There are a lot of different credit cards on the market, and it can be difficult to decide which one is right for you. One card that has been gaining popularity lately is the Slice credit card. This card comes with a lot of benefits, but it also has some disadvantages. In this blog post, we will discuss the pros and cons of the Slice credit card so that you can decide if it is right for you.
Though Slice sounds like a type of credit card, it’s actually not. It’s an unsecured credit line that allows you to borrow pre-approved amounts and use them as required with your permission – just like using personal loans from banks! Keep reading to know about slice credit card benefits and disadvantages!
About Slice Credit Card
Slice, formerly called SlicePay is a Bengaluru-based startup founded in 2015 that offers credit to students and graduates and is an app-based credit card challenger. Slice currently operates in six main cities across India: Delhi, Pune, Mumbai, Hyderabad, Chennai, and Bangalore.
Indian fintech company Slice was founded by Rajan Bajaj and Deepak Malhotra. The duo developed a collateral-free student loan system that has since been copied across India, changing the country’s collateral-free finance landscape forever!
Slice offers 24/7 customer support to ensure that your payment goes through smoothly. They have a professional team of people who are available by phone, email, and live chat as well if you want some one-on-one time with them!
Eligibility Criteria for Slice Credit Card
To be eligible for a Slice credit card, you must be an Indian resident and at least 18 years of age. You must also be either salaried, self-employed, or a student. In addition, you must have a CIBIL score of 740 or higher. If you meet all of these criteria, you can apply for a Slice credit card and enjoy all of the benefits that it has to offer.
The Slice Card is currently available in a number of cities across India, including Bangalore, Chandigarh, Ahmadabad, Chennai, Delhi, Coimbatore, Gurgaon, Greater Noida, Indore, Hyderabad, Jaipur, Kanchipuram, Mumbai, Manipal, Mysore, Nasik, Nagpur, Surat, Pune, Vellore, Thiruvallur, and Visakhapatnam. The card offers a number of benefits for users, including discounts on food delivery and cabs, as well as cashback on movie tickets and online shopping. With its wide range of partner merchants, the Slice Card is an ideal way to save money on everyday expenses.
Credit cards can be a great way to build your credit history and improve your financial standing!
Documents Required for Slice Credit Card
In order to get a Slice Credit Card, you will require address proof and identity proof documents such as Aadhar Card, PAN Card, Driving License, Passport, Utility bills, or Voter Card. In addition, income verification may also be required from your bank statement with the last three months’ worth of payslips or Income Tax Return (ITR) of the last year.
Slice Credit Card Fees
There are no hidden expenses with the slice credit card. While other credit cards charge two primary fees: joining and annual charges, the slice credit card is LifeTime Free (LTF) and does not have any additional costs.
Slice Credit Card Benefits
Up to 2% cashback: With any transaction, you make using a Slice credit card, not only do they give up to 2% cashback but their monthly statement includes all the details about how much cashback has been earned so far. You can check these details on the Slice app.
No Cost EMI: The main yet useful advantage of the Slice Card is No-Cost EMI. You may shop with top eCommerce companies like Amazon, Flipkart, Myntra, and others and transform your purchase into monthly EMI using this feature. Another benefit of utilizing a Slice Card is that if you don’t pay the outstanding balance before the threshold date, it will be automatically converted to EMI.
Good Credit Limit: The greatest advantage of having a Slice card is the large credit limit. With a Slice credit card, you may receive a credit limit of up to Rs. 10 Lakhs depending on your CIBIL score and other parameters.
LifeTime Free(LTF): If you have a Slice credit card, there are no joining fees or annual charges. However, if you need a replacement Slice card (regardless of the reason), you’ll be charged a one-time fee of Rs. 500.
Discounts Every Week with Slice spark: Every week, the Slice app gives you special discounts from top brands, such as Swiggy, Zomato, Apple, Blinkit, and Nike, among others.
No Fuel Surcharge: If you use Slice Credit Card to fill up your car, you may get up to Rs 200 in waivers each billing cycle. However, the fuel transaction amount should not exceed Rs 4000.
Refer and Earn: The Slice credit card enables you to profit via referral marketing. You’ll get a Rs 500 cash bonus every time you refer a Slice card to someone you know.
Vast Acceptance: The Slice card is accepted in most eCommerce platforms throughout India that accept VISA credit cards. With acceptance rates of over 99.95 percent across eCommerce businesses, you get the flexibility to use it as needed. Some foreign merchants, on the other hand, also allow transactions using Slice Credit Card.
Easy Monthly Expense Tracking: The Slice mobile app allows you to keep track of your expenses and manage them in a simple and straightforward manner. If necessary, you may further transfer money from your Slice Credit Card to your bank account in an emergency.
Split Bill With Friends: The Slice Card’s built-in notes and tags offer a fantastic alternative to split the bill among your pals. This allows you to maintain the information simple and keep track of your expenses on a monthly basis. You can take note of certain things and divide the bill accordingly between your friends while calculating your monthly expenditures.
Slice Credit Card Disadvantages
High-Interest Rate: The biggest disadvantage of the Slice credit card is its high-interest rate. If you fail to pay your bill on time, you’ll be charged an interest rate of up to 15 percent per annum.
No Physical Branch Locations: As an online credit card provider, Slice doesn’t have any physical branch locations. So, if you need to meet with someone in person or get assistance with your account, you’ll need to schedule an appointment at their Mumbai headquarters.
Complicated Cashback System: It is not simple to get cashback for several reasons, including the fact that there are a lot of restrictions and conditions.
Damage to CIBIL Score: This isn’t a credit card, but rather a credit line. If you don’t pay back late debts, your CIBIL score gets badly affected. You are more unlikely to be acknowledged for a declining CIBIL rating. Customers have reported this problem after utilizing Slice Credit Card in the past.
High Fees on Balance Transfer: If you transfer the money straight from this card to your bank account, you’ll be charged a high-interest rate and fees.
Lackluster Customer Support: Customer service is not good, and many customers have expressed dissatisfaction with the lack of availability.
How to contact Slice Credit Card customer care?
The Slice Credit Card customer care number is +91 8047096430. If you have any questions, you can send an email to [email protected]
How Long Will It Take to Get the Slice Credit Card?
Typically, if you submit all of the required paperwork and they are verified, you should receive approval for a credit card in less than 40 seconds. The issuer will then deliver your credit card within 48 hours of your approval. As a result, you will acquire the card in less than 48 hours after receiving approval.
Slice Super Credit Card is the perfect choice for people who want to start building their credit journey. This card comes with no annual or renewal fees, allows up to 2% cashback on every transaction (which can add up quickly!), has an easy application process even if you don’t have any credit history yet and there are plenty more reasons why this product stands head-and-shoulders above other cards out there! Overall, Slice Credit Card is a great alternative for folks who are at least 18 years old and want to begin building their credit score. This card will aid you in increasing your credit score. However, if you already have a credit card or wish to take advantage of perks in a certain category, such as travel or leisure, then other options may be available in the market.
Thank you for reading my review! I hope it was helpful. Do you have any questions? Please let me know in the comments section below. Have a great day!