Student Credit Cards have become a trendy topic for the past couple of years. There are various services that provide pre-paid cards, credit cards, etc to students. Slice Pay, is one such service, which provides Credit Cards for all. Whether you are a student or a working professional, a freelancer it doesn’t matter. But one thing to note is that the credit limit will depend on your professional status.
Now, today we shall discuss the use of Slice Pay, from a student’s perspective, and see if it’s worth it.
How to apply for Slice Pay Credit Card?
The app is very easy to use, and it will guide you through the whole process. I won’t go into every step, but I shall give you an overview.
The first steps would definitely require your to do your KYC verification, link your Pan Card, upload your student id, and take a selfie of yourself. Here are a few pre-requisites, you need to keep in mind before you proceed.
- Your Aadhaar card and phone no. must be linked
- You should have student-id valid for the current year
- You must be 18+
- You must have a pan-card
While the app takes you through the process, you may be asked if you have a Referral Code. Now if you want to gain Rs.500, as a joining bonus, use this code at the time of signing up. GROOT104358
Once you are done setting up your profile, Slice Pay usually takes about 2days to verify your account. Now in most cases, your account should be verified, and in case it’s not, they will contact you and help you solve the issue.
Once your account is verified, as a student you are most likely to get a credit limit of Rs. 10,000. Post your verification, you shall have your Slice Pay credit card details on your app, and the physical card shall come to you in 5-6 working days.
Do note that: The Slice Pay Card is powered by Visa, and is issued from SBM (State Bank of Mauritius).
How to use the Slice Pay Credit Card
So, now you have your slice pay card in hand, and you can use it like a regular credit card, for most of your expenses. In the app you can track all your expenses, and also you have options, to set the spending limit and your card pin directly from the app.
Whenever you make a purchase, or payment through your Slice Pay Card, it’s immediately updated in the passbook. Now in the app, there’s a due date option. On this date, you shall receive your card statement, of all the expenses you have made in that month. Now there are 2 options.
- You pay your due amount in full, or
- You break it down into future EMIs.
As far as the EMI options are concerned they have both no-cost and interest-based EMI schemes to break down your due amount.
So this is the cycle of using a Slice Pay Credit Card, or rather any card for that matter.
Spend, Pay, Repeat
So why is the Slice Pay Credit Card useful?
Benefits of using a Slice Credit Card
There are a lot of benefits of using a Slice Pay Credit Card, especially as a student in your 20’s. Let’s list them out one by one.
- You can keep track of your expenses very easily
- You develop a habit of using a credit card wisely from your 20’s
- Your Credit Score starts improving with regular payments.
- You will get a lot of offers and cashbacks when using a Slice Pay Card for various purposes like ordering food to buing stuff online.
- Even if the merchant does’nt provide you with a EMI scheme, you can use Slice to breakdown any amount into EMI’s
Demerits of using a Slice Credit Card
Every Credit Card is a double-edged sword. If you are not cautious enough, you might get in trouble. The following are the possible demerits of using this credit card.
- Interest Rates are high, when broken down into EMIs
- No, cash withdrawal option is there with the Slice Credit Card
- Paytm Wallet does’nt let you top up using Slice Credit Card
- Some services denote the Slice Credit Card as a Prepaid Card, rather than a credit card.
A final word of caution, from my side, is that, when using the Slice Pay Card, make sure you spend within your limits, and spend only that much, that you can repay.
To conclude, I would say, if you are a student, and you want to start building your credit score and learn to manage your finances using a credit card, then Slice Pay is a good way to start. They have a lot of offers, and schemes, that you can use to your benefit. On the flip side, you should use it wisely, such that you don’t fall in the trap of paying high interest over time.
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