The need for credits is exponentially increasing with time. Today, more and more people look for finances to fulfill their emergency expenses. Slice Card is a growing name that gives you high credit without worrying about intense documentation. Slice Pay is a growing fintech company that provides credits to people who lack steady income. Interestingly, it also gives credit to those with low credit scores.
Slice is more often mistaken with credit cards. However, it is a line of credit that allows you to borrow pre-approved amounts and use them as required.
However, a Slice Card isn't the only credit option available in the market. So, before you choose Slice, you should know everything about Slice Card.
What are the Eligibility Criteria for a Slice Credit Card?
The eligibility criteria for Slice credit cards are almost the same as other credit cards. Below are the detailed criteria that you must fulfill to qualify for this card.
Currently, the Slice Card is only available in a few cities that include Bangalore, Chandigarh, Ahmadabad, Chennai, Delhi, Coimbatore, Gurgaon, Greater Noida, Indore, Hyderabad, Jaipur, Kanchipuram, Mumbai, Manipal, Mysore, Nasik, Nagpur, Surat, Pune, Vellore, Thiruvallur, and Visakhapatnam.
What Documents are Required to Apply for Slice Credit Card?
After you qualify for this credit card and submit the documents as mentioned above, you can get a Slice tracking ID and other credit card information via SMS & Email.
What are the Fees for Slice Credit Card?
There are primarily two fees applied to a credit card, i.e., joining fees and annual fees. Interestingly, Slice credit cards don't have any of these fees. In short, you will get this card free of cost.
Now, moving ahead of the basic information, you should know the pros and cons of using a Slice credit card. Below are the benefits of using a Slice Credit card.
Slice Credit Card Benefits:
Big Credit Limit: The biggest benefit of using a Slice card is its big credit limit. With a Slice credit card, you can get a credit limit between Rs. 2000 to Rs. 10 Lakh.
2% Cashback: With every transaction you make using a Slice credit card, you get a 2% cashback. Your monthly statement includes all the details about cashback earned and total transactions made. You can also check the details on the Slice Pay application.
New Deals Every Week: Every week, the Slice app gives you exciting offers from big brands, including Swiggy, Blinkit, Nike, etc.
No Fuel Surcharge: If you use Slice Credit Card for vehicle refueling, you get a maximum of Rs. 200 waiver in your monthly billing cycle. However, the fuel transaction amount shouldn't be greater than Rs. 4000.
No Cost EMI: The common yet crucial benefit of Slice card is No-Cost EMI. With this feature, you can purchase from top eCommerce brands like Amazon, Flipkart, Myntra, etc., and convert your transaction into monthly EMI.
Another great advantage of using a Slice Card is that your outstanding amount is automatically converted into EMI if you don't pay the due balance before the threshold date.
Lifetime Free: As mentioned earlier, there are no joining fees and annual fees if you own a Slice credit card. However, if you require a replacement Slice card (in any circumstances), you have to pay a one-time fee of Rs. 500.
Refer and Earn: Slice credit card gives you the option to earn through referral marketing. Every time you refer a Slice card to someone you know, you get an Rs. 500 cash bonus. You can either send the referral link or share the referral code with anyone to get the Slice Credit Card.
Easy Monthly Expense Tracking: The Slice mobile application gives you the transparent option to easily track your expenses and manage them. You can further transfer cash from your Slice Credit Card to your bank account in case of emergency.
Vast Acceptance: Today, the Slice card has its acceptance in most eCommerce platforms across the country. With acceptance at over 99.95% of eCommerce stores, you get the freedom to use it as required hassle-free. Interestingly, some foreign merchants also allow transactions via Slice Credit Card.
Split Bill Among Friends: The Slice Card comes with a fantastic option to add notes and tags if you want to split the bill among your friends. This helps you keep the information transparent and manage your expenses every month. When calculating your monthly expenses, you can consider the notes and split the bill accordingly between your friends.
These are the benefits of using a Slice Credit Card. This card is an excellent option for students who fall short of funds during an emergency. Interestingly, the Slide Card was started by offering credits to students, which later covered all individuals, including students and salaried persons.
Concern with Slice Credit Card
There are always some concerns with apps like Slice. Below are some concerns you should consider before applying for a Slice Credit Card.
Data Protection: Data protection is always a major concern for users. Slice has clear information about how they use your sensitive information. According to Slice, your sensitive information is only used to check your eligibility for the credit limit. Else the Slice doesn't sell your information to third-party companies.
High-Interest Rate: Undoubtedly, the auto-conversion of your outstanding balance into a 3-months EMI is a great option that solves your problem of late payment. However, the interest rates are significantly high, i.e. 12-15 percent.
Damage to Credit Score: In case you skip the repayment of overdue bills, there are chances that your CIBIL score is affected. More often, you won't be acknowledged about your decreasing CIBIL score. Some customers have reported this issue after using Slice Credit Card in the past.
Auto Balance Slicing: Even if you don't want to slice your overdue amount into three months EMI, you don't have any option to stop the slicing process. All you can do is pay the amount before the due date.
Charges on Slice Pay Credit Card
There are different particulars when you are charged with an additional amount. Below are the specifics of the associated charges.
Cash Withdrawal: If you withdraw an amount from any ATM, you will be charged Rs. 50. However, you will be charged Rs. 25 if you transfer money from an ATM.
Late Payment: If you fail to pay the outstanding amount before the due date, the entire sum is converted into EMI. However, some charges range between 12% – 15% on the outstanding balance.
Additional Charges: Slice credit card provides free delivery at your doorstep.
With these pointers, every user needs to keep a few things in mind before using such Credit Cards.
Know Your Needs: If you are not sure about your expenses, it's essential to know them and find whether your income can fulfill your needs or not. Prefer creating a managed expense from your income source.
Focus on Needs, not Wants: Many people take Credit Cards like Slice Pay to fulfill their wants, which is always a bad option to move forward. You should consider it for emergencies or your needs. This will help you maintain funds for repayment and keep a healthy CIBIL score.
Manage your Expenses Smartly: If you have a fixed income source, it's essential to know your expenses and manage them smartly. Managing your expenses isn't the only aspect of your financial journey. Instead, you should find some money for saving that will provide you with financial freedom later.
Read T&C Before Taking Credit Card: Whether you use the Slice credit card or any other option, you should check the terms and conditions before applying. Furthermore, you should also check the interest rates charged in case of late payment, conversion of outstanding balance into EMI, etc.
Keep track of Credit Score: With every loan or credit card comes the responsibility to keep track of your CIBIL score. Maintaining a strong credit score will help you take any type of loan in the future without issue. Further, with a CIBIL score, you can get a loan at low-interest rates.
So, this is all about Slice Pay Credit Card, which gives you transparent information before decision making. Undoubtedly, the card comes with many advantages that you can't deny when using it. However, you should thoroughly research via other sources and customer reviews that can help you make the right decision.