Akshay Ajmera
TF Premier
Hi Technofino Community,
Like many of you, I was deeply confused by Slice's reward system, specifically the term "Monies" and how it impacts the reward tiers. The documentation wasn't clear, so I decided to get official answers directly from Slice support.
I asked them three specific questions that I believe are crucial for anyone using this card to maximize their rewards. Their answers were very clear and have major implications for our redemption strategy.
Here is a breakdown of my questions and their official responses.
Question 1: What exactly is the definition of "Monies"?
· My Understanding: I thought it might be my lifetime cumulative spend on the card. For example, spending ₹3,00,000 would permanently unlock the 1.5% reward tier.
· The Official Reality: This is not correct. Slice support confirmed that "Monies" is the cumulative value of the reward points you have earned but not yet redeemed or expired
· When you spend ₹100, you earn 100 "Monies" (equal to ₹1 at 1%).
· Think of your "Monies" balance as your unredeemed cashback balance. It is a proxy for your spending, but it is fundamentally your reward bank, not a spend tracker.
Question 2: Do "Monies" expire?
· The Official Answer: Based on the terms and the support interaction, Monies do not expire. There is no annual reset. Your accumulated balance remains valid as long as your account is active and in good standing.
Question 3: The Redemption Trap - What happens when I redeem?
This was my biggest confusion, and the answer is the most critical part.
· My Observation: I noticed that when I redeem my reward points for cash, my "Monies" balance decreases by the amount I redeem.
For example, if I have a balance of 100000 monies and I redeem ₹1,000 (100,000 Monies) reduces my balance to zero. ( This might be clear from question 1 above)
· My Question: Does this mean I should not redeem any Monies if I want to reach and stay in the 2% or 3% tier?
The Official Answer from Slice Support: YES, and it's a trap.
I provided two scenarios to clarify:
Scenario A:
· Me: "Suppose I earned 10 lakh Monies (so I'm in the 2% tier) and then redeem 3 lakh Monies. Will I get 1% or 2% after redemption?"
· Slice Support : "If you redeem 3 lakh monies, you will fall under the 1%."
Scenario B:
· Me: "Suppose I have 15 lakh monies. First month I redeem 3 lakh, the next month I redeem another 3 lakh. Will I get 1% in the second month as well?"
· Slice Support: They confirmed this is true, stating: "Please note, the redemption rate will remain the same as above. Even if you redeem more than once."
They reiterated the tier system:
1. Up to ₹3,00,000: 1%
2. ₹3,00,001 to ₹5,00,000: 1.5%
3. Above ₹5,00,000: 2%
The Shocking Conclusion and Your Strategy
Your reward tier is dynamic. It is solely based on your current, unredeemed Monies balance after every single transaction.
This creates a major redemption trap:
· You could be a top spender who has earned 15 Lakh Monies in total.
· If you redeem 12 Lakh of it, your live balance drops to 3 Lakh.
· Despite your history, you are instantly knocked down to the base 1% reward tier on all new spending.
The Optimal Strategy is Now Clear:
DO NOT redeem your Monies until your balance is significantly high and securely above the ₹5,00,000 threshold. You must calculate your redemptions to ensure your balance never falls below ₹5 Lakh if you wish to maintain the 2% rate.
In short: Accumulate aggressively, redeem infrequently and strategically in large chunks.
Like many of you, I was deeply confused by Slice's reward system, specifically the term "Monies" and how it impacts the reward tiers. The documentation wasn't clear, so I decided to get official answers directly from Slice support.
I asked them three specific questions that I believe are crucial for anyone using this card to maximize their rewards. Their answers were very clear and have major implications for our redemption strategy.
Here is a breakdown of my questions and their official responses.
Question 1: What exactly is the definition of "Monies"?
· My Understanding: I thought it might be my lifetime cumulative spend on the card. For example, spending ₹3,00,000 would permanently unlock the 1.5% reward tier.
· The Official Reality: This is not correct. Slice support confirmed that "Monies" is the cumulative value of the reward points you have earned but not yet redeemed or expired
· When you spend ₹100, you earn 100 "Monies" (equal to ₹1 at 1%).
· Think of your "Monies" balance as your unredeemed cashback balance. It is a proxy for your spending, but it is fundamentally your reward bank, not a spend tracker.
Question 2: Do "Monies" expire?
· The Official Answer: Based on the terms and the support interaction, Monies do not expire. There is no annual reset. Your accumulated balance remains valid as long as your account is active and in good standing.
Question 3: The Redemption Trap - What happens when I redeem?
This was my biggest confusion, and the answer is the most critical part.
· My Observation: I noticed that when I redeem my reward points for cash, my "Monies" balance decreases by the amount I redeem.
For example, if I have a balance of 100000 monies and I redeem ₹1,000 (100,000 Monies) reduces my balance to zero. ( This might be clear from question 1 above)
· My Question: Does this mean I should not redeem any Monies if I want to reach and stay in the 2% or 3% tier?
The Official Answer from Slice Support: YES, and it's a trap.
I provided two scenarios to clarify:
Scenario A:
· Me: "Suppose I earned 10 lakh Monies (so I'm in the 2% tier) and then redeem 3 lakh Monies. Will I get 1% or 2% after redemption?"
· Slice Support : "If you redeem 3 lakh monies, you will fall under the 1%."
Scenario B:
· Me: "Suppose I have 15 lakh monies. First month I redeem 3 lakh, the next month I redeem another 3 lakh. Will I get 1% in the second month as well?"
· Slice Support: They confirmed this is true, stating: "Please note, the redemption rate will remain the same as above. Even if you redeem more than once."
They reiterated the tier system:
1. Up to ₹3,00,000: 1%
2. ₹3,00,001 to ₹5,00,000: 1.5%
3. Above ₹5,00,000: 2%
The Shocking Conclusion and Your Strategy
Your reward tier is dynamic. It is solely based on your current, unredeemed Monies balance after every single transaction.
This creates a major redemption trap:
· You could be a top spender who has earned 15 Lakh Monies in total.
· If you redeem 12 Lakh of it, your live balance drops to 3 Lakh.
· Despite your history, you are instantly knocked down to the base 1% reward tier on all new spending.
The Optimal Strategy is Now Clear:
DO NOT redeem your Monies until your balance is significantly high and securely above the ₹5,00,000 threshold. You must calculate your redemptions to ensure your balance never falls below ₹5 Lakh if you wish to maintain the 2% rate.
In short: Accumulate aggressively, redeem infrequently and strategically in large chunks.
