OneCard Review 2024: Features, Benefits & Rewards
OneCard stands out for its impressive benefits without any annual fees, making it an ideal choice for individuals looking to maximize rewards on their spending. This detailed review highlights the features, benefits, fees, and rewards of OneCard credit card.
What is OneCard?
OneCard is a fixed deposit-backed credit card issued in collaboration with several financial institutions, including Bank of Baroda, Federal Bank, CSB Bank, SBM Bank, South Indian Bank, and Indian Bank. To avail of OneCard, users must open a fixed deposit account with any partner bank, enjoying zero joining and annual fees.For similar fixed deposit-backed cards, check out the IDFC First Power Credit Card Review.
OneCard Features
Here are some standout features of the OneCard credit card:
Earn Interest on Fixed Deposits
Cardholders can earn an attractive 7.5% interest on fixed deposits while using their credit card. This feature allows users to enhance their savings while managing their expenses effectively.
Variants
OneCard is available in two variants: plastic and metal. The metal card is issued to those maintaining a fixed deposit above INR 50,000, with different fee structures for replacements.If you’re interested in premium metal cards, the AU Bank Lit Credit Card Review offers similar features.
OneCash Loan
Currently available for Federal Bank OneCard users, the OneCash loan feature provides a flexible repayment tenure ranging from 2 to 36 months.For more on flexible credit card loans, explore the Axis Magnus Card Review.
EMI Conversion
Purchases exceeding INR 2,500 can be converted into EMIs. Note that EMI conversions are not applicable for transactions involving gold jewelry, ATM transactions, and certain other categories.For more cards with EMI conversion, check the HDFC Diners Club Privilege Credit Card Review.
OneCard Benefits
OneCard offers a plethora of benefits to its users, such as domestic and international use and app-based management. If you travel frequently, the SBI Prime Credit Card Review also offers extensive travel benefits.
Domestic and International Use
OneCard can be used both domestically and internationally, providing flexibility for users who travel.
App-Based Management
The OneCard mobile app allows users to manage their card transactions, track rewards, and make payments seamlessly using UPI, debit cards, or online banking.
Add-on Card
Users can issue add-on OneCards to family members, with controlled spending limits and separate rewards for each card.
OneCard Fees & Charges
While OneCard offers zero joining and annual fees, there are certain charges associated with extra services, such as add-on metal cards and EMI foreclosure fees.
OneCard Rewards
OneCard rewards its users with 1 point for every INR 50 spent. For a cashback-focused card, take a look at the SBI Cashback Credit Card Review.
| Category | Rewards |
|---|---|
| Groceries | 5X points |
| Online Purchases | 5% cashback |
| Fuel | Surcharge waiver |
How to Redeem OneCard Points
Redeeming OneCard points is straightforward:
- Open the OneCard mobile app
- Click “OneRewards”
- Select “Use Points”
- Choose from transaction or cash credit options
How to Apply for OneCard
The application process for OneCard is fully digital. Users can apply via OneCard’s official website or partner banks by following these steps:
- Enter and verify your mobile number
- Provide personal information
- Provide your address details
- Submit the application for credit assessment
OneCard Eligibility
Applicants must be Indian residents over the age of 18. OneCard is currently available in 54 cities across India. A fixed deposit account with a partner bank is required.
Conclusion
With its zero annual fees, flexible rewards, and minimal eligibility requirements, OneCard stands out as a great choice for anyone looking to capitalize on rewards and cashback on their everyday spending. Just ensure you manage your repayments wisely to avoid high interest charges.For a similar zero-fee card, read the Axis Neo Credit Card Benefits.
