A slice credit card is a new form of a credit card. With a slice credit card, we get the option to pay our bills in instalments, unlike the traditional credit cards. A slice credit card can be very advantageous under financial constraints. When you don’t have the money to pay back, you can choose to pay your bills in three equal instalments with no extra charges.
This blog on a slice credit card will help you find out how to pay your slice credit card bill and the features of the slice credit card. If you plan to apply for a slice credit card, this blog will help clear all your doubts. So, let’s start.
What is a slice credit card?
A slice credit card is an alternative to traditional credit cards. You can pay your bills in three equal instalments on a slice card starting next month. Slice card has a credit limit from ₹2k – to ₹10L. Slice card does not charge any annual or joining fees.
How do you pay your slice credit card bill?
Once your bill is generated on the 1st of the month, you have time till the 5th to choose a payment plan for the total billed amount.
You can pay your bill in 2, 3 or 6 instalments.
Given below is how the billing cycle takes place.
The billing cycle starts on the 1st day of the month and ends on the last of the same month. All card transactions during the month are consolidated and are billed on the 2nd day of the following month.
Let’s take an example to understand this better.
For January ’21, this is how the billing cycle would work:
- Transactions between 1st January and 31st January will be billed together. 2. The card will generate the bill for the January cycle on 2nd February.
- You will have to choose the payment plan for your bill by 5th August. You can select any of the following options:
- a. Pay your bill in full – Zero Charges and Enjoy rewards benefits.
- b. Slice your bills up to 3 months – Zero Charges.
- c. Slice your bills into Instalments of 6 -18 months- Interest will be charged. The card will show the amount at the time of slicing.
Should you apply for a slice credit card?
A slice credit card has various features and benefits.
Some of the benefits of a slice credit card are EMI repayment options for 3, 6 or 12 months, Slice benefits on your card offers on ordering from websites such as Uber, Zomato and Amazon and no annual or joining fees.
However, a slice credit card is not suitable for everyone. There can be a reason why it isn’t the right choice for you. A slice credit card is the best credit card for someone new to credit cards. Since slice card does not come with multiple offers as traditional credit cards such as fuel surcharge waiver, travel benefit, lounge access, and dining benefits. Thus, people looking for such features do not go for a slice credit card.
However, applicants above 18 years can apply for a slice card. Therefore even college students are eligible to apply for the card. Moreover, there’s no need to have an excellent CIBIL score. Therefore, before applying for the card, you should check the features and benefits of the credit card.
Summing up:
After reading this blog, you know how to pay your slice card bill and if you should apply for a slice credit card?
Slice credit card is the best credit cards for new credit card owners. However, before you apply for a slice credit card, check and compare other choices to make a wise decision.
Read Also: CIBIL Score needed for best Car Loan
