Uni Playing cards that raised $18.5 million in funding has just lately give you their Uni Pay 1/third card as their first providing in an try to enhance the person expertise in bank card trade. Right here’s all the pieces you have to know concerning the Uni Pay 1/third card,
What’s Uni Pay 1/third Card?
Uni Pay 1/third card is technically NOT a bank card despite the fact that it really works largely just like a typical bank card on the floor. Its principally a PayLater card (or) Pay 1/third card, that means, you may spend 30,000 INR this month and pay 10,000 INR a month for subsequent 3 months with none curiosity/payment.
The tech layer is sort of attention-grabbing because it makes use of:
- RBL/SBM financial institution’s Pay as you go card system on the floor that provides entry to Visa
- NBFC associate (LiquiLoans) that provides entry to the credit score line.
So ideally talking its a home pay as you go card and so you can not use it for worldwide transactions or money withdrawals and may have issues in loading wallets, as RBI guidelines stop that to occur, which nevertheless is anticipated to be cleared in few months.
Right here’s a pleasant and brief video by Uni Playing cards which jogs my memory of the film: 47 Ronin.
Charges & Prices
Becoming a member of Payment | Nil |
Renewal/Annual Payment | Nil |
Curiosity on revolving quantity | Late charges solely, as per the slab |
It’s ideally a Lifetime Free card (for now) and comes with an honest late payment slab system (as an alternative of every day curiosity).
Rewards
- 1% Cashback to card (if paid in full)
The system splits “every fee” into 3 elements by default, however you may nevertheless select to pay in full and revel in 1% cashback.
The cashback system is tremendous easy as you may select the transaction you wish to pay in full in few faucets and it immediately adjusts the cashback to unbilled stmt, similar to under.
It’s undoubtedly a great expertise, nevertheless 1% is certainly bit low even for entry-level playing cards as we’ve playing cards that provides 2% cashback nowadays.
That stated, Unicards does point out that they’re engaged on a rewards system that permits you to earn Uni Cash together with a Uni Retailer that provides 5X rewards (perhaps like HDFC smartbuy).
Design
Uni Card comes with a neat and clear design with title on the entrance and card particulars on the again, similar to most different trendy premium playing cards issued nowadays.
The cardboard is available in a light gray/silver color that appears first rate.
Credit score Restrict
One of the vital essential side of an entry-level card is the credit score restrict, as most card issuers give a comparatively low restrict particularly when its the primary card with the financial institution.
Uni nevertheless states that they will problem playing cards with credit score limits starting from 20,000 INR to six Lakhs which sounds promising.
That’s good for an entry-level card and my credit score restrict was someplace within the mid.
Credit score Restrict Enhancement request may be despatched after 6 months of card issuance.
Unboxing
The cardboard is available in a neat and nicely designed field that provides an excellent premium really feel. Preliminary impressions had been like unboxing an iPhone as an alternative of a card, nice work on that!
The field comes with:
- The Uni Card
- A Toblerone chocolate (Yeah!)
- A Masks (good high quality)
- A personalised baggage tag (appears to be like lovely)
Listed below are some pics:
Assist
Yet one more essential side in the case of entry-level playing cards is the shopper help, which is nearly non-existent within the trade due to the quantity.
Nonetheless, Uni Playing cards comes with a superb buyer help.
For ex, as quickly as I confirmed curiosity for the cardboard on web site I received an e-mail from somebody within the crew to which I replied (asking about IOS help, which is now obtainable) and received a callback in below 30 minutes. Thoughts blowing!
Was additionally capable of observe up on the identical by way of WhatsApp help. That was a great expertise.
Do you have to get Uni Card?
As all the time, it depends upon your profile and the wants. To sum up, You get the next advantages with the Uni card:
- Lifetime Free Card
- Freebies: Masks+Chocolate+baggage tag
- Cashback: 1% cashback on all spends – helpful in case your different playing cards don’t give rewards/cb on sure txns
- Pay Later: Its like 0% EMI card for 3 months – very helpful on excessive worth / emergency spends.
- Affords: Zomato professional for 3 months – we might have extra such provides in future.
Aside from the rewards, it scores nicely in most different features. If you happen to’re new to bank cards, it makes numerous sense to carry one.
Methods to Apply?
The applying course of is tremendous easy. Simply obtain the app and observe the method. It hardly takes ~5 minutes (or) much less to finish.
They authenticate your id by way of Aadhaar and a selfie.
The app makes use of CRIF to examine the eligibility, however when you proceed additional and apply it possible makes use of each CRIF & CIBIL studies collectively for under-writing, as I may see an enquiry on CIBIL by way of the NBFC associate (marked as NDXP, which is definitely LiquiLoans).
Your digital card will probably be immediately generated and prepared to be used as quickly as you full the appliance course of. Simply be sure to activate “on-line transactions” by way of app earlier than going together with your check cost.
The bodily card reaches in approx 3-5 days by way of Delhivery and the excellent news is you can select your supply deal with, simply incase if its not the identical as on Aadhaar – fairly helpful function.
Be aware: The cardboard at the moment ships to pick out cities (~36 cities for now) and is increasing its footprint quickly.
Closing Ideas
- Cardexpert Score: 4/5 (for this section)
General the Uni Pay 1/third card comes with a great onboarding expertise, premium welcome equipment, good credit score restrict, first rate rewards and an awesome help system. Nonetheless, in the event you’re into premium playing cards and simply searching for “rewards” then this may increasingly not look enticing to you.
Uni Pay 1/third Card is actually UNIque and total provides an excellent expertise for somebody who’s new to the world of bank cards.
That stated, I’d be extremely all for seeing a premium bank card from Uni Playing cards – maybe a black card with a black chocolate. ?
Have you ever utilized for the Uni Pay 1/third Card? Be happy to share your expertise within the feedback under.