Similar to Slice card, Uni Pay 1/3rd and Uni Pay 1/2 cards have also been discontinued in compliance with the Reserve Bank of India’s (RBI) new guidelines on digital lending.
The RBI has recently banned loading on PPI instruments from the credit line, which has affected BNPL companies such as Uni Pay & Slice Pay. Uni Pay, like Slice Pay, used to sanction prepaid wallets known as Uni Cards, which functioned as credit cards through a tie-up with SBM bank.
However, the RBI has mandated that PPI wallets, PPI cards, and credit lines must be kept separate, leading to the discontinuation of these cards.
As an alternative, Uni has launched the Uni NX wave card, which offers a new and improved payment experience while adhering to the RBI’s guidelines.
Fees & Charges of Uni NX Wave Card
- Joining Fee – Nil (Lifetime free)
- Annual Fee – Nil
- Forex Markup Fee – Zero
- Rewards Redemption Fee – Nil
Uni NX Wave Card Rewards
1% Unlimited Cashback
- You will earn 1% cashback on your all online & offline spends.
- This offer is not applicable on fuel purchases, rent and wallet transfers, ATM withdrawals, and international transactions.
- There is no maximum cap of cashback.
- Cashback is offered in the form of Uni coins.
- You will earn 5X rewards on purchases made at Uni Store, which translates to 5 times the value of the cashback earned.
- This is similar to HDFC Smartbuy.
You can redeem the earned reward points in two ways –
- You can adjust the earned cashback to your next month’s credit card bill statement, reducing the outstanding balance.
- The Uni coins can be used to purchase products from the Uni Reward Store similar to Paytm Mall, which offers a 5% cashback.
Features and Benefits of Uni NX Wave Card
#1. Lifetime Free Card
With no joining fee or annual charges, the card is a lifetime free offering.
#2. Cashback Rewards
The more you spend, the more you earn with your Uni Credit Card. Get 1% cashback on every transaction, excluding fuel, rent payment, wallet top-up, ATM withdrawal, and international transactions.
There is no upper cap on earning cashback, so you can earn as much as you spend. Plus, every transaction you make at the Uni store earns you 5X Uni credit card reward points, which means five times extra cashback.
#3. Zero Forex Markup
Uni NX Wave Card is an ideal travel companion, as it has zero forex markup. You can make international transactions without worrying about currency exchange charges, saving you money on your travels.
#4. Uni App
The Uni app provides you with complete control over your Uni NX wave card. You can set your payment limits, choose how and where you spend, and lock and unlock your card, all from the app. This ensures that you are always in control of your spending.
#5. 24X7 Whatsapp Support
Uni’s WhatsApp support team is available 24/7 to assist you with any questions or concerns you may have, no matter where you are in the world.
UNI Application Process
Uni Card offers a user-friendly Android/iOS application for the convenience of you. The application process is quick and takes only 10-15 minutes to complete.
Once the eligibility criteria are met, the credit card is instantly issued and made visible on the app. The physical card is delivered within 3-5 business days after application completion.
The application process involves the following 3 steps:
#1. Check Eligibility – First, check if you meet the eligibility criteria for the Uni NX Wave card. Existing Uni card users are pre-approved. Age should be between 18 to 60 years, and the minimum income should be Rs. 15,000 per month. Self-employed individuals also need to have a good credit score.
#2. Complete KYC – The applicant must complete Aadhaar OTP based KYC, followed by capturing a selfie.
#3. Card Delivery Address – The delivery address is automatically selected to match the Aadhaar record, but can be updated as needed.
Once these steps are completed, the Uni Card app will display the approved credit limit and generate the credit card.
#1. What happens to my earned Uni Coins with Uni 1/3rd or 1/2 card?
Your earned Uni Coins will remain available for use, and you can continue to redeem them for curated products on the Uni Store through your Uni application, or convert them into cashback, regardless of the type of Uni Card you have.
#2. What are the eligibility requirements for obtaining a Uni NX Wave Card?
Existing Uni cardholders are pre-approved for the Uni NX Wave Card. Additionally, applicants must meet the following criteria:
- Age: Between 18 to 60 years old.
- Income: Minimum of 15,000 rupees per month for both salaried and self-employed individuals.
- Good credit score for self-employed applicants.
#3. What documents are required to apply for a Uni NX Wave card?
To apply for a Uni NX Wave card, you need to provide:
- One Address proof (Aadhar Card, Driving License, Passport, or Utility bills)
- One ID Proof (Aadhar card, Voter Card, Passport, or PAN Card)
- Two recent passport-sized photographs
- Proof of income statement (Salary Slip of last 3 months or ITR for salaried persons, Income tax return of the last year or Proof of business for self-employed persons).
Uni NX Wave credit card is a great option for beginners, offering a lifetime free card with up to 6% cashback redemption value and no forex markup fees. Plus, you can easily manage your card through the Uni app.
If you want to earn more cashback, you can go with Amazon Pay ICICI credit card, Flipkart Axis bank credit card, SBI cashback credit card, and HDFC millennia credit card which offers 5-7% cashback on your online & offline spending wiith more benfits.