Buy now, pay later is a facility that’s taken over online markets lately. From applications and marketplaces to credit cards – everybody is coming up with ideas to offer people to shop on credit.
One of the newest inventions in the field is the Uni card, a card that offers you the facility of buying now and paying later – almost like a credit card, but with a greater timeline.
Let us understand everything this card has to offer and what makes it stand out from the other apps and credit cards on the market.
What is the Uni card?
Uni has launched the first-of-its-kind physical credit card that enables shoppers to buy now and pay later.
Uni users can pay all the expenses they have incurred in a single month in three different installments, over three months, so that they do not have to pay back the credit altogether in one go.
The best part about the Uni card is that you borrow this money at no interest or cost at all, so it’s absolutely free to use.
Is the card free without any terms and conditions applied?
Well, yes. The only fee you have to pay is the late fee, which is applicable when you skip the monthly payments. Other than that, the card can be used for free as per the available limit.
Launched by Uniorbit Technologies, the card partners with RBL Bank and is providing free services for a year until the last day of January.
The Visa-branded card eliminates payment problems online and offline as the card can be used across different websites and merchant outlets accepting Visa cards.
Additionally, if you opt to pay the entire credit together, the Uni card will also provide you with a 1% discount on the total value.
Uni Card Features
Spend together, pay in parts
With Uni cards, you can spend as much as the limit allows over a period without having to worry about the payment.
Then, you can repay the lender in three different parts across three different months without any interest. It acts like a credit card that gives you the flexibility to pay back whenever you wish without paying anything extra.
Unlike most cards, Uni offers cashback and discounts to users when they make any payments in full.
So, if you feel that you can pay for everything you have spent in one go, you are in for a 1% discount or cashback from the company!
Longer EMI split options
If you cannot pay back the Uni card team in three installments over three months, you can also choose flexible EMI options.
Uni believes in giving each user the time they need, so the user can choose affordable EMI plans ranging from 6 to 18 months’ time frame.
Zero joining fee
There are no fees or hidden charges involved to join the Uni card and enjoy its benefits.
You can simply apply, avail of the services, and only pay for what you purchase. Uni does not even charge any annual maintenance charges to their early consumers.
99.9% acceptance rate
99.9% of merchants across India accept the Uni Pay 1/3 card for debit and credit purchases.
All you have to do is scan the QR code and wait for the transaction to process through the Uni buy now pay later app.
Pay 1/3rd and enjoy in full
From fashion sales, grocery, electricity bills to medicines and throwing a party – everything is covered under the Uni Pay card at 1/3rd of the total cost.
Everything else can be settled later as per the customer’s willingness.
Everything that happens with Uni and on its app is visible to the users without any filter.
If any fees or charges are applied without letting you know in advance, there is a 100% money-back guarantee that Uni pays.
Robust support team
Everything new needs solid assistance, and Uni Pay offers just that.
Their support team is available round the clock, and you can reach out to them via email or a business WhatsApp to clear any queries that you may have. Their average response time is a few hours every day.
All information you input on the Uni Pay app is secured and encrypted to make sure that all personal information and data remains secure at all times.
Nobody has access to your confidential information except you, not even the Uni team.
Uni Pay benefits
- It offers easily converted EMI plans for payments.
- Rewards and cashback are offered when payment is made in full and on time.
- It only requires you to pay 1/3rd of the payment at a time.
- 24*7 customer support available on email, chat, and calls.
- The card controls are easily manageable.
- All transactions are visible on the Uni app, and limits can be set as per your demand.
- Multiple bill reminders are sent before each installment on your phone and email.
- If you ever witness a situation of emergency, you can lock the Uni card via the app in a single click and avoid any fraud activities.
- No joining or annual fees.
Uni Card customer support
As soon as you visit the website or download the app and mention your details implying your interest in the card, the Uni team sends an email welcoming you to their services.
Once you have done setting up an account, you can leave your queries via email or chat to the teams and expect a call back in a few hours.
Their support team is extremely active and available round the clock to make sure that you are supported during any hour of the day or night without hassle.
Who is eligible to get the Uni Pay card?
To get access to the Uni pay card, you must be an Indian resident who is over the age of 18 years old.
Having a good credit score isn’t a necessary requirement, but if you do, you can enjoy higher credit limits on the card that will enable you to buy more now and pay the amount in three parts later.
However, if by chance you ever miss out on a payment on the Uni app, it won’t affect your credit score in any way since both entities are independent of each other.
You must also ensure that the delivery address you put in to receive your card must be serviceable to the RBL or Uni card team.
Currently, they do not send cards to smaller cities. PAN, Aadhar, and Aadhar-linked mobile numbers should be valid as a compulsory eligibility rule.
Uni card credit limits
Uni gives one of the highest credit limits to its users if they are eligible for the same. You can receive higher credits by proving Uni with your credit scores.
If this is your first card, you might receive a lower limit, but as you start using it and pay on time, the limit is increased over time.
The card issues a limit anywhere between Rs 20,000 to Rs 600,000.
After the card has been issued to you, you can also apply for enhancing the credit limit after six months.
However, if you do not use the card for a year straight, the Uni team blocks your card, sensing inactivity. In this case, you need to apply for the card again, which is also a seamless process.
How to apply for the Uni card: Stepwise guide
- Download the Uni 1/3 card application or create an account through their website.
- Click on the button that says ‘get started’ and mention your name, phone number, and email ID.
- Your mobile number must be linked to your Aadhar card number for identity verification.
- Once your mobile number has been verified, click on the eligibility button to move forward.
- Enter your PAN card details like full name, PAN number, birth date, and click the ‘next’ button.
- Select your gender as the next step and click on ‘continue.’
- The next screen that will appear will ask about your employment status. Select the one that is true and click the ‘check eligibility now’ button.
- After clicking on the button, a screen with your credit score and limit will appear to see if you are eligible for the card.
- Complete your KYC by pressing the Start KYC button and following the three steps.
- After the KYC is done, set a four-digit pin to safeguard all the information and click the arrow button once the password is set.
- Take a selfie to verify your identity and complete the KYC.
- Enter your home address where you wish to receive the card.
- Fill in the delivery address details for receiving the card and end your KYC process.
How is Uni card better than credit cards?
- The Uni card does not require you to have a necessary credit score, which most other credit cards do.
- With the Uni card, you can either pay in full or in installments as you please, but with credit cards, you have to either pay the entire amount together or purchase the product on EMI.
- Uni card does not charge any fees at all, whereas, most credit cards charge a joining and maintenance fee.
- With Uni, you can have around 7.5% of the total outstanding amount as due, which is only around 5% on other credit cards.
- When the amount is carried forward as you pay with Uni, a fee of 5.5% is charged. Whereas, credit cards charge interest on the entire unpaid amount.
- Uni does not charge any interest on late payment fees, but credit cards do.
Uni Card FAQ
In how many days does a person receive their card after KYC is done?
It takes around three days after approval for the user to receive their card.
Is it possible to add money from the Uni card to digital wallets?
No, you can only pay directly to the merchant via the Uni card and not use it to top up your wallets.
What is the fee applicable for late payment?
Around 20% of the unpaid amount is charged as the late fee. So, if you have an outstanding amount of Rs 10,000, Rs 2,000 will be charged as the late fee if you do not make the payment on time.
Where can the Uni card be used?
The card can be used on all online websites and offline outlets that support payment through Visa cards.
Is the Uni card free for a lifetime?
Yes, if you apply for this card right now, you can avail of the lifetime free offer until the 31st of January.
Conclusion: When should you apply for this card?
Uni 1/3rd card is definitely not a substitute for a credit card as it does not come with reward points and other benefits that credit cards offer.
However, if you are someone who wishes to have more liquidity while paying for things, this card is the one for you.
You can also apply for this card if you have not been able to get a credit card for yourself till now due to a lot of reasons.
Since the process of getting the Uni card is much simpler and more straightforward than that of getting a credit card, it becomes easy to apply for this product. You can build a strong credit history on the Uni card and then apply for credit cards later.
This card can also be kept as a backup to the credit card for times when you do not wish to pay the entire amount spent in one go when the month ends.
You can swipe this card for purchases that do not come with an EMI and pay for the product later in three installments flexibly.