OneCard Metal Credit Card – Benefits, Fees & Eligibility

Introduction

The OneCard Metal Credit Card is an entry-level credit card, notably India's first metal credit card, issued by fintech startup FPL Technologies Pvt. Ltd. in collaboration with several banking partners including Federal Bank, BOBCARD, CSB Bank, Indian Bank, SBM Bank, and South Indian Bank. Built with full-stack technology, it emphasizes simplicity, transparency, and user control. It is designed to be a lifetime free card with no hidden fees and offers a unique rewards structure including fractional reward points and accelerated rewards on top spending categories. The card is available as both a secured (against a fixed deposit with SBM Bank) and an unsecured credit card, making it accessible even to individuals with no or limited credit history.

Fees

• Joining Fee: Lifetime Free
• Renewal Fee: Lifetime Free
• Spend-Based Waiver: Not applicable as the card is lifetime free.
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 1% of the transaction amount.
• Interest Rates: 3.75% per month or 45% per annum on the due amount if not paid by the due date.
• Fuel Surcharge: 1% waiver on fuel transactions, up to ₹400 each month.
• Cash Advance Charges: 2.5% of the transaction amount, subject to a minimum of ₹300.
• Hidden Fees: None.

Rewards

• Standard Reward Rate: Earn 1 Reward Point per ₹50 spent on all purchases.
• Accelerated Rewards: Earn 5x Reward Points on your top two spend categories of the month.
  • The top two spend categories are calculated separately for each month.
  • This 5x Reward Points benefit is applicable only if you use your OneCard for purchases in at least three different spend categories in that month.
• Fractional Reward Points: The card allows earning fractional Reward Points. For example, a spend of ₹175 will earn 3.5 Reward Points (3 for ₹150 and 0.5 for the remaining ₹25).
• Instant Credit & No Expiry: Reward Points are credited instantly and never expire.
• EMI Transactions: Get reward points on EMI transactions.
• Offers and Discounts: OneCard regularly provides periodic offers and discounts on popular brands and e-commerce websites like Amazon, Flipkart, and Levi’s.
• Specific Category Benefits: There are no specific rewards or benefits mentioned for Movies, Dining, Travel, Domestic Lounge Access, International Lounge Access, Golf, or Insurance. Airport lounge access is explicitly not provided.

Rewards Redemption Guide

• Reward Points can be redeemed for cashback.
• The redemption value is 1 Reward Point = ₹0.10.
• Points can be redeemed instantly by swiping right in the app.
• Reward Points can be used to repay EMIs.
• Points are redeemable against the card’s outstanding balance.

Card Eligibility Criteria

• Age: The applicant's age should be at least 18 years.
• Income: The applicant should have a stable source of income.
• Credit Score (for Unsecured Card): A decent credit score, preferably above 750, is required for an unsecured card.
• Secured Card Option: If ineligible for an unsecured card due to credit score or income, you can get a secured OneCard against a fixed deposit with SBM Bank, for which no credit score is required.
• Documents Required: ID proof, PAN Card, and proof of income.

Card Review

The OneCard Metal Credit Card stands out as an entry-level metal credit card with a focus on simplicity, transparency, and user control. It's an excellent choice for individuals looking to experience the premium feel of a metal card without the high annual fees associated with super-premium cards, as it is lifetime free. Its unique fractional reward points system ensures that you earn rewards on the entire transaction amount, not just multiples. The 5x rewards on the top two spend categories can offer a decent reward rate for active users who diversify their spending. The low foreign currency markup fee of 1% is a significant advantage for international transactions compared to many other cards in the Indian market. Furthermore, its availability as a secured credit card makes it an accessible option for those new to credit or working on improving their credit score. However, it does not offer benefits like airport lounge access, which is common with many premium cards. Potential applicants should compare its features and benefits with other mainstream entry-level credit cards to ensure it aligns with their spending patterns and preferences.

Important Product Details

• Card Type: India's first metal credit card, issued on the Visa Signature payment network.
• Cost: Lifetime free credit card with no joining or annual fees.
• Control via App: Powerful mobile application allows users to control all aspects of their card, including transaction limits, domestic/international use, online/offline use, and contactless payments.
• Onboarding: Seamless and completely digital onboarding process, allowing card activation in less than 5 minutes. Digital card is activated immediately, with the physical card delivered in 3-5 business days.
• EMI Facility: Offers OneCard EMI for purchases, allowing users to shop in full and pay in parts without calls, emails, or documentation. Reward points are earned on EMI transactions, and EMIs can be repaid using reward points, all manageable from an EMI Dashboard.
• MyFamily Feature: Allows users to share their credit limit with family members. Each family member receives their own OneCard with separate offers, while the primary cardholder maintains track and control of their spending.
• Foreign Exchange: Low foreign currency markup fee of 1%, making it suitable for international transactions.
• Interest Rate: Competitive interest rate of 3.75% per month.

Other Details

• Banking Partners: Federal Bank, BOBCARD, CSB Bank, Indian Bank, SBM Bank, and South Indian Bank.
• Issuer: FPL Technologies Pvt. Ltd.
• Application Process: Can be applied for online via the OneCard website or mobile app.