Slice, the Fintech startup, has recently stopped its card operations in December 2022 as it transitions to a new system to comply with the Reserve Bank of India’s (RBI) new guidelines on digital lending.
Why?
In June 2022, the RBI banned loading on PPI instruments (pre paid instruments) from the credit line.
Earlier BNPL companies such as Slice Pay and Uni Pay used to sanction PPI wallets. These prepaid wallets, such as Amazon Wallet and Paytm Wallet, used to issue a card which was known as a Slice Card or Uni Card.
However, RBI had no problem with this, and BNPL companies used to sanction a credit line with this prepaid card by tie up with SBM bank (State Bank of Mauritius). This credit line worked as a loan, making these prepaid cards function as credit cards, which did not sit well with the RBI.
RBI banned all this in June 2022, stating that PPI wallets, PPI cards, and credit line must be kept separate.
As a result, Slice had to find an alternative solution, and they have now come up with three new updates to the old card, starting in December 2022.
Table of Contents
Slice card is now linked to Slice Mini, a prepaid account that you can activate without undergoing any credit history or inquiry.
You can add money to your account using your UPI, credit, or debit card and continue to enjoy up to 2% cashback on each transaction. Moreover, with Slice Spark, you can even get instant cashback on your purchases. However, you need to pay a 1-2% surcharge on loading money through credit cards.
You can also link your Slice Mini account to Slice UPI to secure pin-free payments.
Slice Spark
Slice Spark is designed to provide instant cashback on purchases made using the Slice card. You can enjoy exciting offers every week at partner merchants.
With this feature, you can get cashback benefits immediately after making a purchase, rather than waiting for a billing cycle or a specific period to claim rewards.
If you do frequent shopping on Flipkart then you can check out Axis Flipkart credit card reviews that provide 5% cash back on every order on Flipkart. Amazon pay ICICI credit card provides the same benefit of up to 5% on Amazon shopping.
Slice borrow is a credit line that is an unsecured loan. The maximum borrowing amount depends on your purchase power.
You can choose to repay the loan in full within one month without any interest charges or split up your repayment for up to 12 months with some interest rate applied. However, a service charge (flat fee) will be applied for each borrowing.
The service charges will be calculated on the following basis –
Loan Value | Service Charges |
Rs. 0-200 | Rs. 10 (flat fee) |
Rs. 201-500 | Rs. 30 (flat fee) |
Rs. 501-1000 | Rs. 60 (flat fee) |
More than Rs. 1000 | Rs. 30 flat fee for every increment in loan value of Rs. 500 |
The maximum service charge which can be charged by financing partners is Rs. 3000.
For example – If you can borrow Rs. 5000 with no interest but have to pay a service charge of Rs. 300 (60 flat fees on Rs. 1000 + Rs. 240 incremental). This is equal to a 6% service charge which is extremely high.
In case you can’t repay the money in a month, you make payment in more than one EMI, the interest rate will be charged at 36% which is again extremely high.
Overall, Slice borrowing is not a worthy feature. If you take a personal loan from any bank they will be charged to you 14-16% interest rate.
You may like to read – HDFC Dinners black credit card review
You can activate Slice UPI and link to your bank account. You can also link your Slice Mini Account to Slice UPI to secure pin-free payments.
However, many UPI apps are also available in the market. If the slice gives 1-2% cashback on all UPI transactions then it’s worthy it.
Fuel surcharge Waiver
You get 2% fuel surcharge waived off on transactions below Rs. 4,000 with a maximum waiver capped at Rs. 200 per billing cycle.
Reward Redemption Value
Monies Range | Conversion Rate into Cashback |
0 to less than 3 Lakhs | 1% |
3 Lakhs to less than 5 lakhs | 1.5% |
More than 5 Lakhs | 2% |
In my opinion, a slice card is not a worthy option as the slice card does not give a good reward return rate as compared to other credit cards, charges a high-interest rate on the credit line, and as usual UPI feature.
The best alternative is the Axis Ace credit card which gives you a 2% cash back return on every transaction along with 5% cashback on your utility bill payments like DTH recharge, mobile recharge, electricity, water, gas cylinder booking via Google pay. There is no maximum capping on cashback.
If you are looking for a high-end credit card then I would suggest you check the Axis Magnus credit card which offers 25000 bonus points on spending Rs 1 lakh in a month or the Axis Vistara credit card which offers up to 6 free flight tickets as a milestone benefit.
#1. What is the customer care number of a slice card?
You can contact at 08047096430 or email on help@sliceit.com regarding any queries.
#2. What is the eligibility criteria & documentation required for a slice card?
The eligibility criteria & documentation required for a Slice Card are as follows:
#3. What is the maximum credit limit of a Slice card?
The credit limit of Slice Super card ranges between Rs. 2,000 to Rs. 10 lakh.
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View Comments
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.