Credit cards have become a major part of our financial lives. They offer convenience, flexibility, and earn rewards that cash and debit cards cannot match. However, getting a credit card requires a healthy credit score and aspiring card users need to meet certain eligibility requirements set by the issuer. But there is one credit card you can go for that has minimal eligibility criteria, requires no prior credit history, and can be taken irrespective of whether you earn steady income or don’t.
OneCard credit card is India’s first premium metal card with no joining or hidden fees that offers a whole host of great rewards. This article will discuss the benefits of using a OneCard for your spending needs.
Benefits of using a One Card Credit Card
OneCard has many features – with OneCard EMI, you can easily manage expenses by converting your monthly OneCard spends into easy-to-pay EMIs. The MyFamily feature allows you to share your credit limit with up to five family members, each receiving their own OneCard. And its rewards program allows you to earn points on every purchase, with no reward redemption fees. Let’s learn about these in detail, below.
Get Your Metal Card without having a Credit History
To get a credit card, it is important to have a credit history. Your credit score reflects your creditworthiness and ensures the issuer that you will be able to make timely repayments of your monthly credit card bills. However, with OneCard, you can get on your credit card without a credit history. OneCard allows you to open an FD and get a credit card for the same. Not only this, your FD amount determines your credit limit. For instance, if you opened an FD of Rs. 20,000, then this will also be your credit limit. You also earn an interest of 7.5% on the FD you open and this interest may vary. On making timely repayments of your monthly spends, OneCard helps you to build your credit history, making you eligible for future forms of credit.
EMIs or Equated Monthly Instalments can be a great solution for managing big purchases by breaking them down into smaller instalments. With OneCard EMI, you can bid farewell to the hassle of pending email queries and long wait times on the phone. OneCard EMI allows you to convert your monthly spends into easy and manageable EMIs and reduces the financial burden on your shoulders.
OneCard for Family
The MyFamily feature offered by OneCard allows you to share your credit limit with up to five family members, each of whom receives their own OneCard This feature comes with a range of benefits, including the fact that even family members who do not have a credit score can get their own OneCard. Additionally, you can set a monthly spending limit for each family member, which can range from a minimum of Rs. 2,000 to a maximum of 100% of your credit limit. The entire process is managed through the OneCard app, which allows you to track, manage and control.
As your family members use their add-on credit cards, they earn –
● Reward points can be redeemed by either them or the primary card member.
● Get separate offers, so there’s no splitting of rewards.
● No joining or annual fees for your family members, just like your primary OneCard.
OneCard has a rewards program that allows you to earn points on all your purchases. You can earn one reward point for every purchase made using the OneCard, and for the top two category spends, you can earn 5X the reward points. The cherry on the cake is that these rewards do not expire. This gives you the flexibility to use them as you like with no reward redemption fees.
With OneCard, users can easily control their cards with just a tap on the app. The OneCard app allows you to block/unblock your card in case of its loss. Not only this, you can control the spending limit of your family members under the MyFamily feature with the app itself.
Furthermore, you can choose to enable or disable various card features such as contactless payments, international usage, online transactions, ATM withdrawals, Swipe To Pay, set per-transaction limits, and Tap-In-App Auth to keep you safe from fraudulent activities.
Using a One Card credit card for your spending needs can simplify your finances, help you avoid missed payments, offer better credit utilisation, and provide unimpeachable fraud protection. Additionally, it can help you earn more rewards, and save money. Do keep these benefits in mind when applying for a credit card, and take full advantage.