OneCard, a relatively new entrant in the realm of financial services, has garnered significant attention. In this digital fintech era, one thing has become crucial for us i.e. understanding the security of such platforms. Is OneCard safe? That’s the most common query of folks nowadays.
So, we will explore the various advantages and potential drawbacks associated with OneCard. And definitely, it will help you to make an informed decision about its safety as a financial tool.
Whether you’re thinking about getting a OneCard or just want to be more informed about its security features, this analysis is here to give you the insights you need to make an informed decision.
Let’s get started!
(A) What is OneCard?
Before delving into the pros and cons analysis of OneCard, let’s briefly understand some fundamentals of OneCard.
OneCard is a premium metal credit card packed with exclusive features, benefits, and zero joining or renewal fees. It is offered by the following banks in India-
- SBM Bank
- South Indian Bank
- Federal Bank
- IDFC First Bank
- BOB Financial
Note: We have thoroughly covered OneCard in the article- “What is OneCard? What are its benefits?” Visit it for detailed information.
(B) Advantages of OneCard
Everyone is eager to enjoy financial advantages through credit cards, as they can help in various ways, such as enhancing credit scores and expediting loan processes. In this discussion, we will explore the notable advantages offered by OneCard.
|Features of OneCard||Benefits|
|No Hidden Charges||No joining fee|
|No renewal fee|
|No redemption fee|
|One Card Mobile Application||Manage card through the mobile app|
|Set the transaction limit|
|Manage online, domestic, and international transactions|
|Easy Documentation||Only address proof, income proof, and photo ID are required|
|Quick Activation||Activate the card in 5min without any physical presence in the bank|
|Impressive Rewards||Reward points are immediately credited|
|No expiry date of reward points|
|Metal Credit Card||Luxurious experience|
|Budget Friendly||Limits your spending to your repayment capacity|
|Cash Withdrawals||Allows cash withdrawal from ATMs|
|Exclusive Offers||Discounts on Shopping & Dining|
Let’s dive deep into the advantages and Pros of OneCard-
(B.1) No Hidden Charges
“Does OneCard have hidden charges?” This is one of the most common queries of folks. Well, to your surprise, OneCard is completely transparent and free of any hidden charges. It means that there are no hidden charges. Such a relief! Isn’t it? But that’s not all! There are numerous other benefits of OneCard that can make you super-excited. Let’s explore them-
- No Joining Fee: OneCard doesn’t charge users a fee when they initially sign up for the credit card. This means there are no upfront costs to become a cardholder, making it a cost-effective choice for individuals seeking a credit card.
- No Renewal Fee: Many credit cards have an annual renewal fee that cardholders must pay to continue using the card. OneCard, however, doesn’t have this fee, ensuring that cardholders won’t be burdened with yearly charges.
- No Redemption Fee: Some credit cards may charge a fee when users redeem their reward points for benefits or cashback. OneCard, on the other hand, doesn’t impose such fees, allowing users to fully enjoy the rewards they earn.
(B.2) OneCard Mobile Application
You can manage OneCard through the mobile app! Yes, it is true. This is the most alluring feature of OneCard. It provides a dedicated mobile application that allows cardholders to efficiently manage their credit card account. Users can view their balance, and transaction history, and make payments through the app.
The OneCard mobile app allows you to avail the following benefits-
- Set the transaction limit: The mobile app empowers users to set transaction limits for their cards. This feature adds an extra layer of security, giving users control over how their card is used.
- Manage online, domestic, and international transactions: The app enables users to monitor and manage their transactions across various categories, including online, domestic, and international purchases. This control is invaluable for budgeting and security purposes.
(B.3) Easy Documentation
All of us are aware of the tons of documents we need to submit to get credit cards from other sources. OneCard tweaked the application process of the card by simplifying the documentation process. Here you need to submit only a minimal set of documents. Such as-
- Address proof
- Income Proof
- Photo ID
Thus, it makes the card more accessible to a wider range of individuals.
(B.4) Quick Activation
You can activate the card in 5 minutes without any physical presence in the bank. Sounds interesting. Isn’t it? OneCard offers a remarkably swift activation process. Users can activate their card within just 5 minutes without the need to physically visit a bank branch. This convenience saves time and provides an efficient onboarding experience.
(B.5) Impressive Rewards
- 5X Rewards on two spending Categories: If you are a OneCard holder, you will get 5X rewards on your top two spending categories. Such rewards will never expire, therefore, you can redeem them whenever you want. Also, you can earn reward points on your EMI transactions. You will get a reward point on each expenditure worth Rs.50 and above.
- Immediate crediting of Reward Points: Your reward points are immediately credited! OneCard provides instant gratification for users by crediting reward points immediately after eligible transactions. This means users can start enjoying the benefits of their spending right away.
- No Expiry date on reward points: Unlike some credit cards that impose an expiry date on earned reward points, OneCard ensures that these points do not expire. Users can accumulate and redeem them at their convenience, without the pressure of a looming deadline.
(B.6) Metal Credit Card
OneCard offers a premium experience by providing users with a metal credit card. This type of card is known for its durability and luxurious feel. It can be a status symbol and is often associated with exclusive benefits and privileges.
(B.7) Budget Friendly
The biggest benefit of OneCard is it perfectly fits your budget. There is no need to pay any fee at the time of joining, monthly, or yearly. Also, you can set the limit of transactions using the OneCard app. So it ensures that your spending doesn’t exceed your repayment capacity.
(B.8) Cash Withdrawal
In OneCard, the cash withdrawal feature at ATMs is enabled. So instead of carrying numerous debit cards, you can easily take out cash from ATMs using OneCard. Is OneCard Safe? Well, you’ll get to know it in the upcoming sections.
(B.9) Exclusive Offers
You get alluring discounts on various categories by making the payment through OneCard. Those categories include-
- Food & Dining
- Window shopping
- Tours & Travels
- Wellness & Healthcare
Thus, OneCard stands out for its transparency with no hidden fees, ease of use with a mobile app, simplified documentation, rapid activation, and impressive rewards, and the option for a premium metal credit card, providing a unique and user-centric credit card experience.
(C) Disadvantages: Analyzing the Cons of OneCard
While OneCard offers numerous advantages, there are also some potential disadvantages to consider. Let’s look at them briefly in the following table-
|Disadvantages of OneCard||Description|
|Low Reward Rate||Only 0.2% on regular spending|
|No lounge access||Downside for frequent travelers|
|Available only in limited cities (54 cities)||Restricts the usability of OneCard |
for people residing in other locations.
|System Downtime||Temporary disruptions due to |
maintenance or technical issues.
Go through the following points to get detailed info on the Cons of OneCard-
(C.1) Low Reward Rate
Do you know what credit cards are famous for? Rewards! Yes, earning rewards and improving credit scores are the ultimate goals of credit card users. You may be also one of these folks. Consider a scenario. What if you get tons of benefits on a credit card in terms of a metallic look, mobile app control, credit limit sharing, etc.? But a low reward rate. Would you still opt for such a card? Maybe some of you will! That’s the same case with OneCard. This is considered as the major drawback of OneCard.
(C.2) No Lounge Access
Who uses credit cards the most? Frequent shoppers and travelers! Especially those traveling abroad. Lounge access is the most anticipated feature of Credit Cards. Unfortunately, you won’t have any sort of lounge access in OneCard.
(C.3) Available only in Limited Cities
OneCard is available in multiple cities across India but lacks a pan-India presence. According to the official OneCard website and other sources, the membership for OneCard is open to residents of 54 cities, including-
- Delhi (NCR)
- East Godavari
- Karim Nagar
However, it is important to note that the list of cities may change over time. So you need to check the official OneCard website or contact their customer support for the most up-to-date information.
(C.5) System Downtime and Technical Issues
OneCard systems are reliant on technology, and like any technological system, they can experience downtime during maintenance or technical issues. This downtime can temporarily disrupt access to services and transactions with OneCard, causing inconvenience and potential frustration for certain people.
(D) What to do if you lose your OneCard?
If your OneCard is lost or stolen, you can take steps to reactivate it. Here’s what you can do as per OneCard’s official website–
(D.1) Report the loss or theft
Contact the One Card office immediately to report the lost or stolen card. During business hours, you can call their office at 919-962-8024. If it’s after office hours or on weekends, there may be alternative contact information available.
(D.2) Block the lost card
If you have a OneCard Credit Card and it is lost or stolen, you can block the card to prevent unauthorized use. The primary cardholder can deactivate/reactivate the card. You can find detailed instructions and terms in the OneCard Credit Card Terms and Conditions.
(D.3) Follow any additional instructions
The One Card office may provide further instructions on how to proceed, such as obtaining a replacement card or verifying your identity.
Remember, it is important to take immediate action when you realize your OneCard is lost or stolen. This will help protect your account and prevent any potential misuse.
(E) Is OneCard Safe?
Yes! OneCard is safe! Really? If you don’t believe it then dive into the following explanation. All of us understand that credit card frauds are as common as any other fraud. But what if we say OneCard keeps you safe from fraud?
Go through the following table and explanation to find out- Is OneCard safe?
|Safety Features of OneCard||Description|
|Maximum Control||Manage various card aspects|
|Instant Inactivation||Quickly inactivate a lost card via the app|
|Transaction Control||Enable or disable different transaction types|
|Easy PIN Change||Convenient PIN change without customer care|
|Transaction Tracking||Real-time monitoring of all card transactions|
Let’s go through the explanation-
(E.1) Maximize Control with the OneCard App
The OneCard app offers an array of features designed to provide cardholders with an unparalleled level of control over their credit card. This digital tool empowers users to manage their cards like never before, streamlining their experience and enhancing security.
Through the app, cardholders can access various functionalities to monitor, customize, and safeguard their card usage. From setting transaction limits to tracking expenditures, the OneCard app allows users to take maximum control over various aspects of their cards. Thus, it provides a seamless and secure way to manage their financial transactions.
(E.2) Instant Card Inactivation in Case of Loss
Losing a credit card can be a distressing experience, but with OneCard, the response is swift and effective. In the unfortunate event of card loss or theft, the OneCard app offers a solution at your fingertips.
With a single tap within the app, cardholders can instantly inactivate their card, preventing any unauthorized usage. This feature provides peace of mind, ensuring that your finances remain secure, and saving you the hassle of a prolonged process to report and block a lost card.
(e.3) Flexible Transaction Management
Is OneCard Safe? Well, OneCard understands that different situations may require different transaction preferences. To cater to these needs, the app lets users activate or deactivate various types of transactions according to their convenience. These transactions can encompass online purchases, ATM withdrawals, and even BharatPe QR transactions.
Whether it’s temporarily disabling online transactions for added security or enabling ATM withdrawals during a travel journey, the OneCard app grants users the flexibility they need to control their card usage.
(E.4) Effortless PIN Change
One of the hassles associated with credit cards is changing the Personal Identification Number (PIN). However, with the OneCard app, this process is simplified. Cardholders no longer need to go through the inconvenience of calling customer care or visiting a bank branch to change their PIN.
The app provides a user-friendly solution to change your PIN with ease, ensuring that you can quickly enhance your card’s security without unnecessary steps or delays.
(E.5) Comprehensive Transaction Tracking
Keeping a close eye on your financial transactions is crucial for managing your expenses and monitoring any unauthorized activity. Is OneCard safe? Yes. Because OneCard app offers a convenient solution for this. It enables cardholders to track every transaction they make, providing real-time insights into their financial activity.
With this feature, you can stay informed about where your money is going, making it easier to budget and maintain control over your finances.
(F) Final Words: Is OneCard Safe?
So, here comes the answer to your question- Is OneCard safe? Yes, OneCard is safe if you use it while taking precautions. In other words, the safety of OneCard is a balance of advantages and disadvantages, reflecting a neutral perspective.
OneCard presents several enticing benefits, such as transparent fee structures, swift activation, immediate reward points, and comprehensive transaction control through its mobile app. However, it does face limitations, including low reward rates, lack of lounge access, and city-specific availability.
OneCard’s robust security features, like instant inactivation, flexible transaction control, and easy PIN changes, bolster its safety profile. Ultimately, while the card offers convenience, you should weigh the pros and cons based on your specific needs. Hence, you can make an informed choice about OneCard’s safety as a financial tool!