Slice Credit Card: Advantages and Disadvantages

By Tevait Feanle •  Updated: 03/18/24 •  6 min read

Credit cards are used ubiquitously throughout South Africa- and are the reason that many of us get into debt, too! Credit cards are also recommended as one of the first lines of credit you can build, helping you to boost your credit score and start building your credit history.

While this is true, you often face the issue of needing a credit record to get credit, and credit cards aren’t immune to that. Prepaid credit cards are a great answer to that dilemma, but are very new on South African shores. Today we look at a prepaid credit card called Slice with a longer history. We cover how it works and what to expect, so you can learn more about these products.

What is a Slice Credit Card?

The Slice Credit Card is a well-known and trusted type of prepaid credit card on offer to the Indian market. They have been operating for quite a long time now, and give you a great idea of how prepaid credit cards work. 

Let’s step back to that pesky credit history problem for a moment. This is where the idea of a prepaid credit card is immensely useful. A prepaid credit card allows users to load funds onto the card in advance. Unlike traditional credit cards, which extend a line of credit to the cardholder, prepaid credit cards require users to deposit money onto the card before making purchases. However, responsibly using them can help start your credit score off the right way, even though they have a smaller credit record impact than traditional credit cards. They otherwise act as a standard credit card, and no one will know if your card is prepaid or not.

We are seeing more of these prepaid-style credit cards enter the South African market through many of the regular banks as well as new providers. They are a great product for an emerging market like South Africa, especially as they need no credit check. You preload most of your funds, so they know you can always cover what you spend. However, they are also very new, and you may be wary of them. So let’s take a closer look at how Slice works, which will give you a fantastic idea of how your own prepaid credit card will work for you.

What Are The Benefits and Disadvantages of a Slice Credit Card?

The Slice credit card offers several benefits, including cashback rewards, zero-liability fraud protection, and customizable spending limits. They also have a reward program. So, very similar to traditional credit cards. Slice has some unique advantages too, however. The Slice card and prepaid cards like it cater to the specific financial needs of poorer and emerging-world demographics, especially those trying to establish or rehabilitate their credit history. 

Of particular interest will be the fact it has no credit checks. Slice also offers features like instant approval because there is no credit check. There are also no annual fees as you aren’t operating in a true credit environment. They offer tailored credit limits, too, and an associated loan service. In time, you could leverage a small short-term loan to grow your credit score further, and as the lender already ‘knows’ you, you have a greater chance of approval even with a poor or non-existent credit record.

However, it’s essential to weigh these benefits against the potential disadvantages inherent in the prepaid credit card format. Let’s explore more

Slice Credit Card Disadvantages

While the Slice credit card and similar prepaid credit cards offer strong benefits, you should always watch out for the disadvantages, too.

Firstly, the reason that a prepaid credit card like Slice can still build credit history is that you have some wiggle room on balance payments. You can pay over three separate payments if you need to. However, you will lose all cashback rewards if you do so, and will not be able to use it until the balance is settled. They also offer scratch cards, which can promote an unhealthy gambling mentality, especially if you already have addiction issues. 

Additionally, your balance will be limited, as there is still some risk to the lender. With good behavior, however, this can be raised over time. You may not build the needed responsible mindset for a true credit card with a prepaid option, however, as you are still limited by the product. This means many people upgrade to a traditional credit card without properly learning how to manage one. In fact, the prepaid model can make using credit seem a little too easy and convenient!

How Good is A Slice Credit Card?

For people who value cashback rewards and customizable spending limits, the Slice credit card offers significant value. It is also great to offer you a credit card-like payment option if you steer away from true credit products. This is useful for online shopping, reducing the cash you carry, and more. However, most South African debit bank cards can also be used that way, so they aren’t necessary for that reason. As we’ve also noted, they are a great way for people unable to access traditional credit to build up a good credit history. 

Slice itself is a reputable and widely known product on the Indian market, so can be considered very good. However, while it is backed by Visa, you may have issues using it outside of India, especially as the balance is loaded in Indian Rupees. 

Slice Credit Card – Check Its Features & How to Apply Online

As always, you need to think carefully about any financial decision you make. It is never wise to rush into credit products, even a limited one like this! 

A Slice credit card can be easily applied for online through the Slice website or mobile app. Provide the required personal and financial information, and await approval from Slice. Once approved, you can start enjoying the benefits of the Slice credit card and managing your finances with ease. Most of South Africa’s prepaid credit cards work the same. Why not check if your bank offers one that appeals to you today?

Keep Reading

How to Check If A Credit Card Is Activated

How to Check If A Credit Card Is Activated

This is why we are here to guide you through how to check if your credit card is activated. 

How Does a Monthly Credit Card Payment Work?

How Does a Monthly Credit Card Payment Work?

It is important for people to know the terms of the credit agreement and to act with proper planning

Credit Card Reader For Vending Machine

Credit Card Reader For Vending Machine

The entrance of credit card technology heralds exciting times for consumers and vendors, the birth of a new era in vending.

How to Check Airport Lounge Access On Credit Card

How to Check Airport Lounge Access On Credit Card

Let us take you through some of the obvious credit card access at the airport lounge. Reading below will help you to check airport lounge access on your credit card. 

How Did Credit Cards Work Before The Internet?

How Did Credit Cards Work Before The Internet?

What Happens to Unpaid Credit Card Debt After 7 Years?

What Happens to Unpaid Credit Card Debt After 7 Years?

Presently, the percentage of credit card arrears in South Africa is pretty high because of most citizens' ways of living and outlays

Can I Run Credit Checks On Someone?

Can I Run Credit Checks On Someone?

This post, therefore, aims to give a baseline understanding of what a credit check is. It further covers the importance of carrying out this analysis and how to carry it out responsibly.

Does a Credit Card Cover U-Haul?

Does a Credit Card Cover U-Haul?

Many rental companies for this niche work on the same model, even in South Africa. Maybe one day we will even see U-Haul working in SA, too!

How to Increase Your Standard Bank Credit Card Limit?

How to Increase Your Standard Bank Credit Card Limit?

The steps for seeking a credit increase are simplified and are available via different channels ranging from one-on-one interactions to online options.

How To Apply For A Credit Card With Low Credit Ratings

How To Apply For A Credit Card With Low Credit Ratings

Here is a detailed walkthrough showing you how to navigate the gold card landscape with a low score.

How Long Does a Credit Card Refund Take in South Africa?

How Long Does a Credit Card Refund Take in South Africa?

These steps are mostly relevant when a refund is delayed or when a charge dispute is made.

How Does a Company Qualify for Business Credit Cards?

How Does a Company Qualify for Business Credit Cards?

These credit cards usually have higher credit limits than personal ones, which showcase big business spending.

How Long Can One Take to Pay Off Credit Cards?

How Long Can One Take to Pay Off Credit Cards?

Through responsible charge plate usage, consumers get an opportunity to enjoy the convenience they offer without compromising good financial health.

Can You Purchase V-Bucks Using A Credit Card?

Can You Purchase V-Bucks Using A Credit Card?

The player population must be acquainted with the expertise of making payments for purchasing V-bucks that facilitate customizing their gameplay effectively.

How to Check If Your Credit Card Has Been Hacked

How to Check If Your Credit Card Has Been Hacked

You can easily fall victim and as such, it is important to read through this entire article to understand credit card theft, hacking and protection.