A credit card is a financial tool that every Gen-Z are desiring. Credit or loans are a great way of getting liquidity funds when you are in lack them.
In this spectrum, a new concept of credit cards has been introduced in the market by y Uniorbit Technologies (UNI), in partnership with RBL Bank, State Bank of Mauritius (SBM), and Liquiloans.
The traditional credit card offers you credit and the interest on the payment of the credit bill would start on the first date of the billing cycle. You can save all of that interest rate by splitting the bill.
With Uni pay 1/3rd, you divide the bill that you would have to pay into a three-month time frame and three equal parts.
For example- if you have a credit card bill of Rs.60,000/- and using pay 1/3 you can split that bill into three-months Rs.20,000/- each without having had to pay any interest on it.
Eligibility Criteria for Uni 1/3 Card
The following are the eligibility criteria for Uni 1/3 card-
- The applicant must be an Indian Resident
- The applicant must be more than 18 years of age
- Uni Pay card need a basic credit score however, if your application is rejected then there would be no effect on your credit score
Uni pays 1/3 Card vs Traditional Credit Cards
Below we have listed out the difference between a traditional credit card or Uni Pay 1/3rd credit card-
|Factors||Uni Pay 1/3rd card||Traditional Credit Card|
|Repayments||Pay in full or 1/3rd payment in a three-month cycle||Pay in full or convert into EMI|
|Annual or Joining fee||No||Zero to few thousand (waiver available)|
|Bill Payment time||10 days||10-15 days|
|Minimum Amount due||7.5% of total principal outstanding||5% of total principal outstanding|
|Carry forward fees||Up to 5.5%||Not any|
|Rewards||1% on full bill payment||2-5% depending on card variant|
|Card Freeze||6 months of non-usage||Valid till the expiration date|
|Late Payment Fee||Yes||Yes|
How to Apply for Uni Pay 1/3 Card?
You can follow these steps to apply for Uni Pay 1/3rd cards-
- Download and install the UniPay card app and open the app
- Now, click on the Get started button followed by entering the mobile number
- An OTP will be sent on your registered mobile number and verification will be done
- Now, you’ll be redirected to a new page and you’ll have to click on the check eligibility button
- After entering the Eligibility criteria, you’ll have to enter PAN card details, full name, DOB and click on the arrow button
- On the next screen, you’ll have to select your gender followed by selecting your employment type
- After entering the employment type, you’ll have to click on the check eligibility button
- Now, you’ll find the credit score and credit limit offered by the Uni Pay card
- Now, you’ll have to start the KYC process in three steps
- Enter your Aadhar number, password, and upload a selfie followed by entering the card delivery address
- After entering the address, your card will be sent to your address
Should you get this card?
Well, it depends on your needs and the benefits that you can get for subscribing to the card. It is a lifetime card and you’ll get 1% cashback on all spending, which is great. The unique selling point of the Uni card is the pay later scheme. If you split your bill into three months cycles you’ll don’t have to pay any EMI on it hence it saves a lot of interest. A traditional credit card would offer an EMI facility but with interest rates.
These cards are beneficial for those who are new to credit card and wants to get started with using a credit card. In the delivery package of the Uni card, you’ll also get some freebies like Mask, Chocolate, and a baggage tag.