Uni Pay 1/3rd Card – Benefits, Fees & Eligibility

Uni Pay 1/3rd Card

Introduction

The Uni Pay 1/3rd Card is a unique Pay Later Card designed to allow users to split their monthly expenditures into three equal, interest-free installments, payable over the subsequent three months. While not a traditional credit card, it functions similarly by providing a monthly credit limit against a line of credit. The key distinction from a conventional credit card is the flexibility to spread repayments over three months, unlike credit cards which typically require full payment within a shorter grace period. The card is issued by Uniorbit Technologies on the Visa payment platform, in partnership with RBL Bank, SBM Bank, and NBFC partner LiquidLoans, and is accepted by 99.9% of merchants that accept Visa credit/debit cards. It is best suited for shopping.

Welcome Benefits

• The physical Uni Card is delivered in a premium-looking box.
• The welcome kit includes a complimentary chocolate bar.
• The welcome kit includes a mask.
• The welcome kit includes a personalized baggage tag.

Fees

• Joining Fee: Nil (As an introductory offer, the Uni Pay 1/3rd Card is lifetime free).
• Renewal Fee: Nil (As an introductory offer, the Uni Pay 1/3rd Card is lifetime free).
• Spend-Based Waiver: Not Applicable.
• Rewards Redemption Fee: Nil.
• Foreign Currency Markup: International transactions are currently not allowed with this card.
• Interest Rates: No interest rate is applicable on purchases made with the Uni Card. Instead, a late fee is applied as per the stipulated slab if any installments are missed.
• Fuel Surcharge: As charged by the merchant.
• Cash Advance Charges: Cash withdrawal is not allowed.
• Late Fee Applicable: In case of missed installments, a late fee is charged based on the due amount:
  • Due Amount of Rs. 1 - 250: Late Fee of Rs. 0
  • Due Amount of Rs. 251 - 1,000: Late Fee of Rs. 25
  • Due Amount of Rs. 1,001 - 2,500: Late Fee of Rs. 100
  • Due Amount of Rs. 2,501 - 5,000: Late Fee of Rs. 250
  • Due Amount of Rs. 5,001 - 10,000: Late Fee of Rs. 500
  • Due Amount of Rs. 10,001 - 20,000: Late Fee of Rs. 1,000
  • Due Amount of Rs. 20,001 - 30,000: Late Fee of Rs. 1,500
  • Due Amount of Rs. 30,001 - 40,000: Late Fee of Rs. 2,000
  • Due Amount of Rs. 40,001 - 50,000: Late Fee of Rs. 2,500
  • Due Amount of Rs. 50,001 - 75,000: Late Fee of Rs. 3,500
  • Due Amount of Rs. 75,001 - 1,00,000: Late Fee of Rs. 5,000
  • Due Amount of Rs. 1,00,001 - 2,00,000: Late Fee of Rs. 7,500
  • Due Amount of Rs. 2,00,001 - 10,00,000: Late Fee of Rs. 10,000

Rewards

• Rewards Rate: Earn 1% cashback if you make the full repayment of the amount spent in a given month by the payment due date.
• Payment Flexibility: You can split your payments into three parts over three months without any interest.
• EMI Conversion: You have the option to convert your purchases into EMIs for longer durations of 6, 9, 12, or 18 months as per your comfort.
• Movies & Dining Benefits: Not Applicable.
• Travel Benefits: Not Applicable.
• Domestic Lounge Access: Not Applicable.
• International Lounge Access: Not Applicable.
• Golf Benefits: Not Applicable.
• Insurance Benefits: Not Applicable.
• Cashback benefits are not available if you don’t make the bill payments or pay only the minimum amount.

Rewards Redemption Guide

• The 1% cashback is earned automatically when the full monthly spend amount is repaid in a single installment by the due date. No separate redemption process is mentioned for this cashback.

Card Eligibility Criteria

• The applicant’s age should be a minimum of 18 years.
• Applicants should have a stable source of income.

Documents Required

• Identity Proof: PAN Card, Aadhar Card, Passport, or Driving License.
• Address Proof: Latest months’ utility bills, Aadhar Card, or Passport.
• Income Proof: Salary slips or bank statements might be required.

Card Review

The Uni Pay 1/3rd Card stands out as a "Pay Later" card rather than a traditional credit card, offering significant flexibility in managing monthly expenses. Its primary appeal lies in enabling users to split their spending into three interest-free installments over three months, making expensive purchases more manageable. The card also allows for conversion of purchases into longer-duration EMIs (6, 9, 12, or 18 months). With flexible eligibility criteria compared to conventional bank credit cards, it is an accessible option for those who might not qualify for a regular credit card. As an introductory offer, it is lifetime free, with no joining or renewal fees. While it offers a 1% cashback on full repayment in a single installment, this rate is generally lower than what some entry-level credit cards provide. It lacks benefits commonly found with credit cards such as lounge access, movie, dining, travel, golf, or insurance perks. Furthermore, it does not support international transactions or cash withdrawals. Instead of interest, late fees apply if installments are missed.

Who Should Apply for Uni Pay 1/3rd Card?

• Individuals who are not eligible for a regular credit card issued by a traditional bank, as Uni Card has very flexible eligibility requirements.
• Those who seek a BNPL (Buy Now Pay Later) card that allows them to conveniently split their card's bill into three interest-free installments payable over the next three months.

Important Product Details

• The Uni Pay 1/3rd Card allows you to split your monthly spends into three equal, interest-free installments payable over the next three months.
• It is issued by Uniorbit Technologies on the Visa payment platform, in collaboration with RBL Bank, SBM Bank, and NBFC partner LiquidLoans.
• You receive a cashback of 1% if you repay the entire amount spent in a single installment by the due date.
• The card is offered lifetime free as an introductory offer, meaning no joining or renewal fees are applicable.
• In case of missed installments, a late fee is applicable as per a predefined slab, but no interest is charged on the outstanding amount.
• International transactions are currently not allowed.
• Cash withdrawals are not permitted with this card.
• The card offers an option to convert purchases into EMIs for 6, 9, 12, or 18 months.

Other Details

• The Uni Pay 1/3rd Card is a new category of financial product by neo-fintech startups, offering a "Pay Later" solution.
• It is accepted by 99.9% of merchants that accept Visa credit/debit cards.
• You can apply for the Uni Pay 1/3rd Card on the UNI Card official website or through the UNI Card mobile app.
• The application process involves providing basic details such as phone number, identity proof (e.g., Aadhar Card, Voter Card), address proof, and potentially income proof (salary slip/ITR acknowledgment).
• The card holds a rating of 4.5/5.