Slice Vs Uni Pay 1/3rd Card| What Is BNPL (Buy Now Pay Later)

BNPL (Buy Now Pay Later) has begun receiving more attention recently. American credit bureaus have begun to collect data and plan to go mainstream with BNPL. Furthermore, startups like UniCard and Slice have emerged in India to offer BNPL (Buy Now Pay Later) services.

BNPL (Buy Now Pay Later) is a financing option that allows you to buy products or avail of services without having to worry about paying for them immediately. It’s similar to the conventional credit card system process. But it’s a simple short-term loan product. The major difference between the two is it’s an easier process and does not require much paperwork.

We present you a comparison between UniCard and Slice, the two major companies in the Indian BNPL  (Buy Now Pay Later) sector based on various criteria listed below.

Buy Now Pay Later (BNPL)

BNPL (Buy Now, Pay Later) is a type of short-term financing which allows you to pay in instalments by the end of the stipulated time period for making purchases. In India, quite a few online merchants and fintech companies are offering BNPL facilities to customers as a convenient payment method and an excellent alternative to credit cards.

It is easily accessible, transparent, and offers no-cost EMIs, BNPL (Buy Now Pay Later) is all set to change the lending landscape.

What is a Slice card?

Slice has recently launched a new credit card called Slice Super Credit Card which provides cashback on every transaction. This credit card is suitable for those who are not eligible for a credit card as it comes with easy eligibility.

With this credit card, you can earn cash back on every transaction. The good news is that you can get all the benefits without any joining or renewal fees. 

This credit is powered by VISA Platinium and issued by the State Bank of Mauritius 

Slice Credit Card: Features & Benefits

You earn instant rewards on travel, food, lifestyle, and many more categories using Slice Super Credit Card. You can also earn cashback on your transactions through this credit card. Here are some slices of credit card benefits:

• 2% instant cashback on each transaction
• Buy anything and convert your bills into 3 equal EMI at no extra charge
• The credit limit starts from Rs 2000 up to Rs 10 lakhs.
• News deals with Slice Spark every week
• Accepted by 99.95% of merchants nationwide
• Contactless payments for transactions up to ₹5000
• Share bills with friends by taking notes or adding tags
• No joining or annual fees

Slice Super Credit Card is best suited for those who are new to credit and want to get cash back on every transaction. With this credit card, you can earn 2% cash back on every transaction. One of the best features is that this card comes without any renewal or annual fee.

You can avail of many benefits without any charges, such as no-cost EMI, bill splitting, new deals every week and much more. Additionally, there is no minimum credit score required for this credit card, so even beginners can apply for it and start building their credit journey.

The slice card cannot be used for cash withdrawal at an ATM. But you can also use the bank transfer option in the slice app to transfer funds into your bank account.

Fees 

• No Joining Fees
• No Annual Fees

Charges

Daily charges (as defined below) or 30% of outstanding whichever is lower (max: Rs 3000)

Overall, Slice Credit Card is a great option for those over 18 and looking to embark on their credit journey. This card will help you build your credit score. However, if you already have a credit card or you want to benefit from a specific category, such as travel, lifestyle, etc., you can look for other options available in the market.

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What is a Uni Pay Card?

Uni Card has launched UniPay 1/3 Card, a Lifetime Free Card (for now) and offers a good 1% cashback if all arrears are paid in full. In addition to 1% cashback, you have the option to pay all outstanding bills in three months, without any additional interest. In an effort to improve the user experience in the credit card industry. 

UniCards, which has raised 18.5 million in funding, recently introduced its UniPay 1/3 card as its first offering. 

Uni Pay 1/3rd Card: Features & Benefits

Uni Pay 1/3rd card is a BNPL (Buy Now Pay Later) that works almost the same as a standard credit card on the surface. The thing is, this 1/3rd card is not technically a credit card. In reality, it’s more like a PayLater card or Pays 1/3rd card. Your UniPay account balance will be charged with 100% of your purchase price and you’ll have to pay off 33% of your balance every month for up to 3 months.

• This is not a credit card, this is a Buy Now Pay Later (BNPL) product.
• No annual fee (as of now)
• no joining fee
• 1% off on bill payment.
• The bill can be split into 3-EMIs without any additional cost/interest.
• Good Customer Support.
• Late fee only, no interest on delayed bill payment*.
• Easy application and approval process.

The Uni Pay 1/3 card isn’t technically a credit card, even though it works the same way as a normal credit card. It basically is a Buy Now Pay Later card (or) 1/3 card, which means you can spend Rs 12,000 this month and pay Rs 4,000 per month without any interest/fees for the next 3 months.

RBL/State Bank of Mauritius prepaid card system on Surface that provides access to Visa, NBFC partner (LiquiLoans) that provides access to the credit line.

So ideally this is a domestic prepaid card and hence you cannot use it for international transactions or cash withdrawals there may be a problem in loading the wallet, as RBI rules prevent this from happening, however for a few months, I hope to get it approved.

Fees 

• No Joining Fees
• No Annual Fees
• The mini Amount would be 7.5% of the outstanding amount.
• Carry Forward Fee will be up to 5.5%

Charges

Eligibility Criteria

• You must be at least 18 years of age.
• You must be a resident of India.
• Your city/address should be a serviceable area of ​​RBL Bank/Uni card
• You must have a valid PAN card, Aadhar card and mobile number linked to Aadhaar.

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