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The OneCard was introduced by fintech startup FPL Technologies Pvt. Ltd. in 2019. It is a metal credit card used in collaboration with Federal Bank, Bank of Baroda, CSB Bank, SBM Bank, South Indian Bank, and Indian Bank. It is an entry-level credit card that is issued both as a secured and an unsecured credit card. As of March 2024, the RBI has barred the Federal Bank and the South Indian Bank from issuing new OneCard Credit Cards.
OneCard is a fintech credit card, that is lifetime free with no additional hidden charges. Once your application is approved, you can activate the digital card immediately and expect to receive the physical card in 3-5 business days. The card offers accelerated rewards in the top two spending categories, meaning you can earn more reward points on the things you spend the most on. Moreover, the reward points you earn on your spending can be redeemed against the card’s outstanding balance, making it easier to pay off your credit card debt. Additionally, the foreign currency markup fee with the One Card Credit Card is only 1%, significantly lower than most credit cards available in the Indian market. This means you can save a lot of money using this card for overseas transactions.
Lifetime Free Metal Credit Card
The OneCard Credit Card is a sleek, metal-bodied card that stands out for being lifetime-free, meaning there are no joining or annual fees attached to it. It’s designed for everyday use, offering rewards on all purchases, with extra benefits on your top spending categories each month. This card is particularly appealing for its modern look and the convenience of digital and physical versions, making shopping and earning rewards straightforward. Other banks offer metal cards only to super premium credit cards like the HDFC Bank INFINIA Metal Credit Card, which has a joining fee of Rs. 12,500. Only OneCard being a lifetime free credit card offers metal cards.
Low Forex Fee
The OneCard stands out for its low foreign currency markup fee, making it an attractive choice for travelers and those who shop from international websites. With just a 1% markup on foreign transactions, users can enjoy shopping or traveling abroad without worrying about the high charges that usually come with currency conversion. This low fee ensures that you can spend more on your experiences and less on fees, making the OneCard a budget-friendly companion for your international adventures and purchases. Unlike other cards where Forex charges appear days later with confusing breakdowns, transactions with the OneCard show up instantly and clearly on the app.
OTP-less Feature
The One card’s OTP-less feature has been a great help for travelers abroad. Some apps, like Grab and Gojek, require OTP verification for the first use, which can be difficult for traditional cards outside your country. One card’s OTP-less feature solves this problem without any issues. This feature is especially helpful when you don’t have an international roaming plan or when the network connectivity is poor. The OTP-less feature means that you don’t have to wait for a code, which can be time-consuming and frustrating.
City-Specific Offers
Living in a city like Chandigarh has its perks with the One card. The “offers around” section provides incredible cashback opportunities, such as 24% cashback at Apollo Pharmacy, 18% at food outlets like Third Wave Coffee and Subway, and 12% on groceries at stores like Reliance Fresh and more.
Points Redemption
With the OneCard Credit Card, redeeming your earned reward points is straightforward and rewarding. For every purchase you make, you earn points—1 point for every Rs. 50 spent. These points can then be converted into cashback, directly reducing your card’s outstanding balance. The conversion rate is simple: 1 Reward Point equals Rs. 0.10. So, the more you use your OneCard for purchases, the more cashback you can earn, making it a smart way to save money on your expenses.
Category Multiplier
The OneCard Credit Card makes your spending more rewarding, especially when you focus on your two favorite categories each month. Imagine that every time you spend time on things like dining out or online shopping, your rewards multiply. For the two categories where you spend the most in a month, you get 5X the usual reward points. So, if travel and groceries are your top expenditures in April, every rupee you spend there earns you not one but five times the happiness in rewards. It’s a smart way to make your regular expenses work harder for you, turning everyday shopping into a treasure hunt for points.
Voucher Options
The OneCard Credit Card offers a variety of voucher options as part of its rewards program. When you use your OneCard for purchases, you earn reward points, which can then be redeemed as vouchers. These vouchers can be from popular brands and e-commerce platforms, allowing you to save money on future purchases. The process is straightforward – accumulate points through spending, choose from a range of vouchers available, and apply them to enjoy discounts or special deals on your favorite products and services. This credit card also offers a discount of 10% on D-Mart for its cardholders.
Additionally, there’s an option for vouchers that provide at least 1.5% value back, adding another layer of benefits.
Comparison between OneCard, Gild, and IndusInd Bank Tiger Credit Card
| Features | OneCard Credit Card | Gild Credit Card | IndusInd Bank Tiger Credit Card |
| Joining/ Renewal Fee | Nil | Nil | Nil |
| Reward Rate |
|
0.75% back as petals for every transaction | 6 RP for every Rs. 100 spent |
| Reward Redemption |
|
|
|
| Welcome Benefits | N/A | Free metal card holder | N/A |
| Movie/ Dining Benefits | N/A | N/A | 2 complimentary movie tickets on BookMyShow |
| Travel Benefits | N/A | N/A |
|
| Forex Markup Charges | 1% | 2.5% | 1.5% |
Bottom Line
The OneCard Credit Card is designed to meet the needs of different types of users. It’s ideal for people who love to travel and want to save on foreign transaction fees, and for those who want to earn rewards on every purchase. The card has a metal build and offers low forex fees, OTP-less transactions, and city-specific offers. It also has a straightforward points redemption system and category multipliers, making it more than just a financial tool.
The OneCard Credit Card is unique compared to competitors like Gild and IndusInd Bank Tiger Credit Card, especially for those who prefer simplicity and efficiency when managing their finances. It is a valuable card that can enhance your spending habits and overall financial management. Whether you choose to get the card or not depends on your financial needs and spending patterns. However, for those who can take full advantage of its features, the OneCard Credit Card is definitely worth considering.
