With the use of Uni cards, you may pay in three installments without incurring any fees. Credit cards were a popular use sometime back. However, the trend is now changed, and consumers increasingly prefer to buy these buy now pay later cards to take advantage of short-term credit so that they can shop without worries.
BNPL cards are a new trend to the market that excites the customers. BNPL apps such as Uni cards, slice cards, and ONE card give credit limit even to those customers who are new in the credit state. Learn more about the Uni card features below.
Characteristics of UNI cards
- In conjunction with RBL Bank, Liquiloans, and the State Bank of Mauritius, Uniorbit Technologies (UNI) has launched the UNI Pay 1/3rd card (SBM).
- The card looks to be beneficial on the surface. On typical credit cards, the interest term normally begins on the payment date of the first billing cycle. This card, on the other hand, lets you postpone payments for three months without accruing any further charges. This product works in the same way as a credit card, except it divides the customer’s purchases into three installments that must be paid back over three months without interest.
- Customers can also prolong the payment schedule for these installments by paying a small carry forward fee. The carry forward charge, together with the interest they receive, is one of Uni’s sources of revenue. With these 1/3 cards, Uni earns money on every transaction, exactly like a credit card.
- The biggest perk you get in a buy now pay later- BNPL app is the costs are relatively lower than in case of a credit card. Also, you get freedom in usage and repayment terms. This is because, unlike with a credit card, the charges are applied to a part of the bill rather than the total amount.
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More About Uni Cards
Before its formal launch in October of last year, Uni had already raised $18.5 million in venture capital from Lightspeed India and Accel. The Uni Pay 1/3 card app can be installed using the Google Play Store. You can sign up on the app by providing some basic information. The actual card takes two to three days to arrive, however the digital card is activated immediately.
Uni Cards’ Other Advantages
- Customers that participate in the UNI beta programme are not obliged to pay a membership or yearly fee.
- You can pay your invoices in three months without incurring any additional fees.
- After the 30-day free credit period, you can pay off your whole sum and get 1% cashback.
- You can have a credit limit of Rs. 20,000 to Rs. 6 lakhs with the use of a UNI Card.
- You can spread out your EMIs over a period of 6, 9, 12, or 18 months.
- Uni Pay 1/3rd cards are accepted by about 99.9% of retailers in India who accept credit or debit cards.
- You will obtain a full refund if UNI charges you a fee without your authorization.
Now that you’ve learned so much about UNI Pay cards, you can decide whether or not they’re worth purchasing. In today’s digital environment, BNPL cards are a new trend. You should give it a go and see what you can get out of it. However to avail to any BNPL card you will require a Cibil Score of more than 700. These BNPL cards appear to be the greatest credit cards for customers right now. This is due to the one-of-a-kind qualities they provide.
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