OneCard
OneCard is a fixed deposit-backed credit card offered in partnership with six financial institutions: Bank of Baroda, CSB Bank, Federal Bank, SBM Bank, South Indian Bank, and Indian Bank. To obtain a the card, you simply need to open a fixed deposit account with any of these partner banks. The card features no joining fee and zero annual charges.
OneCard stands out for its instant lifetime reward points. You earn 1 point for every INR 50 spent on a wide range of categories, including groceries, fuel, food and dining, shopping, electronics, travel, education, rent, bills and utilities, automobiles, health and wellness, entertainment, and jewelry and watches from select brands and platforms.
Additionally, if you spend across at least three different categories in a month, you will earn 5X reward points on your top two spending categories.
Source: OneCard
Overview
Category
Reward/Cashback
Benefits
Reward, Cashback Domestic Airport Lounge Access, Fuel Surcharge Waiver
APR
29.74% annual percentage rate
Return
1% to 5%
Welcome Offer
Zero joining fee .
Joining Fee
NIL
Annual Fee
NIL
Annual Fee Waiver
N.A
Eligibility
18-70 Years
Minimum & Maximum age of the applicant
NOT DEFINED
Minimum monthly income
700
Minimum Credit Score
Reward Points
OneCard offers 1 point for every INR 50 spent on purchases across various categories. Even a quick mobile recharge of INR 25 earns users 0.5 points. If users spend in at least three different categories in a month, the top two categories qualify for 5X reward points. These points can be used to repay existing dues or as cash.
Reward points are credited to your wallet immediately after making a purchase. Additionally, there is no fee for redeeming these points, and there is no cap on the maximum number of points you can earn. Plus, the points have lifetime validity.
Cashback
- Up to 10% cashback on groceries bought from supermarkets and departmental stores, and 5% on online purchases.
- Fuel surcharge waived up to INR 400 monthly at any gas station across India.
- Offers and discounts for using on e-commerce channels and brand websites for online shopping.
- Special offers for purchasing electronic goods, automobiles, jewelry and watches, health and wellness products, and movie tickets.
- Up to 15% discount on flights and train tickets booked.
All cashbacks have a validity period. Discounts on goods and services are applicable once per card per store (physical or online) during the offer period. Users should read the terms and conditions for each cashback offer carefully, as most offers do not apply to EMI-based transactions or are available only for select products.
How to Redeem OneCard Points
Redeeming points is straightforward. Follow these steps to redeem your points:
1. Open the OneCard mobile application.
2. Tap on “OneRewards.”
3. Select “Use Points.”
4. Choose to apply your points to a transaction or as a cash credit.
Features
Earn Interest on Fixed Deposits
The credit card offers a dual benefit: users earn a competitive 7.5% interest on their fixed deposits while using their credit card for purchases and bill payments. Additionally, timely payments and maintaining a balanced credit utilization ratio can help improve your credit score.
Variants
It is available in two variants: plastic and metal. The metal card is issued to FD holders with balances above INR 50,000. Replacement fees differ between the two: INR 145 for a plastic card replacement, and INR 3,000 for a metal card replacement.
OneCash Loan
Onecash loan is currently available for users in partnership with Federal Bank. The loan amount varies based on the lender’s approved credit card cash limit, with repayment terms ranging from 2 to 36 months. Interest rates are set according to the issuing bank’s policy.
EMI Conversion
Eligible card members can convert purchases above INR 2,500 into EMIs. This option is not applicable for transactions involving gold jewelry, ATM withdrawals, cash transfers, fuel, etc. There is a processing fee and a 3% foreclosure charge on the remaining balance. EMI conversion is generally not available for cashback and most offers.
Grace Period
Users benefit from a 48-day grace period to repay their debts, avoiding a monthly interest charge of 3.49%.
Rewards and Cashback
Earn 1 point for every INR 50 spent on select purchases, with the potential to earn 5X points by spending in at least three categories per month. Cashback is available across various categories, including groceries, automobiles, and jewelry.
Complimentary Airport Lounge Access
None of the the credit cards offer complimentary lounge access, even though they are issued as VISA Signature cards.
Other Features & Benefits:
Domestic and International Use
The card can be used seamlessly for transactions both within India and internationally.
App-Based Transactions and Repayment
The mobile app allows users to make payments using UPI, debit cards, or online banking.
In-App Tracking and Control
Manage all aspects of the card, including transactions, statements, reward points, cashback, and fixed deposits, through the mobile app, available for both iOS and Android users.
Add-On Cards
Users can issue an add-on card to family members, with the primary user controlling spending limits. Rewards and cashback are offered separately for add-on cards. Each add-on card costs INR 3,000.
Contactless Payments
Make contactless payments up to INR 5,000 without requiring a PIN.
Fees & Charges
OneCard fees vary based on the type of card issued—plastic or metal. Here's a detailed overview:
| SCHEDULE OF CHARGES | APPLICABLE FEE |
|---|---|
| Joining Fee | Nil |
| Annual Fee | Nil |
| Card Issuance | Nil |
| Card Replacement | Nil to INR 145 for plastic card, INR 3,000 for metal card |
| Card Cancellation | Applicable if canceled within six months of approval |
| ATM Withdrawal | 2.5% or a minimum of INR 300 per withdrawal |
| Service Charge for Each Transaction | - Forex Markup Fee: 1% - Overlimit Fee: 2.5% - Rent Transfer to Third-Party Merchants: 1% - In-App Rent Convenience Fee: 2% - Fuel Surcharge Waiver Cap: INR 400 per month - Transfer Fee Above INR 10,000: 1% |
| Interest Rate | 3.49% per month, or 41.88% per annum (48 days grace period) |
| Late Payment | Up to INR 1,200 |
| EMI Foreclosure | 3% of the remaining balance |
| EMI Processing | Applicable |
| Fixed Deposit Closure | 1% of the interest earned on FD if closed before 12 months |
Optimizing Cashback Benefits on OneCard
While the the card comes with lifetime free with no annual fee it is always good to have it with such benefits offered
Reward points can be multiplied by five on purchases in the top two categories and redeemed at zero cost.
Final Verdict
No other fixed deposit-backed credit card offers as many benefits as OneCard, though conditions apply. This card provides one reward point for every INR 50 spent on purchases across select categories. These reward points can be multiplied by five on purchases in the top two categories and redeemed at zero cost. Additionally, there are no joining or annual fees for this card.
Frequently Asked Questions
OneCard is a metallic credit card offered in partnership with multiple banks, including SBM Bank, South Indian Bank, Federal Bank, and BOB Financial. This entry-level credit card offers basic advantages to users, such as reward points, EMI conversion, and additional features.
The Indian Bank One RuPay Credit Card will be issued as a virtual card, accessible through the OneCard app.
OneCard is a co-branded credit card issued by scheduled commercial banks and financial institutions in partnership with M/s One Consumer Services Private Limited. Partner institutions include BoB Financial, CSB Bank, Federal Bank, SBM Bank, South Indian Bank, and Indian Bank.
OneCard prioritizes the safety of your transactions by implementing robust security measures to protect your card from unauthorized usage and fraudulent activities. With the mobile app, you have complete control over all aspects of your OneCard.
The Fixed Deposit (FD) is linked to the credit card, serving as a security deposit. Consider the FD akin to collateral. In the event of defaulting on payments, banks will offset your dues from the FD, preventing withdrawal of the deposit.
Annual charges can often discourage potential users of metal credit cards. OneCard addresses this by offering a lifetime free experience, ensuring users enjoy the luxury of a premium card without worrying about recurring charges. As for the rewards structure, spending has never felt this rewarding.
If you're seeking an all-around credit card with excellent reward programs, consider the OneCard credit card. A key advantage it offers is the 5X rewards program, where you earn 5X reward points on your top two spending categories.
No, any of the card does not provide any domestic/international airport lounge access.
Disclaimer: The views and opinions expressed are solely those of the author and do not necessarily reflect the official policy or position of Finostry. The information provided in this review is for informational purposes only and should not be considered as professional advice.