Have you ever heard of a credit card called OneCard? It’s hard to keep up with all of the different credit cards that are available to consumers these days. It seems like there are literally hundreds of them that are marketed to individuals who are in all types of different financial situations. When it comes to this particular card, the thing that you’re most likely to see is that it is marketed as a free metal credit card. Sometimes, direct ties are made between this card and the country of India. However, that’s not exactly a lot of information to go on, especially if you have a genuine interest in knowing more about the card. Fortunately, you’ve come to the right place. Here, you can learn 20 things about the OneCard that you probably didn’t know before. By the time you’re done reading, you might be inspired to go out and apply for one of these cards yourself. On the other hand, you can at least approach that particular question from the perspective of being able to make an educated decision and knowing what this particular card is all about. That’s something that you definitely owe to yourself if you’re in the market for this or any other credit card.
1. It really is made from metal
Once you actually lay eyes on this card, the thing that you’re going to know about it right off the bat is that it is genuinely made from metal, much like the high-end American Express credit cards that you see which are made from the same material. That might make you want to apply for the card even more because it seems to be something of a status symbol for some individuals. On the other hand, it might make you feel like you should keep looking for something else, as most credit cards that are made from metal typically come with a fairly high annual fee, not to mention a load of criteria that you have to meet in order to qualify for them in the first place. If you’re inclined to run away from this particular card before you even apply, it might benefit you to read through the rest of this list before you do so.
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2. There is no introductory fee attached
There’s no doubt about it, this is indeed an introductory credit card. The thing about these types of cards is that they can sometimes be easy to apply for because they don’t have a lot of the same criteria that a high-end card has, but there are also some potential disadvantages to getting some of these cards, not the least of which involves relatively high initial fees. That’s not something that you have to worry about with this particular card. In fact, there is no introductory fee attached to it whatsoever. That means that if you apply and are approved, you’re not immediately going to have a significant portion of your credit limit used up in order to pay some introductory fee just so you can use the card.
3. It’s a standard VISA credit card
It’s also worth noting that this is a standard Visa credit card. It comes with all of the perks that you would expect from any Visa credit card. As a matter of fact, this particular card has what is frequently known as Visa Signature service, meaning that you get to enjoy all of the rewards and advantages associated with a high-end Visa credit card. In some cases, you can even enjoy lounge services at airports with this card, something that is virtually unheard of where introductory credit cards are concerned.
4. The card doesn’t have an annual fee, either
You’re probably thinking that the card has a rather steep annual fee, especially given the fact that it doesn’t have an introductory fee. If that’s the case, then you’ll be pleasantly surprised to know that there is no annual fee attached to the card, either. Oddly enough, those behind the card, namely IDFC Bank and FLP Technologies, decided to create a functional introductory credit card that doesn’t have loads of fees attached to it. It’s something that consumers have been waiting (and hoping) for since the beginning of time.
5. The interest rate is low
There’s another thing about this card that makes it stand out in all the best ways possible. The interest rate is exceedingly low. As a matter of fact, it’s only 2.35%. When was the last time you had a credit card, introductory or otherwise, that had an interest rate below 13%? When compared to other cards of a similar type, it’s not at all uncommon to see an interest rate of 28% to 35%, along with steep introductory and annual fees. Finding a card that has an especially reasonable interest rate and doesn’t come with loads of fees almost makes you feel like you’re in a dream because it really doesn’t seem possible that such a card could exist until you actually get one for yourself.
6. The card offers rewards
As previously mentioned, this is a card that comes with all of the perks associated with Visa Signature service. That means that you can get rewards such as points which can then be used toward restaurant meals, booking hotels or even flying to your favorite location. As previously mentioned, these points can also be used at some airport lounges. The points that you can get with this card aren’t great, but they do exist. Typically, you’re granted rewards that range anywhere from 0.2% to 1% of the purchase price, depending on what you are purchasing at any given point in time.
7. Points are issued straight away
One of the truly great things about this card is that points are issued right away. You don’t have to wait for the next statement date in order to see your account updated, nor do you have some stipulation that prevents you from using your points for anywhere from three to six months. As soon as you make a purchase, those points are awarded to your account and you can save them or use them accordingly.
8. Those points don’t ever expire
It’s also worth noting that your points never expire. Instead of being forced to use them within a predetermined amount of time, as is the case with most credit cards, you can store them up and then use them whenever you see fit to do so. This adds to the level of convenience of having such a card and it also makes it easier to use your points for things that you genuinely want because you have time to accumulate enough of them to do so.
9. You can apply using an app that can be downloaded from Google Play
In addition, you can apply using an app that you can download on your smartphone directly from Google Play. If approved, you can also use that exact same app to manage your account. It’s about as easy as it gets and it definitely adds to the level of convenience that you’re likely to experience with this particular card.
10. If approved, you can use the virtual card instantly
There is another benefit to being able to apply from an app on your smartphone and then use that same app for all of your account management needs. If you’re approved, you can start using the virtual version of the card immediately as opposed to waiting for a physical card to come in the mail. If you’re more comfortable with a physical card, you can request one and then activate it when it gets to you, all while using the virtual card until that point in time. If you are in genuine need of a credit card and you don’t want to wait for the next six to eight weeks for one to come in the mail, this is a huge benefit.
11. The card incorporates exceptional technology
Let’s be honest, no one wants to use a credit card that has loads of issues with its technology that eventually end up causing problems with its overall security. That would be somewhat akin to publishing your financial information for the whole world to see. The team that developed this card was very keen on creating a card that could be used digitally from the beginning. As such, this is probably one of the most secure credit cards that’s ever been developed. If you’re absolutely terrified of the idea of someone getting your financial information, this is probably one of the best cards to apply for because you will be hard-pressed to find one that offers better security.
12. Unfortunately, you can only get it if you live in India
Perhaps the only downside to this particular card is that you can only get it if you live in India. Of course, there is every chance that it might change at some point in the future. However, that is the case at the moment so if you happen to live in that particular area, you would be doing yourself a huge disservice not to apply for it. The rest of the world anxiously awaits the opportunity to do the same.
13. The card was only created a couple of years ago
It’s worth knowing that this card was only created a couple of years ago, in 2020. One thing is certain, the entire team responsible for the creation of this card definitely did their homework before they ever decided to make anything public. By the time they had a product that was available to the public, they already knew exactly what they were doing and had any potential issues ironed out.
14. You can lock your card from your phone
One of the truly remarkable things about having this card is that you have the ability to lock it and then reactivate it directly from the app on your phone. If you have a concern that someone has gotten a hold of your information or you have a physical card and you’ve lost it, this is a feature that can be invaluable because it gives you the opportunity to lock the card immediately and then reactivate it at a time of your choosing.
15. The company is rapidly growing
There’s no doubt that this company is rapidly growing. In fact, the same company that started out with only a handful of individuals is now constantly adding more employees in order to keep up with the demand as more and more people figure out how valuable having this card can genuinely be.
16. This card is perfect for those who are building their credit
Perhaps the thing that stands out more than anything else with this particular card is that it is an ideal choice for those who are either building or rebuilding their credit. As a matter of fact that is precisely why it was developed in the first place. All along, the goal was to make it easy for people who didn’t have a lot of credit to get this card so they could start building their credit and achieving better things with regard to their financial future.
17. They have relaxed criteria for credit approval
Another good thing about the card is that they don’t have loads of criteria in order to get approved. This makes it easier for people that don’t have any real credit history to speak of, as well as for those who have had some credit issues in the past.
18. This is a good choice for those who are self-employed
The relaxed credit criteria also means that this is an ideal card for those who are self-employed. Some credit card companies have a tendency to balk at those who are self-employed because they see it as a risk factor. The individuals behind this particular card see it as a sign of determination and responsibility as opposed to punishing people for trying to better themselves.
19. Credit limits are determined by eligibility and the bank who issues the card
Individual credit limits are determined by both the credit history of the individual in question and the bank who issues the card. Since there are a number of banks throughout India that issue this particular card, being declined at one bank doesn’t necessarily mean that it isn’t possible to get approved at another. By the same token, credit limits may differ from one bank to the next, so it’s important to do your homework.
20. It’s very easy to apply for this card
It really couldn’t be easier to apply. All you have to do is fill out a short form online and provide proof of your identity, your current address and your income. From that point forward, you can be given a decision almost immediately and if approved, you can start using your virtual card right away.