Disclosure: this post contains my referral link for the Uni card. If you apply through it, I may get a reward from Uni. It does not change what you pay. Check the official terms before you apply.
Zero joining fee. Zero annual fee. 1% back in gold. Uni's GoldX card sounds like a free lunch. Here is what the official terms actually say, and who it suits.
What the Uni GoldX card is
It is a co-branded credit card from the Uni app. BOBCARD Limited, the credit card arm of Bank of Baroda, issues it with Uni as its partner. The main card is a Visa. BOBCARD also gives a virtual RuPay card on the same credit limit that works for UPI and online payments only.
What you get (as listed by BOBCARD and Uni)
- No joining fee, no annual fee, no renewal fee.
- 1 Uni Coin for every Rs 1 spent on eligible purchases. One coin is worth one paisa, so that is 1% back.
- Uni says coins can be kept as 24K digital gold in its app. Gold prices move, so the rupee value of what you hold will too.
- BOBCARD lists up to 5% value back on vouchers bought in the Uni Store.
- Zero forex markup on foreign spends.
- 1% fuel surcharge waiver on fuel spends up to Rs 7,500 per transaction, capped at Rs 500 per billing cycle.
- Up to 50 days interest-free period.
- Rewards can be redeemed with no fee.
What the rewards math looks like
If you put Rs 20,000 a month on eligible spends, you earn about 20,000 coins, which is Rs 200 a month or Rs 2,400 a year. That is a simple 1% return on money you were going to spend anyway. It is a nice extra, not a reason to spend more.
The catch: what does not earn coins
Per the terms, coins may not accrue on rent, fuel, wallet loads, utilities and government payments, EMI transactions, cash withdrawals and international spends. Fuel spends that get the surcharge waiver do not earn coins either. UPI spends under Rs 100 on the GoldX UPI card do not earn coins. So check the category before you assume the 1%.
Extra charges to know
- Interest on unpaid balances is 3.99% per month, which is 47.88% a year. Never carry a balance.
- Late fees run from Rs 100 to Rs 1,300 depending on your bill.
- Cash withdrawals cost 2.5% (minimum Rs 300).
- 1% surcharge on education payments through third-party apps, 1% on wallet loading, 1% on utility bills of Rs 50,000 and above, 1% on fuel transactions of Rs 10,000 and above.
- Coins are cancelled if the card is not used for more than 365 days.
- GST of 18% applies on fees.
BOBCARD says the features and charges are indicative and can change. Read the latest terms in the Uni app before you apply.
Who it suits
- You pay bills, shop online and eat out by card, and you pay the full bill every month.
- You want one free card with no annual fee to build a credit history.
- You travel abroad now and then and want no forex markup.
Who should skip it
- You spend mostly on rent, fuel or utilities, where coins do not count.
- You sometimes carry a balance. At 47.88% a year, no reward covers that.
- You want lounge access or high reward rates. This is a simple 1% card.
Who can apply
BOBCARD lists these basics: Indian resident, age 21 to 60, salaried or self-employed, PAN mandatory, with Aadhaar-based digital verification. Approval and the credit limit are the issuer's decision.
How to apply
Download the Uni app and apply there. If you want to use my link: https://link.uni.cards/r/IIWoON (referral link, see the disclosure at the top).
Bottom line
GoldX is a clean, free, no-fee 1% card, and the gold angle is a nice idea. It is a good everyday card for people who pay in full and spend on eligible categories. It is not a card to chase rewards with.
This is general information, not financial advice. Terms can change.
Sources
- BOBCARD Uni GoldX page: https://www.bobcard.co.in/credit-card-types/bobcard-uni-goldx
- BOBCARD Uni MITC and schedule of charges (Uni): https://webcdn.uni.club/nxwave/docs/CC_BOB_MITC.pdf
- Uni Cards: https://www.uni.cards/
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