OneCard is an entry-level credit card issued by a Pune-based start-up FPL Technologies. This is a credit card that is on the VISA Signature platform and has IDFC First Bank as the banking partner. The card comes with VISA payWave for contactless payments.
Why this card?
This is currently the only entry-level credit card that comes at no cost to the user and also has a metal form factor at the time of issuance. If you are new to credit, this is one of the good places to start with and build your credit score and history over time.
No joining fees and no annual fees makes owning this card a breeze as you can have this as a secondary card or not worry about meeting the annual spend requirements for a fee waiver. Comes with a very user-friendly app to manage your card.
The forex markup is also among the lowest at 1% + GST against the usual 2-3.5% that most cards out there charge.
Earnings on the card
Spends on this card earn you 1 reward point for every INR 50 spent. When your spends are on three or more different categories in a calendar month, the reward points on top two categories earn a 5X bonus (credited by 10th of next month). Wallet loads and certain utility payments do not earn any reward points. The best part of earning reward points on this card is that you get fractional points even if you don't cross the INR 50 threshold.
Currently you can redeem the reward points for a statement credit only at a rate of 10 points per 1 Rupee credit. The catch here is that you can redeem the reward points against a past transaction done and not directly onto the card statement (which is kind of a bummer to an extent). Given that the reward points do not expire as long as the card is used at regular intervals, you can accumulate points and use it for a statement credit at a later date.
How to apply?
OneCard started as an invite-only with users who downloaded the OneScore app were getting an invite to apply for the card. Later they had a waitlist where about 10,000 users were provided with OneCard in phase one and then phase 2 happened.
Later around November 2020, OneCard announced that they were doing away with the waitlist and provided the card to all users who met their credit review and eligibility criteria.
You also can apply for the OneCard now. Just download the OneScore app, register to get you credit scores and reports and then apply for the card from within the app. It takes a few mins if you meet all criteria.
The Sleepyhead review
This is a good credit card to start with if you are new to credit. No other bank or network provides you with a metal card form factor at entry level. The card being free for life at the time of publishing this article, makes it very appealing to get one nonetheless.
The application process is a little long as you have to first download the OneScore app and then apply for the card. If there was an application process to straight away apply for the card, it will be very much helpful.
Once the card is approved, you'll have to first activate the virtual card on the OneCard app and can start using it right away (Hurray!). The app has all the controls for the card like enable/disable contactless payments, enable/disable international txns, reset pin and a lot more.
Given the app-only control for the card is a slight bummer for me as I'd also have preferred a web portal as an option also. But will make-do with the offerings at the moment. The statement date is first of every month and the due date is 18th of every month. You cannot request a change in dates and is same for all the users of this card currently (Hope they provide us with that option in the future!). The reward point earnings and redemption need a lot of improvements as the current offerings are very limited.
As of writing this post, EMI facility is being rolled out in phases to users and cash withdrawal is not enabled on the card. The offers section on the app just shows a host of offers that VISA website already has listed and nothing specially curated for the OneCard.
As this card is a recent entry in the world of credit cards in India, I can only hope for the offerings and services to get better as more and more users are onboarded. The company claims to not sell the user data to third-parties which is a relief till it happens otherwise.
Overall, Sleepyhead is very happy to have this card and use it online and offline as this card has its own appeal in terms of looks and is a head turner when flaunted. Love the metal build and the ease of use on the app.
If you have this card, do share your views in the comments. If you plan on applying for the same, click on the link below and get started!
Comments
Post a Comment
Share your thoughts and views