OneCard Benefits & How to Apply for It?

OneCard is a metal credit card that was launched in collaboration with some well-known bank brands in the market. This includes names like SBM, South Indian Bank, Federal Bank, BOB Financial, and CSB Bank. it is a lifetime-free card which means there are no annual maintenance fees. 

This makes it an excellent choice for those who are sorta new to credit cards. The best thing about this card is that you can control all the aspects of your One Card credit card directly from their dedicated app.

The reward system is top-notch where you will earn five times the rewards on the top two spend categories. These reward points never expire and are credited for use instantly. In this article, find out about the One Card benefits and how exactly to apply for it.

What are the Eligibility Criteria and Documents Required for a OneCard Credit Card?

Before we proceed to rant about this credit card’s benefits and features, you must check if you are eligible to apply for this card. It is important that you have a fixed deposit account with any of the partner banks of OneCard to avail of the benefits of this credit card. The list of the banks is given below:

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

Apart from this, you must be above the age of 18 years to be eligible, it is a given to be very honest. It does not matter if you have never held a credit card, however, if your credit score is low due to causes like delay in repayments, high credit utilization, and among others then your application can be denied.

Documents Required

You will be asked for the following documents given below so keep them ready to make this process smooth and quick:

• Address Proof – Aadhar Card/ Voter’s ID Card/ Passport/ Driving License.
• Identity Proof – PAN card/ Voter ID/ Passport/ Driving License.
• Income Proof – Salary Slips of the last 3 months/ Latest ITR/ Form 16/ Bank Account Statements.

As you submit original documents and their photocopies in the form of a PDF, a bank official will review your documents and approve your application if everything is set. Soon your OneCard will be dispatched to your registered address.

OneCard Features

Now, let us find out what makes this card better than the most in the market.

Decent Interest Rate on Fixed Deposits

When you choose to open a fixed deposit account in the above-mentioned banks, you will earn a decent interest rate of 7.5% even while using their credit cards to make purchases. You can even enhance your credit score if you make payments on time which will help you in availing loans at lower interest rates.

Comes in Two Different Variants

OneCard Credit Card is available in two variants namely:

• Plastic Card
• Metal Card

The only difference between the both is that a metal card is issued only when you maintain an FD balance of Rs.50,000. Another major difference is the cost of replacement. In case you lose the plastic card, you can get a replacement at just Rs.145 whereas to replace the metal card, you will have to pay Rs.3000.

OneCash Loan

Those who have their FD account with the Federal Bank can get loan facilities with amazing interest rates. The loan amount will vary as per the lender’s approval which is usually based on the cash limit. It comes with a 2 to 36-month repayment period. The loan amount’s interest rate will be specified according to your credit score and the recent bank policy.

EMI Conversion

Select customers who have a decent credit score will be able to convert their purchases above Rs.2500 into EMI. The only downgrade is that this facility is not available for purchases of gold, cash transfers, fuel, and ATM transactions.

There is a processing fee that is applicable along with a foreclosure charge of 3% on the remaining balance. Also, you cannot avail of this facility on most cashback and rewards.

Grace Period

In case, you are unable to repay your debt, you get a grace period of 48 days to avoid additional charges of 3.49% which is applicable to your amount per month.

OneCard Benefits 

There are numerous benefits of this credit card. Let us look at some of the major ones below:

Available For Use Globally

You can seamlessly use your OneCard credit card within India and anywhere in the world to make transactions. It is accepted for both domestic and international use.

App-Based Transaction and Repayment

You can use the OneCard mobile app and make payments using UPI, debit cards, and even online banking.

In-app Tracking and Controlling

You can control all the different aspects of Onecard such as their transactions, statements, reward points, FDs, etc directly through the mobile app. This app is available for use for both Android and iOS users.

Contactless Card

OneCard Credit card can be used for contactless payments up to Rs.5,000. This means that you can just tap the card on the machine without the need to fill in your PIN every time.

Rewards and Cashback

With OneCard, you get 1 reward point on every INR 50 you spend and make the payment with the credit card. These reward points will keep gradually increasing and your top two spend categories will be eligible for five times the reward points.

You can use these reward points to either repay existing debt or use them as cash, it’s your choice. Moreover, no fee is charged for redeeming points that are earned while making a purchase. What’s more? These reward points have a lifetime validity.

Let us talk about the cashback offered by this credit card:

• You can receive a cashback of up to 10% when you purchase groceries from supermarkets and departmental stores. 
• Up to Rs.400 is waived off when you fill up your tank from any gas station in India.
• Separate offers are available for using OneCard credit cards to buy electronic goods, automobiles, jewelry, and booking movie tickets.
• Enjoy a discount of up to 15% on flight and train tickets purchased with OneCard.

All of the cashbacks come with a validity period. So, make sure you read the terms and conditions associated with each purchase and cashback so that you don’t miss out on anything.

Fee and Charges

Before you avail the OneCard benefits, it is important that you know all the fees and charges associated with the card. 

Charges	Description
Joining Fee	NIL
Annual Fee	NIL
Card Replacement	Rs.145 for the plastic card. Rs.3,000 for metal card
Card Cancellation	It is only applicable if you cancel the card before 6 months of its issuance
Interest Rate	3.49% per month
ATM Withdrawal	2.5% per withdrawal
Late Payment Fee	Upto Rs.1200
EMI Foreclosure	3% of the remaining balance

How to Apply and Enjoy OneCard Benefits?

OneCard credit card is now available in more than 50 Indian cities. The application process is done online very easily. Here’s a step-by-step guide:

• Visit the official website of OneCard and navigate to the “Explore Products” section or you can click on this link and skip this step.
• Click on the “OneCard Credit Card” and tap “Apply Now”.
• You will be asked to fill in your phone number and an OTP will be sent to you for verification.
• A new window will open up prompting you to fill in all your personal information such as your name, address, etc.
• Once you fill in your form and attach the documents necessary, your application will be sent for review.

You can also apply for the same offline by visiting any issuing banks, including Bank of Baroda, CSB Bank, Federal Bank, SBM Bank, South Indian Bank, and Indian Bank nearby along with the documents mentioned above. 

Wrapping Up

I hope after reading this article you are clear on the OneCard benefits and how to apply for it. This card is partnered with the Reserve Bank of India making it extremely secure.

OneCard will provide you with a lot of benefits for an easy lifestyle. You should always check the fee and charges section so that you don’t have to pay any extra charges. Issue your OneCard Credit Card today and enjoy amazing rewards and treatment.