Everyone out there must have heard about the new trends in the market- the Uni card. Ever wondered what are these? Well, most of you know must be having an idea. However, this article is for you so that we can go deep into the terminologies of Uni pay 1/3 cards. First of all, what is 1/3 in the term Uni Pay 1/3? 1/3 stands for payment in three parts. Yes, you heard it right.
With the help of UNI cards, you can make the payments in three parts without paying any charges. Previously, credit cards were the most famous options for short term credits. However, the time has now changed and people are preferring these buy now pay later (BNPL) cards for obtaining short term credits and for hassle free shopping. Let us know more about the same.
Features of Uni card
- Uniorbit Technologies (UNI) has inaugurated the UNI Pay 1/3rd card in collaboration with RBL Bank, Liquiloans and State Bank of Mauritius (SBM).
- On the surface, the card appears to be useful. The interest time period on standard credit cards usually begins from the first billing cycle’s payment date. This card, on the other hand, allows you to defer your payments for three months without incurring any additional fees. This product functions similarly to a credit card, but it distributes the customer’s transactions into three installments that must be repaid over three months without interest.
- Customers can also pay a minor carry forward fee to extend the payment schedule for these installments. Along with the interest they are paid, the carry forward fee is one of Uni’s sources of income. Uni gets money on each transaction with these 1/3 cards, just like a credit card.
- The CEO of Uni cards says that with a Pay-Later card, not only does the user have a lot more flexibility in terms of repaying an amount on their own terms, but the biggest advantage over a credit card is that the effective charges are significantly lower. This is because the charges are applied to a portion of the bill rather than the entire amount as with a credit card.
Brand Positioning of Uni Card
Uni has already acquired $18.5 million in venture funding from Lightspeed India and Accel before its official launch in October of last year. The corporation’s worth estimates are between $40 and 45 million dollars. The Pay 1/3 card may be obtain by downloading the app from the Google Play Store and then signing up for the card using a simple approach. The digital card is activated right away, whereas the physical card takes two to three days to arrive.
Other Benefits of Uni Card
- The UNI beta customers are not required to pay a membership fee or an annual fee.
- You have the facility of paying your bills in three months without any extra charges.
- You can pay off your complete balance after the 30-day free credit term and can receive 1% cashback.
- With the help of a UNI Card, you can have a credit limit ranging from Rs. 20,000 to Rs. 6 lakhs.
- You can split up your EMIs with EMI options ranging from 6, 9, 12, and 18 months.
- The Uni Pay 1/3rd cards are used at almost over 99.9% of merchants who accept credit or debit cards in India.
- If UNI charges you a fee without your permission, you will receive a full refund.
The Bottom Line
Now that you have read so much about UNI Pay cards, you may be sure of the fact whether it is worth buying or not. BNPL cards are a new trend to this digital world. You should give it a try and experience the benefits of it. These BNPL cards seem now as the best credit cards for the users. This is because of the unique features they are offering.