IDFC Bank OneCard – Metal Credit Card with Zero Annual Fee

OneCard is a metal credit card that rewards its users for all purchases. Some key features of the card are given below:

Lifetime Free Card: The credit card charges no annual or joining fee.

Rewards Program: It gives 5x reward points on the top two categories where you spend the most. 1 reward point per Rs. 50 spent

Let’s suppose you have used your credit card, for one month, for dining and travel-specific transactions. Then, the same two categories will be eligible for 5x reward points. Likewise, if you have used your credit card on fuel and movie ticket bookings, then the same two categories will get 5x reward points.

• Bonus points are rewarded when a user spends in more than 2 categories. Visa Merchant categories are used to classify spends
• Fractional points are rewarded. For example, if you spend Rs. 25 only then you will earn 0.5 Reward Point
• Your rewards will never expire
• No rewards redemption fee will be charged
• The minimum redemption rate is capped at 10 points per Rs. 1

Note: No reward points are rewarded on cash withdrawals, transfers, and wallet loads.

Low Foreign Exchange Mark-up Fee: 1% FX mark-up fee is charged on foreign transactions, which is much lower than the fee charged by other credit cards.

Category	Amount
Joining Fee	NIL
Annual Membership Fee	NIL
Add-on Cardholder Fee	Nil
Forex Markup Fee	1%
Cash Advance Fee	2.5% of the amount | Min. Rs. 300
Over Limit Fee	2.5% of the amount
Finance Charges	2.5% to 3.5% p.m. | 30% to 42% p.a.
Late Payment Charges	2.5% of the amount | Max. Rs. 1,000

Suggested Read: Credit Card Fees and Charges You Must Be Aware Of

Applicants must meet the basic eligibility criteria that are required to get credit card including a steady source of income, good credit history, etc. Apart from that, some other requirements are:

 

Location	Ahmedabad, Bengaluru, Chennai, Coimbatore, Delhi-NCR, Hyderabad, Kolkata, Mumbai, Mysore, Nashik, Pune, Surat & Vadodara
Occupation	Available to both Salaried and Self-employed
Documents Required	PAN Card, Income Proof (Netbanking, Upload Statements)

Earlier, the OneCard aspirants had to enrol on the Waitlist and then refer the card to other people to improve the chances of approval. However, this procedure has now been changed. 

Here is how you can apply:

Step 1: Download the OneScore app

Step 2: Fetch your CIBIL Score and Experian Credit Score

Step 3: Now, you can apply for OneCard by clicking on the “Get OneCard” button

Step 4: Confirm your PAN, Name and DOB

Step 5: Confirm your current address

Step 6: Upload your income proof and then click on the ‘Continue’ button

Do I need to enrol on the waitlist to get OneCard?
No, the application process has been changed. Now, you don’t need to enrol on the waitlist. All you need to do is, download the OneScore app, fetch your CIBIL score and proceed to apply for the card.

Does the credit card provide dining, food or travel benefits?
Currently, the credit card is not providing any dining, food or travel benefits to its users because of the COVID-19 Pandemic. However, the card provider will notify its users when they launch these benefits.

Will the top 2 categories, for the 5x reward benefit, change as per my spending patterns?
Yes, the top 2 categories will change as per your spending patterns. For example, if you spend the most on travel and shopping in January then you will earn bonus points on these 2 categories. In the next month if you spend the most on shopping and entertainment then you will earn bonus points on these 2 categories.

Will the bonus reward points be credited to you instantly?
No, bonus reward points will be credited to you on the 10^th of the next month.

Can I apply for OneCard without downloading the OneScore app?
No, currently you can avail OneCard only through the OneScore app.

How long does it take to get the OneCard?
The approval for OneCard is dependent on a variety of factors like the number of spins completed, documents submitted, referrals made and so on. Only the top 10,000 people are allowed to go ahead and apply for the credit card. Note the ranking system is dynamic and can change from one day to the next.