Earn Interest on Fixed Deposits: OneCard provides a double treat to its users: They can earn a decent 7.5% interest on their fixed deposits while using their credit card to make purchases or pay bills. Users can also improve their credit score by making payments on a timely basis with a well-balanced credit utilization ratio.
Variants: OneCard credit card comes in two variants: plastic card and metal card. The significant difference is that the metal card is issued to FD holders who maintain an INR above 50,000 in their account. Another difference is the charges. For instance, a plastic card user can issue a second replacement of the card at INR 145, while the replacement for a metal card costs INR 3,000.
OneCash Loan: Currently, the loan facility is provided only for users of OneCard credit cards issued in partnership with Federal Bank. The loan amount can vary per the lender’s approved credit card cash limit and comes with a 2 to 36 months repayment tenure. The loan amount’s interest rate is fixed per the issuing bank’s policy.
EMI Conversion: Select card members can convert their credit card purchases above INR 2,500 into EMI. However, this facility isn’t applicable for transactions across gold jewelry, ATM transactions, cash transfers, fuel, etc. Remember, there’s a processing fee applicable, as well as a foreclosure charge of 3% on the remaining balance. Also, EMI conversion is not available for most cashback and offers.
Grace Period: Users get a grace period of 48 days to repay their debts and avoid charges of 3.49% of the amount per month.
Rewards and Cashback: One point is awarded to users for every INR 50 spent on select purchases, which can be multiplied by five times. Along with rewards, cashbacks are available across categories, including groceries, automobiles, and jewelry, to name a few.
Annual fee: Nil.
Joining fee: Nil.
