Are you familiar with OneCard, a credit card that’s gaining popularity? With so many credit card options available, it can be overwhelming to choose the right one for your financial situation. OneCard is often promoted as a free metal credit card with ties to India, but that’s not much to go on if you’re interested in learning more. Luckily, you’ve come to the right place. Here are 20 little-known facts about OneCard that will help you make an informed decision. By the end, you might even be inspired to apply for the card yourself. It’s crucial to understand what you’re getting into with any credit card, and this guide will help you do just that.
1. It really is made from metal
As soon as you get a glimpse of this card, you’ll notice that it’s actually made of metal, similar to those high-end American Express credit cards. For some, this might make it an attractive status symbol, while for others, it might seem like they should keep looking for something else. After all, credit cards made of metal usually come with high annual fees and strict qualifications. However, before you dismiss this card outright, it may be worth reading through the rest of this list.
2. There is no introductory fee attached
Undoubtedly, this credit card can be classified as an introductory card. The advantage of such cards is that they are relatively easy to obtain as they do not require the same strict criteria as high-end credit cards. However, there are also potential drawbacks to consider, such as high initial fees. Fortunately, this particular card does not have any introductory fees whatsoever. This means that if you are approved for the card, you will not have to use a significant portion of your credit limit to pay for such fees.
3. It’s a standard VISA credit card
It’s important to keep in mind that this is a regular Visa credit card that offers all the standard benefits you would expect from a Visa credit card. Moreover, this specific card provides Visa Signature service, which means you can enjoy all the perks and advantages that come with a premium Visa credit card. Surprisingly, this card also offers airport lounge services in some cases, which is an exceptional feature for a basic credit card.
4. The card doesn’t have an annual fee, either
The annual fee of the card might seem quite high, especially considering that there is no introductory fee. However, you’ll be glad to know that the card is completely free of any annual fee as well. Surprisingly, the creators of the card – IDFC Bank and FLP Technologies – have developed a practical introductory credit card without any extra fees. This is precisely what consumers have been eagerly anticipating for a long time.
5. The interest rate is low
This card has a standout feature that sets it apart in the best possible way – a remarkably low interest rate of just 2.35%. It’s been a while since anyone has seen a credit card, whether introductory or not, with an interest rate that’s below 13%. In comparison to other similar cards, it’s quite common to see interest rates ranging from 28% to 35%, along with high introductory and annual fees. Discovering a card that has an incredibly reasonable interest rate and minimal fees almost seems too good to be true, but getting one for yourself proves that it’s possible.
6. The card offers rewards
As mentioned earlier, this card provides all the benefits that come with Visa Signature service. This includes rewards in the form of points that can be redeemed for various perks like restaurant meals, hotel bookings, and flights to your desired destination. Additionally, a few airport lounges also accept these points. Although the points earned through this card are not significant, they are still worthwhile. Generally, the rewards range from 0.2% to 1% of the purchase price, depending on the item being purchased.
7. Points are issued straight away
One of the best features of this card is the immediate issuance of points. There’s no waiting period for the next statement date or any restrictions that prevent you from using your points for up to six months. The moment you make a purchase, the points are credited to your account, allowing you to save or use them right away.
8. Those points don’t ever expire
One thing that’s great about this card is that your points don’t have an expiration date. Unlike most credit cards, which require you to use your points within a certain timeframe, you have the freedom to save up your points and use them whenever it’s most convenient for you. This added convenience makes it easier to redeem your points for the things you really want, since you have more time to accumulate enough points to do so.
9. You can apply using an app that can be downloaded from Google Play
You have the option to apply for this card through a user-friendly app that can be conveniently downloaded from Google Play onto your smartphone. Once you are approved, you can continue to manage your account using the same app. This hassle-free process adds to the convenience of using this card and makes it incredibly easy for you to keep track of your account.
10. If approved, you can use the virtual card instantly
One major advantage of applying for a credit card through a mobile app is the ability to use the virtual card right away after approval. You no longer have to wait for a physical card to arrive in the mail, and if you prefer a physical card, you can still request one and use the virtual card in the meantime. This is especially helpful for those who urgently need a credit card and don’t want to wait for weeks to receive one.
11. The card incorporates exceptional technology
Let’s face it, nobody wants to use a credit card that has technological issues, leading to security vulnerabilities. It’s like displaying your financial information to the world. The team behind this credit card was determined to create a card that could be used digitally and securely right from the start. Therefore, it is safe to say that this credit card is one of the most secure ones in the market. If you’re someone who is extremely concerned about your financial information being accessed by others, then you won’t find a better option than this credit card.
12. Unfortunately, you can only get it if you live in India
At the moment, the only limitation of this card is that it’s only available to residents of India. However, it’s possible that this may change in the future. If you currently reside in India, it would be a mistake not to take advantage of this opportunity. The rest of the world eagerly anticipates the chance to do the same.
13. The card was only created a couple of years ago
Keep in mind that the card we’re discussing here is a new addition, having only been introduced in 2020. One thing’s for sure, the team behind its creation did their due diligence before unveiling it to the public. By the time the card was available for purchase, they had already anticipated and resolved any possible problems, showing their meticulous approach to the product’s development.
14. You can lock your card from your phone
It’s truly amazing how this card allows you to lock and reactivate it with just a few taps on your phone. This feature can be incredibly useful in case you suspect that someone may have accessed your information or if you happen to misplace your physical card. Being able to lock your card instantly and then reactivate it later gives you peace of mind and control over your finances.
15. The company is rapidly growing
It’s undeniable that this company is experiencing rapid growth. What began as a small team has now expanded significantly to meet the increasing demand, as more and more individuals recognize the immense value of owning this card.
16. This card is perfect for those who are building their credit
One notable aspect of this card is its suitability for individuals who are looking to establish or revive their credit. In fact, this card was specifically designed for this purpose. The ultimate objective was to provide a simple and accessible option for those who have limited credit history, enabling them to begin building their credit and paving the way towards a more secure financial future.
17. They have relaxed criteria for credit approval
The card has the advantage of not requiring a plethora of criteria for approval. This simplifies the process for individuals who lack a significant credit history and those who have experienced credit challenges in the past.
18. This is a good choice for those who are self-employed
If you’re self-employed, you know that some credit card companies can be hesitant to approve your application due to the perceived risk factor. However, the creators of this card view self-employment as a sign of determination and responsibility, rather than a liability. That’s why the relaxed credit criteria of this card makes it an ideal option for individuals who are self-employed and looking to improve their financial standing.
19. Credit limits are determined by eligibility and the bank who issues the card
Credit limits for individuals are decided based on their credit history and the issuing bank. The availability of numerous banks across India offering this card implies that being declined at one bank does not necessarily mean that approval is not possible at another. It is important to note that credit limits may vary from one bank to another, hence it is essential to conduct thorough research.
20. It’s very easy to apply for this card
Applying for a virtual card is a breeze. Simply complete a brief online form and submit proof of your identity, current address, and income. Once submitted, you’ll receive a quick decision and can begin using your virtual card immediately if approved. It’s that simple.