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Slice Card query

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Deal Subedar
Manitian

I just signed up for Slice Card. It looks like a pay-later loan product and it says no charges 3 instalments.
My limit is 7.5L, does that mean I can spend 7.5L and get 2% CB and pay in 3 monthly installment without zero charges?

Will it affect my credit score? Also I will get 2% CB as well?
What am I missing ??

Experts please provide your input.

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Deal Cadet Deal Cadet
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Haha, I also thought same after reading the ad. But it’s not like that.

You don’t get any cashback if you split the bills. Also, it probably does affect cibil. I have not chosen this option, as cashback is better option. Also, no cashback on wallet and fuel spends.

You need to spend minimum 5 lakh if you want 2% cashback. There is no limit on time, so you can even spend 5 lakh in 5 years and still claim 2% cashback. But if you want it instantly, it is 1% cashback only. If you can wait till 3 lakhs spend, it will be 1.5% cashback.

Deal Lieutenant Deal Lieutenant
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No , that is a wrong assumption. So, in Slice you get 1 Monie (Monie is a slice cash) for every Rs 1 spent. For Rs 1 to Rs 3 Lakh spend, you get 1% cashback, for Rs 3 Lakh to Rs 5 lakh spends, you get 1.5% cashback and for Rs 5 lakh + spends , you get 2% cashback.
Secondly, if you convert to 3 month no cost emi, you will not earn any monies, means you cannot convert your monies to cash.
Suppose, in October your spends are Rs 1 lakh, so you will get 1 lakh monies. If you convert into 3 month emi, you lose all the monies, it will become Zero. Also, if you redeem your monies for cash , you will get Rs 1000 cash and your monies will become Zero, so you will have to start spending from scratch again. Untill your spends are Rs 5 lakh and you have not redeemed any monies for cash and made direct payments (no emi) , you will get 2% cashback . Reply back if you have any confusion.

Deal Lieutenant Deal Lieutenant
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And no cost emi will not affect your cibil score at all . In fact it will only increase if you make emi payments on time.

Deal Subedar Deal Subedar
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sandeep1992 wrote:

No , that is a wrong assumption. So, in Slice you get 1 Monie (Monie is a slice cash) for every Rs 1 spent. For Rs 1 to Rs 3 Lakh spend, you get 1% cashback, for Rs 3 Lakh to Rs 5 lakh spends, you get 1.5% cashback and for Rs 5 lakh + spends , you get 2% cashback.
Secondly, if you convert to 3 month no cost emi, you will not earn any monies, means you cannot convert your monies to cash.
Suppose, in October your spends are Rs 1 lakh, so you will get 1 lakh monies. If you convert into 3 month emi, you lose all the monies, it will become Zero. Also, if you redeem your monies for cash , you will get Rs 1000 cash and your monies will become Zero, so you will have to start spending from scratch again. Untill your spends are Rs 5 lakh and you have not redeemed any monies for cash and made direct payments (no emi) , you will get 2% cashback . Reply back if you have any confusion.

Ok thanks for explaining. So if I go for EMI, then I loose all CB it seems.
But still I can effectively get 7.5L which can be paid in 3 months ?

I didn’t do any research this time sadly before applying pensive🥺

I am just thinking, that I will earn more if I keep these amounts in any 7% Bank.

Deal Lieutenant Deal Lieutenant
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Manitian wrote:

Ok thanks for explaining. So if I go for EMI, then I loose all CB it seems.
But still I can effectively get 7.5L which can be paid in 3 months ?

I didn’t do any research this time sadly before applying pensive🥺

I am just thinking, that I will earn more if I keep these amounts in any 7% Bank.

Yes correct
Yes . You can spend Rs 7.5 lakh in a month and get 2% cashback if you pay it full . Bad part in Slice is that you can’t make partial payments. You have to make the whole payment in one go.

Are you using IDFC ?

Deal Subedar Deal Subedar
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sandeep1992 wrote:

Yes correct
Yes . You can spend Rs 7.5 lakh in a month and get 2% cashback if you pay it full . Bad part in Slice is that you can’t make partial payments. You have to make the whole payment in one go.

Are you using IDFC ?

No. Using Equitas Niyo and Ujjivan bank.

Mobile Guru Mobile Guru
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No monies on EMIs sirji smile

Deal Subedar Deal Subedar
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sandeep1992 wrote:

Yes correct
Yes . You can spend Rs 7.5 lakh in a month and get 2% cashback if you pay it full . Bad part in Slice is that you can’t make partial payments. You have to make the whole payment in one go.

Are you using IDFC ?

I can get 2% with my Axis Ace CB and make payment in 30-40 days.

The part which is more interesting is getting 3 months to make these payments.

Firestorm Firestorm
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7.5 lacs hushed

Deal Newbie Deal Newbie
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Hi, doubt. Converting into installments will affect our CB. How about buying gift cards with no cost emi, those displayed in the slice app tab? Will that affect my monies as well?

Deal Subedar Deal Subedar
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What are the best ways to way Slice payments? Anyway to get some offers or just UPI is the best way?

Deal Subedar Deal Subedar
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dohelpneedy760 wrote:

Hi, doubt. Converting into installments will affect our CB. How about buying gift cards with no cost emi, those displayed in the slice app tab? Will that affect my monies as well?

Gift card have no relation to loans/emi

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