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Unicard Credit Card: A Review


Unicard Credit Card: A Review

  • By Saral Credit
  • January 01, 2022

Situations around us always are the reasons to teach us every time. Credit cards are nowadays become essential for everyone. Pandemic somehow is responsible for everyone to concentrate on savings and wisely expense. Sometimes the time comes when you are unable to pay your credit card bills on time. In this situation, what card companies do is, impose late payment fees and exorbitant interest charges. Unicard is India's first pay 1/3rd card, which is unique, powerful, and different. Now there is no need to have an extra burden on paying the amount of your credit card. Now, one can pay one-third of the amount every month for no extra charges via a Unicard credit card. You don't have to split your dreams but can split your payments. This is a kind of innovation in the finance world without paying any extra charges. This UNI pays 1/3rd card is launched by Uniorbit technologies with RBL bank, state bank of Mauritius (SBM), and liquiloans.

Let's talk about the look of the card, so the card looks convenient.

How does this Unicard works?

Here to explain the working of this card, let's have an example. If your monthly bill is Rs 40,000 and you want to pay it in full like any other credit card, then you can simply go for that. However, if your situation and money shortage do not allow you to pay the full amount, you can postpone the dues. You can divide the amount into three equal parts. Let's have the amount in numbers in the first month that will be 1333 approx and the rest of the same amount to the next two months.

Should you apply for it? 

Here is good news for those with low salaries or infrequent income, as they can now apply for a Unicard credit card. With the low salaries and infrequent incomes, they can't apply for traditional credit cards. The most important part that one should know before applying for the Unicard credit card is that you do not overspend or do not extend repayment beyond the free credit period. Compared to the regular credit cards here, the key value that a customer has is extra two months to pay the bill. 

How can you apply for this card?

Through the firm's app, you can apply for this UNI card available on android and iOS. If we talk about the eligibility for this card, then those who are aged between 25 and 60 are eligible. After filling your online application, one will get a virtual card just after one minute. For the physical Unicard, you have to wait for some time. This card targets customers who do not have any credit cards or are using just one credit card.

Comparison between Unicard and regular credit cards:

  • Annual or joining fee: There is no such fee for UNI card, whereas an annual or joining fee is zero to a few thousand in regular credit cards. Here waivers are available.
  • Repayment: Full payments option and pay 1/3rd for consecutive three billing cycles are available. On the other hand, in regular credit card options like full payment or converting, EMI on selective purchases.
  • Time for bill payment: UNI gives you the time of 10 days while regular credit cards give you 10-15 days for the bill payment
  • Rewards: On the full payment, 1% reward in the form of cashback is given, and in regular credit card 2-5% reward is given, which depends on the card variant
  • Minimum amount due: In UNI, it's 7.5%of the total principal outstanding, and in regular credit cards, it's 5% of total principal outstanding.
  • Card freeze: If your UNI card is not in use for six months, then a card will freeze, and in regular credit cards, it's valid till the expiry date.
  • Late payment fee: There will be no interest on the late bill payment; on the other hand, interest charges are applicable for regular credit cards.

After this comparison, it's all clear what one should have for the expenses that do not become a burden of extra charges or on-time repayments. Except for these benefits of this UNI credit card, there is a credit limit like another credit card. If you choose for the 1/3rd payment, your credit limit is just the next three months. Until Jan 31, 2022, all the charges are free for a lifetime; after that, charges will be introduced. So, applying before Jan 31, 2022, customers will get the benefits.

What works and what doesn’t, one should know all about it:

All credit cards have their criteria and limitations so, does this UNI card. Before applying for Unicard, some of the things should be known by the customers, like what are things that work and what doesn’t. If you are capable of paying your bill in full, you get 1% cashback. The best part except this is you can also adjust this cashback against the unbilled amount in the statement. But this you have to do in the following month. You can easily keep track of the spending patterns with the help of the app. One can get repayment alerts and a breakup of spending made across categories. Let’s move towards what doesn’t work here. Before having all the benefits, one should know about the traps that can lead you into a debt trap. If your spending goes unchecked, then interest-free and cost-free installments can shift you towards the debt trap. Charges are high if you cannot pay your amount within payment deadlines. Never get confused about card interest and the late fee interest. Although the card doesn’t charge interest for the billing amount, if you pay within the 1/3rd payment, it charges the late fee if you miss any of the three installments, then whatever the reason be behind.

Cons of Using UNI Pay

Undoubtedly, there are some negative aspects which you must consider before selecting the Unicard:

  • In case you split your bill in 3 months, you won't get rewards points.
  • You can't use the wallet transaction as it isn't a credit Card.
  • As per RBI guidelines, no Foreign transaction is allowed.
  • Unicard gives rewards that are still low compared to Entry Level Credit Card.

Some of the questions that everyone wants to know? FAQs on Unicard 

  • What do you get when you pay in full?    

Yes, you heard it right when you choose to pay in the full post the 30days free credit period, and you can enjoy 1% rewards in the form of cashback.

  • What about EMIs?

Here you can take all the time you need as, per your situation and need, you can choose affordable, longer EMI plans. EMI plan can be from 6, 9, 12, 18+ months. There is no joining fee for the beta customers, no annual charges.

  • How can bonus points be collected?

For this, you have to present the card at partner’s more than 6000 points of sale wherever Unicard sign is. It’s a straightforward process, and any payment methods are welcomed together with Unicard, whether it is cash, debit, or credit cards.

  • How can the virtual card be linked with the physical card or account?

Various toll-free numbers are available for this, and the Unicard app provides all the essential information. The information center will help you link the virtual card to the plastic card or your account.

  • What do you get in exchange for bonus points?

There is a certain limit amount of bonus points, and once to accumulate that amount, you can exchange them for the variety of Unicard catalog gifts. You can have utility payments, travel and entertainment opportunities, and service vouchers in the catalog. 

  • Do bonus points expire? 

If no card operations have been reflected on the principal account for the last 24 months, your Unicard points expire. Post expiration date, you are no longer eligible to use them for cashback.

  • What should one do if the card is lost, and can it be restored?

If due for any reason, you lost your card, then immediately contact the toll-free call center number during working hours, or you can mail to info@unicard.ge. You can replace the lost card easily. Using the card block option via a webpage, you can block the card. Unicard service centers will give your new Unicard, and then you can easily use that card as you were using earlier.

After covering all the frequently asked questions by the people, the last but not the least point to consider is why to choose Unicard. As we discussed earlier, the only universal loyalty card gives you additional benefits to your daily expenses. Here you get the benefits of repayment in EMIs, or you can go for 1/3rd payment. This card has come with a good onboarding experience where various benefits are welcoming the customers with a great support system. This is the best option to pick and have a great experience for a person who is new to the credit card world. Now the time is of the digital world, and everyone is like going with the flow and having new experiences then whether it is credit cards or any other digital transactions and using apps.

It’s all up to you what your need and conditions allow you to pick. However, it is always recommended to research thoroughly before using UNIcard services and start making your purchases.