Unity Small Finance Bank (Unity Bank) and BharatPe have jointly launched an EMI-based credit card.
With this card, customers can either pay the full bill or convert their bill amount into EMIs. It is described as India’s first EMI-based credit card on the RuPay network.
Developed with NPCI and Linked to UPI
This credit card has been developed in collaboration with the National Payments Corporation of India (NPCI).
It can be linked to Unified Payments Interface (UPI), making it usable for most purchases across the country.
Customers can pay their bills in EMIs of up to 12 months.
Rewards earned through the card can be redeemed directly on the BharatPe app.
No Fees and Extra Benefits
The card comes with no joining fee, no annual fee, and no foreclosure charges.
Additional benefits include:
Complimentary domestic and international lounge access
Preventive health check-up facility — useful for customers who undergo health check-ups regularly.
Flexible EMI Payments
According to Unity Bank and BharatPe, the card offers flexibility and transparency:
Customers can pay for big purchases conveniently in EMIs.
If someone wants to repay the EMI before the due date, they can do so without any penalty.
Both salaried and self-employed individuals are eligible.
Applications can be made through the BharatPe app.
Use the Card Wisely
Experts caution that since the card makes it easy to convert large purchases into EMIs, customers might be tempted to overspend. This could lead to multiple EMIs and potential debt burden.
Therefore, while the card offers many benefits, it should be used responsibly to avoid falling into a debt trap.
