Credit Card Update: Digital payments and credit card usage are continuously increasing in India. Recent data from the Reserve Bank of India shows that credit cards are no longer limited to shopping but are becoming an important part of everyday expenses. Considering this changing trend, Union Bank has launched a new and special credit card for salaried employees, based on their salary and spending habits.
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Designed with Needs in Mind
This new credit card has been specifically designed keeping in mind the financial needs of salaried individuals. It has been launched in collaboration with SalarySe, a salary-powered financial well-being platform, and City Union Bank. This is India’s first credit card based on RuPay Credit Card on UPI technology and directly linked to the salary cycle.
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Everyday Expenses Linked to UPI
The biggest advantage of this credit card is that it offers rewards not only on large expenses but also on daily UPI payments, online shopping, monthly bill payments, and in-store purchases. It provides benefits on expenses that traditional credit cards often overlook, making the card even more practical.
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Up to 37.5% Additional Bonus on Salary Day
This card includes a unique feature called the Salary Day Bonus. Under this feature, up to 37.5 percent additional rewards are given on expenses made around salary day. The aim is to allow salaried individuals to benefit more from their essential expenses, which are directly linked to their monthly salary cycle.
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Emphasis on Responsible Credit Usage
Compared to traditional credit cards, this card is designed with a different approach. It incorporates employer-based salary verification, promoting disciplined and responsible credit usage. This also reduces the likelihood of excessive borrowing.
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Card Easily Available Through the SalarySe App
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Customers can apply for this credit card through the SalarySe app. SalarySe’s salary-driven infrastructure and City Union Bank’s banking reliability combine to make it a secure and convenient solution. The availability of a revolving credit line during UPI transactions eliminates the need to apply for separate loans.
Additional Lifestyle Benefits
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According to Mohit Gorisaria, co-founder of SalarySe, this card is a step towards financially empowering salaried employees. Benefits such as a credit card on UPI, rewards tailored to everyday spending, airport lounge access, and low forex charges make it unique. City Union Bank, on the other hand, says that integrating credit cards with UPI will give a new direction to digital finance.