A budget-friendly credit card with simple features and lots of reward points is no less than a boon for us. If you are a first-time credit holder, then you must be concerned about its risk factors and safety. This is the point where OneCard comes into the picture. Not only is it a free credit card but also offers exclusive rewards. But what is OneCard? Is it safe? Can a common man use it? What are its other benefits? You will get to know all about it in this write-up.
What is OneCard?
OneCard is a co-branded metal credit card offered by several banks in India. For example- SBM Bank, South Indian Bank, Federal Bank, IDFC First Bank, and BOB Financial. It is a premium card that comes with exclusive features and benefits such as reward points, discounts, and offers. The card is designed to offer the best possible experience to its customers who seek luxury and convenience. Unlike other credit cards, here you won’t have to pay any joining or renewal fees. In short, you can enjoy innumerable benefits on this card without paying unwanted charges! Apart from that, does it offer any other benefits? Yes! It does.
OneCard Benefits & Features
Who doesn’t want to gain financial benefits through credit cards? Obviously, all of us seek benefits while using credit cards. Be it in the form of improving credit scores or getting a loan quickly. So, here we will delve into some of the significant benefits of using 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|
1. 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.
2. 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.
3. 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
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.
Important details of OneCard
Before applying for OneCard, you must be aware of its crucial details like eligibility criteria, documents required, Fees & Charges, Collaborated Banks, etc. So, let’s delve into it-
(A) Eligibility Criteria
You must fulfill the following criteria for applying for OneCard
- Your age must be above 18 years.
- You must have a stable source of income (either salaried or self-employed).
- Your CIBIL (Credit Information Bureau Limited) score must be above 750. (Note: CIBIL score is the three-digit numeric summary of your credit history).
- You must have all the required documents.
(B) Documents Required
|Documents||At least One of the following|
|Address Proof||Aadhar Card, Voter’s ID Card, Passport, Driving Licence|
|Photo ID Proof||PAN, Address Proof, Voter’s ID Proof, Passport, Driving licensee|
|Income Proof for Salaried Individuals||Salary slips for the last three months, Latest ITR, Latest Form 16, and Bank account statements for the last three months.|
|Income Proof for Self-Employed||Audited Financials- Profit & Loss sheet, Balance Sheet of last two years, ITR of last two years, Bank Account statement for the last 12 months.|
(C) Fees & Charges
|Finance Charges||2.5% to 3.5% (per month); 30% to 42% per annum|
|Late Payment Fee||2.5% of the amount due|
|Foreign Markup Fee||1%|
|ATM Withdrawal Charges||2.5% of the withdrawn amount with a minimum amount of Rs.300|
(D) Collaborated Banks
The five crucial banks that collaborated with OneCard are-
- SBM Bank
- South Indian Bank
- Federal Bank
- IDFC First Bank
- Bank of Baroda Financial
How to Apply for OneCard?
You can apply for OneCard either offline or online.
(A) Offline Application
You can apply for a OneCard Credit card by visiting the nearest branch of any of the collaborated banks. These banks are mentioned in the above section. Fill up the application form and provide all the required documents. Your card will be given and activated soon.
(B) Online Application
Download the OneCard application from Google Play Store or Apple Store. You can also visit its official website. Fill up the form and submit the required documents. The whole application process will hardly take 5-10 minutes.
You can request the credit application status update via Whatsapp in both online and offline applications.
Is OneCard Safe?
Credit card frauds are as common as any other fraud. But what if we say OneCard keeps you safe from fraud? Sounds too good to be true. Right? Here we will explain how you get the option to control the credit card as per your security needs-
- OneCard app allows you to take maximum control over various aspects of your card.
- In case you lose the card, you can inactivate it with a single tap on the OneCard app.
- You can keep your transactions active or inactive as per your inconvenience. The transactions may include online transactions, ATM withdrawals, BharatPe QR transactions, etc.
- You can easily change your PIN without calling the customer care number or without going to the bank.
- You can track your every transactional move.
Final Words: Should you use OneCard or not?
OneCard is an entry-level credit card that uses a metal form factor. It has a low markup fee which makes it superior to other credit cards in the market. The safety factor is a matter of concern for most of the users. Most of the users have mixed opinions about the safety of the card. Some of them claim that this metal card is a hyped product and its rewards are unable to compete with super-premium cards. While others say that a lifetime free card without any hidden charges makes OneCard a shining star among rookie credit-card users. So whether you should use OneCard or not depends on your priorities.