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Features
- Accepted at 99.95% of Visa-accepting merchants across the country.
- Every transaction earns you up to 2% instant cashback.
- By using EMI, you can shop anywhere and pay your bills in a few months.
- Credit limits range between Rs. 2,000 and Rs. 10 lakhs.
- Split bills with friends by making notes or adding tags Fuel surcharge waiver (up to Rs. 200 per billing cycle) on fuel transactions under Rs. 5,000
- Rental convenience fee waiver of up to Rs. 300 per month on transactions made through PhonePe and NoBroker that total less than Rs.10,000
- Simple and approachable app interface
- Advanced fraud detection technology to safeguard your account and personal information
Pricing
- Joining Fees: Nil
- Annual Fees: Nil
- Card Replacement Fees: Rs. 500
- Cash Withdrawal through ATM Fees: Rs. 50
Features
- Pay 1/3 of all transactions - Split your spending into 3 equal installments for 3 months with no additional fees. A Rs. 15,000 bill is broken up into 3 Rs. 5,000 payments over the course of the following three months.
- Get 1% back when you pay in full - You can also decide to pay in full as normal after the 30-day grace period to get 1% back.
- Change your transactions to 6-, 9-, 12-, and 18-month EMIs (expected to be introduced soon)
- In the event that a fee or charge is applied without your knowledge, you are guaranteed a 100% refund.
- Get a card right away to use for online purchases until your physical card arrives.
- Simple Card controls: Set your own limits for each transaction and easily manage and track your online, offline, and contactless payments.
- Flexible options for repayment: Pay a small Carry Forward Fee to carry over a portion of your payment to the following bill.
- Receive several bill reminders prior to your due date to avoid being assessed a late fee.
- One-click Card lock: Immediately lock your card in an emergency. Easily unlock using an app when necessary.
- 24x7 Customer Service - Contact the team by phone, email, or WhatsApp.
Pricing
- Joining fee: Nil
- Annual fee: Nil
- Carry Forward Fee: Up to 5.5%.
- Late payment fee: As per the slabs of bill payment amount.
Features
- Issued in partnership with SBI, HDFC, & CITI
- Paytm SBI Card, Paytm SBI Card SELECT, Paytm CITI Credit Card, Paytm HDFC Bank Credit Card
- Cashbacks of up to 5% on every transaction
- Exclusive membership benefits of up to Rs.75,000 towards Paytm First
- Complimentary Cyber Fraud Insurance
- Complimentary Airport Lounge Access across the country
- Exciting offers on shopping, travel & dining
- An annual fee of ₹500 is charged at the end of the membership year. This fee is waived off on spends of Rs. 50,000 or more on your Card in a membership year.
- 1% Fuel Surcharge waiver up to Rs.250
- Can apply for up to 4 free add-on cards
Pricing
- Annual Fees: Rs. 500 at the end of the membership year (Waiver on spends of Rs. 50,000 or more on your card in a membership year)
Fintech Credit Cards
Fintech companies have been on a tear lately, thanks to their use of technology to make lending more efficient. Their newest haunt is credit cards. Credit cards issued by fintech companies are different from traditional bank credit cards in a few key ways. For one, fintech companies tend to be more generous with rewards and perks. They offer a number of benefits that are not available with traditional credit cards.In order to understand the benefits of fintech credit cards, it is important to first understand what they are.
A Fintech Credit Card is a card that is issued by a company that specializes in financial technology. Unlike bank-issued credit cards, they are not issued by the fintech companies themselves, rather, backed by a lender who offers you the credit. They are better called a loan, instead of a credit card; they are a loan offered in the form of a credit card for easy use.
List of Best Fintech Credit Cards in India 2024
- Uni Pay 1/3rd Card
- Slice Super Card
- OneCard Credit Card
- Paytm Credit Card
- Bajaj Finserv Super Card
Fintech credit cards are a fairly new concept in the world of credit cards. As of now, there is not a very long list of fintech credit cards. However, this is likely to change in the near future as more and more people become aware of the benefits that these cards offer.
How Are Fintech Cards Expected To Change The Credit Card Industry?
Fintech credit cards offer a number of benefits that are not available with traditional credit cards. Common benefits of fintech credit cards include generous rewards programs and low interest rates.
These cards are typically easier to use and come with more convenient features. Fintech credit cards are a great way to get started with credit and improve your credit score.
Some of the key features of fintech credit cards include:
- Offered by NBFCs and new-age Fintech companies
- Generally, comes with NIL Joining Fees; NIL Annual Fees
- Quick approval and instant virtual card issue
- Credit Limits of up to Rs.10 lakhs
- Interest rates as low as 1.5% per month
- Easy ‘No-Cost EMI’ offers on every purchase
- Attractive virtual cards for online transactions
- Available for applicants as young as 18 years old
- Amazing discounts and brand offers at both online and offline stores
- Great resource to build credit scoreHow Do Fintech Cards Work?
Fintech cards are backed by a prepaid loan backed by a lending partner, a bank or NBFC, with the loan amount set as the credit limit on your fintech card. So basically, you are availing a loan using your credentials, which is repaid in interest-free installments. Since the credit is in the form of a card, you are able to use it to purchase at offline and online stores.
Additionally, the fintech cards are simply Buy Now Pay Later cards and do not even call for a high credit score. These cards are very simple to use and operate. The fintech cards' onboarding procedure is also quick and simple. The Fintech cards provide you with discounts at merchants and rewards for dealing with them, and they are issued with a fixed credit line based on your profile.Let's learn a bit about the popular Fintech cards in Indian Market
Slice Credit Cards
- Accepted at 99.95% of Visa-accepting merchants across the country.- Every transaction earns you up to 2% instant cashback.
- By using EMI, you can shop anywhere and pay your bills in a few months.
- Credit limits range between Rs. 2,000 and Rs. 10 lakhs.
- Split bills with friends by making notes or adding tags Fuel surcharge waiver (up to Rs. 200 per billing cycle) on fuel transactions under Rs. 5,000
- Rental convenience fee waiver of up to Rs. 300 per month on transactions made through PhonePe and NoBroker that total less than Rs.10,000
- Simple and approachable app interface
- NO yearly charges. NO joining fees. NO supplementary fees.
- Advanced fraud detection technology to safeguard your account and personal information
UNI Credit Cards
- Pay 1/3 of all transactions - Split your spending into 3 equal installments for 3 months with no additional fees. A bill of Rs. 15,000 is broken up into 3 Rs. 5,000 payments over the course of the following three months.- Get 1% back when you pay in full - You can also decide to pay in full as normal after the 30-day grace period to get 1% back.
- Change your transactions to 6-, 9-, 12-, and 18-month EMIs (expected to be introduced soon)
- In the event that a fee or charge is applied without your knowledge, you are guaranteed a 100% refund.
- Get a card right away to use for online purchases until your physical card arrives.
- Simple Card controls: Set your own limits for each transaction and easily manage and track your online, offline, and contactless payments.
- Flexible options for repayment: Pay a small Carry Forward Fee to carry over a portion of your payment to the following bill.
- Receive several bill reminders prior to your due date to avoid being assessed a late fee.
- One-click Card lock: Immediately lock your card in an emergency. Easily unlock using an app when necessary.
- 24x7 Customer Service - Contact the team by phone, email, or WhatsApp.
Paytm Credit Cards
- Issued in partnership with SBI, HDFC, & CITI- Paytm SBI Card, Paytm SBI Card SELECT, Paytm CITI Credit Card, Paytm HDFC Bank Credit Card
- Cashbacks of up to 5% on every transaction
- Exclusive membership benefits of up to Rs.75,000 towards Paytm First
- Complimentary Cyber Fraud Insurance
- Complimentary Airport Lounge Access across the country
- Exciting offers on shopping, travel & dining
- Zero Annual Fee
- 1% Fuel Surcharge waiver up to Rs.250
- Can apply for up to 4 free add-on cards
- Onecard Credit Card
- No joining fees, no annual fees, no rewards redemption fees
- Manage your card easily through just one mobile app – Onecard App
- Sleek metal credit card to flaunt
- Completely digital on-boarding process that is completed in less than 5 minutes.
- Get 5 times the reward points on your top 2 spend categories.
- Reward points never expire. One swipe redemption.
- Convert your transactions into easy EMIs instantly.
- Get add-on cards for family
- Backed by reputed lenders like Federal Bank, Bank of Baroda, South India Bank and SBM Bank
How To Apply For A Fintech Card?
It is fintech, so you obviously apply through a mobile app or website. You need to provide basic information such as your name, mobile number, and PAN. e-KYC is done based on your Aadhaar number. And your credit limit is displayed on the screen. Once you accept the terms and conditions, the card is approved and sent to you within a day or two. A virtual card is generated, which you can start using for online transactions.
What About Repayment, Billing Date And So On?
Everything is carried out through the mobile app. Unlike traditional cards, fintech cards give you only 30 days to pay your bill. If you fail to pay, you will incur high-interest charges.
Conclusion:
Fintech cards are a new type of credit card that is slowly gaining popularity. They offer a number of advantages over traditional cards, including low-interest rates and generous rewards programs. They are also easy to use and come with a number of convenient features. If you are looking for a new way to improve your credit score, a fintech card may be a good option for you.
But beware! The interest rates are pretty high and the terms are a bit tricky. Ensure to learn the process thoroughly before you sign up for one, so that you don't end up with a lot of debt.
FAQs of Fintech Credit Cards:
1. What are Fintech Cards?
Fintech cards are credit instruments issued by fintech companies, with backing by lending partners. With the assistance of their lending partner (which could be a bank or an NBFC), fintech credit card companies assign a credit limit and provide you with a prepaid card backed by that credit limit. Therefore, in theory, you are receiving a prepaid card backed by a loan account that fintech companies have established in your name.
2. Which are some popular fintech cards in India?
Uni Card, Slice Card, Onecard credit card, Paytm credit cards, Bajaj Finserv RBL Super card
3. What is the average interest rate of fintech cards?
Fintech cards offer interest rates as low as 1.5% per month
4. How is the billing cycle on fintech cards different from regular credit cards?
Regular credit cards typically have credit free periods of up to 45 days, but fintech credit cards typically have credit free periods of 30 to 40 days, with the due date being 7 days after the bill is generated.
5. Are there any joining fees or annual fees on fintech cards?
Fintech cards generally do not levy any joining fees or annual fees. It is better to check with your fintech company once before you sign up for the card.