OneCard Credit Card
The OneCard Credit Card is a beginner-friendly, lifetime-free metal credit card launched by FPL Technologies Pvt. Ltd. in partnership with banks like Federal Bank, BOB Financial, CSB Bank, Indian Bank, SBM Bank, and South Indian Bank. It is available as a regular credit card or a secured one if your income or credit score doesn’t qualify—by creating a fixed deposit with SBM Bank. You earn 1 Reward Point for every ₹50 you spend and get 5 times more points on your top 2 spending categories each month. OneCard also gives you fractional reward points, which means you earn points even if your transaction isn’t a perfect multiple of ₹50. The card also comes with regular offers and discounts from popular Indian brands.
The reward rate with OneCard is between 0.2% and 1%, which is good for a free credit card. Since it automatically gives extra rewards based on where you spend the most, you don’t need to keep track of categories. It’s also a great choice for people who like the look and feel of premium metal cards but don’t want to pay high annual fees. Overall, OneCard is a smart and simple option for anyone starting their credit journey and looking to earn rewards on everyday spending.
Rewards and Benefits
Fees & Charges
What should you consider before applying for a credit card in India?
Key Considerations Before Applying for a Credit Card in India:
- Eligibility Criteria: Ensure you meet the eligibility requirements, which typically include age, income, credit score, and employment status as defined by the issuing bank or financial institution.
- Credit Score: A strong credit score can significantly improve your chances of approval and result in more favorable terms, such as lower interest rates or higher credit limits. Verify that your credit score is healthy before applying.
- Interest Rates and Fees: Compare the annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction charges associated with various cards. These costs can vary widely and impact the overall value of the card.
- Rewards and Benefits: Evaluate the rewards, cashback, discounts, or other perks offered by the card to ensure they align with your spending patterns. Some cards may provide better benefits in specific categories, such as travel, shopping, or dining.
- Credit Limit: Review the credit limit offered by the card to ensure it meets your financial needs. Avoid applying for cards with excessive limits if you are concerned about managing debt, as this can lead to higher interest charges.
- Repayment Terms: Understand the repayment structure, including the minimum payment amount, payment due dates, and any associated penalties. Being clear about these terms can help you manage payments effectively and avoid interest buildup.
- Card Type and Features: Choose a card type that matches your specific needs—whether standard, premium, or specialized cards like those offering travel rewards or dining privileges. Ensure the features of the card align with your lifestyle and spending habits.
- Bank’s Reputation: Opt for a financial institution with a proven reputation for customer service and transparency. Consider researching customer reviews and assessing their support channels to ensure reliable service.
- Hidden Charges: Be aware of any hidden fees, including annual fees, balance transfer charges, foreign transaction fees, or cash withdrawal charges. These can add up over time and affect the overall cost-effectiveness of the card.
- Credit Utilization: Maintain a balance within your credit limit to avoid high credit utilization ratios, which can negatively impact your credit score. Responsible use of credit is essential for maintaining financial health.
- Long-Term Financial Plans: Consider how the credit card fits into your overall financial strategy. Avoid accumulating unnecessary debt and choose a card that supports your long-term financial goals without adding financial strain.
Is OneCard a credit card?
Yes, OneCard is a credit card issued by FPL Technologies in partnership with banks like Federal Bank, BOBCARD, SBM Bank, and others.
How can I apply for OneCard Credit Card?
You can apply for OneCard online through their official website or by using the mobile app or only just click on Apply Now button.
Can OneCard be used for international transactions?
Yes, you can use OneCard for international purchases, but a 1% forex mark-up fee will be applied.
What documents are needed to apply for OneCard?
You'll need identity proof, address proof, and income proof to apply. The bank may ask for additional documents if needed.
What is the CIBIL score required for OneCard?
A CIBIL score of 750 or above is recommended, but you may still get approved with a lower score based on other factors.
How much FD is required for OneCard?
For the SBM Bank OneCard Lite, a fixed deposit (FD) is required. The credit limit can be up to 110% of the FD amount, with a max limit of ₹1.10 lakh.
Can I withdraw cash using OneCard?
Yes, you can withdraw money from ATMs, but there’s a 2.5% cash advance fee and high interest charges. It's best to avoid cash withdrawals.
Is there a rewards redemption fee for OneCard?
No, OneCard doesn’t charge any fee for redeeming reward points.
What is the use of OneCard Credit Card?
OneCard is a basic credit card that offers benefits like earning reward points, EMI options, and more. It’s suitable for beginners in credit.
Can I apply for OneCard if I don’t have a job?
Yes, you can apply for a secured OneCard against a fixed deposit, even if you’re not employed.
What is the customer care number for OneCard?
You can reach OneCard customer care at the toll-free number 1800 210 9111 or email help@getonecard.app for any queries.
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