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

Eligibility

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:

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  

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

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.