OneCard Review: LTF Metal Credit Card in India

A metal credit card is often associated with luxury and premium factors. For example, we have the super-premium Amex Platinum and Axis Reserve in India at 60K and 50K annual fees. Both are metal cards and come with many lifestyle benefits. On the other side, we have simple cashback entry-level credit cards in plastic form factor. What happens if we combine both? Enter OneCard. OneCard is a FinTech that brings together both entry-level and super-premium credit cards. It is a Lifetime Free (LTF) Metal credit card with simple rewards and a sleek app. In this post, we review the OneCard with its features and benefits.

OneCard and Banking Partners

OneCard does not have a license to issue credit cards. So, it issues cards in partnership with several commercial banks. To put it simply, this is like a co-branded credit card. Unlike BNPL cards like Uni and Slice which are backed by a loan, OneCard is a ‘normal’ unsecured credit card. Right now, OneCard partners with:

• Federal Bank
• SBM Bank
• South Indian Bank
• BoB Financial

Fees and Charges

OneCard is a lifetime free card and comes with zero joining and annual fee. But. there are a few others like card replacement fees which are on the higher side.

• Joining Fee: Zero
• Annual Fee: Zero
• Forex Markup Fee: 1% plus GST
• Card Replacement Fee: Rs 3000 for Metal, Nil for 1st plastic card replacement
• Card Cancellation Fee: Rs 3000 for a Metal card, Rs 500 for Plastic Card

OneCard features a very low Forex Markup fee of just 1.18% including GST. This is something a lot of cards do not offer.

Sign Up Process

Like other Fintechs, OneCard too has a simple and quick sign-up process. We need to apply from the OneCard app and the entire process including KYC takes less than 2 mins.

I got an invite to apply for the card from the OneScore app with a pre-qualified credit limit. There was no CIBIL inquiry. The virtual card is generated instantly after KYC and is available for online usage. The Metal card is delivered in 3-5 working days.

Rewards

• 1 Reward Point /Rs 50 ~ 0.2% Return
• All spending including Fuel, Insurance, and Utility is eligible for rewards. Wallet loads are excluded from rewards.
• The top 2 spend categories get 5X Rewards ~1% Return

The points for each transaction reflect instantly in the app which is good. We need to spend in at least three categories (Visa MCC) to be eligible for 5X Rewards in the top two categories. The base reward rate is quite low to make any kind of transaction. With a low reward rate, OneCard will have to depend on spend offers for getting transactions on its card.

Rewards Redemption

OneCard has a zero reward redemption fee and the reward points never expire. So, you can accumulate and redeem in bulk as required.

The reward points can be instantly redeemed from the OneCard app for statement credit or to pay against a purchase. Each RP equals 10 paise. So, we get Rs 50 cash for 500 RP.

Sleek App

OneCard has a sleek app that serves as a way to control and view everything related to the card. We can set transaction controls, view card transactions, and do much more. The experience is smooth and good. Wish, there was such a super-premium card with a great app experience.

Pros and Cons

Final Thoughts

It is great to see many FinTechs bringing out credit card products for the Indian market. The good thing about OneCard is that it is not a BNPL product. So, no negative impact on our credit score as this credit card is with a bank.

All things considered, I would have liked to see a standard reward rate of at least 1% on this card. The metal form factor is good but a decent reward rate would have helped more. The forex markup fee of 1% is a nice feature and can be useful if you don’t have any other card which provides a better reward rate.

If you are looking for entry-level cards with good cashback, do have a look at the Best Credit Cards article.