limit, specially when it is the first card with the bank.
Uni, on the other hand, claims to be able to offer credit cards with the credit limits ranging from the 20,000 to 6 lakhs INR, which seems promising.
That's decent for a starter card, and my credit limit was in the middle.
After 6 months, a request for credit limit enhancement can be sent.
Unboxing
The card is packaged in a clean and well-designed box with a premium feel. Initial impressions were similar to opening an iPhone rather than a card; excellent work!
The box contains the following items:
The University Card
(Yeah!) a Toblerone chocolate
A cloak (good quality)
A things tag that is customized (looks beautiful)
Support
Another important factor to consider when it comes to entry-level cards is customer service, which is essentially non-existent in the sector due to the high volume.
Uni Cards, on the other hand, offers unusual customer service.
For example, as soon as I show interest in the card on the website, I collect an email from a member of the team, to which I answered (inquiring about the IOS support, which is now obtainable ) and collect a callback in less than 30 minutes. It's mind-blowing!
I was able to follow up on the same via Whats App helpas well. That was a fantastic moment.
Should you apply for a Uni Card?
As always, it is determined by your profile and requirements. To summarise, the Uni card supply the following advantages:
Free Card for Life
Mask+Chocolate+Baggage Tag: Freebies
Cashback: 1% cashback on all purchases - beneficial if your other cards don't offer rewards or cashback on certain transactions.
Pay Later: It's like having a 0% EMI card for three months – great for high-value or emergency purchases.
Zomato pro for three months - we may have more than similar offers in the future.
But for the reason, it does admirably in all other areas. If you are new to credit cards, having one is a good idea.
How Can I Apply?
Use the Android or iOS app to retrial.
The application procedure is really straightforward. only download the app and follow the on-screen instructions. It get about the 5 minutes (or) less to finish.
They use Aadhaar and a selfie to support your identity.
The app checks your eligibility using CRIF, but after you apply, it's likely that it work both CRIF and CIBIL reports for underwriting, as I noticed an inquiry on CIBIL via the NBFC partner (decided as NDXP, which is even LiquiLoans).
As soon as you complete the application method, your virtual card will be create and ready to use. Before you start your test charge, make sure that you enable "online transactions" in the app.
The real card gets delivered via Delhivery in about 3-5 days, and the good news is that you can specify your delivery address, just in case it differs from your Aadhaar address — a very handy option.
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