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OneCard Review – Just Shiny Metal? 5 OneCard Disadvantages

By - Pawan Khatri
Published On
September 4, 2023
OneCard Review & OneCard Disadvantages
Table of Contents

India has seen an extreme surge in adoption of the so-called Lifetime Free Credit Cards in the recent past. “OneCard” is one such leading credit card in this category. But, before we dig into this OneCard Review or what are the disadvantages of OneCard. I would want you to ask yourself a crucial question –

Are you someone for whom the look and feel is bigger factor while deciding on a credit card or are you someone who cares more about the money related factors of a credit card such as the Fees & Charges, Annual Interest Rate, Cashback on spends in the form of Rewards Points.

Whether or not OneCard is a fit for you, depends on which of the above is more important to you.

OneCard Review

In this OneCard Review, we will take a look at the OneCard and its features, benefits, pros & cons in detail and help you decide if it suits your needs and preferences –

What is OneCard?

Offered by a fintech startup called FPL Technologies, OneCard is an app centric lifetime free metal credit card. It is offered to users in variants on the basis of their credit score as either FD Secured Limit or Direct Credit Limit. It is offered in partnership with various banks such as South Indian Bank, SBM Bank, BOB Financial, Federal Bank and CSB Bank.

Look & Feel of OneCard

In terms of look and feel, it is quite different from a lot of credit cards in the lifetime free category as the card itself is made of Metal. Usually, metal credit cards are found in the premium segment, but OneCard makes metal credit card accessible to audience in the entry level segment. There is no denying that, it looks and feels absolutely amazing. It feels very premium when you hold it in your hands due to the stunning matte black finish and weight of the dense metal.

OneCard Benefits

OneCard offers a range of benefits which can tempt you to get it –

  1. Zero Joining Fees & Zero Annual Fees: The card is lifetime free in the sense that there is zero joining fees and zero annual fees directly linked to the card. No money due for payment as joining fee when you are approved and no money due on completing a year of use and keeping it active for the coming years either.
  2. Metal Credit Card: The card comes as solid metal with a matte black finish making it look and feel very premium.
  3. Low Forex Markup: All international credit and debit cards generally charge upto 5% forex markup on international transactions while OneCard charges 1% forex markup on the same.
  4. Feature Rich Mobile App: The app to manage your OneCard Credit Card is very user friendly and serves a good user experience. You can control transaction limits, domestic/international usage, online/offline usage, contactless payments and much more through the app.

OneCard Airport Lounge Access

No Lounge Access: One card offers no lounge access on their cards whatsoever, which is a severe downside for a credit card especially in India where free lounge access is one of the primary reasons why credit card adoption has witnessed a huge surge.

Onecard Review
Image Credits – One Card Website A Faster Way to Get Your OneCard Credit Card (

How To Apply For OneCard

OneCard has a very easy and hassle-free virtual onboarding process. Here are the steps you need to follow:

  1. Download and install the OneCard application on your smartphone.
  2. Use your Aadhaar & PAN to complete the KYC and Video KYC(Applicable for some users).
  3. If your annual income and credit score is good enough, you’ll be approved and you will get an instant virtual card that will allows you to make online transactions.
  4. If your annual income and credit score does not meet a certain threshold required to offer you a direct credit limit, the app might prompt you to create a fixed deposit and issue you an FD secured credit card instead.
  5. The physical OneCard Credit Card shall be posted and be delivered within a week. You can track the same via app.

OneCard Eligibility Criteria

As per the OneCard Application Evaluation page, to be eligible for a OneCard, you must meet the following criteria:

  • You must be an Indian citizen of 18+ years of age.
  • You must have a valid PAN card.
  • You must have a valid address and proof of residence.
  • You must be residing in one of 54 serviceable cities. (The number of cities might be updating frequently, you can check here.)
  • The eligibility of OneCard metal variant or plastic vairant, FD secured or without FD depends on your income and credit score. Wherein a better credit score and income proof will enable Metal Variant being issued to you without an exhorbitant FD of INR 50,000.

OneCard Charges & Fees

  • 0 Annual Fee
  • 0 Joining Fee
  • 1%+GST Forex Markup Fee
  • 48 days interest free period – 30 Days Billing Cycle & 18 Days Payment Period.
  • 2.5% to 3.5% Monthly Interest if you decide to pay your dues later than the 48 days interest free period
  • Late Payment Charges – 2.5% of the total amount due.
  • Cash withdrawal fee – 2.5% of the withdrawn amount, or a minimum of Rs. 300.

OneCard Rewards Program

The onecard rewards program are not very attractive to start with. It offers 1 rewards point for spend of INR 50 where in 1 reward point = INR 0.10. That means an effective return of 0.20% or 20 paise per INR 100 spent. The program however offers 5x rewards points on top two categories. Meaning, you can choose top spend categories on app every month and you’ll be eligible for 5x rewards points on those categories. The categories are identified using standard visa merchant categories. And you need to spend on at least three categories each month to be eligible for the 5x accelerated reward points.

To be very honest, I feel the reward rate is extremely mediocre. A flat reward range of 1% has become extremely common even with lifetime free credit cards in the entry level segment. If OneCard wants to position itself as an entry level go to credit card for the urban millennials, it definitely needs to revise the rewards program in a lucrative direction.

OneCard Reward Points Value In Rupees

The value of 1 OneCard Reward Point is 10 paise or 0.10 Rupees.

OneCard Disadvantages

  1. Extremely Poor Rewards Program – A rewards value rate of just a meagre 0.2% is one of the lowest in the segment. They try to make it lucrative with 5x on top 2 spend categories but again, only bumping it to the maximum of 1%.
  2. Requirement of Fixed Deposits – A credit card being offered with and without Fixed Deposits depending on income and credit score is something unheard of. Either a card is FD secured or it is not. The same card having different eligibility requirements for different users might seem arbitrary to people planning to apply.
  3. High Replacement Charge – If you lose the oh so precious metal card by OneCard then you have to pay INR 3000 to get it replaced. But the plastic variant replacement is cheap at INR 145.
  4. High Closure Charges – If you choose to close your OneCard within 6 months of activating the virtual card. A flat one card closure charge of INR 3000 + tax is applicable. Some of the users have reported being charged as high as INR 3894.
  5. Multiple Issuers – It gets very hard and tricky to keep track of the most important terms and conditions applicable on your card when the same card is issued by multiple issuers. However, the onecard website footer has all in one place.

OneCard Review & Conclusion

Here is my opinion about the OneCard Credit Card. Without a shred of doubt it is an attractive card in terms of look and feel but that apart, the high charges, no lounge access, poor rewards program are a big no from my side. If you are a newbie in the credit card space and are looking for your first card, it might still somehow be okay but it is a definitely not recommended for seasoned users of credit cards. A better alternative in my opinion would be Scapia Credit Card.

One Card Disadvantages – 5 Factors Behind The Shiny Metal

In this blog post, we present OneCard Review with special focus on OneCard Disadvantages. Should you let the shiny metal impact your decision?

Editor's Rating:


  • Zero Joining Fees & Zero Annual Fees
  • Metal Credit Card
  • Low Forex Markup
  • Feature Rich Mobile App


  • Extremely Poor Rewards Program
  • No Lounge Access
  • Requirement of Fixed Deposits
  • High Card Replacement Charge
  • High Closure Charges
  • Multiple Issuers

FAQs - Frequently Asked Questions

What is the disadvantage of one card?

Poor Rewards Program, Requirement of Fixed Deposits for some users, High Replacement Charge for Metal Card, High Closure Charges and Multiple Issuers are the disadvantages of OneCard

What is the card replacement charge for one card?

INR 3000 for metal variant and INR 145 for plastic variant.

What is the process for One Card FD Closure and its charges?

You can close the FD through the App and it will lead to your credit card being cancelled. Your money will be refunded into your account within 5-7 bank working days. Charges depend on card issuer.

Is FD Compulsory for One Card?

FD is not compulsory for OneCard. However, for people with no credit history or not enough income proof. FD is required at a minimum of INR 5000 for plastic variant and INR 50,000 for metal variant.

One Card Credit Card, Which Bank Issues It?

One Card is issued in partnership with various banks such as South Indian Bank, SBM Bank, BOB Financial, Federal Bank and CSB Bank.


Pawan Khatri
Pawan is the Founder @ Card Nitty. He's a law graduate from Hidayatullah National Law University. He's passionate about travelling, road trips, mountains, photography & music.

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