By Rajat Gaur
Updated On March 31, 2022

One Card is an entry-level credit card issued by fintech startup FPL Technologies Pvt. Ltd. in partnership with its banking partners including IDFC FIRST Bank, Federal Bank, BOB Financial, SBM Bank and South Indian Bank. The card can be issued as both a secured credit card as well as an unsecured credit card (if you are deemed ineligible for the card based on your credit score/income, you can get the card against a fixed deposit with SBM Bank).

You earn Reward Points for all purchases made with One Card- 1 Reward Point per Rs. 50 spent and 5x Reward Points on the top two spend categories of the month. One unique feature of One Card is, unlike other credit cards, you can also earn fractional Reward Points against your spends with One Card credit card (more on this later in the article). Read on to learn more about One Card Credit Card.

(4.5/5)

Best Suited For

Shopping |

Joining Fee

N/A

Reward Type

Product Details

  • Metal credit card issued on the Visa Signature payment network.
  • Lifetime free credit card- no joining/annual fee applicable.
  • 1 Reward Point per Rs. 50 spent and 5x Reward Points on the top two spend categories.
  • Reward Points redeemable for cashback, 1 Reward Point = Rs. 0.10.
  • Lower forex mark-up fee of just 1% of the transaction amount and a lower interest rate of 2.5% per month.

Rewards and Benefits

Welcome Benefits

N/A

Movie & Dining

N/A

Rewards Rate

1 Reward Point per Rs. 50 spent, 5x Reward Points on top two spend categories of the month

Reward Redemption

Reward Points redeemable for cashback, 1 RP = Rs. 0.10

Travel

N/A

Golf

N/A

Domestic Lounge Access

N/A

International Lounge Access

N/A

Insurance Benefits

N/A

Zero Liability Protection

Cardholder not liable for any fraudulent transaction on the card post reporting the loss of card to the bank

Fees & Charges

Joining Fee

N/A

Renewal Fee

Nil

Spend based Waiver

N/A

Rewards Redemption Fee

Nil

Rewards Redemption Fee

Nil

Foreign Currency Markup

1% of the transaction amount

Interest Rates

2.5% to 3.5% per month (or 30% to 42% annually)

Fuel Surcharge

1% fuel surcharge waived off on fuel purchases

Cash Advance Charge

2.5% of the transaction amount, subject to a minimum amount of Rs. 300

Add-on Card Fee

N/A

Best OneCard Credit Cards List

As mentioned earlier, OneCard offers credit cards in partnership with some of the popular banks/credit card issuers in India. Following is the list of best OneCard Credit Cards:

IDFC Bank OneCard Credit Card

The IDFC OneCard is a co-branded fintech card that is offered by OneCard in partnership with IDFC First Bank. It is a lifetime fee credit card that can be used for online as well as offline transactions. With this card,  the customers can earn 5x Reward Points on any two categories where they spend the most and this is what makes it a great choice for everyone.

Federal Bank OneCard Credit Card

It is another great card offered by OneCard in collaboration with the Federal bank. It is a metal card that you can activate in seconds in the OneCard app and get the physical card delivered within 3-5 business days. It is a lifetime free credit card with all the features very similar to that of the above-mentioned IDFC First Bank OneCard.

One Card Credit Card Rewards

  • You earn 1 Reward Point per Rs. 50 spent with your One Card Credit Card.
  • You can also earn fractional Reward Points on One Card. For example, if you spend Rs. 175, you will earn 3 Reward Points against Rs. 150 and 0.5 Reward Points for the remaining Rs. 25. Therefore, in total, you actually earn 3.5 Reward Points on the expenditure of Rs. 175 with your One Card Credit Card.
  • You earn 5x Reward Points on the top two spend categories of the month. For example, if the top two spend categories for a given month are travel and grocery, you earn 5x Reward Points on travel and grocery spends in that month. The top two spend categories are calculated for every month separately- that is, your top two spend categories for the month of February may be grocery and travel and for the month of March may be bill payments and online shopping. This 5x Reward Points benefit on the top spend categories is applicable only if you use your One Card for purchases in at least three different spend categories.

Reward Redemption

The Reward Points earned on One Card Credit Card can be redeemed against cashback at a value of 1 Reward Point = Rs. 0.10.

OneCard Credit Card Features & Benefits

Following are some of the most significant features and benefits of the OneCard Credit Card:

  • It is a lifetime free credit card with no additional hidden charges.
  • You can get the digital card activated immediately and get the physical card in 3-5 business days once your application is approved.
  • The cardholders earn accelerated rewards on their topmost two spend categories.
  • The reward points you earn on your spends are redeemable against the card’s outstanding balance.
  • The foreign currency markup fee of the card is 1%, which is very low compared to most of the credit cards available in the Indian market.

OneCard Fees and Charges

  • Annual Fee: One Card is a lifetime free credit card. Therefore, you do not pay an annual membership fee for the card.
  • Interest Rate: If you fail to pay the amount due on your One Card statement by the payment due date, you are charged an interest rate between 2.5% to 3.5% per month (30% to 42% annually) on the due amount.
  • Forex Mark-up: The forex mark-up fee applicable on transactions made in a foreign currency with your One Card credit card is 1% of the transaction amount (lower than the usual 2.5%).
  • Cash Advance Charge: You are charged a cash advance fee of 2.5% of the withdrawn amount on cash withdrawals with your One Card Credit Card (subject to a minimum fee of Rs. 300).

How to Apply for OneCard Credit Cards Online?

You can apply for the One Card Credit Card online on the One Card website or through the One Card mobile app. All you need to do is enter your mobile number and provide some basic details like ID proof, PAN Card and proof of income. In case your application is rejected due to a bad credit score or less income, you can also get One Card against a fixed deposit with SBM Bank, which is one of One Card’s banking partners.

Should You Apply for One Card?

Unlike BNPL (Buy Now Pay Later) cards by Fintech startups like Slice and Uni Card, One Card is a full-fledged credit card by FPL Technologies launched in collaboration with its banking partners- IDFC FIRST Bank, Federal Bank, SBM Bank, BOB Financial and South Indian Bank. You should consider applying for One Card if-

  • you want an entry-level metal credit card. One Card is perhaps the only entry-level credit card that comes in a metal form factor.
  • you like the reward structure of One Card that allows you to earn fractional Reward Points (as explained earlier).
  • you have a bad credit score or no credit score at all (due to lack of credit history) and want a secured credit card with a decent reward rate. One Card is available as both secured (issued against a fixed deposit) as well as an unsecured credit card.
  • you want an entry-level credit card with a lower foreign currency mark-up fee.

One Card Credit Card Eligibility Criteria & Documentation

The eligibility criteria that need to be fulfilled in order to get a One Card Credit Card have not been defined clearly by the card issuer. However, the following are some basic eligibility requirements that you might need to fulfill:

  • The applicant’s age should be at least 18 years.
  • The applicant should have a stable source of income.
  • To get a secured OneCard against a fixed deposit, no credit score will be required. However, if you want to get an unsecured card, you might need to have a decent credit score (preferably above 700).

Documents Required

You might need the following documents while applying for a OneCard Credit Card:

  • An identity proof (Aadhar Card, PAN Card, Voters’ Id, etc).
  • An address proof (Aadhar Card, Passport, Utility bills, Driving License, etc).
  • An income proof in case of an unsecured card (latest bank statements/salary slips or latest ITR).

One Card vs Pay Later Cards

One Card, as mentioned earlier, is issued by the fintech startup FPL Technologies Pvt. Ltd. in collaboration with its banking partners just as pay-later cards like Slice Super Card and UNI Card. However, it is fundamentally different from these pay-later cards as One Card is an actual credit card, while Slice Card and UNI Card are pay-later cards that essentially grant you a personal loan against a monthly line of credit.

OneCard vs Slice Card

To understand the key difference between OneCard and Slice Super Card, refer to the following table:

OneCard Slice Card
  • It is a real credit card.
  • Cardholders need to pay their bills every month and if they don’t pay the full bill, they need to pay interest charges as well.
  • Rewards the cardholders in the form of Reward Points.
  • To get an unsecured OneCard credit card, you might need a credit score.
  • It is a buy now pay later card that functions very similar to credit cards.
  • Cardholders can split their monthly spends into three parts and pay it in three months with no extra charges.
  • Rewards you in the form of cashback.
  • You don’t need to have a credit score.

OneCard vs UniCard

If you are confused between OneCard and UniCard, the following table will make you understand the difference between the two:

OneCard Uni Card
  • A credit card offered by OneCard in partnership with banks.
  • It earns you reward points on regular spends.
  • Charges an interest on missed or delayed payments.
  • International transactions are allowed with a forex markup fee of 1%.
  • A buy now pay later credit card.
  • No rewards are earned on regular spends. But, the cardholders only earn a 1% cashback on paying the full bill.
  • Cardholders can split their bills into three equal monthly installments without any extra fees.
  • No interest charges are there but a late fee is charged for delaying the payments.
  • No international transactions are allowed.

Bottom Line

Considering that it is a lifetime free entry-level credit card, One Card offers a decent reward rate between 0.2% and 1%. If you want to flaunt a metal credit card but can not afford a super-premium card, One Card can definitely be a good pick for you. Another positive aspect of One Card is that it allows you to earn fractional Reward Points, which means that even if a transaction is not in multiples of 50, you still earn Reward Points against the entire amount.

If you are eligible for an unsecured credit card, before you make up your mind, you should compare the features and benefits of One Card with those of mainstream entry-level credit cards like Amazon Pay ICICI Bank Credit Card, Flipkart Axis Bank Credit Card and HDFC MoneyBack+ Credit Card.

FAQs:

Yes, One Card is a credit card issued by FPL Technologies Pvt. Ltd. in collaboration with its banking partners- IDFC FIRST Bank, Federal Bank, BOB Financial, SBM Bank and South Indian Bank.

One unique feature of One Card is, it allows you to earn fractional Reward Points- for example, if you spend Rs. 175 with your One Card, you will earn Reward Points not only against the Rs. 150 spent, but also for the remaining Rs. 25- 3 Reward Points against Rs. 150 and 0.5 Reward Point against the remaining Rs. 25 (3.5 Reward Points in total).

No, as it is an entry-level credit card, you do not get any domestic/international airport lounge access with One Card credit card.

You earn 1 Reward Point per Rs. 50 spent with One Card and 5x Reward Points on the top two spend categories of the month. 1 Reward Point is equivalent to Rs. 0.10

Yes, One Card can be used for making international transactions at all merchants that accept Visa credit cards. A forex mark-up fee of 1% of the transaction amount is applicable on transactions made in foreign currencies.

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