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Tuesday, May 10, 2022

uni card : easiest way to get credit limit .

Review of the Uni Pay 1/3rd Card



Uni Cards, which recently raised $18.5 million in investment, has been found their Uni Pay 1/3rd card as their first product in an the effort to help 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 fascinating because it employs:


On the surface, the RBL/SBM bank's Prepaid card system provides access to Visa.

LiquiLoans, an NBFC partner, provides access 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 a 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% cashback on your card (if paid in full)


By default, the system divides "each payment" into three parts, but you can pay in full and receive a 1% payback.


It is the pleasant experience, although 1 percent is a bit low, especially for the entry-level cards, as we now have cards that offer 2 percent cashback.


Like most other current premium cards, the DesignUni Card has a crisp and clean design with a name on the front and card details on the back.


The card is a light grey/silver colour scheme that looks good.


Credit Capacity


The credit limit is one of the most essential aspects of an entry-level card, as most issuers provide a modest limit, especially when it is the first card with the bank.

Uni, on the other hand, claims to be able to offer credit cards with credit limits ranging from 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 luggage tag that is personalised (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 exceptional customer service.

For example, as soon as I expressed interest in the card on the website, I received an email from a member of the team, to which I answered (inquiring about IOS support, which is now available) and received a callback in less than 30 minutes. It's mind-blowing!

I was able to follow up on the same via Whats App assistance as well. That was a fantastic opportunity.


Should you apply for a Uni Card?


As always, it is determined by your profile and requirements. To summarise, the Uni card provides 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 similar offers in the future.

Except for the incentives, it does admirably in all other areas. If you're new to credit cards, having one is a good idea.



How Can I Apply?


Use the Android or iOS app to appeal.


The application procedure is really straightforward. Simply download the app and follow the on-screen instructions. It takes about 5 minutes (or) less to finish.


They use Aadhaar and a selfie to authenticate your identity.


The app checks your eligibility using CRIF, but after you apply, it's likely that it uses both CRIF and CIBIL reports for underwriting, as I noticed an inquiry on CIBIL via the NBFC partner (marked as NDXP, which is actually LiquiLoans).


As soon as you complete the application process, your virtual card will be generated and ready to use. Before you start your test charge, make sure 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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