Slice credit card allows you to convert your chosen transactions into EMI at no extra cost. However, if you choose to pay in full you can get upto 2% (terms and conditions) cashback. The card comes with a smooth mobile application.
This article compiles all of the little intricacies of using this card to get the maximum benefit.
Savings Calculator
Add in your expenses to estimate your savings with this savings calculator. The maximum savings are possible are 2%. This is good for entry level cards.
If the Calculator doesn't run, click here and run again.
Eligibility and fees
This card is advertised that it will be given to anyone, even students. You just need to download the mobile application and you get the virtual card within 5 mins. An Aadhaar card OTP verification is the only thing that is asked.
Enter my code SUPER198320 while signing up and we'll each get Rs. 300.
https://links.sliceit.com/invite?rc=SUPER198320
The limit I got was the highest among my 10 cards! So they seem to be generous with their credit limits. Let me know about your experience too.
This card is life time free for all.
For some reason CRED does not allow this card to be listed.
Slice it up
All your transactions can be converted to EMI and paid in 3 months installments for free. This should be quite handy. I am a firm believer that, if you are planning to go for EMI, the better option is always to not buy as much as possible.
I have attempted to calculate the interest benefit, you may gain by splitting the transaction into free emis. The spend amount considered is Rs 100. The interest rate at which you keep the pending amount is 10% (I know it is quite on the higher side).
1) full payment will give 2% cash back
2) EMI payment over three months will give you interest income of 0.83%
As you can see, the benefit you gain by splitting the transaction is just 0.83%. So you should always pay the full amount to get the cash back which even at its minimum is 1%.
The worst case is when you are getting 24% interest on the pending amount, you can consider splitting the transaction. In this case, the gain by the EMI transaction will be 2% which equals the cash back on paying the full amount.
Reward Benefits
If you choose to pay the bill in full each month, you will get equivalent “monies” (reward points).
The monies are not given for wallet, fuel, cash transfer and rent transactions.
These can be redeemed for cash back as per the below rates.
Monies accumulated | Conversion rate to cash (%) |
1-299,999 | 1% |
3lac to 4,99,999 | 1.5% |
5lac + | 2% |
The monies don't expire, so do keep accumulating, till they are more than 5 lac. This will give you the maximum cashback of 2%.
For an entry level card, this is good offer.
Spark
This is the offer zone for this card with different merchants. The best offer that is available for me is 10% cash back once upto Rs 100 on Amazon spend.
Flipkart offer
An ongoing offer allows you to convert 100 flipkart coins into Rs100 discount when paying via Slice credit card. Quite a favourable deal when buying items upto Rs 2000.
Fuel surcharge
Surcharge will be completely waived off for each fuel transaction less than Rs. 5000. The maximum waiver (discount) in a billing cycle will be capped at Rs. 200.
Charges
This card comes with high charges like all credit cards. If you miss your payment, you will be hit with late fees as well as interest charges of 42%.
Billing issue
The bill is issued at the 1st of every month. However, you get just 5 days to pay the bill. Compared to the other credit cards which give upto 15 days to pay your bill. This is in poor spirit, and will take down your credit/CIBIL score drastically, if you miss the payment. I just prepay my slice bill cause 5 days is too little time.
Rating
This card is gives high cashback considering it is an entry level credit card.
2.5/5
Stay away, if you are not carefull/punctual with your bill payments
Similar or better cards
This gets directly compared with Axis Ace or Axis Flipkart credit card which each give 2 and 1.5% cashback respectively. IDFC First credit cards give similar cashback in addition to lounge accesses.