Credit & CIBIL News

UBI Launching Suite Of New Credit Cards

UBI Credit Cards

UBI to Launch Credit Cards

Union Bank of India or UBI is a well-known bank in the Indian financial banking sector with 96 years of experience. The bank aims to become the ‘bank of choice’ in the Indian market by creating long lasting relationships with its clients with the help of continuous delivery, performance, and innovation.

UBI was established in 1919 and since then the bank has earned lots of profits continuously. Plus, the bank has been a major supporter in India’s economic development, since it has helped a lot of industries, exports, trading, agriculture, and other such sections. This popular bank has a large clientele base of 49 million. It has more than 4,000 branches and 60,000 ATMs all over India.

Union Bank of India provides a wide range of financial products and solutions to customers and thus ensures maximum connectivity with its customers. Some of its financial services include deposits, personal finance, accounts, NRI banking, treasury, remittance, MSME banking, corporate banking, agricultural banking, foreign investments, and so on.

Under its personal finance section, the bank offers various products, including loans, deposits, insurance, investments, and cards. Among its cards, UBI launched two credit cards and one debit card in association with Visa. The three cards include Business Debit Card, Signature Credit Card, and USecure Credit Card. All these three cards are part of the digital initiatives of the bank.

Business

The Business Debit card is offered to all the existing account holders of current accounts in Union Bank of India. The card has a cash withdrawal limit of Rs. 50,000 and an everyday shopping limit of Rs. 2 lakh via online and point of sale.

Card members can directly make cash payments with this debit card from their current account rather than paying from their savings account and afterward getting a reimbursement from their current account.

Signature

The Signature Credit Card is issued to only high net-worth clients of the bank. The spending limit of this card is connected to the cardholder’s income and has a limit of 20% of the yearly income of the card member, as shown on their latest salary slip or income tax return.

This premium card has many benefits. It has an embedded EMV, which makes all the transactions made by this card extremely secure. However, this card is only issued to people who have a minimum income of Rs. 5 lakh per annum. Moreover, card members have to pay Rs. 250 as the annual fees on the card, which is waived off if they spend at least Rs. 1 lakh with this credit card in a year.

Secured

The USecure Credit Card is offered to existing fixed deposit UBI customers against their term deposits. This credit card is mainly targeted at students and aims to help them in building a good CIBIL score. The USecure Credit Card has a maximum spending limit of Rs. 5 lakh. Moreover, the card must have Rs. 25,000 as a minimum balance.

This credit card allows card members the facility of making cashless transactions with its many features. It has an embedded EMV chip that makes all the transactions made by the card extremely safe and secure. The spending limit on this card is up to 80% of the amount present in the fixed deposit account of the cardholder.

So, these are the three cards launched by the Union Bank of India. All these cards give more convenience to UBI customers when they access digital banking. Along with these, the bank has also started 20 IT-enabled services.

The Union Bank of India also plans to begin 11 more online initiatives. The Chairman and Managing Director of Union Bank of India, Arun Tiwari, says that the bank is looking forward to commence 100 unions with comfort lobbies that run 24/7.

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