M16S / Union Bank of India / Union MSME Credit Card
mid · business, lifetime-free
Union MSME Credit Card
The Union MSME Credit Card charges no annual fee and no joining fee. The forex markup is 3%. Read from the issuer's own documents on 11 Oct 2026.
- Annual fee
- Free
- Fee waived at
- —
- Base return
- —
- Forex markup
- 3%
- Interest
- 3%a month
What changed on this card
- Union Bank raises credit card interest to 3.00% a month, Sept 2025
Union Bank's credit card MITC Version 1.4, effective from 25 September 2025, charges service charges of 3.00% a month (36% a year) whether or not the minimum payment due is paid by the due date. The MITC effective 2 December 2024 charged 2.50% a month (30% a year) when the minimum was paid and 2.95% a month (35.4% a year) when it was not. Source: Union Bank of India, unionbankofindia.bank.in, read 28 Oct 2026
Each change is read from the bank's own notice or terms document, linked above. Every card's changes are on the change log.
Fees
| Joining fee | Free |
|---|---|
| Annual fee | Free |
| Fee notes | Joining and annual fee nil. No add-on card. Replacement Rs 249. |
Travel and perks
| Forex markup | 3% |
|---|---|
| Fuel surcharge waiver | 1% waiver, capped at Rs 100 per month/billing cycle |
| Other freebies | Accidental insurance Rs 10 lakh (NPCI-paid) plus Rs 30 lakh (cardholder-paid). |
Charges and eligibility
| Interest per month | 3% |
|---|---|
| Late payment fee | Rs 200 if outstanding dues up to Rs 25,000; Rs 500 if above Rs 25,000 |
| Cash advance fee | Cash withdrawal not allowed |
| Fine-print notes | MITC v1.4 effective 25 Sep 2025. Interest 3% p.m. (36% p.a.) on revolving balance; over-limit fee 2.5% min Rs 250; railway/IRCTC surcharge 1.5% plus IRCTC charges; EMI on purchases of Rs 10,000+ at 16% p.a. reducing, processing fee 2% (min Rs 200, max Rs 1,000), pre-closure 2%. Interest-free period 20-50 days only if previous balance cleared in full. Accident insurance beyond the free NPCI cover is paid for by the cardholder. Business card for MSME borrowers; documented only from the MITC fee table. Network inferred from the NPCI insurance row in the MITC. Temporary limit enhancement not available. |
Questions
- What is the annual fee of the Union MSME Credit Card?
- No annual fee.
- What is the forex markup on the Union MSME Credit Card?
- 3% of each foreign-currency transaction, before GST.