Recently I posted about the OneCard Lifetime Free Metal Credit Card and discussed how you could sign up for the waitlist. But we didn’t have a lot of information regarding this card at the time when it launched back in February 2020. But now we have the fine print (more or less), and in this post, I am going to discuss some of the critical features about OneCard.
In today’s post, I will be discussing the following:
So, bear with me. I will be answering all your doubts in a bit! Keep reading. By the way, don’t forget to join our FinTalks community on Facebook for discussing anything related to Finance.
OneCard Metal Credit Card Features and Benefits:
OneCard is a Metal Credit Card offered by FPL Technologies Pvt. Ltd. in partnership with IDFC FIRST Bank Ltd.
Yes, it is entirely metal credit card, although we do not know which metal they are using. But it is hard, and you cannot bend it if that is what you want to know. The size is similar to other metal and plastic credit cards and will fit in your money purse.
One good thing about OneCard is that it is an International VISA Signature Card. Those who don’t know what that means, there are generally four tiers of VISA Cards: Classic, Platinum, Signature, and Infinite. Classic is the lowest tier, which is most comfortable to obtain. Mostly you can get a VISA Classic or a Platinum card quickly.
VISA Signature and Infinite Cards are a bit on the upper tiers and not so easy to get. But here you are getting a Lifetime Free VISA Signature Card, which is quite good because you get to enjoy the VISA Signature Card benefits. There are quite a few excellent benefits, including free Airport Lounge Access, some Travel insurances, Golf Access, 50% off on Bookmyshow, Hundreds of Discounted Brand Purchases, free Gaana+ Subscriptions and more. You should check that link I gave above to know more.
Other than that, there’s not much of a bank benefits since IDFC First Bank isn’t a top tier bank and generally does not provide partner offers with e-commerce sites like Amazon or Flipkart. So, you won’t be getting any additional ecom discounts which you usually get with Amazon Pay ICICI or Flipkart Axis Bank Credit Cards.
So, the rest of the benefits come from the Rewards Points that you earn from your purchases. I have broken it down for you.back to menu ↑
OneCard Reward Points Breakup: How to Earn? How to Redeem?
Okay here goes the fine print:
- You earn 1 Reward Point per ₹50 spent on your Credit Card.
- 10 Reward Points is equivalent to ₹1. That means you need to spend ₹500 to earn ₹1.
- So in easy words, you earn 0.2% rewards against your transactions.
- You can redeem Rewards points to repay your existing purchases or opt for other rewards.
- Reward Points never expire. So you can keep accumulating them and redeem big.
- You will keep getting fractional rewards points for even small transactions (₹10, for example).
- There are no fees associated while you redeem your reward points.
- Get 1% Fuel Surcharge Waiver.
- You won’t earn Reward Points for Transfers, Wallet Reloads, and Cash Withdrawals.
This is the basic idea of Rewards Points, how to earn them and how to redeem them. But there is also a 5x Rewards Benefits on Top 2 Categories. I will explain that too:
- In any month, if you transact in 3 or more different categories, then for the top 2 Categories your rewards points will be multiplied by 5.
- For example: If you transact for ₹500 for Ordering Packet Food Items (Grocery), ₹500 for Booking Movie Tickets,(Entertainment), and ₹100 for Train Tickets (Travel) Booking in any month, then, for your Grocery and Entertainment category, Rewards Points will be 5x the usual 0.2% rate. So, you will be getting 1% rewards points for those two categories. That is 5 Reward Points each for Grocery and Entertainment, and 0.2 Reward Points for Travel.
- The categories where you will receive 5x points (1% rewards points) will keep changing depending on your purchase type. It will auto-select the top 2 categories at the end of each month.
That’s all about the rewards points. I hope I am clear. If you still have doubts, do let me know in the comments below, I will be happy to help. Let’s move towards the charges associated with OneCard.back to menu ↑
OneCard Charges for Interest, Late Payment, Cash Withdrawal:
We already know OneCard is a Lifetime Free Metal Credit Card. All that means that you won’t be charged for renewals every month. But if you fail to pay on time, or you don’t pay the full amount of the bill generated, you might need to pay some interest or late payment charges.
This is not anything new and is the scenario with all credit cards. So, let me write the fine print for you.
- No Annual Charges. No Renewal Charges.
- 2.5% Interest: If you do not pay the full amount of the generated bill, then you will be charged 2.5% interest on the remaining amount.
- 2.5% Late Payment Charges: If you do not pay the minimum amount of the generated bill, then you will be charged 2.5% late payment fee (up to ₹1000), over and above the interest.
- Cash Advance Fees 2.5% (Minimum ₹300)
- Foreign Currency Exchange (FOREX) Markup Charges 1%.
OneCard Metal Card Reissue Charges:
Okay, this is important, and I made a separate heading for this so that you do not miss this.
Initially, you are getting a metal credit card free of cost. But if you lose it, you need to pay a lump sum to get another metal card or settle with a plastic card paying a minimal fee, which takes away one of the major USP of this card.
- Plastic Card Re-issuance Charges: ₹149+GST.
- Metal Card Re-issuance Charges: ₹5000+GST.
As you see, the cost is quite high to get another metal card. So, keep it safely stored. It will cost a lot for re-issuing.
What to do in case you lose your card?
- First, block the card usage from OneCard App.
- Then register a First Information Report (FIR) on your nearest Police Station.
- Submit a copy of the FIR, and mail OneCard team to report loss of card.
- They will get back to you with the option of re-issuance. You can let them know what type of card you need again!
How to Get OneCard Metal Credit Card?
The OneCard Lifetime Free Credit Card is currently available only via Invites. I have already written a detailed post on How to Apply for OneCard Metal Credit Card. You can check it out for the step by step guide with pictures. You need to download two apps: OneScore and OneCard.
OneScore is a general-purpose Credit Report App that allows you to view your credit profile. They have partnered with Experian to show your credit profiles. To be honest, this is one of the best credit profile applications I have ever used. It shows your credit cards, loans, debts, and all other information related to your credit profile.
For example, it will show you if you have paid all your credit card bills on time, or missed any. Based on all its calculations, it will even rank your credit profile. You should use it to keep a check. You can download OneScore App from Google Play Store and App Store.
For getting the OneCard invite, you need to sign up on OneScore, and you will see the OneCard banner inside.
Afterwards, you need to join the invite and wait to get approval. Waitlisted members from the following locations will be getting it first: Ahmedabad, Bangalore, Baroda, Chennai, Delhi (NCR), Hyderabad, Kolkata, Mumbai, Pune and Surat.
Once you get approval, you need to download the OneCard App (Android | iOS) to get your OneCard. Remember to sign in using the same details (Mobile No, Email) that you submitted to OneScore. It will show you your approved credit limit and allow you to request the card.back to menu ↑
Verdict: Is OneCard Credit Card Worth Getting?
So that’s all about the OneCard Lifetime Free Metal Credit Card! I hope I was able to clear all your doubts and confusions regarding this card!
Is it Lifetime Free?
Is it fully Metal?
Is it worth it?
Well, it depends!
If you compare the rewards, the Amazon Pay ICICI Credit Card, or the Flipkart Axis Bank Credit Card offers more value. They offer up to 5% cashback on their respective ecom platforms. Flipkart Axis Bank Credit Card also offers 1.5% cashback on your regular transactions, while Amazon Pay ICICI offers 1% only. Amazon Pay ICICI also provides rewards for wallet loading transactions, something which OneCard does not provide.
Again, Flipkart Axis Bank Credit Card costs ₹500+GST per year. OneCard is Lifetime Free. Amazon Pay ICICI offers VISA Platinum Card, whereas OneCard offers VISA Signature.
So it ultimately comes down to how you are going to use it! And which cards you already own.
If you are someone who is already using 5-6 top tier credit cards, I don’t think OneCard will be a good value for you.
However, if you are a college student and just starting to build your credit profile, then this is a lovely card to avail since it will allow you to obtain a VISA Signature Credit Card for Free. You can use it to get other reward credit cards later on.
I have made my point. The rest is up to you now!
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