Buy Now Pay Later (BNPL) products are the new hot thing in lending. We have many offerings in this space but Slice is the famous one in this pack. In the Uni card review, we saw how an unsecured loan from an NBFC can work like a credit card. Slice is another product that is like a Uni card and works the same way. Slice has been in the market for quite some time now. But, it has been getting good attention now with attractive offers on transactions. Here is a review of the Slice card – the ‘credit card challenger’.
The Tech Behind Slice Card
When you get a Slice credit card, it works using a loan account. So, when you check your CIBIL you see a consumer loan entry, unlike traditional credit cards. Slice partners with a couple of entities that enable this entire process.
- Financing Partner – Slice has partnered with five financing partners for the card services. These are DMI Finance, Quadrillion Finance, Fairassets Technologies, Aphelion Finance, Northern Arc Capital, and Vivitri Capital.
- Slice is the service platform and tech enabler for the loan and credit line.
- SBM Bank provides the ‘VISA’ integration to use the loan as a prepaid card.
These three together help in using Slice as a reloadable prepaid card. Once you have signed up, your CIBIL report will show a loan entry against one of the financing partners.
Fees and Charges
Slice card is offered as Lifetime Free (LTF). There is no joining or annual fee.
| Joining Fee | Zero |
| Annual Fee | Zero |
Zero Charges 3-Month EMI
Slice offers a zero charge 3-month EMI for all purchases. We can split our dues and pay 1/3rd every month without any interest or late fee charges. So, we get a free three-month no-cost EMI on each spend irrespective of the amount.
There are no charges if we choose to pay any spending by splitting it into three parts. Below is an example of how we can split and pay our dues every month. There are no rewards/cashback if we opt for paying in installments instead of paying in full.
As seen in the illustration, the cashback on paying the full amount on cards is more than we would save with the 3 month EMI.
Rewards
Slice uses the term ‘monies’ for rewards. For every rupee spent using a Slice card, we get 1 ‘monies’. These can be converted into cash back on the Slice app. The conversion rate for monies to cash is as below:
| Monies Range | Conversion Rate |
|---|---|
| 0 to less than 3 Lakhs | 1% |
| 3 Lakhs to less than 5 lakhs | 1.5% |
| More than 5 Lakhs | 2% |
There is no upper cap on earning ‘monies’. The real-life cashback would be 1%. Considering Slice’s target audience, it is quite difficult to accumulate more than 3 Lakhs.
What makes the Slice card tick?
- A credit score is not required for approval. This makes it ideal for students and people who are starting off with credit cards.
- No income proof is required.
- Good app for tracking transactions and rewards.
- Incremental savings with Slice Sparks offers – more on this below.
Slice Sparks
The 1% to 2% reward rate is not all that Slice offers. We have Slice Sparks where we get discounts for transacting with popular merchants. These offers get revised every week. Here are some of the offers that we get:
- 10% cashback on Myntra
- 10% cashback on IRCTC
- 25% cashback on Flipkart
- Rs 30 cashback on DTH recharge
The best offer that I have seen till now on Slice Sparks is the Rs 10000 cashback offer they ran for the Apple Online store. 🙂
Drawbacks
- The reward rate is low compared to other entry-level cards.
- Permissions needed by the Slice app can be a problem for some – SMS, Camera, Location, Contacts, and more.
- You even need to link your Facebook and LinkedIn accounts for getting the Slice card.
- Customer support and closing the card can be a rather long process.
Final Thoughts
Slice card’s potential users include applicants who do not have a credit score. These can be students, someone starting out with a job, or even someone who doesn’t have salary slips to show as proof. Considering that, this is a good product. We can even start with the lowest limit and work the way up in credit scores with regular payments. In that aspect, Slice can be your stepping stone to getting an unsecured card from one of the banks in the future. The rewards are also in the range of 1% to 2% plus extra savings with Slice Spark.
The application process is easy from the Slice app. So, one can go ahead and apply if you fit into the above audience range.
Slice Card
8 thoughts on “Slice Card Review”
Ye ak froud card hai eske jase me na pde
These guys are world class cheaters…they have internally implemented policy for charging hefty interest on any slices 2/3/4 any…but these buggas also don’t feel shame to say that ‘full payment is interest free’
NEVER EVER JOIN SLICE…THEY ARE NO 1 CHEATERS
Dosto slice card kabhi mat banwana ye apka Cibil score kam karwadege agar ap inka credit card band krte ho to ok mere sath b aisa hi hua payment time to time krne k baad b mere score kam kardiya
Slice is not providing 2 and 3 Months 0 Interest EMI anymore.
This is really not acceptable that you fraudulently promoted your card to give 3 installments interest free and within few months, you changed it back to only one month and start getting 24% interest for 2 and 3 months accordingly. This is literally a scam.
You are completely right…same here..these guys should be banned and pulled down to court…such a cheater and fraudstars….
This is fack card don’t use the card no help center no support for company
What nonsense, you can suspend your card in less than 10 seconds on the app.
I have lost my Slice card and since 2-3 days I am trying to reach to customer care and also sending emails however not getting any response from slice.
Saturday and Sunday call centers are closed even after handling the banking sector and rest of the days they are providing customer support from 9 to 6.
As per them you ca block your card by following some steps on their app itself however their is no such option available.