In this article, I’ve explained the detailed OneCard Review. OneCard is a Metal Credit Card for Indians who prefer looks as well as various advantages.
There are cards for beginners with no joining fees and ultra-premium cards with hefty joining fees that have a metal form factor. What if you combine both segments and send out a complimentary card?
Everything you wanted to know about OneCard has been explained in detail.
For people who wish to experience the metal form factor and the minimal markup cost, which are both exclusively available on super premium credit cards, Onecard is helpful. Speaking of rewards, the standard reward rate is too low, but occasionally, they develop tailored offers that undoubtedly aid to some extent.
ALSO READ: Best Credit Cards for Indian Freelancers and Entrepreneurs.
What is OneCard?
FPL Technologies introduced OneCard, an entry-level credit card that utilises the Visa (Signature) network and operates on the IDFC bank infrastructure.
It’s like offering you a Maruti 800 that “looks” like an Audi on the outside while boasting about having a metal form factor like the Amex Platinum or Centurion.
Although somewhat overhyped, the product is nevertheless a solid choice if your goal is to highlight the metal.
OneCard Fees & Charges
| Joining Fee | Nil |
| Annual Fee | Nil |
| Markup Fee | 1%+GST |
| Interest Rate | 2.5% |
Although the low markup fee is commendable and superior to that of the majority of credit cards, the benefits are insufficient to make it competitive with super premium cards.
As you can see, it is ideally a free credit card for life with no annual or membership fees. That’s great because it’s available in a metal variety.
Rewards for OneCard Users
| Regular Rewards | 1 RP/ Rs.50 |
| Accelerated Rewards | 5X RP on top 2 categories |
| Point Value | 10 Ps to Rs.1 |
| Regular Reward rate | 0.2% to 2% |
| Accelerated Reward rate | 1% to 10% |
As you can see, the usual reward rate ranges from 0.2% to 2%, and if you receive 5X, your reward rate could range from 1% to 10%.
Even though those are the amounts in theory, in practice, the reward rate for rapid redemption of statement credit is between 0.2% and 1%.
Acceptance of the OneCard Credit Card
On the OneCard website, no particular eligibility requirements are listed. However, only citizens of Ahmedabad, Bangalore, Chennai, and Jaipur can apply at the moment. Coimbatore, Delhi (NCR), Ernakulam, Mumbai, Mysore, Hyderabad, Indore, Kolkata, Nagpur, Pune, Rajkot, Tiruchirappalli, Surat, Thiruvananthapuram, Vadodara, Nashik, and Visakhapatnam are eligible to use this card.
Advantages of Using Onecard Credit Card
1. Steel Card.
The card has a clean front side with just the cardholder’s name on it, and it looks decent. On the reverse of the card, the card number, expiration date, and CVV are printed.
2. Low markup fees for foreign currency
The forex markup cost of 1% + 18% GST is the OneCard Credit Card’s best feature, in my opinion. One of the lowest in India is this one. This minimal markup is not even found on super premium cards like the HDFC Diners Black Credit Card.
3. Reward factors
Every Rs: 50 spent results in 1 reward point (equivalent to Rs. 0.1), translating to a reward rate of 0.2% (are you serious?).
4. 5x Rewards
You receive 5x reward points on the top 2 expenditure categories each month, bringing the reward rate to 1%.
As soon as a transaction is complete, the reward points associated with it can be seen on the app. Through the app, you can instantly redeem the points for statement credit.
Drawbacks:
- The rewards rates are modest compared to many other free entry-level credit cards in India, even with the 5x multiplier, despite the card’s attractive appearance. However, since this is a new business, we might see some progress in the near future.
- No access to airport lounges
How do I use it? How to Apply for OneCard Credit Card?
The company first introduced One Score, which offers free credit scores and reports (Experian) through an app, before introducing OneCard.
They have the option to express interest in the OneCard within the app. You are added to the waiting list and notified when a spot opens up.
Update: They are no longer accepting new customers. After some time, you could have the choice to opt in.
In 15 cities, including Pune, Mumbai, Bangalore, Ahmedabad, Baroda, Surat, and Delhi, OneCard is currently accessible. Perhaps soon, more cities will be added.
Onboarding: The following user’s perspective on getting started
My email informed me that I could now obtain a OneCard. It’s easy to sign up. I installed the app from the Play Store and provided some basic information. Not even my PAN number was requested. Just your email, phone number, OTP, and mother’s and father’s names That’s it; the procedure is finished, and the app now displays a virtual credit card with an available credit limit. It’s 1,80,000/-\s .
The app is currently under beta testing on the Play Store and has not yet gone live. This is how the app looks:
Service: Although the software is attractive and simple to use, it appears that the service and support are lacking. Some claim that when they ask questions, they receive automated answers. But as they develop over time, this can change.
The Bottom line:
3.7/5 on Cardexpert.in
As you can see, it’s a basic credit card with a few glitzy extras, but the extremely low reward rate of 0.2% on routine purchases makes it less alluring. The 5X incentives on the top two categories, on the other hand, are a wise choice if you can take advantage of them.
The Flipkart Credit Card, Amazon Pay Credit Card, or OLA SBI Card are far superior in terms of reward rate (1.5%) and service if you’re new to using credit cards.
The Visa Signature platform, metal form factor, free for life, and user-friendly app are the card’s primary benefits. I have little passion for entry-level cards because I have seen plenty of them over the past two years. I’d rather see the launch of a super-premium credit card with cutting-edge capabilities.
Frequently asked question
What purpose does the OneCard credit card serve?
In partnership with many institutions, including SBM Bank, South Indian Bank, Federal Bank, and BOB Financial, OneCard is a metallic credit card that is available. This is an entry-level credit card that offers rewards points, EMI conversion, and other basic services to its users.
What is the OneCard Credit Card’s highest credit limit?
For each applicant, the bank offers a different maximum credit limit. The maximum credit limit is determined by the bank depending on your income, eligibility, and other elements. Therefore, the applicant won’t learn their credit limit until after their credit card application has been approved.
To apply for a OneCard credit card, what documents are needed?
The applicant must provide legitimate proof of identity, address, and income at the time of application (if any). These are the fundamental documents that a potential OneCard credit card applicant must provide. However, if additional documentation is required, the partnered bank may request it.