Uni Pay 1/3rd Card – Benefits, Fees & Eligibility

Introduction

The Buy Now Pay Later (BNPL) market has revolutionized payment methods, offering a short-term credit line concept that allows consumers to avail services or purchase products immediately and settle payments later. Unlike traditional credit cards, BNPL cards often involve less paperwork, may not require a credit score, and provide longer interest-free periods, extending up to 90 days. Among the most prominent Fintech cards in this space are the Uni Pay 1/3rd Card and the Slice Super Card, both enabling users to enjoy products or services without immediate payment concerns and offering distinct features and benefits.

Welcome Benefits

Uni Pay 1/3rd Card

• An elegant welcome box is delivered to your doorstep.
• The box contains a chocolate bar, a mask, a personalized baggage tag, and the Uni Pay 1/3rd Card itself.

Slice Super Card

• No specific welcome benefits are mentioned.

Fees

Uni Pay 1/3rd Card

• Joining Fee: NIL (The card is lifetime free).
• Renewal Fee: NIL (The card is lifetime free, with no hidden charges related to renewal).
• Finance Charges: No finance charges are applicable on installments when payments are split into three equal parts over three months.
• Interest Rates: No interest charges are applicable on EMIs or on late payments, though late payment charges do apply.
• Late Payment Charges: Applicable and vary based on the due amount:
  • Due Amount 1 - 250 INR: 0
  • Due Amount 251 - 1,000 INR: 100
  • Due Amount 2,501 - 5,000 INR: 250
  • Due Amount 5,001 - 10,000 INR: 500
  • Due Amount 10,001 - 20,000 INR: 1,000
  • Late fees can go up to Rs. 10,000 for transaction amounts of Rs. 2,00,001 - 10,00,000.

Slice Super Card

• Joining Fee: NIL (The card is lifetime free).
• Annual Fee: NIL (The card is lifetime free).
• Interest Rates: Interest charges are applicable on the due amount.
• Late Payment Charges: Applicable and are generally lower compared to other cards:
  • Due Amount 0 - 500 INR: 0
  • Due Amount 500 - 2,000 INR: 15
  • Due Amount 2,000 - 10,000 INR: 40
  • Due Amount 10,000 - 25,000 INR: 100
  • Due Amount Above 25,000 INR: 150

Rewards

Uni Pay 1/3rd Card

• Cashback: Earn 1% cashback if the cardholder makes the full repayment of the amount spent in a given month by the payment due date.

Slice Super Card

• Cashback: Earn up to 2% cashback as "monies" on every transaction. Note that monies are not earned on transactions split into installments.
• Discounts & Deals: Get exciting discount offers and deals across several popular merchants every week, including Zomato, Swiggy, Big Basket, Netflix, and many more.
• Fuel Surcharge Waiver: Enjoy a 2% fuel surcharge waiver on transactions less than or equal to Rs. 4,000, with a maximum waiver capped at Rs. 200 per month.

Rewards Redemption Guide

Uni Pay 1/3rd Card

• The 1% cashback is directly applied when full repayment is made by the due date.

Slice Super Card

• The "monies" earned on the Slice Super Card are redeemable for cashback, with a reward conversion rate of up to 2%.

Card Eligibility Criteria

Uni Pay 1/3rd Card

• The applicant’s age should be a minimum of 18 years.
• Applicants should have a stable source of income.
• No credit score is required to apply for the card.

Slice Super Card

• The applicant’s age should be a minimum of 18 years.
• Applicants should have a stable source of income.
• No credit score is required to apply for the card, making it easier for students and individuals with low income.

Card Review

The Uni Pay 1/3rd Card and Slice Super Card represent the evolving Fintech landscape, offering innovative ways to manage payments. While both cards provide the core BNPL benefit of splitting payments into three interest-free installments over three months, they have distinct advantages.

Uni Pay 1/3rd Card

• Pros: It is a lifetime free card with no joining or annual fees. It offers no finance charges on its 3-month EMI option and provides 1% cashback for full repayments made by the due date. The card also offers flexibility to extend EMIs to 6, 9, or 12 months, with plans for 18-month installments. No credit score is required for application.
• Cons: While there are no interest charges on late payments, significant late payment fees are applicable. It does not explicitly mention merchant-specific discounts or fuel benefits.

Slice Super Card

• Pros: This is also a lifetime free card with no joining or annual fees. It is UPI-enabled, offering faster and easier payments. Users can earn up to 2% cashback on every transaction (excluding EMIs) and benefit from exciting weekly discounts across popular merchants. It also includes a 2% fuel surcharge waiver and has comparatively lower late payment charges. No credit score is required for application.
• Cons: Cashback is not applicable on transactions split into installments. Interest charges are applicable on the due amount, which can be high.

Overall Verdict

Fintech cards, including Uni Pay 1/3rd Card and Slice Super Card, have brought significant innovations to the credit card industry, offering benefits similar to traditional credit cards, often with better rates and the freedom of the Buy Now Pay Later concept. However, these cards typically have drawbacks such as not being usable for international transactions, lacking travel benefits like lounge access, and generally having lower reward rates compared to premium traditional credit cards.

Between the two, the Slice Super Card emerges as a strong contender due to its consistent cashback on every transaction, additional fuel benefits, and significantly lower late payment charges compared to the Uni Pay 1/3rd Card. However, potential applicants should be aware that the Slice Super Card may incur high-interest charges on the due amount.

Important Product Details

Uni Pay 1/3rd Card

• Issuing Bank/Partners: Issued by Uniorbit Technologies in partnership with RBL Bank, SBM Bank, and NBFC partner Liquidoans.
• Card Network: Visa Branded card.
• Core Benefit: Allows splitting payments into three equal installments over the next three months with no finance charges.
• Acceptance: Accepted by approximately 99.9% of merchants across India.
• EMI Flexibility: Offers the ability to extend EMIs to 6, 9, or 12 months, with plans to introduce 18-month installment options.
• Payment Advantage: Provides the ability to use and purchase expensive items without immediate payment concerns.

Slice Super Card

• Issuing Bank/Partners: Offered by SLICE in collaboration with SBM Bank.
• Card Network: Visa-branded card.
• Core Benefit: Allows splitting monthly spending into three equal parts, payable in installments over the next three months.
• Technology: UPI-enabled, facilitating faster and more flexible payments.
• Acceptance: Accepted by all Visa-accepting merchants across India.
• Affordability: Considered a very affordable card for everyone due to its lifetime free nature.

Other Details

• Both Uni Pay 1/3rd Card and Slice Super Card are Buy Now Pay Later (BNPL) cards, a new generation of financial cards that work on a short-term credit line concept.
• BNPL cards generally require less paperwork and some do not require a credit score, unlike traditional credit cards.
• These cards offer an interest-free period of up to 90 days, which is longer than the typical 20 to 45 days offered by traditional credit cards.
• Fintech cards, in general, may have limitations such as not being usable for international transactions and not offering travel benefits like lounge access.