The Roar Bank Credit Card, offered by Unity Small Finance Bank, is a unique financial product in the Indian market, combining the features of a credit card and a savings account into a single, digitally-managed platform. Marketed as a hassle-free and transparent option, it targets a younger demographic, including students and young professionals, with its simplified application process and focus on digital integration.
Key Features and Offerings
The Roar Bank card is designed to be a user-friendly and rewarding experience. Here are its standout features:
- 2-in-1 Functionality: The card is linked to a Roar Bank savings account. This allows users to manage both their savings and credit through a single interface.
- Zero Joining and Annual Fees: One of the most attractive aspects of the Roar Bank Credit Card is the absence of any joining or annual subscription charges, making it a lifetime-free credit card.
- Generous Cashback: The card offers up to 20% cashback on spending in selected categories. These categories are subject to change on a monthly basis, providing users with varied opportunities to save on their purchases. Users can typically choose a couple of preferred categories each month to avail of the higher cashback rates.
- UPI Integration: The Roar Bank Credit Card is a RuPay-powered card, which allows for seamless integration with the Unified Payments Interface (UPI). This enables users to make payments to merchants by scanning QR codes directly from their credit line, a feature not commonly available with traditional credit cards.
- Extended Interest-Free Period: Cardholders can benefit from an interest-free period of up to 62 days, which is longer than the standard period offered by most other credit cards in India.
- Digital-First Experience: The entire process, from application and KYC to card management, is handled through the Roar Bank mobile application, promising a quick and paperless experience.
Interest Rates and Charges
While the Roar Bank Credit Card is positioned as a low-fee product, it’s crucial to understand the interest rates applicable after the interest-free period.
- Interest on Revolving Credit: If the cardholder does not clear the total outstanding amount by the due date, interest will be levied on the revolving balance. Based on the Most Important Terms and Conditions (MITC) for a similar credit card from Unity Small Finance Bank, the Annual Percentage Rate (APR) can be around 24%, which translates to a monthly interest rate of 2%.
- Late Payment Charges: Failure to pay the minimum amount due by the deadline will attract late payment fees.
- Other Charges: While there are no joining or annual fees, other charges related to cash withdrawal, foreign currency transactions, and other services may be applicable as per the bank’s schedule of charges.
Eligibility and Application Process
Roar Bank aims to make credit accessible to a wider audience, including those with a limited credit history.
- Target Audience: The primary audience for this card includes students and young professionals.
- Starter Credit Limit: For individuals new to credit, Roar Bank offers a ‘starter’ credit limit to help them build their credit score responsibly. This limit can be enhanced over time with a good repayment history.
- Application: The application process is entirely digital and is initiated by downloading the Roar Bank app from the Google Play Store. The process involves providing basic details and completing a video KYC.
Customer Care and Support
For any queries or assistance, Roar Bank provides the following customer support channels:
- Email: You can reach out to the customer support team at roar@unitybank.co.in.
- Phone: A contact number, +91 95163 14423, is also listed on their Google Play Store page.
As Roar Bank is a product of Unity Small Finance Bank, you can also refer to the bank’s official channels for more information.
In conclusion, the Roar Bank Credit Card presents a compelling proposition for individuals seeking a straightforward, digital-first credit card with attractive rewards and no annual financial commitments. Its unique 2-in-1 nature and UPI integration offer a glimpse into the future of digital banking in India. However, like any credit product, it is essential for users to understand the terms and conditions, especially regarding interest rates on outstanding balances, to use it responsibly.
