The Union Bank of India has different types of credit cards designed to suit of the needs of various types of clientele. In an effort to cover multiple sections of customers, UCO Bank’s credit cards include an ordinary credit card which can be availed by any individual while the another one is a secured card which is given to those customers who have a fixed deposit account with the bank. Union Bank of India offers such cards to its customers to meet their different needs and requirements like making online purchases, booking tickets or availing short term credits or for gifting purposes to their relatives and friends. Let us analyze the various cards offered by Union Bank of India in detail.
- Usecure Credit Card – this card is issued to existing fixed deposit holders of the bank so that they can enjoy the facility of cashless transactions. The card has many features some of which are described below:
- The card is an unsecured card which is offered against the fixed deposits held by the bank.
- It is an EMV Chip card which makes it very secure.
- The spending limit allowed under the card is up to 80% of the amount held as fixed deposit with the bank
- Customers who do not have a valid income proof but require a credit card and hold a fixed deposit account with the Union Bank of India valued between Rs. 25, 000 to Rs.50, 000 are allowed to apply for this credit card.
- There is also no annual charges payable for using this credit card.
- The card has two additional insurance covers which provide coverage to the cardholder. One is the Accidental Death Insurance Cover worth Rs.5 lakhs while the other is an Air Accidental Death Insurance Cover worth Rs.8 lakhs
- This card provides exclusive offers and benefits on travel, entertainment and lifestyle as provided by VISA.
- Signature Credit Card – a premium credit card which is issued in affiliation with VISA and boasts of the following benefits:
- The card is an EMV Chip card which makes it extremely secure
- The card is issued to an individual who has a minimum annual earning of Rs.5 lakhs
- The spending limit under the card is limited to 20% of the income of the individual as depicted by his latest Income Tax Return or the latest Salary Slip.
- There is an annual charge of Rs.250 payable on the card. However, the bank would waive this charge if the cardholder spends Rs.1 lakh using the card in a year.
- The card also has insurance cover but of a higher value. The Accidental Death Insurance Cover is worth Rs.6 lakhs while the Air Accidental Death Insurance Cover is worth Rs.10 lakhs.
- The card provides complimentary lounge access of all international or domestic airports twice in one quarter.
- The cardholder is entitled to earn 4 reward points for every Rs.100 spent on transactions paid through the card and these reward points are equivalent to the value of Re.1.
- The cardholder can enjoy 10% discount on dining at across 1200 merchant restaurants tied-up with the bank
- There is a 5% discount in car rental services availed overseas as well as other great benefits provided by the VISA rewards program.
Union Bank of India offers an international credit card which provides a hassle free and safe transaction experience to its customers around the world. The customer can shop at various shops and outlets as well as websites according to his convenience both in India and abroad using this credit card. This card can also be used for withdrawing cash at the ATM centers in the form of a cash advance against credit card.
The features of this Union bank Visa International card are:-
- Union bank offers photo signature Visa card in three variants: - a) Classic b) Silver and c) Gold. All these three cards are issued for domestic as well as international use.
- The bank issues non-photo Visa card in only one variant which is EMV Platinum which can be used internationally.
- The Union bank does not charge any joining/annual fees or renewal fees for the credit card.
- Attractive spending limit is given to the customer. The customer can spend up to the limit not exceeding 20% of his gross salary.
- The bank charges lower interest rates for the credit card. And the interest-free credit period given for the card is 50 days.
- The card has various flexible payment options available.
- The customer can make the card payments through internet banking account.
- The fuel surcharge of 2.5% is refundable to the cardholders.
- The transactions done through the credit cards are fully secured through SMS alerts sent by the bank and all the online transactions require the VBV (verified by Visa) verification process.
- EMI schemes are also available for the credit card. The customer can choose from the period options of 3/6/9/12/18/24 months at attractive interest rates.
- Free insurance coverage is provided to the customer on the primary as well as on the Add-on cards in case of accidental death.
The insurance amount offered is as follows:-
Type of card
Other than Air Accident
- 24 hour hot listing of the credit card is available. The lost card liability is restricted to the amount of Rs.1000 from the time of reporting the loss.
Whom shall I contact to know the balance in the credit card account?
The customer can contact the 24 hour bank helpline to know about the credit card details. The number is printed on the back of the card.
What is a credit limit?
The credit limit is the maximum amount available to the customer for spending or borrowing for the credit card user. This limit is determined by the various personal details of the customers like income, source of income, credit history etc.
Does the add-on card have the separate credit limit?
No, the add-on card also shares the credit limit with the primary card. The credit limit is assigned by taking both the cards into consideration.
How can I pay my monthly credit card bills?
There are various options available to customers for the payment of the monthly bills. They are as follows:-
Union Bank Online:
The customer can pay the monthly credit card bills by using the internet banking facility of the Union Bank website. The customer is required to click on the link Union bank credit card bill and make the online payment.
Union Bank Branches:
The customer can pay the credit card bills through any of the Union bank branches either by cash or cheque. The outstation cheques are not accepted in any of the branch. The payment made in the branch will be credited to the customers’ credit card account.
Auto- debit facility:
The customer can provide standing instructions to the branch where he maintains his savings or current account to auto debit his account for the credit card bill as on the date specified. The amount of the credit card bill will be debited from the customer’s account and credited to the credit card account.
What should I do if I lose my card or it is stolen?
If the customer happens to lose his credit card he should immediately call on the bank’s helpline numbers and get the card hotlisted. The customer should then request for a new credit card from the bank. If the customer finds his lost card back he should immediately destroy the same.
What is revolving credit facility?
When the customer receives his credit card bill he has the flexibility of payment for the same.
He has the following options available:
- Pay the total amount due.
- Pay the minimum amount due.
- Pay any amount ranging between the minimum amount and the total amount due.
If the customer tends to choose either of the last two options then the unpaid amount is carried forward to the next billing period. This process of payment is known as the revolving credit.
When do I start paying interest on the new purchases if I already have the revolving credit?
If the customer is already revolving credit then the interest on the new purchases start from the date of the new purchase made.
What happens in the case of a disputed card transaction?
In case of any dispute in the transactions made, the customer is required to submit the dispute form duly filled up and has to send it to the Credit card division of Union Bank of India. The card division of the bank will get in touch with the customer as earliest as possible with the status of the transaction. As per the rules and regulations of the bank the customer himself is responsible for all the transactions made and has to settle the dispute with the concerned establishment by himself only. However the bank can provide the service of retrieving the charge slip or make charge back claim through Visa on receiving the special request from the customer. The bank charges Rs.100 per transactions.
How are charges calculated for credit card transactions?
If the customer fails to make the payment of the credit card bills then the following charges are levied:
1. Interest calculated on all the purchases from the date of purchase and
2. Late payment fees.
Eligibility for the Union bank credit cards:-
- The applicant has to meet the set income criteria of the bank.
- The Signature Visa card can only be procured if the applicant has a minimum income of Rs.5 lakhs per annum.
- Secured credit cards are issued only to customers who have a term deposit with the bank ranging between Rs. 25,000-Rs.500,000.
Documents required for the application of the credit card:
- The PAN card of the applicant.
- The address proof is required which can be voter card, aadhar card, ration card, passport etc.
- Income proof of a salaried individual like Pay slip, salary certificate, Form 16, income tax returns etc.
- Income proof of self employed individuals like Income tax returns Form 16 etc.
The Union bank rewards Scheme:-
The Union bank provides reward points to its card holders. The best feature of this rewards program is that the cardholder automatically becomes the member of this scheme. This program entitles the cardholder to reap an extra benefit from the credit card and give him a genuine reason to celebrate his card holding with the Union bank. The cardholder has to just get himself registered with the union bank at its official rewards website.
The Signature credit card holders gets 4 points for every Rs.100 spent on the card.
The other Union Bank card holders get the following reward points:-
- If an individual spends Rs. 10,000 monthly, he gets 1 union point for every Rs.100 spent.
- If the monthly spending ranges between Rs.10,001 to Rs.30,000 he gets 1.5 points for every Rs.100 spent.
- If the monthly spending of an individual is above Rs.30,000 he gets 2 points for every Rs.100 spent.
The card holder can redeem his accrued points at the listed merchant outlets or can also use it for buying movie, bus or air tickets as well as gift vouchers and many other options available to him.
The card holder requires minimum of 250 points to start the redemption process. If the customer does not redeem his reward points, his points gets terminated after 36 months excluding the month of accrual. If the points redeemed by the customer is incorrect and if he has redeemed the points against the product which was not supposed to be redeemed then the bank has all the rights to cancel the redemption and refund back all the rewardz points back to the customer account. If the customer is eligible for any kind of Union Bank disco et. But the reward points accrued on all such purchases will be credited to the customers account.
The customers who wish to apply for either of the above mentioned credit cards should visit Paisabazaar.com website which is a comprehensive platform for application of all types of financial products be it loans, savings accounts, fixed deposits or credit cards. The variants of Union Bank’s credit cards are also available on the website which can be used for online application.