Slice and Uni Cards, both popular Buy Now Pay Later (BNPL) cards, have recently undergone changes in response to the Reserve Bank of India’s (RBI) new guidelines on digital lending.
In December 2022, Slice, the Fintech startup, stopped its card operations and transitioned to a new system to comply with the RBI’s ban on loading on PPI instruments from the credit line. Similarly, Uni Pay’s 1/3rd and 1/2 cards have been discontinued in compliance with the RBI’s guidelines.
Why?
Earlier, both Slice and Uni Pay used to sanction prepaid wallets that functioned as credit cards, through a tie-up with SBM bank. However, as a result of the new guidelines, the RBI mandated that PPI wallets, PPI cards, and credit lines must be kept separate, leading to the discontinuation of these cards.
However, as an alternative, from Dec 2022, Slice has introduced a Slice Super card with three new features: Slice Mini, Slice UPI, and Slice Borrow.
On the other hand, Uni Pay has introduced Uni NX wave card, which offers a new and improved payment experience while adhering to the RBI’s guidelines
Table of Contents
| Features | Slice Card (Slice Super Card) | Uni Card (Uni NX Wave Card) |
| Main Features | Slice Mini, Slice UPI, and Slice Borrow | 24X7 Whatsapp support, Zero Forex Markup, Unlimited cashback, 5X Rewards, Uni App |
| Joining fee | Nil (Lifetime free card) | Nil (Lifetime free card) |
| Renewal fee | Nil | Nil |
| Cashback | Up to 2% cashback as monies | 1% unlimited cashback on your all online & offline spends |
| Additional Cashback | Slice Spark | 5X rewards on purchases made at Uni Store |
| Redemption Value | Monies are redeemable for cashback at a conversion rate of 1% to 2%, depending on the accumulated number of monies. | Adjust the earned cashback to your next month’s credit card bill statement |
| International use (Forex Markup) | Not allowed | Allowed (0%) |
| Fuel surcharge | 2% waived off on transactions below Rs. 4,000 | Not Available |
| Mobile App | Slice app | Uni app provides you complete control over your Uni NX wave card |
| Credit line | Yes (Slice Borrow) | Credit limit between Rs. 20,000 to Rs. 6 Lakhs |
| Pay via card or UPI | Yes | Yes |
Both Slice and Uni cards offer lifetime free credit cards. You do not need to pay the joining and renewal fee.
Uni NX Wave card has zero joining fee, annual fee, forex markup fee, and rewards redemption fee.
On the other hand, Slice card also has no joining/renewal fee, but charges Rs. 500 for card replacement and Rs. 50 for ATM cash withdrawal, and Rs. 25 for ATM charges other than cash withdrawal. Moreover, international transactions are not allowed with Slice card.
| Fees & Charges | Slice Card | Uni Card |
| Joining Fee | Zero (Lifetime Free) | Zero (Lifetime Free) |
| Annual Fee | Zero | Zero |
Uni NX Wave card offers 1% unlimited cashback on all online and offline spends except for fuel purchases, rent and wallet transfers, ATM withdrawals, and international transactions.
Additionally, 5x rewards are offered on purchases made at Uni Store. There is no maximum cap of cashback, and cashback is offered in the form of Uni coins.
These Uni coins can be adjusted to your next month’s credit card bill statement, reducing the outstanding balance, or can be used to purchase products from the Uni Reward Store, which offers a 5% cashback.
Slice Card offers up to 2% cashback as monies, which can be redeemed for cashback as per the following table –
| Monies Range | Conversion Rate into Cashback |
| 0 to less than 3 Lakhs | 1% |
| 3 Lakhs to less than 5 lakhs | 1.5% |
| More than 5 Lakhs | 2% |
Reward Redemption Value
Uni NX Wave card offers cashback in the form of Uni coins, which can be redeemed for purchases from the Uni Reward Store or adjusted to your next month’s credit card bill statement, reducing the outstanding balance. There is no redemption fee.
Slice Card’s monies can be redeemed for cashback as per the table mentioned above. The redemption value of the monies depends upon the accumulated number of monies.
Slice Mini is a prepaid account that allows you to add money to your account using your UPI, credit, or debit card and continue to enjoy up to 2% cashback on each transaction.
Additionally, with Slice Spark, you can get instant cashback on purchases, and enjoy exciting offers every week at partner merchants.
Slice Borrow is a credit line that offers an unsecured loan, and you can choose to repay it in full within one month without any interest charges or split up your repayment over a period of up to 12 months with some interest rate applied. The service charge (flat fee) will be applied for each borrowing.
However, the service charge can be quite high, and if you can’t repay the money in a month, interest rates will be charged at 36%, which is much higher than a personal loan from a bank.
You can activate Slice UPI and link it to your bank account, as well as link your Slice Mini account to make pin-free payments. While many UPI apps are available in the market, if Slice offers 1-2% cashback on all UPI transactions, it can be a worthy feature.
In my opinion, the Slice card falls short in terms of reward return rate, high interest rates on credit lines, and its UPI feature.
Uni Card is a better option for beginners that offers 6% cashback (1% unlimited cashback + 5X rewards) redemption value plus zero forex markup fees. Additionally, the Uni app makes it easy to manage your card.
A better alternative is the Axis Ace credit card, which offers a 2% cash back return on every transaction and 5% cashback on utility bill payments.
For those seeking even more cashback benefits, the Amazon Pay ICICI credit card, Flipkart Axis Bank credit card, SBI cashback credit card, and HDFC Millenia credit card all offer 5-7% cashback on both online and offline spending.
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