slice super card – USD27/- or INR2,000/- Credit Card Limit – The ultimate BNPL – 7 Benefits
slice super card – USD27/- or INR2,000/- Credit Card Limit – The ultimate BNPL – 7 Benefits
Indians,
get ready for a new age credit card with a minimum limit of INR2,000/-
This
is the lowest credit card limit card in India and also a low BNPL limit. The slice
super card is built on the VISA platform; hence the acceptance levels are high.
slice
need not worry much on the acceptance part
So,
far slice was offering credit cards with limits between the start of 5 digits and start
of 7 digits i.e start of 5 digits i.e INR10,000/- - - start of 7 digits ie. INR10,00,000
With
it's new offering, slice has broken new ground. It is offering credit cards with
a minimum limit of INR2,000/-
The
terms and conditions for this path-breaking credit card are:
01)
Minimum 18 years
02)
Clear the Slice Credit Risk Assessment
And,
Voila, you are ready to go
And, enjoy
the following benefits:
A) No Annual
Benefits
B) No
Joining Fees
C) No Hidden
Charges
As on date, Slice is available for
residents of Ahmedabad, Bangalore, Chandigarh, Chennai, Coimbatore, Delhi,
Greater Noida, Gurgaon, Hyderabad, Indore, Jaipur, Kancheepuram, Manipal,
Mumbai, Mysore, Nagpur, Nashik, Pune, Surat, Thiruvallur, Vellore, and
Visakhapatnam
As time goes by, this will be available
in other parts of India.
The seven benefits of the INR
SB01) Encourage low value Safe ePayments. As the limit
is only INR2000/- the average transaction may be between INR100/- to INR500/-.
Even with an INR500/- transaction, the limit will be over in max 4
transactions. The exact modalities for
prepayment i.e before the bill is generated may be tweaked based on the
customers feedback. This is important as users will low credit limit may prefer
to pay in advance i.e before the bill is generated. As a low limit credit card
is new in India, more data will be helpful to understand the psyche of the users.
SB02) Boost
UPI transactions - the preferred repayment of the Slice Outstanding will be
UPI, as the credit will be very fast, and the Slice Card holders can re-use the
freed limit.
SB03) Teach delinquent
users, the dangers of not paying one’s loans in time. At the same time, they
will understand the multiple benefits of paying loans on time.
SB04) Familiarise
users with the basics of finance, as to how to read a passbook, analyze their spending,
set limits on their most important needs.
SB05) Attract
new users to the credit card industry, as they improve their credit scores,
more opportunities will open up for higher limits, new merchant offers.
SB06) Open the window for employers to gauge prospective employees’ financial literacy, before
onboarding on their rolls
SB07) An opportunity
for merchants to grow their user base via small ticket digital loans. The
credit risk shifts from the merchants to the card issuers. Of course, there
will be a trade-off between the Card MDR and the new business.
As per slice internal study, the lowering
of the credit limit opens up a 200 million market.
By mid of 2022, Slice should have
adequate data to interpret the unique requirements of folks with a low credit
limit.
This data may encourage other
credit card players too come up with more innovative products for Safe Digital
Transactions.
Additional Reading:
Only 3 in 100 Indians have a
credit card — this former PayU India cofounder is hoping to change that @ https://www.businessinsider.in/business/startups/news/only-3-in-100-indians-have-a-credit-card-this-former-payu-india-cofounder-is-hoping-to-change-that/articleshow/86089396.cms
Fintech startup slice launches
card with lower credit limit; targets 200M eligible Indians @ https://yourstory.com/2021/09/fintech-startup-slice-launches-2000-limit-credit-card/amp
slice Launches ₹2,000 Credit
Limit Cards To Go After 200mn Eligible Indians @ http://bwdisrupt.businessworld.in/article/slice-Launches-2-000-Credit-Limit-Cards-To-Go-After-200mn-Eligible-Indians/08-09-2021-403685/
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