Lately the “buy now pay later” or BNPL market has been receiving a lot of attention. Major American credit bureaus have begun collecting data and plan to go mainstream with BNPL. Furthermore, startups like UniCard and Slice, which offer BNPL, have emerged in India.
BNPL is a financing option that allows you to buy a product or avail a service without having to worry about paying for it immediately. It’s simply a short-term loan product. In many ways, it is similar to the conventional process of the credit card system. The major difference between the two is that BNPL is an easier process that does not require much paperwork.
“Purchases made on other credit cards only get you 30 to 45 days’ credit period to repay. On the Pay 1/3rd card, you get 90 days’ credit period to repay the full amount,” says Parijat Garg, a digital lending consultant. We present you a comparison between UniCard and Slice, the two major companies in the Indian BNPL sector based on various criteria listed below.
Uni card Vs Slice card
Ease of Enrollment
Both companies offer an app-based service that is available on IOS and Android. According to a review by one of the users, enrolment on Slice was quicker and easier than Unicard. “The customer service executives of UniCard were very helpful though,” said the user.
Even though there is no CIBIL score requirement in either app, if the score is less than 650, it may be difficult to apply. Both cards don’t meet the definition of a credit card and only offer a line of credit to the user. Since the Slice card is designed to meet the needs of students, the minimum age to apply is 18 years old. Applicants for UniCard must be 21 years or older.
The minimum cashback available to Slice card users is 1 per cent. It also offers a cashback of 2 per cent to some users. However, to become eligible for the 2 per cent cashback the users have to spend a specific amount. While as, the maximum cashback for UniCard users is just 1 per cent.
Many experts believe that such type of a system can lead the user to a debt trap. A minimum amount of 7.5 per cent of the total outstanding amount has to be paid every month. If the user fails to meet this requirement the charges are higher than usual.
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