For many years, credit history has been a major factor in getting or not getting a credit card in India. People who have no previous loan or credit record are often unable to get a credit card, even if they manage their everyday finances well. Over the past year, a leading UPI-based fintech app called Super.Money has solved this problem. This app is providing credit facility to people through secured credit cards in collaboration with trusted banks (Kotak 811 and Utkarsh Small Finance Bank). This facility is especially beneficial for those who are new to the credit system, such as students, first-time job seekers and housewives, etc.
Super.Money has launched a UPI based secured credit card in India, giving millions of new people access to credit for the first time. With this secured credit card, people can make easy UPI payments for both small daily expenses and big purchases.
How does it work and what are its benefits?
- Apply in just minutes on the Super.Money app from Play Store/App Store.
- This secured credit card does not require a previous credit score.
- This card is available only against FD starting from ₹500.
- Interest is earned on the FD made, that is, it also works like savings. Over time you build a good credit history. This is a system where saving money and building your credit score becomes easy at the same time.
This card works on RuPay and provides payment facility through UPI. With this, people can easily buy groceries, pay bills and do online shopping. Its purpose is to make everyday expenses easier.
Lakhs of secured credit cards have been issued through partner banks across India, making it the fastest growing product in the category. Customers from states like Telangana, Maharashtra, West Bengal, Karnataka and Uttar Pradesh are rapidly adopting this new age credit card.
A good credit history is very important for future financial opportunities. Like education loan, home loan and low interest rates. The secured credit model offers an opportunity to start with low risk and helps bridge the gap between everyday expenses and the formal loan system.
Due to UPI (Unified Payments Interface), digital payments have become very common and millions of people have joined the digital system. Now the next step is to provide credit facilities to people, so that they can not only make payments but also build their financial reputation (credit). In this direction, Super.Money is helping first-time credit takers in India to get started.
