OneCard is a premium metal credit card introduced by FPL Technologies in collaboration with several banking partners including Federal Bank, SBM Bank, Indian Bank, CSB Bank, BOB Financial, and South Indian Bank. This card stands out due to its modern design, user-friendly mobile app, and a range of benefits that cater to tech-savvy and financially responsible individuals.
Key Features and Benefits
1. Lifetime Free Card One of the most attractive aspects of OneCard is that it is a lifetime free credit card, meaning there are no joining or annual fees. This makes it an appealing option for individuals looking for a cost-effective credit solution.
2. Metal Design Unlike traditional plastic credit cards, OneCard boasts a sleek metal design, providing a premium look and feel. This is particularly appealing to users who value aesthetics and durability in their financial tools.
3. Reward Points OneCard offers a robust reward points system. Users earn 5X reward points on their top two spend categories each month. These points are credited instantly and can be redeemed directly against the card’s outstanding balance through the OneCard app. Moreover, there is no rounding off, so users earn fractional points, ensuring maximum value from every transaction.
4. Low Forex Markup Fee For those who travel frequently or make international purchases, OneCard charges a low forex markup fee of just 1%, which is significantly lower than the typical 2.5-3.5% charged by other credit cards.
5. Comprehensive Mobile App The OneCard mobile app offers complete control over the card. Users can manage their credit limit, track spending, control transactions, analyze expenses, and manage supplementary cards. The app also facilitates easy reward points redemption and features a virtual card for online transactions.
6. Interest-Free Period and EMI Options OneCard provides an interest-free period of up to 48 days. Additionally, it offers an EMI option for purchases, allowing users to convert their transactions into easy monthly installments directly from the app.
7. Instant Digital Card Issuance Upon approval, users receive an instant virtual card for immediate use, while the physical metal card is delivered within 3-5 business days.
8. Secured Card Option For individuals with no credit history or poor credit scores, OneCard offers a secured credit card option against a fixed deposit with SBM Bank. This allows users to build their credit score while earning interest on the fixed deposit.
Pros and Cons
Pros:
- No Annual Fees: Lifetime free card with no hidden charges.
- Low Forex Markup: Only 1% on foreign transactions.
- Premium Design: Metal card with a high-end look and feel.
- Flexible Rewards: Instant and fractional reward points that don’t expire.
- Comprehensive App: Full control over card functions via a robust mobile app.
- Inclusive: Available as both secured and unsecured card, catering to various credit profiles.
Cons:
- Limited Additional Benefits: Lacks features like airport lounge access and specific category discounts (e.g., fuel, dining).
- Low Regular Reward Rate: Offers a lower reward rate (0.2%) on regular spends compared to some other cards.
- Geographical Limitation: Currently available in limited cities across India.
How to Apply for OneCard
Applying for OneCard is a straightforward process that can be completed online:
- Download the OneCard App: Available on both Android and iOS platforms.
- Enter Basic Details: Provide your name, address, email, phone number, and PAN card number.
- Verification: Complete OTP verification.
- Instant Virtual Card: Once verified, you’ll receive an instant virtual card and a welcome email with further details.
- Physical Card Delivery: The physical metal card will be delivered to your address within 2-3 business days.
For those opting for a secured card, you’ll need to make a fixed deposit with SBM Bank. This process is also facilitated through the app.
Conclusion
OneCard is an excellent option for those seeking a modern, cost-effective credit card with a strong rewards program and low forex fees. Its premium design and comprehensive mobile app further enhance its appeal. However, for those looking for specific benefits like lounge access or higher reward rates on regular spends, it may be worthwhile to consider other options. Overall, OneCard represents a significant innovation in the Indian credit card market, combining style, functionality, and affordability.
