Credit cards are a liability for many individuals who avoid them. They fear that spending will increase, and there are many charges associated with it. This causes them to miss out on credit-building opportunities. Roar bank credit cards are linked to UPI, which simplifies the process of using credit cards.
Key Features
Lifetime Free: The Roarbank credit card is free for life and has no fees.
Interest-Free Period: If you pay your full amount on time, you will be granted interest-free credit for up to 62 days, with a 3-day grace period.
UPI Integration: Users can scan QR codes using RuPay credit cards that can be linked to third-party UPI apps like Google Pay or PhonePe. Pay using their credit limit, even at small shops that may not accept traditional credit cards.
Cashback: You have the option to get 1% cashback on any other eligible purchases and up to 20% cashback on two selected categories each month.
Instant Credit Limit: Based on repayment history, the credit limit can be increased from its initial level of Rs. 5,000 to Rs. 1.5 lakh.
App-Based Control: The Roarbank app enables you to set limits, monitor spending, manage your card fully, and even use features like Shake-to-Pay.
Pros and Cons of Roarbank Credit Card
Do you think this card is too good to be true? Examining the pros and cons will help us identify them:
Pros
Zero Annual Fees: We don’t charge any joining fees, annual fees, or hidden charges.
UPI Enabled: RuPay cards can be connected to popular UPI apps (like PhonePe and Google Pay) to scan QR codes for payments, which allows for credit card use even in small shops that do not accept physical cards.
Cashback and Reward Points: Up to 20% cashback is available on UPI transactions within select merchant categories, but there are monthly caps.
Global Acceptance: Can be used at any merchant that supports Visa/MasterCard worldwide.
Credit Building: Individuals who are new to credit, such as students or young professionals, can start building their credit history without worrying about any ongoing fees with this excellent starting point.
Cons
Cashback Limitations: New users or students may have a lower initial credit limit.
Limited Premium Benefits: The card is not suited for frequent travelers because it does not have premium perks like complimentary airport lounge access, travel insurance, or concierge services.
Cashback Capping: Cashback may be capped monthly, and high spenders may find this limitation.
No Co-Branded Offers: No partnerships with brands for exclusive EMI deals or product discounts.
UPI Integration with a Credit Card
The combination of UPI and a credit card is a significant innovation that has completely changed how we manage money. With the Roarbank Credit Card, users can combine the convenience of UPI with the power of credit. Direct linking with UPI apps is a rare feature in India. At this time, BHIM is fully supported, but integration with Google Pay, PhonePe, and Paytm may differ depending on the most recent app updates.
Bank accounts or debit cards were the only options for UPI until recently. This implies that you had to manually enter your credit card information or swipe your credit card to use it. UPI apps can be used to scan and pay with your credit card, just like paying with your bank account.
What benefits does this provide?
Even in small shops, credit cards are not accepted by many local kirana shops or street vendors. Using your credit card at a chai stall is possible because UPI is widely accepted.
Roarbank provides incentives for UPI purchases by offering cashback on specific transactions, but the cashback is limited to certain merchant categories and subject to monthly caps, rather than being available for all UPI purchases.
Make payments faster without using swipes. Simply scan a QR code to make a payment directly from your credit card.
Set up your UPI card on the UPI app of your choice in just a few easy steps. To avoid any hassle or OTPs, just use your UPI PIN to authenticate.
Conclusion
It can be concluded that Roarbank Credit Card is an excellent choice for low-income individuals or students to start using credit cards, because it is associated with UPI. QR payment is widely accepted, even in a street-side shop, as it is used instead of a card reader. It’s an affordable option with a certain amount of cashback because there’s no annual charge to it.
However, they do not provide lounge access or any travel benefits that frequent travelers may desire. To avoid any regrets later, it’s recommended to assess your financial situation and needs before choosing this credit card.
