Uni Pay 1/3rd Credit Card Review

Uni card is among the 1st buy now pay later (BNPL) companies that offered credit cards to students and beginners who have no credit score. 

Card TypeBuy Now Pay Later
Reward rate1%
Annual feeNil
Best for Students & beginners having no credit score

According to Forbes.com, the Uni card was widely accepted by Indians because, within 5 months of launching the uni card in June 2021, it crossed Rs. 120 crores monthly credit disbursal with 40% monthly growth. 

Uni card growth statistics

There’s no doubt that multiple questions like What is this Uni card, What’s 1/3rd payment, or interest charges, would be popping up in your mind.

Let’s discuss about the Uni card review in detail to answer your questions.

What is the Uni Card

UNI Card

Uni Card seems like a credit card but it’s a prepaid card where the company offers you a credit line that ranges from Rs. 20,000 to Rs. 6,00,000 depending upon your credit score. If you don’t have a credit score built, you will get a low credit line. 

Now you can utilize this credit line amount for payments using the card and repay the amount in 3 monthly installments without any interest charges. Unlike credit cards, where you have to repay every month.

For example, 

Suppose you have spent Rs. 6,000 in a month, now you can repay the spent amount in 3 installments of Rs. 2,000 per month without paying any extra charges.

How the Uni card system works 

Uni card has two entities working in the backend to provide your seamless experience –

  • RBL or SBM bank provides the prepaid card system & access to Visa
  • NBFC partner (LiquiLoans) offers the credit line starting from Rs. 20,000 up to Rs. 6 lakh.

The Visa card allows you to use it anywhere across the country with a 99% payment acceptance rate on offline as well as online platforms.

Uni Card Benefits

#1. Two Payback Schemes

Everyone talks about Uni Pay 1/3rd card, but actually, Uni Pay is offering two credit line cards – Uni Pay 1/3 Card and Uni Pay 1/2 Card.

I. Uni Pay 1/3 Card

Uni Pay 1/3 Card, in which, you get the option to convert any payment into 3 interest-free installments. 

You get 1% cash back if you don’t split the payment and pay the full amount in one go.

II. Uni Pay 1/2 Card

On the other hand, if you go for Uni Pay 1/2 Card, then you will get the facility to convert your bills into 2 interest-free installments.

You get 1.2% cash back if you pay the full amount at once.

#2. Lifetime Free Card

You don’t have to pay any joining fee for getting the Uni Card. 

Apart from the joining fee, you neither have to pay an annual fee nor the renewal fee. That’s making it a lifetime-free card for you.

#3. Excellent Customer Support

An important concern that comes to mind while going for entry-level cards is customer support, which is horrible in the peers like Lazypay, Slice & Dhani. Still, the Uni card is an exception with robust customer support.

You can reach out to the support team via email or WhatsApp, and you get a prompt revert back on WhatsApp and call feature. 

And on email, you can expect a reply within a few mins (within 30 mins on average) which is appreciable.

#4. Flat Late Fee Structure

You don’t need to pay interest charges in case you are unable to pay back the outstanding on time, unlike credit cards where you have to pay interest charges along with the late fee.

For example, if you had an EMI of Rs. 10,000 pending that but you could only pay Rs. 7500 and your pending amount is Rs. 2500. Now on the next billing date, you have to pay Rs. 2,600  along with that month’s pending EMI. 

Here Rs. 100 is the late payment fee on the pending amount as per the slab. You don’t have to pay any interest on the pending amount.

Outstanding AmountCharges
Between Rs. 1 to Rs. 250Zero
Between Rs. 251 to Rs. 1000Rs. 25
Between Rs. 1001 to Rs. 2500Rs. 100
Between Rs. 2501 to Rs. 5000Rs. 250

#5. Security

Uni card app & card both use 128-bit encryption that makes your data highly secure while using both.

In case of any fraudulent activity or you lost the card, you can easily lock or unlock your Uni card from your Uni app in the “Card & Billing” section.

uni card lock

Upcoming Uni Card Features

Uni card is still in its beta phase and going to launch a new rewards system and longer EMI plans as discussed below –

  • Uni Coins – Uni Card is going to start a new reward system in the near future which they call Uni Coins. You would be able to use the uni coins on Uni Store to get up to 5% cash back for paying in full.
  • Longer EMI options – Along with 3 No cost EMIs, Uni card is launching loner tenure EMI plans for 6,9,12,18, or ever longer tenures. But you have to pay interest charges on longer EMIs. Uni card has not disclosed the interest charges right now.
  • Direct to Bank feature – Uni card will enable you to get the loan amount disbursed directly in your bank account without any additional charges.

Uni Pay Card Benefits

  • 99.9% acceptance across India thanks to VISA
  • Up to 1.2% cashback on full payment
  • No hidden charges
  • Freebies in the box like Mask, Chocolate, and personalized baggage tag 
  • 3 months free Zomato Pro membership (current offer)

Disadvantages of Uni Card

#1. No Control on Payback Scheme Selection

You might prefer Uni 1/3 card as that would give you the 3 EMI option, but there’s a catch.

Uni has there own selection criteria like credit score, job profile, and annual income to activate Uni 1/3 card. If anything doesn’t match their criteria, they activate Uni 1/2 card only and not the Uni 1/3rd card.

For example, if you have a medium CIBIL score between 650 to 750 you might get a 1/2 card option activated, in spite of you have applied for the Uni 1/3rd card plan.

#2. High Late Payment Charges

No doubt Uni card doesn’t charge any interest charges on late payments. But if you compare their late fee charges with a popular credit card late payment slab like HDFC, it seems quite high.

For example, if you have a late payment amount of Rs. 11,000, you have to pay Rs. 800 as late charges with HDFC credit card whereas, in Uni card, you have to pay a hefty amount of Rs. 2000.

uni card late payment

And if you carry forward the amount without paying the minimum 7.5% of outstanding principal. You have to pay up to a 5.5% carry forward fee making the uni card late payment, even more, costlier than any regular credit card.

So it’s always better to repay your EMI on time to avoid late payment and carry forward charges.

#3. Low Cashback Ratio

Uni card offers 1% cashback with uni 1/3rd card and 1.2% cashback with uni 1/2 card if you fully pay the bill. 

The cashback amount is low as compared to other competitors like Slice which offers 2% cashback on using the slice card.

If you compare it with other lifetime free credit cards like ICICI Amazon pay card or Flipkart Axis card, they offer up to 5% cash back on the usage.

#4. Other Shortcomings

  • No ATM withdrawal allowed
  • Foreign transactions are not available
  • Can’t load wallets like Paytm
  • Card gets Freezed if not used for 6 months

Uni Application Experience

The Uni card app gives you a seamless experience and you can start using the app within a few mins after applying for the uni card.

You also get a virtual card in the app that gets activated as soon as your details are verified. However, you get the physical card within 7-8 days depending on your location.

The Uni card app has 4 sections at the bottom. 

#1. Home 

You get all the details like your current bill, your digital uni card, and any new offers in this section. 

uni virtual card

#2. Card & Billing

You can pay 1/3rd payment or the full amount in this section. You can also check out your billing date and last day to pay the bill.

The best part I found in this app is that you can easily enable or disable online transactions, and contactless transactions right from the app.

uni card review

You can also lock your card with one click in case your card gets lost or stolen in this section.

#3. History

You get all the previous transaction history in his section. You can track all your past payments here.

#4. Rewards

You can check out your 1% cashback details and other timely offers in this section.

Uni Card Fees & Charges

Joining FeeZero
Renewal or Annual FeeZero
Minimum Amount Due7.5% of the Outstanding Amount
Carry Forward ChargesUp to 5.5%

Uni Card is a Lifetime Free card (as of now) and the best part is you don’t have to pay any interest charges. 

You only have to pay flat charges as per the late fee slab as follows –

Outstanding AmountCharges
Between Rs. 1 to Rs. 250Zero
Between Rs. 251 to Rs. 1000Rs. 25
Between Rs. 1001 to Rs. 2500Rs. 100
Between Rs. 2501 to Rs. 5000Rs. 250
Between Rs. 5001 to Rs. 10000Rs. 500
Between Rs. 10001 to Rs. 20000Rs. 1000
Between Rs. 20001 to Rs. 30000Rs. 1500
Between Rs. 30001 to Rs. 40000Rs. 2000
Between Rs. 40001 to Rs. 50000Rs. 2500
Between Rs. 50001 to Rs. 75000Rs. 3500
Between Rs. 75001 to Rs. 100000Rs. 5000
Between Rs. 100001 to Rs. 200000Rs. 7500
Between Rs. 200001 to Rs. 1000000Rs. 10000

And in case, you want to carry forward your outstanding bill to next month, you have to pay the minimum due amount. 

The minimum amount due every month is 7.5% of the total principal outstanding that you have to pay for sure. 

If you pay less than this minimum amount, then you have to pay a carry forward fee of up to 5.5% per month along with the late payment charges. The fee would be added in the next billing cycle.  

Uni Card Customer Support 

Uni card has superb customer service support. Uni WhatsApp response rate is quite fast and you get a reply immediately when you ping their support team.

They usually reach out to you within 30 mins over email.

You can contact the Uni card support team in 3 ways –

In case you are not satisfied with your above Level-1 support, you can contact Uni card customer support number Level-2 on +91 22 7120 9091.

Final Thoughts

Considering the features like No cost 3 EMIs, transparency, and excellent customer service, it’s good to go with the Uni card if you are a beginner as you can get this card without a credit score.

But always keep in mind to pay the EMI on time to avoid any late payment charges. 

What are your queries about the Uni card, do let me know in the comments.

About Raghav Gupta

I have done B.com and MBA in finance, so have a keen interest in personal finance. You will find the information related to investment, credit card, taxation and banking on my blog.

Leave a Comment