Introduction:

Slice is a fintech start-up that offers a credit card designed specifically for millennials and Gen-Z. The Slice credit card is issued by Federal Bank and comes with a host of benefits and features tailored to meet the needs of these demographics. In this article, we will provide an honest review of the Slice credit card, including its benefits, features, eligibility criteria, fees and charges, and overall suitability for millennials and Gen-Z.

Benefits:

1. No Joining Fee: The Slice credit card does not charge any joining fee, making it an affordable option for millennials and Gen-Z.
2. Cashback: The card offers 2% cashback on all online and offline spending, including bill payments and recharges.
3. Easy EMI Options: The Slice credit card comes with easy EMI options, allowing customers to convert their big purchases into smaller EMIs.
4. No-Cost EMI: The card also offers no-cost EMI options on select merchants, making it easier for customers to make big-ticket purchases.
5. Rewards: The Slice credit card rewards customers with 1 reward point for every Rs. 100 spent, which can be redeemed for cash back, gift vouchers, and merchandise.
6. Discount Offers: The card comes with exclusive discount offers on various online and offline merchants, including Amazon, Flipkart, Myntra, and more.

Features:

1. App-based: The Slice credit card is app-based, which means customers can manage their cards and transactions through the Slice app.
2. Instant Approval: The card offers instant approval, and customers can start using their card within minutes of approval.
3. Contactless Payments: The Slice credit card comes with contactless payment technology, allowing customers to make payments by simply tapping their card on the terminal.
4. Credit Limit: The card offers a credit limit of up to Rs. 1 lakh, which can be increased based on the customer’s spending pattern and repayment history.
5. Virtual Card: The Slice credit card also offers a virtual card that can be used for online transactions.

Eligibility:

1. Age: The applicant must be between 18 and 35 years of age.
2. Employment Status: The applicant must be a salaried individual with a monthly income of at least Rs. 15,000.
3. Credit Score: The applicant must have a good credit score, which is generally above 700.

Fees and Charges:

1. Annual Fee: The Slice credit card does not charge an annual fee.
2. Interest Rate: The card charges an interest rate of 42% per annum, which is higher than most credit cards in the market.
3. Late Payment Fee: The card charges a late payment fee of Rs. 300 for outstanding amounts up to Rs. 1,000, and Rs. 500 for due amounts between Rs. 1,000 and Rs. 2,000.

Slice Credit Card rewards:

The Slice Credit Card offers rewards in the form of cashback on eligible transactions. Cardholders can earn 1% cashback on all purchases made with the card, including online and offline transactions. The cashback is credited to the cardholder’s Slice account and can be redeemed for a range of products and services available on the Slice app, such as mobile recharges, bill payments, and shopping vouchers. The cashback can also be used to pay off outstanding dues on the credit card.

It’s important to note that the cashback earned through the Slice Credit Card has an expiry date, typically 90 days from the date of credit. Additionally, certain transactions, such as fuel purchases, wallet loads, and cash advances, are not eligible for cashback rewards.

For more details about the slice card, you can watch this video –

Overall Suitability:

The Slice credit card is an excellent option for millennials and Gen-Z who are looking for an affordable credit card with a host of benefits and features. The card’s cashback offers, easy EMI options, and no-cost EMI options make it popular among customers. However, the high-interest rate and late payment fees can be a downside for customers who are not diligent in their repayments. Overall, the Slice credit card is a good option for customers who want a credit card tailored to their needs and preferences.