Satya
Many people choose not to use credit cards because they see them as a liability. The fear is that spending will increase, and there are numerous charges that come with it. This causes them to miss out on credit-building opportunities. Roarbank credit cards are UPI-linked, which makes the process of using credit cards easier.
Key Features
Lifetime Free: There are no annual or joining fees.
Interest-free credit: You can get credit for purchases for up to 62 days without paying interest.
UPI enabled: It is capable of scanning QR codes and making UPI payments.
Cashback: You can earn up to 20% cashback on two chosen categories each month, as well as receive 1% cashback on other eligible purchases.
Credit limit: Initial limits start at ₹5,000 and can grow up to ₹1.5 lakh depending on repayment history.
EMI options: Convert eligible purchases into EMIs for 2 to 12 months with a low monthly interest rate of 1.0%.
UPI integration
The combination of UPI (Unified Payments Interface) and a credit card is a significant innovation that has completely transformed how we manage money. UPI convenience and credit power can now be enjoyed by users with the Roarbank credit card. Direct linking with UPI apps is a rarity in India. At present, BHIM is fully supported, but integration with Google Pay, PhonePe, and Paytm may differ depending on the most up-to-date app updates.
Up until recently, UPI was only limited to bank accounts or debit cards. This implies that you had to manually enter your credit card information or swipe your credit card to use it. UPI apps are now available for scanning and paying with your credit card, just like you would with your bank account.
What is the Benefit of this?
Even in small shops, credit cards are not accepted by many local shops or street vendors. UPI is widely accepted, making it possible to use your credit card.
You can pay directly from your credit card without having to use a card reader by scanning a QR code.
It’s quick and easy to set up your card on the UPI app of your choice. Authenticating with your UPI PIN is the only way to avoid any hassle or OTPs.
Roarbank offers cashback on certain UPI transactions, but it is only available for certain merchant categories and has monthly caps instead of being available for all UPI purchases.
Pros and Cons of Roarbank Credit Card
Pros
Zero Annual Fees: Budget-conscious users will appreciate the fact that there are no joining or renewal charges.
UPI Integration: For QR-based payments, link your credit card to UPI apps such as PhonePe, GPay, etc.
Cashback and Reward Points: Up to 20% cashback can be earned on UPI transactions within selected merchant categories, but there are monthly caps.
Global Acceptance: It is applicable to all merchants that support Visa/MasterCard globally.
Digital Onboarding: Instant card activation and no paper required for application.
Good for Credit Score Building: Suitable starting point for first-time credit users.
Cons
Cashback Capping: It’s possible for cashback to be limited monthly, and high-spenders may find this limiting.
Limited Premium Benefits: There is no access to the airport lounge, travel benefits, or concierge services.
Interest on Revolving Credit: Like all credit cards, carrying a balance will result in interest charges.
No Co-Branded Offers: Exclusive EMI deals or product discounts cannot be obtained through brand tie-ups.
The Truth about Annual Fees
One of the primary concerns people have before applying for a credit card is the fear of hidden fees. The majority of free cards have fine print that charges you for not spending a certain amount each year or hitting you with renewal fees in the second year. The Roarbank Credit Card stands out in this regard. The experience is truly free because there are no annual renewal fees, joining fees, or hidden costs.
As a result, it is particularly appealing to:
Individuals who haven’t used a credit card before and want to start building credit without worrying about ongoing fees.
Individuals who prioritize simplicity when it comes to finances.
Young professionals and students with low incomes are searching for an effortless way to join the credit system.
Conclusion
It can be concluded that Roarbank Credit Card is a good choice for low-income individuals or students to start using credit cards due to its connection to UPI. QR payment is widely accepted even at street-side shops. It’s an affordable option with cashback and no annual fee. However, they don’t provide lounge access or any travel advantages that frequent travelers may desire. Before choosing this credit card, it’s advisable to assess your financial situation and needs to avoid any regrets down the line.
