The benefits of a credit card are wasted if the cardholder starts spending too much and ends up not paying the entire bill on time or the minimum amount by the due date. As the interest rate and penalties on unpaid credit card amounts are high, poor card management can overwhelm a cardholder.
To avoid this, cardholders should not exceed their payment capacity and try to pay the entire bill or at least the minimum bill amount on time.
However, tracking of all transactions may not be possible for every cardholder, causing the total amount spent to exceed payment capacity.
Uni Pay 1 / 3rd Card
To make things easier for cardholders, Uni Pay has brought in a 1/3 card, which is India’s first subsequent payment card that automatically divides transactions into 1/3 interest-free. It aims to intuitively solve the short-term liquidity problem without imposing high interest charges on consumers.
It also offers consumers the option to convert transactions to “Pay in Full” at the end of the 30-day free credit period and in return consumers can enjoy a 1% cashback reward. money.
Who and how can you use this card?
Anyone between the ages of 21 and 60 who is present in the credit bureau with a desk score of 760 and above (also known as Super Preferred Customers) is eligible to request Pay 1 / 3rd. The map is available for Android and iOS users. Customers simply need to download the app and request the card.
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Powered by Visa, Pay 1 / 3rd is both a physical card and a digital card. The physical card works at all retailers that accept Visa cards. The card is delivered to the user typically within 4-5 days of request, while the digital card can be used instantly after onboarding for online purchases.
Pay 1 / 3rd card offers a credit limit of around Rs 20,000 to Rs 6 lakh. This varies from client to client and their risk profile.
Income / interest model, late fees
The company’s income is primarily derived from trading, cross-selling income, merchant partner subsidy income, interest income when a customer converts transactions to longer-term EMI, and late fees.
If customers convert their bills to EMI or longer term installments, interest charges of 14-18% will apply. In Pay 1 / 3rd, the minimum amount due must be paid on each billing cycle, otherwise the borrower will have to pay late fees which are decided based on the slab.