OneCard also does not charge any joining and annual fees, which means, you can avail this credit card free for your lifetime.
Their app is very good compared to the apps of some bigger banks, providing ease of use and transparency in terms of reward points. They also have a OneScore App where you can keep track of your CIBIL Score once every month for free.
No Joining Fees. No Annual Fees. No Rewards Redemption Fees.
You have less flexibility in your cash flow: If you need to make a big purchase on, say, the 10th of the month, and the billing cycle of your single card closes on the 11th, you're going to get stuck paying that bill pretty soon.
Onecard is useful for those who want to experience the metal form factor and the low markup fee, both of which are possible only on super premium credit cards. Speaking of rewards, regular reward rate is too low but they come up with targeted offers every once in a while that certainly helps to an extent.
The main business of OneCard is that it provides first-time credit card customers with a virtual, cellphone-based card to help them increase their credit score. It also offers an EMI service for purchases of Rs 3,000 and more, with an interest rate of 1.33% and a payback period of 3-24 months.
Federal Bank One Card Credit Card
The mobile-first Credit Card offers seamless in-app on-boarding whereby the virtual card can be activated and used instantly, while the metal card is delivered to the customer in as less as 3-5 days.
Having at least one credit card for the rewards and convenience can be a good idea, assuming you don't have issues managing money and will be able to make payments on time. You may want more than one if you plan to use different types of rewards or if you need additional lines of credit.
You can use a credit card for everyday purchases to build credit and to earn rewards for the spending you already do. But remember that you should only use a credit card for purchases you can afford to pay back and make on-time payments to avoid damaging your credit.
If you're wondering if you should use your credit card for everything (including day-to-day purchases), our simple answer is yes! Credit cards offer security, the opportunity to build your credit, rewards, and convenience.
OneCard also does not charge any joining and annual fees, which means, you can avail this credit card free for your lifetime.
Minimum Amount Due: When you get your OneCard statement, you can choose to pay the full amount (Total Amount Due) or pay just 5% of the Total Amount Due. This is known as Minimum Amount Due (MAD), and at least this amount must be paid before the Payment Due Date (currently on 1st or 2nd).
The Credit One Visa's annual fee is $75 the first year. After that, annual fees can total up to $99, though they might be charged in monthly installments.
h)You can call the customer care via phone on 1800-210-9111 or or raise a ticket in the OneCard App for initiating closure of card subject to the outstanding dues being cleared.
If your goal is to get or maintain a good credit score, two to three credit card accounts, in addition to other types of credit, are generally recommended. This combination may help you improve your credit mix. Lenders and creditors like to see a wide variety of credit types on your credit report.
Account Can Be Closed
Account closure. The amount of inactivity time it takes for your card to be closed may range from issuer to issuer, but it can happen.
A good guideline is the 30% rule: Use no more than 30% of your credit limit to keep your debt-to-credit ratio strong. Staying under 10% is even better. In a real-life budget, the 30% rule works like this: If you have a card with a $1,000 credit limit, it's best not to have more than a $300 balance at any time.
If you haven't used a card for a long period, it generally will not hurt your credit score. However, if a lender notices your inactivity and decides to close the account, it can cause your score to slip.
Credit experts advise against closing credit cards, even when you're not using them, for good reason. “Canceling a credit card has the potential to reduce your score, not increase it,” says Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report.
It's a good idea to pay off your credit card balance in full whenever you're able. Carrying a monthly credit card balance can cost you in interest and increase your credit utilization rate, which is one factor used to calculate your credit scores.
There's no such thing as a bad number of credit cards to have, but having more cards than you can successfully manage may do more harm than good. On the positive side, having different cards can prevent you from overspending on a single card—and help you save money, earn rewards, and lower your credit utilization.
OneCard currently has more than 600,000 users across the country. The credit card is offered in collaboration with banks, including IDFC First Bank, SBM Bank, South Indian Bank, Federal Bank and Bank of Baroda Financial.
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Republic Bank customers are advised that, with immediate effect, the extended branch opening hours, which were in place to facilitate the change out of the old OneCard to the new Visa Debit card, have been discontinued.
Can I withdraw money from my ONEcard account? Cash withdrawals are not allowed.