Understanding Slash Platinum: what is the difference between the "Cash Account" and the "Credit Account"?

Background

The Slash Platinum Card is a secured charge card that must be paid off in full every single day.

Here's how it's different to a regular secured card, charge card, or credit card:

	Slash Platinum Card	Regular Secured Card	Regular Charge Card	Regular Credit Card
Limit	Equal to the lesser of your maximum Credit Limit, and the amount of funds in your Cash Account.	Equal to your security deposit	Not tied to a deposit amout	Not tied to a deposit amout
Payments due	Daily	Monthly	Monthly	Monthly (but can hold a balance)
Interest	None	None	None	Varies by card
Withdraw security deposit on command?	Yes	No	N/A	N/A

Overview

Every Slash Platinum account is comprised of both a "Cash Account" and a "Credit Account".

Your "Credit Account" is a charge card that must be paid off in full daily.

Your "Cash Account" acts as your business checking account*. You can use it to hold funds, send wires, receive wires, and do anything you can do with a checking account.

	Credit Account	Cash Account
Types of transactions	Card transactions, Daily Credit Card Payments.	Incoming/Outgoing Wires, ACH transfers, Fees, Daily Credit Card Payments
Purpose	To allow you to make card purchases up to your credit limit.	To hold and send funds.

Credit Account Deep Dive

Your "Credit Account" is a charge card that must be paid off in full daily. It has a limit equal to your "Cash Account" balance, up to a maximum (which can be found by visiting https://app.joinslash.com/platinum/account/credit)

Types of transactions you'll see on the Credit Account:

Card transactions
Daily payments being made on your card from the Cash Account
You can see all credit account transactions by visiting https://app.joinslash.com/platinum/account/credit

Here's what a Credit Account statement looks like:

The only transactions are "Payment from Platinum account", which are made daily, and bring your Balance to 0.
AND card transactions, which are labeled as "Disbursements".

Cash Account

Your "Cash Account" acts as your business checking account, even though it's actually made up of two accounts under the hood.* You can use it to hold funds, send wires, receive wires, and do anything you can do with a checking account.

Types of transactions you'll see on the Cash Account:

Incoming wires and ACH transfers
Outgoing wires and ACH transfers
Any fees
Your daily payment of your Credit Account
You can see all cash account transactions by visiting https://app.joinslash.com/platinum/account/cash

Here's what a Cash Account statement looks like:

It shows incoming and outgoing ACH transfers, fees, and all other non-card activity on your account.
It shows your "Daily Credit Card Payment" transactions, which are transfers that move funds from your Cash Account to your Credit Account, to bring its Balance to 0 on a daily basis.

* NOTE: The Cash Account is actually two checking accounts under the hood: your Transactional Account and your Collateral Account:

Your Collateral Account is used to secure your Slash Platinum Card spend. Your Collateral Account's balance will never exceed your maximum credit limit.
Your Transactional Account is the account you actually send and receive payments to and from. All funds deposited in your Transactional Account are automatically forwarded to your Collateral Account, up to your maximum Credit Limit.
The Cash account is not a bank account.

We do not provide separate statements for the Collateral and Transactional accounts, and you will not see them detailed out in QBO or other syncs.

How To Pay Off Your Balance

At the end of every day, you can pay off your card spend by transferring funds from an external account of your choice. If you don’t pay off your balance by the end of the day, Column will use money in your Collateral Account to pay off your balance.

What is the Daily Credit Card Payment?

In the transactions page, you’ll notice that there are ALWAYS two transactions called Daily Credit Card Payment. Why? Well, one is a transaction on the Credit Account, of money coming INTO the account, which reduces the balance. The other is a transaction on the Cash Account, of money LEAVING the account to go to the Credit Account.

In the photo below, the second column from left to right shows which account each transaction belongs to. As you can see:

The transaction on the Cash Account is negative. Money is LEAVING the account.
The transaction on the Credit Account is positive. Money is ENTERING the account.