OneCard is a new credit card launched by FPL Technologies (a new age fintech) in collaboration with IDFC First Bank. The USP of OneCard is its metal form factor. This card features a minimalist design thus looks very premium and upmarket.
However, let me put it upfront, OneCard credit card though looks very upmarket and has a premium feel, but it is an entry-level credit card. Thus, this card will not interest someone interested in the points and miles game, free lounge access or upgrades. OneCard credit card targets users, who are looking for a credit card with good user experience and simple reward redemption options.
Let’s dive into details of the card, right from how to get the OneCard credit card to user experience.
OneCard Credit Card
Fees and Eligibility:
- Zero joining fee and annual fees i.e. Lifetime free credit card
Rewards and Benefit:
- Joining and recurring benefits:
- Off late, the company is offering 5000 reward points as joining bonus. i.e ~INR 1000.
- Reward Points:
- 1 Reward points on every INR50 spent. 1 Reward point = 0.10 paisa (0.2% reward rate) on statement credit. Reward points on all transactions including utilities and fuel, however, no reward points for wallet load.
- Accelerated Reward Points:
- 5x reward points on Top 2 spends categories every month. (1% reward rate)
- Other features
- Never expiring points
- Reward points even on fractional spends
- In-app, on the go redemptions
- Forex markup of 1%
How to get OneCard Credit Card?
You need to install OneScore app and join the waitlist. They have gamified the waitlist i.e. you get tokens on referring friends, adding your details such as PAN, bank account statements etc. These tokens can then be used to jump up the waitlist or directly get the card, based on a lucky draw sort of thing. While the waitlist concept is quite interesting, it’s a way to create hype and I would say OneCard has succeeded quite a bit in it.
What I understand is they won’t reject any application ever. That is if your credit score is below their threshold, you remain on the waitlist. Once your credit score improves, your card will be approved.
I enrolled in the waitlist even before I pulled my CIBIL in the app and frankly, my waitlist didn’t move at all for weeks. However, once I pulled my CIBIL score, just within a couple of days I got the OneCard invite directly, even though I was well above 10K in the waitlist. Maybe my score played some role here.
Tip: Even you don’t want to apply for the OneCard credit card, download the OneScore app. It gives you credit reports from Experian and CIBIL for free every month.
OneCard Credit Card: Onboarding Experience
To be honest, this is where OneCard credit card excels. The onboarding experience was seamless. Once I had the invite, I just filled in some basic details and clicked a selfie, that’s it and my card was ready. However, I don’t understand why they need my bank account number for a credit card application?
The virtual OneCard credit card was ready to use within minutes and the physical metal arrived a couple of days later.
I had recently applied for Amex Platinum Travel credit card, which involved sending my documents via email and SBI Simply Save, which also involved sharing my documents via WhatsApp. However, for OneCard, I didn’t share even a single document. That’s quite awesome, I would say.
Further, I believe that OneCard does a soft pull on CIBIL (i.e. it doesn’t impact the credit score) as they anyways have your latest CIBIL report. The reason I say so whenever there is an enquiry on my CIBIL account, I get a notification from them. However, this time I didn’t get any notification. I will confirm this in a couple of weeks when I get my latest CIBIL report.
My experience using OneCard
The card is heavy compared to other plastic cards and it does feel premium to hold. I did a couple of transaction on the card; just to experience the app. Transactions reflected instantly in the app along with the number of points for each transaction. One of the cool thing in the app is it tells the spend category against each transaction. Thus, it helps in planning for the 5x rewards.
Should you get this card?
Well, on the positive side, the onboarding is seamless and OneCard app is intuitive and very easy to use. Knowing how many reward points you earned against each transaction is certainly a plus. Further, the in-app rewards redemption appears promising, though I haven’t used it yet.
On the negative side, the default reward rate (just 0.2%) seems way to low, probably the lowest in the industry. To be honest, as of now no real benefits of holding the card apart from showing off a metal card to your friends.
So should you apply for this card? To be honest, this card has more of a novelty factor rather than a utility factor at the moment. I applied for this card for 3 reasons, lifetime free, metal form factor, and lastly hoping that once this card gains scale one may expect good partner offers/redemption options.
Have to got the OneCard credit card or are in the waitlist? Please do share your experience in the comments below.