Slice Pay is a fintech from India which was started in 2016 by Rajan Bajaj. Slice provides credit loans to customers, which you can use for payments at different merchants. When you open your account on Slice Pay, you are given a credit limit based on your credit score, which you can use for your payments and can also repay later.
SlicePay has partnerships with NBFC, which give you credit limits. Using this you can make your different payments. Slice app also works to smartly track and manage all your transactions. Slice has some financial partners who, together with whom give you credit.
Below we are giving you the list of those NBFCs:
| DMI Finance Private Limited |
| Quadrillion Finance Private Limited |
| Fairassets Technologies India Private Limited |
| Aphelion Finance Private Limited |
| Northern Arc Capital Limited |
| Vivriti Capital Private Limited |
Slice credit card benefits and disadvantages:
Slice Credit Card is a VISA-powered physical card that you get when you open your account through the Slice app,which you can use for any other credit card like your daily bill payments, shopping, etc. Since it is a VISA card, you can also use it for international payments.
You get Slice Super Card within 5 to 8 days after the credit limit is approved on Slice Pay. Using this slice card you can pay 99.98% merchants. By making payments with this slice credit card, you get a cashback of 1-2% on every payment.
Slice card provides similar services like a normal credit card, but it is not a credit card but a Slice Super card. But why so? Any credit card can be issued only by any RBI registered bank, but Slice gives us its services in association with NBFC’s. An NBFC is not a bank, so any NBFC cannot issue credit cards. So in fact, Slice card is just a VISA card through which you can repay later using the approved credit limit on your Slice Pay app.
Slice gives you the same services as Amazon Pay Later, Paytm Postpaid, and Flipkart Pay Later. But this is not a credit card, but a normal VISA card which is given to you only for credit transactions.
So if you see, its tagline justifies the Slice card- “India’s best credit card challenger”. Now you must have understood that this is not a single credit card but a normal VISA card. This is different from the credit card given to you by other RBI registered banks, like ICICI Bank, SBI, HDFC, etc.
Slice Card Features:
Slice Super Card is not a complete credit card, yet it has some very good features which are exactly like a traditional credit card. Which fulfills your financial needs. Some of the special features of Slice Card are as follows-
- You get 2% instant cashback/reward whenever you do a transaction using Slice card.
- You can pay the credit limit used with the Slice card with 3 months EMI without any extra charges.
- “Spark” is a very useful feature of Slice card which if you activate on Slice Pay app then you get very good discounts on different mechants.
- The best thing about this card is that it is VISA-powered, so here also VISA is accepted, you can shop from all those merchants like- Amazon, Flipkart, Levi’s, Zomato, Swiggy BigBasket, Domino’s and many more.
Slice Credit Card Benefits:
- Instant Credit: When you enter a request to open your account on Slice Pay, then according to your credit score, you are allotted an instant credit balance.
- 0(Zero) Additional Charges: Suppose you are given a monthly credit limit of Rs.10,000 on the Slice app. You use this credit through Slice card. But when you repay this used credit before the due date then you will not have to pay any extra charges.
- No AMC: This card is given to you absolutely free of cost by Slice. There is no AMC (Annual Maintainace Charges) of this card, so you do not need to pay recurring charges every year.
- Easy Repayments: You can also reapay the credit used by the Slice card by dividing it into 3 months Easy EMI. This reduces the financial burden on you.
- Slice claims to offer 2% cashback on every transaction through credit card.
- For each fuel transaction less than Rs.5000, fuel surcharge will be waived off with a cap of Rs.200 in one billing cycle.
- All those people who are 18+ with PAN card can apply for the Slice card.
Slice Credit Card Disadvantages:
- If you transfer emergency cash out of the approved limit from the Slice app, then you are charged a lot for this. Also a lot of service charge is taken. (1) Rs.60 service charge+Interest for Amount less then Rs.1000, (2) Rs.120 service charge+Interest for amount greater then or equal to Rs.1000.
- At the time of Installment Repayment, you get the full amount but you start seeing less limit on the app.
- Late charges are levied for not repaying the used limit on time. Which is much more than the normal credit card. For every single day of delay, you are charged as per the table below. And sometimes up to 30% of the total outstanding is charged.
| PRINCIPAL OUTSTANDING | PER DAY CHARGES |
|---|---|
| ₹0 – ₹500 | ₹0 |
| ₹501 – ₹5000 | ₹20 |
| ₹5001 – ₹20,000 | ₹50 |
| More than ₹20,000 | ₹100 |
- The biggest drawback we find of Slice is that since it is provided by 2 or 4 NBFCs instead of getting the credit from any bank that can lower your credit score. Because your credit outstanding will show in your credit score history in different NBFCs due to which any bank can refuse to give you the loan in future.
slice credit card benefits and disadvantages Summary
If you use the credit limit of the Slice app and make repayment on time, then this app can prove to be really a credit card challenger for you. This app is good for Students and Youngsters. If you do not need much money, then I do not recommend you to use Slice as a student because it can put an additional financial burden on you. After going through all the pros & cons I would like to give this app only 3 out of 5 rating.
If you want to understand more about the Slice app before using it, then in this article we will talk to you about the Slice credit card review. Along with this, some special features and benefits of the Slice app will also be known.
Operating System: Android
Application Category: Finance