Credit Card without any penalty

Jupiter acquired EasyPlan, which has plans to offer credit card without penalties. Basically after 35 days, they will deduct the credit card due from your savings account. Amazing.

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That just means autopay right? What if there is no balance in savings account for total dues? There must be something somewhere in their terms and conditions.

I think it will be a secured credit card.

I thought it would be a bank savings account but looks like it is just savings. So perhaps whatever amount the user deposits in app, it would be called savings, 80% of that would become credit limit. So if a user has deposited 1 lakh into their app, 80% of it, i.e Rs. 80,000 would become credit limit. And if the user spends this 80k as a credit card transaction then until the payment is made, 80k out of 100k in app will get blocked. So if user doesn’t make the payment manually, app would debit this blocked amount at a set date. So there may be no late fees as there could be no chance of default.

This is how I think it works. This way it would indeed be a secured credit card.

It’s a wealth management/ money manager app. So of course it would be a secured credit against your investment in the app. It will provide easy credit card without any incope proofs or physical verification etc.