Slice Credit Card App Download __HOT__
Babette Bartel
As stated in the Durbin Amendment 124.STAT.2073, 9b2, businesses are permitted to offer a discount to customers as an incentive and to encourage customers to pay by alternative methods other than a credit/debit cards including either checks or cash in order to automatically receive a discount which is applied at the time of sale.
This is not a credit or debit card surcharge program which is not allowed in several states. Slice provides you with a technology that allows you to offer discounts to its customers who chose to pay using cash or check which is allowed in all states.
Slice Super Credit Card lets you earn instant rewards on multiple categories, such as travel, dining, lifestyle and more. You can also earn cashback on your transactions via this credit card. However, the cashback will be added into your Slice account in terms of rewards. Below mentioned are some of the major Slice Credit Card benefits:
Slice Super Credit Card is best suited for people who are new to credit and want to avail cashback on every transaction. You can earn up to 2% cashback on every transaction through this credit card. One of the best features is that this card comes with no renewal or annual charges. You can avail multiple benefits, such as no-cost EMI, splitting bills, new deals every week and more without any charges.
Additionally, there is no minimum credit score requirement for this credit card, hence beginners can also apply for this and start building their credit journey. Overall, Slice Credit Card is a great option for people who are above 18 years and want to start their credit journey. This card will help you build your credit score. However, if you already have a credit card or you want to avail benefits on a specific category, such as travel, lifestyle, etc., then you can look for other options available in the market.
Slice is a digital lending platform that offers credit card in collaboration with several NBFCs, including Quadrillion Finance Private Limited, DMI Finance Private Limited, Northern Arc Capital Limited and Vivriti Capital Private Limited.Suggested read: Best Travel Credit Cards in India
Slice Credit Card is a decent option if you are new to credit and want to start your credit journey. You can easily apply for this credit card without any documentation and income proof. If we look at the 2% instant cashback rate, then this might not be the highlight of this card. Instead, Slice Sparks is something that will help you maximize your benefits. Under Slice Sparks, you can earn decent cashback on brands like Myntra, Big Basket, Flipkart, Amazon and more. All you need to do is activate the spark as per your requirement.
Keeping aside Slice Sparks, this credit card does not have much to offer. The rewards rate of this card is low as compared to other entry-level credit cards. You can consider applying for this credit card if you are new to credit and are looking for an option to save on your expenses. In simpler words, if you do not have any other option, then Slice can be your stepping stone toward getting a decent credit card while building your credit history.
The Reserve Bank of India clarified a range of guidelines last year that impacted scores of startups, including Slice, rival Uni, neobanks Jupiter and Fi, making sweeping changes that challenged how many firms issued cards.
If you ever get frustrated when you go into a store or restaurant and find out they're a cash only business, it may be because the owner doesn't want to deal with all of the complexities around accepting credit cards. It costs them money to give you the convenience of paying with plastic. But now they have the option of passing those costs onto consumers by using credit card processor Slice.
Whenever you use a credit card to pay for a purchase, there are a bunch of things going on in the background that incur costs to make that transaction happen. Here's the quick lowdown on what happens whenever you swipe or tap your card. First, the bank that issued your credit card and the card network (Visa, Mastercard, American Express and Discover are four major card networks) together charge the storeowner for allowing them to accept the credit card. According to payments processor Square, this usually costs the storeowner a percentage of the purchase price, plus a flat fee.
What merchants actually pay per transaction can be pretty complicated, and they vary by card network. Value Penguin estimates that these fees can range from 1.43 percent to 3.5 percent of a transaction, depending on the network. Visa, Mastercard and Discover are all on the lower end of the spectrum, while American Express is generally higher.
When you add in the processor fees, Square estimates that it costs merchants anywhere between 2.87 percent to 4.35 percent of a transaction to accept a card. That can really add up on small purchases, which is why you'll sometimes see storeowners specify a minimum amount in order to pay with a card.
A new twist in the world of payment processing comes from Slice. Slice is a processor that offers businesses the possibility of free credit card processing, but that's not because it's found a way to make credit card processing free. It's because they've figured out a way to pass on those fees to the customer.
Slice does this through a couple of different methods. Merchants have the option of adding on a "service fee" to all of their customers, but they can give a 3.99 percent discount to those who pay cash. Say you go out for a burger and a beer, and your bill is $25. With Slice's cash discount program, you'd get about $1 back if you paid with cash. If you paid with a credit card, you'd still pay $25.
Slice also gives business owners the option of using a credit surcharge, adding 3.99 percent onto every bill that's paid by credit card. In this sense, you're not getting rewarded for paying cash; you're paying for the privilege of using a credit card. Slice says they give signage to merchants to publicly post so consumers are aware of this process.
If you're wondering whether this is even legal, the answer is for the most part, yes. Cash discounts are legal in all 50 states, while 42 states allow for credit surcharges. Slice says on its website that consumers pay additional fees for using cards, citing ATM fees as one example.
While you as a consumer might understand the merchant's point of view, and you might even be willing to pay extra to use a credit card, there's one other element to keep in mind: Business owners tend to build credit card fees into their prices.
Pricing is a complicated element of retailing. Whenever a merchant prices an item or service, they have to taken into account the actual cost of the item, plus costs of labor, utilities, rent, and other factors, including credit card fees.
While Stripe gives merchants the option of giving cash discounts or adding a credit surcharge, consumers don't know whether or not the prices of the products were calculated to include card fees in the first place. If they were--and savvy customers know which stores have better prices--then the consumer could find that merchants are taking another slice out of their wallet and they're paying twice for using a credit card.
For every 100 people in India, there are only three credit cards. In contrast, there are close to one billion debit cards in use in India today. Basically, Indians have lived much of their lives on debit cards, leaving them with little to no credit score. But this also means there is a higher penetration opportunity in the South Asian nation.
To Bajaj, the biggest attraction perhaps for users is that they are able to build credit scores, which would eventually make them eligible for better credit cards from other firms and banks, and enable them to secure loans for various purposes. In about six months with Slice, most users have a credit score of more than 700, he said.
Founded in 2016 by Bajaj, slice claims to be serving 200K active customers today, who make an average of 8-10 slice card transactions in a month. Out of which, 60% transactions are conducted at offline or retail merchants and the rest are online. Overall, the company is said to be nearing 1 Mn transactions on its payment card.
Partnering with RuPay, the slice card enables payments across 5 Mn merchants in India, both online and offline. Customers can use it for paying bills to lifestyle purchases such as travel, stay, food, dining and entertainment.
The slice card has a minimum credit limit of INR 4K and goes up to INR 60K for students or INR 1 Lakh for working professionals and freelancers. Customers can also avail short-term cash loans for emergencies.
It also brings no-cost EMI for high ticket purchases on ecommerce websites such as Amazon, Pepperfry, Myntra and other, where the interest rate ranges from 10-15% depending on the tenure. However, slice does not charge a processing fee or interest on EMIs for up to six months for customers on Amazon, Flipkart, MakeMyTrip, Yatra and other partners.
In addition to this, other tech companies have expressed interest in entering the lending space. In July, Digital payments unicorn Paytm partnered with NBFC Clix Finance to enable digital loans for both its customers and merchants. On the other hand, ride hailing major Ola and ecommerce platform Flipkart were reported to be co-launching credit cards, in partnership with major Indian banks.
In order to acquire new users, slice uses customised distribution channels for different types of users. For college students, it focussed on building a campus manager community in each college to be evangelists.
Further, the company is now hoping to touch 2 Mn customers in the next two years along with expanding to 24 cities in the next two years, many of which will be in Tier 2 and 3 cities. And in these cities, credit card usage is even lower than in the metro cities.
Bajaj founded Slice in 2016. The company claims to issue as many as 1 lakh super cards every month, is recording 50% month-on-month growth and has non-performing asset (NPA) standing at less than 2%.
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