Uni Cards

I like the card alot , i have hdfc credit card as well, i have seriously stopped using that card since i got uni card. If compared to that it’s great in terms of saving if you spend good amount on card , so far i have spent around 5-6 lakh on this card which gave me a good cash back of 6,000 rs which no traditional card would have given . Two major draw back i wish were rectified one is that the amount would show as a loan on your credit file and second we don’t get an option of making a custom payment before the bill is generated either it’s the whole amount or none, like we get after bill being generated. Not necessarily everybody gets paid at the end of month and they have to make payment after certain date only. It would be great if you allow custom payment throughout the billing cycle, i would personally use it even more if i had option of custom payment. The primary reason for this suggestion is also it is recommended to not to go over 30% of your limit, so i would have option to maintain that 30% limit as well and spend it as much as i want in month.

Although the card doesn’t charge interest for the billing amount within the 1/3rd payment window, it charges a late fee, if you miss any of the three installments. As per the chart available on the websites of Uni Cards and HDFC Bank (for comparison), an unbilled amount of Rs 40,000 with UNI card would attract a late payment charge of Rs 3,000. HDFC Bank credit card will impose Rs 1,100 as late fees. There is a minimum amount due every month that is 7.5 per cent of total principal outstanding. If you pay less than this minimum amount, a carry forward fees of up to 5.5 percent a month would be charged in the next billing cycle. The carry forward fee varies with the customer’s credit profile and past repayment record. It will be communicated at the time of repayment. Assuming that a customer is charged 5.5 percent a month (i.e., 66 percent a year) as carry forward fees, UNI Pay 1/3rd Card turns out to be more expensive than other credit cards for those who miss their payments. “If you do not pay that minimum due amount, then you are a delinquent customer and are accordingly reported to the bureau

What basically happens with a normal credit card is like you have to pay the full amount the next of the purchase, or you can convert the credit amount into EMI, but on those EMI you'll have to pay huge amount of interest. If you made a purchase of suppose 100 then after interest charges you'll pay 150. That's the basic sense of having and using a credit card. Due to which many Indians think thrice before opting for one. But, this stereotype has been broken by UNI Cards. What it does is it breaks the total amount into 3 easy EMI (without interest), like if your amount is ₹1800 on January then you'll pay ₹600 on February, ₹600 on March, ₹600 on April. And just think of you feel like you can pay the full amount in one shot then the card give you a reward of 1% like 1800 × 1% = 18 will be your reward. And yes, it increases your cibil score. I would highly recommend it to everyone especially the youngsters and college students. The whole KYC process is done in 5 minutes. Don't think much just go for it. This will help you to keep a check on your finances.