OneCard Review 2024: Features, Benefits & Rewards

No other fixed deposit-backed credit card comes with as many benefits as the OneCard, though conditions apply. The OneCard offers one reward point for every INR 50 spent on purchases across select categories. Reward points can be increased by five times on purchases under top-two categories and redeemed at zero cost. Plus, the joining and annual fees are waived for users using OneCard credit cards.

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OneCard

4.0

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Fee

Nil

Interest Rate

3.49% per month

Key Feature

Earn 1 point upon spending every INR 50

Annual Fee

Nil

Interest Rate

3.49% per month

Key Feature

Earn 1 point upon spending every INR 50

Pros & Cons

• Zero annual fee
• Joining fee not applicable
• Rewards redemption fee waived
• Convert credit card purchases above INR 2,500 into EMI

• Charges extra for add-on metal cards issued by primary cardholder for family members
• Instant loan only applicable only for OneCard issued by Federal Bank
• A 3% foreclosure fee applied to EMI

• What is OneCard?
• OneCard Features
• OneCard Credit Card Benefits
• OneCard Fees & Charges
• OneCard Rewards
• How to Redeem OneCard Points
• How to Apply OneCard?
• OneCard Eligibility and Documentation
• Is one card safe to use?
• Frequently Asked Questions (FAQs) on OneCard Credit Card

OneCard is a fixed deposit-backed credit card issued in partnership with (currently six) financial institutions, including Bank of Baroda, CSB Bank, Federal Bank, SBM Bank, South Indian Bank, and Indian Bank. Credit cards can be availed by opening a fixed deposit account with any partner bank, with a no-cost joining fee and zero annual charges.

OneCard is a top-notch choice for availing of the perks of instant lifetime reward points. You’ll earn 1 point on every INR 50 spent on purchases made through OneCard credit card across categories including groceries, fuel, food and dining, shopping, electronics, travel, education, rent, bills and utilities, automobiles, health and wellness, entertainment, jewelry and watches from select brands and platforms.

What’s more interesting is that if you spend on at least three categories in a month, the top two categories will be eligible for 5X reward points.

Source: OneCard

Earn Interest on Fixed Deposits: OneCard provides a double treat to its users: They can earn a decent 7.5% interest on their fixed deposits while using their credit card to make purchases or pay bills. Users can also improve their credit score by making payments on a timely basis with a well-balanced credit utilization ratio.

Variants: OneCard credit card comes in two variants: plastic card and metal card. The significant difference is that the metal card is issued to FD holders who maintain an INR above 50,000 in their account. Another difference is the charges. For instance, a plastic card user can issue a second replacement of the card at INR 145, while the replacement for a metal card costs INR 3,000.

OneCash Loan: Currently, the loan facility is provided only for users of OneCard credit cards issued in partnership with Federal Bank. The loan amount can vary per the lender’s approved credit card cash limit and comes with a 2 to 36 months repayment tenure. The loan amount’s interest rate is fixed per the issuing bank’s policy.

EMI Conversion: Select card members can convert their credit card purchases above INR 2,500 into EMI. However, this facility isn’t applicable for transactions across gold jewelry, ATM transactions, cash transfers, fuel, etc. Remember, there’s a processing fee applicable, as well as a foreclosure charge of 3% on the remaining balance. Also, EMI conversion is not available for most cashback and offers.

Grace Period: Users get a grace period of 48 days to repay their debts and avoid charges of 3.49% of the amount per month.

Rewards and Cashback: One point is awarded to users for every INR 50 spent on select purchases, which can be multiplied by five times. Along with rewards, cashbacks are available across categories, including groceries, automobiles, and jewelry, to name a few.

Annual fee: Nil.

Joining fee: Nil.

• Domestic and international use: Users can seamlessly use their OneCard within India and even for international transactions.
• App-based transaction and repayment: Users can use the OneCard mobile app to make payments using UPI, debit cards, or online banking.
• In-app tracking and controlling credit card features: All aspects of OneCard, such as transactions and statements, reward points and cashback, and fixed deposits, can be controlled through its mobile application, which is available for users of both iOS and Android mobile operating systems.
• Add-on: Users can issue an add-on OneCard credit card to family members. The primary user gets to control spending limits on add-on credit cards, while rewards and cashback are separately offered. It charges INR 3,000 for every new add-on card issued to family members.
• Contactless card: OneCard credit card can be used for contactless payments up to INR 5,000 without the PIN.

OneCard fees vary depending on the type of cards issued to the users, such as plastic or metal cards. Here’s an overview:

The schedule of charges of the OneCard credit card is accurate as of Mar. 25, 2024.

OneCard provides 1 point to users on every INR 50 spent on purchases made through credit cards across categories. Even a quick mobile recharge of INR 25 will earn users 0.5 points. These rewards can be increased by five times if a user spends on at least three categories in a month, of which the top two categories will be eligible for 5X reward points. You can use reward points to repay existing dues or use them as cash.

OneCard reward points are deposited into your wallet as soon as you make the purchase. What’s more interesting is that the credit card issuer doesn’t charge a fee for redeeming points earned from making a purchase, and it has also done away with the traditional system of limiting the maximum number of reward points a user can earn. Plus, these reward points have a lifetime validity.

Cashback

• Up to 10% cashback on groceries purchased from supermarkets and departmental stores and 5% for online purchases.
• Fuel surcharge waived up to INR 400 monthly at any gas station across India.
• Offers and discounts are available for using OneCard credit cards from e-commerce channels and brand websites for online shopping.
• Separate offers are available for credit cards to buy electronic goods, automobiles, jewelry and watches, health and wellness, and booking movie tickets.
• Up to 15% discount on flights and train tickets purchased using OneCard credit card.

All cashbacks offered by OneCard come with a validity period. Users can avail themselves of discounts on purchasing goods and services, which are applicable once per card per store (physical or online) during the period. Users are advised to read the terms and conditions carefully for each cashback. Most offers are either not applicable to EMI-based transactions or are available for select products only.

The process of redeeming OneCard points is self-explanatory. Here’s a guide to help you redeem your OneCard points, follows:

1. Open OneCard mobile application
2. Click “OneRewards”
3. Select “Use Points”
4. Choose from either transaction or cash credit

OneCard credit card is currency available for residents of 54 Indian cities. The application process is carried out digitally either through their official website or from any issuing banks, including Bank of Baroda, CSB Bank, Federal Bank, SBM Bank, South Indian Bank, and Indian Bank.

Here’s a step-by-step guide to apply OneCard credit card online:

Step one: Enter your mobile number and verify it through OTP for authentication.

Step two: Enter personal information.

Step three: Provide your address details.

Step four: Once you fill out the self-explanatory form, your application will be sent for credit assessment.

Opening a fixed deposit account with OneCard’s partner banks is a must to avail yourself of its credit card benefits. The applicant must be an Indian resident above 18 to be eligible.

Remember, OneCard credit is currently available only for residents in 54 cities across India, including Ahmedabad, Bangalore, Chennai, Delhi (NCR), Hyderabad, Jaipur, Kolkata, Mumbai, Pune, Surat, Vellore, among other cities.

Credit score requirement: An applicant with zero credit history can apply for a OneCard credit card. However, your credit card application can be denied if your credit score is low due to untimely repayment, high credit utilization ratio, opening numerous new credit accounts, or if your credit accounts were subject to a settlement.

Documents: While a PAN card and an Aadhaar card are necessary, you may be asked to provide other documents as proof of address and residence.

Approval time: The credit card issuer ensures to approve applications within a few minutes provided the applicant fulfills the eligibility criteria, as follows:

Credit card delivery: The issuer dispatches the user’s OneCard credit card to the registered address provided while applying.

OneCard has partnered with the Reserve Bank of India (RBI)-approved scheduled commercial banks to offer fixed deposit-backed credit cards to users. It is a new-age fintech startup operated by FPL Technologies, with investors like Alteria Capital. OneCard users get double benefits to earn interest from their FD investment while using their credit card to earn rewards and cashback.

That being said, users should follow best practices to use a credit card to avoid spiraling debt, which leads to personal finance disaster and low credit score and can make your future loan or credit card application near impossible.

Read More: Best Credit Cards In India