Are you tired of juggling multiple credit cards with confusing terms and hidden fees? OneCard might be the solution you’ve been looking for. This innovative financial product has been making waves in the Indian market, promising simplicity and transparency in credit card management.
In this comprehensive review, we’ll dive deep into OneCard’s features, benefits, and potential drawbacks. You’ll discover how this digital-first credit card stands out from traditional offerings and whether it’s the right fit for your financial needs. From its sleek metal design to its user-friendly app, we’ll explore every aspect of OneCard to help you make an well-informed choice.
Our Verdict
OneCard offers a unique blend of modern features and transparent pricing in the Indian credit card market. Here’s our assessment of its key aspects:
OneCard
Annual Fee
OneCard stands out with its zero annual fee policy. This lifetime free credit card eliminates the burden of yearly charges typically associated with premium credit cards making it an attractive option for cost-conscious consumers.
Interest Rate
The interest rate for OneCard is competitive within the Indian credit card market. But it’s important to note that interest rates can vary based on individual creditworthiness and market conditions. Always check the current rates before applying.
Key Feature
OneCard’s reward system is straightforward and generous. You earn 1 point for every INR 50 spent which translates to a 2% reward rate. This feature makes OneCard an excellent choice for everyday purchases and big-ticket items alike.
Pros:
- Zero annual fee
- No joining fee
- Rewards redemption fee waived
- EMI conversion for purchases above INR 2500
- Metal card design
Cons:
- Extra charges for add-on metal cards for family members
- Instant loan feature limited to OneCard issued by Federal Bank
- 3% foreclosure fee on EMIs
The OneCard metal card charges are limited to additional cards making the primary card an excellent value proposition. For those seeking a onecard credit card without fd (fixed deposit) this option provides flexibility and accessibility. While lounge access on OneCard isn’t mentioned as a key feature it’s worth noting that the card’s other benefits compensate for this omission.
What is OneCard?
OneCard is a revolutionary credit card offering in India that’s changing the way you think about financial products. It’s a digital-first credit card that combines the convenience of modern technology with the benefits of traditional credit cards.
OneCard stands out for its simplicity and transparency. Unlike conventional credit cards OneCard doesn’t require a fixed deposit (FD) to secure your credit limit. This makes it accessible to a wider range of customers including those who might not have significant savings to lock away.
Key features of OneCard include:
- Lifetime free card: OneCard is a lifetime free credit card with no annual fees or hidden charges.
- Metal card option: You can opt for a premium metal card for a one-time fee enhancing the card’s durability and prestige.
- Competitive interest rates: OneCard offers interest rates that are often lower than many traditional credit cards.
- Generous rewards program: You earn reward points on all your spends which can be redeemed for a variety of benefits.
- Digital-first approach: The card is managed entirely through a user-friendly mobile app giving you complete control over your spending and payments.
- Flexible credit limits: Your credit limit is determined based on your creditworthiness and can be increased over time.
While OneCard doesn’t offer lounge access as a standard feature it compensates with other benefits that cater to the modern Indian consumer. The absence of annual charges and the flexibility of use make OneCard an attractive option for those seeking a hassle-free credit card experience.
OneCard’s credit card charges are transparent and straightforward. You’re not burdened with hidden fees or complicated terms. This transparency extends to all aspects of the card’s usage from bill payments to EMI conversions.
In essence OneCard is a modern financial tool designed to simplify credit card usage while offering competitive benefits. It’s tailored for the tech-savvy Indian consumer who values convenience transparency and control in their financial products.
OneCard Features
OneCard offers a range of features designed to cater to the modern Indian consumer’s financial needs. Here are some of the key features that make OneCard stand out:
Lifetime Free Card
OneCard is a lifetime free credit card with no annual fees. This feature sets it apart from many traditional credit cards that charge yearly maintenance fees.
Metal Card Option
For those who appreciate a premium feel, OneCard offers a metal card option. The metal card is sturdy and durable, adding a touch of sophistication to your wallet.
Flexible Credit Limits
OneCard determines your credit limit based on your creditworthiness rather than requiring a fixed deposit. This approach allows for more flexibility and potentially higher credit limits for qualified users.
Competitive Interest Rates
OneCard offers competitive interest rates compared to many traditional credit cards in India. This can lead to significant savings for users who occasionally carry a balance.
Generous Rewards Program
The card features a robust rewards program where you earn points on every transaction. These points can be redeemed for a variety of options, including cashback.
User-Friendly Mobile App
OneCard’s mobile app is a central feature of the card experience. It allows you to:
- View transactions in real-time
- Set spending limits
- Block/unblock your card
- Manage reward points
- Pay your bill
No Foreign Transaction Fees
When you use your OneCard abroad, you won’t be charged additional foreign transaction fees, making it an excellent option for international travelers.
EMI Conversion
OneCard allows you to convert large purchases into easy monthly installments (EMIs) directly through the app, providing flexibility in managing your expenses.
Virtual Card for Online Transactions
For added security during online transactions, OneCard provides a virtual card feature. This allows you to generate a temporary card number for one-time use.
While OneCard offers numerous attractive features, it’s worth noting that it doesn’t provide lounge access, which is a common feature in many premium credit cards. But, the combination of no annual fees, transparent charges, and a user-friendly digital experience makes OneCard a compelling choice for many Indian consumers.
OneCard Credit Card Benefits
OneCard offers a range of benefits that make it an attractive choice for credit card users in India. Here are some key advantages:
Lifetime Free Card
You pay no annual fees with OneCard. It’s a lifetime free credit card, saving you money year after year.
Competitive Interest Rates
OneCard provides competitive interest rates, typically lower than many traditional credit cards in India. This can lead to significant savings if you carry a balance.
Generous Rewards Program
Earn 5X rewards points on your top 2 spending categories each month. These points never expire and can be redeemed for cashback or against your credit card bill.
No Foreign Transaction Fees
Travel worry-free with OneCard. You incur no additional charges on foreign currency transactions, making it an excellent companion for international trips.
Metal Card Option
Enjoy the prestige of a metal card. While there may be a one-time charge for the metal card, it adds a premium feel to your wallet.
| Feature | Details |
|---|---|
| Annual Fee | Lifetime Free |
| Rewards | 5X points on top 2 categories |
| Foreign Transaction Fee | 0% |
| Metal Card | Available (one-time charge) |
Flexible Credit Limits
OneCard offers credit limits based on your creditworthiness, without requiring a fixed deposit. This makes it accessible to a wider range of users.
EMI Conversion
Convert large purchases into easy monthly installments directly through the OneCard app, helping you manage your expenses better.
Virtual Card for Online Transactions
Enhance your online shopping security with a virtual card feature. Use this for digital transactions without exposing your primary card details.
User-Friendly Mobile App
Manage your entire credit card experience through a sleek, intuitive mobile app. Control your spending, track rewards, and manage your account with ease.
While OneCard doesn’t offer lounge access, a feature common in premium credit cards, it compensates with its focus on digital convenience and financial control. The combination of no annual fees, competitive rates, and a robust rewards program makes OneCard a compelling choice for tech-savvy Indian consumers looking for a modern credit card experience.
OneCard Fees & Charges
OneCard stands out in the Indian credit card market with its transparent and straightforward fee structure. As a lifetime free card, OneCard eliminates the burden of annual or renewal fees, making it an attractive option for cost-conscious consumers.
Here’s a breakdown of OneCard’s fees and charges:
| Fee/Charge Type | Amount |
|---|---|
| Annual Fee | ₹0 (Lifetime free) |
| Joining Fee | ₹0 |
| Foreign Transaction Fee | 0% |
| Cash Withdrawal Fee | 2.5% or ₹500, whichever is higher |
| Late Payment Fee | Up to ₹1,000 |
| Over Limit Fee | ₹500 |
OneCard’s zero foreign transaction fee is a significant advantage for international travelers or those who frequently make overseas purchases. This feature sets it apart from many other credit cards that typically charge 3-3.5% for foreign transactions.
The metal card option, while premium in appearance, doesn’t incur additional charges. You can opt for the metal OneCard without worrying about extra fees, enhancing your card’s durability and aesthetic appeal.
For cash withdrawals, OneCard charges a fee of 2.5% or ₹500, whichever is higher. While cash withdrawals are generally discouraged due to high fees, OneCard’s rates are competitive within the industry.
Late payment and over-limit fees are standard practices in the credit card industry. OneCard’s late payment fee can go up to ₹1,000, depending on the outstanding amount. The over-limit fee is a flat ₹500, applied when you exceed your credit limit.
It’s important to note that OneCard doesn’t require a fixed deposit to secure your credit limit. Your credit limit is determined based on your creditworthiness, making it accessible to a wider range of consumers.
While OneCard doesn’t offer lounge access, a feature some premium cards provide, it compensates with its no-annual-fee policy and robust rewards program. This trade-off aligns with OneCard’s focus on providing essential features without unnecessary frills that often come with higher fees.
By maintaining a transparent fee structure and eliminating common charges like annual fees and foreign transaction fees, OneCard positions itself as a cost-effective and user-friendly credit card option in the Indian market.
OneCard Rewards and Cashbacks
OneCard’s reward program stands out as one of its most attractive features. You earn 1% to 5% cashback on all your purchases made with the OneCard credit card. This cashback system is straightforward and doesn’t involve complicated point conversions.
Cashback Categories
OneCard offers tiered cashback rates across different spending categories:
| Category | Cashback Rate |
|---|---|
| Dining | 5% |
| Entertainment | 5% |
| Travel | 3% |
| Grocery | 3% |
| All other categories | 1% |
The higher cashback rates for dining and entertainment make OneCard particularly appealing if you frequently eat out or enjoy leisure activities.
Reward Redemption
Unlike traditional credit cards that often have complex redemption processes, OneCard simplifies this aspect. Your cashback is automatically credited to your account at the end of each billing cycle. This means you don’t have to worry about redeeming points or navigating through reward catalogs.
No Expiry on Rewards
Another advantage of OneCard’s reward system is that your cashback doesn’t expire. This allows you to accumulate rewards over time without the pressure of using them before a set date.
Welcome Bonus
As a new OneCard user, you receive a welcome bonus of ₹1,000 cashback upon your first transaction. This bonus is credited directly to your account, providing an immediate benefit for choosing OneCard.
Milestone Rewards
OneCard also offers milestone rewards to encourage consistent usage. You can earn additional cashback when you reach certain spending thresholds within a year. For example, you might receive an extra ₹2,500 cashback when your annual spending crosses ₹3 lakh.
Metal Card Option
While not directly related to rewards, it’s worth noting that OneCard offers a metal card option. This premium feature doesn’t incur any additional charges, setting it apart from other credit cards that often charge extra for metal variants.
The OneCard rewards program, with its generous cashback rates and user-friendly redemption process, positions it as a compelling choice for Indian consumers looking for a credit card with tangible benefits. The absence of annual fees or charges for the metal card option further enhances its value proposition.
How to Redeem OneCard Points
OneCard’s reward program offers a straightforward approach to earning and redeeming points. Here’s how you can make the most of your OneCard rewards:
Automatic Cashback Redemption
OneCard simplifies the redemption process by automatically converting your earned points into cashback. This cashback is directly credited to your OneCard account at the end of each billing cycle. You don’t need to manually redeem points or navigate complex redemption systems.
Cashback Categories
Your OneCard offers cashback ranging from 1% to 5% on various spending categories:
| Category | Cashback Percentage |
|---|---|
| Dining | 5% |
| Entertainment | 5% |
| Travel | 3% |
| Grocery | 3% |
| Other purchases | 1% |
No Expiry on Rewards
Unlike many other credit cards OneCard’s rewards points don’t expire. This feature allows you to accumulate points over time without the pressure of using them before a set deadline.
Welcome Bonus
As a new OneCard user you receive a welcome bonus. This bonus is typically credited to your account after your first transaction providing an immediate reward for choosing OneCard.
Milestone Rewards
OneCard incentivizes higher spending with milestone rewards. You earn additional points when you reach specific spending thresholds enhancing the value of your regular purchases.
Redeeming for Travel
While OneCard doesn’t have a traditional travel rewards program you can use your cashback for travel expenses. Simply use your OneCard for travel bookings and the cashback you’ve earned will offset part of the cost.
By understanding these redemption features you can maximize the benefits of your OneCard rewards program making every purchase count towards valuable cashback.
How to Apply OneCard?
Applying for OneCard is a straightforward process that can be completed entirely online. Here’s a step-by-step guide to help you secure your OneCard credit card:
- Download the OneCard app:
- Visit your device’s app store (Google Play Store for Android or App Store for iOS)
- Search for “OneCard” and download the official app
- Register your account:
- Open the OneCard app
- Enter your mobile number
- Verify your number with the OTP sent to you
- Complete the application form:
- Fill in your personal details including name address and date of birth
- Provide your PAN card number and Aadhaar number
- Enter your employment information and income details
- Upload required documents:
- Take a clear photo of your PAN card
- Capture a selfie for identity verification
- Submit any additional documents requested by OneCard
- Credit assessment:
- OneCard will assess your creditworthiness
- This process is typically completed within minutes
- Receive your virtual card:
- Upon approval you’ll get instant access to your virtual OneCard
- Start using it immediately for online transactions
- Physical card delivery:
- Your metal OneCard will be delivered to your address within 3-5 business days
- Activate the physical card through the app upon receipt
Remember OneCard doesn’t require a fixed deposit (FD) to apply making it accessible to a wider range of applicants. The OneCard credit card is lifetime free with no annual or renewal charges. Your credit limit is determined based on your credit score and financial profile.
For those interested in the OneCard metal card there are no additional charges. It’s part of the standard offering showcasing OneCard’s commitment to providing premium features without extra costs.
By following these steps you can easily apply for OneCard and start enjoying its benefits including competitive interest rates generous rewards and the convenience of a fully digital credit card experience.
OneCard Eligibility and Documentation
To apply for OneCard you must meet specific eligibility criteria and provide the necessary documentation. Here’s what you need to know:
Eligibility Requirements
- Age: You must be between 21 and 60 years old
- Income: Your minimum annual income should be ₹3 lakhs or more
- Credit Score: A good credit score (700+) is preferred
- Employment: You should be employed or self-employed
- Residence: You must be an Indian resident
Required Documents
- Identity Proof (any one):
- Aadhaar Card
- PAN Card
- Voter ID
- Passport
- Address Proof (any one):
- Aadhaar Card
- Utility Bills (not older than 3 months)
- Passport
- Driving License
- Income Proof:
- Latest 3 months’ salary slips
- Form 16 or ITR for the last financial year
- Photograph:
- A recent passport-sized photograph
- Download the OneCard app from your device’s app store
- Complete the registration process
- Fill out the application form with accurate details
- Upload the required documents
- Wait for the credit assessment to be completed
- If approved you’ll receive a virtual card immediately
- Your physical OneCard (including the metal card option if eligible) will be delivered within 3-5 business days
It’s important to note that OneCard doesn’t require a fixed deposit for application making it accessible to a wider range of applicants. The OneCard credit card is offered lifetime free with no annual or renewal charges. This streamlined process and absence of a fixed deposit requirement set OneCard apart from many traditional credit card offerings in India.
Is one card safe to use?
OneCard is designed with robust security features to protect your financial information and transactions. The company employs industry-standard encryption and security protocols to safeguard your data.
Here are key safety aspects of OneCard:
- EMV Chip Technology: OneCard uses EMV chip technology which provides enhanced protection against fraud compared to traditional magnetic stripe cards.
- Real-time Transaction Alerts: You receive instant notifications for all transactions allowing you to quickly spot any unauthorized activity.
- In-app Card Controls: The OneCard app lets you lock/unlock your card instantly freeze international transactions or set transaction limits adding an extra layer of security.
- Secure Online Transactions: OneCard offers a virtual card for online purchases reducing the risk of exposing your physical card details.
- Two-Factor Authentication: The app requires two-factor authentication for logging in and making changes to sensitive information.
- Zero Liability Protection: OneCard follows a zero-liability policy protecting you from unauthorized transactions if reported promptly.
- PCI DSS Compliance: OneCard adheres to Payment Card Industry Data Security Standards ensuring your data is handled securely.
- Fraud Detection Systems: Advanced algorithms monitor your transaction patterns to detect and prevent fraudulent activities.
| Security Feature | Benefit |
|---|---|
| EMV Chip | Prevents card cloning |
| Real-time Alerts | Immediate fraud detection |
| In-app Controls | Customizable security settings |
| Virtual Card | Safer online transactions |
| Two-Factor Authentication | Enhanced account access security |
| Zero Liability | Financial protection against fraud |
| PCI DSS Compliance | Stringent data security standards |
| Fraud Detection | Proactive threat monitoring |
OneCard’s safety features compare favorably with other credit cards in the Indian market. The combination of advanced technology and user controls makes OneCard a safe option for daily transactions and online purchases. But as with any financial product users should always exercise caution and follow best practices for personal financial security.
Manish Sharma
https://financex.inI'm tech-savvy, loves to write about saving, investing and proper financial planning. Also, I am a blogger, share everything with 100% transparency and the best of my knowledge.