Slice is an Indian fintech company that provides a digital credit card that caters to people who don’t have a credit score. Slice has made a good position in the market, specifically among students and housewives. This review aims to help you make an informed decision by discussing the benefits, fees, and onboarding experience associated with the Slice credit card.
Benefits:
• Help You Build CIBIL Score: Slice credit card is an excellent option for people who don’t have a CIBIL score, as it doesn’t require one to open the account. You can quickly build your credit score with regular usage and timely repayments.
• No Cost EMIs: Slice allows you to pay your bills in 3 EMIs without paying any additional charges.
• Slice Sparks: Slice Sparks offer different weekly deals from top brands like Myntra, Flipkart, IRCTC, etc.
• Cashback Offers: Slice offers cashback in the form of Monies when you spend on the card. On average, you can receive 1-2% cashback.
• Zero Forex Markup Fee: Slice offers ZERO currency conversion charges, making it an excellent option for international travelers.
Fees:
• Heavy Penalty Charges: The biggest con of the Slice credit card is that if you don’t pay your bill on time, you will have to pay hefty outstanding charges. For example, if you have spent Rs. 20,000 from your slice credit card and you are 10 days late in repaying your credit card bill, you will have to pay Rs. 1000 as penalty charges.
• ATM Withdrawal Charges: If you withdraw money from any ATM using a Slice card, you will be charged Rs. 50 per withdrawal. You will also have to pay Rs. 25 if you transfer money from the ATM.
• Accessing Personal Details: Slice demands access to your personal data like reading messages, emails, and location. They even access your Facebook and LinkedIn accounts, and their representatives may call your friends and relatives for selling their products.
Conclusion:
Slice credit card is an excellent option for people who don’t have a credit score and want to build it. It has several benefits like No Cost EMIs, Cashback Offers, Zero Forex Markup Fee, and more. However, the charges are quite high, and they access your personal data, which can be a concern for many people. Therefore, it would be best to weigh the benefits and fees before making a decision.
FAQs
- Is Slice credit card a good option for someone with no credit score?
Yes, Slice credit card can be a good option for someone with no credit score, as it doesn’t require a credit score to open the account. By using the card regularly and making timely repayments, you can build up your credit score.
- What is the interest rate for paying Slice credit card bill in more than 3 EMIs?
If you want to pay your Slice credit card bill in more than 3 EMIs, you’ll have to pay around a 12-15% of interest rate.
- What are the penalty charges for late payment of Slice credit card bill?
The penalty charges for late payment of Slice credit card bill can be hefty. For example, if you have spent Rs. 20,000 from your Slice credit card and you are 10 days late in repaying your credit card bill, you will have to pay Rs. 1000 as penalty charges.
- Does Slice credit card charge ATM withdrawal fees?
Yes, if you withdraw money from any ATM using a Slice card, you will be charged Rs. 50 per withdrawal. You will also have to pay Rs. 25 if you transfer money from the ATM.
- Does Slice access personal data?
Yes, Slice demands access to your personal data like reading messages, emails, and even location. They even access your Facebook and LinkedIn accounts. However, they may use this information to call your friends and relatives for selling their products.
Waste card. There is no support from the management or team.
Not able to use the amount after the payments
Fintech companies need to work a lot on customer support.