Using a credit card can be exciting and a bit tricky. There are many choices for managing money and building credit. After using a credit card for one year, it’s time to look back. This article talks about the One Card Credit Card Review after 1 Year of Use. We’ll see how good this card is after using it for a year. We’ll check rewards, fees, and how they treat customers. This review will help people who want to know about this card or how well a card works after a year. Let’s start and see how the One Card did in the past year.
One Card Credit Card Review:
About a year ago from today i.e. around 2022, there were many issues with One Card such as CIBIL Score problem, high other Fees and Low Offers. Now, while using One Card for a year, we realized that there have been many changes in One Card. So in this article, we will tell you a latest review of this credit card and in the end we will also tell you our opinion whether you should go with One Card or not.
The credit card landscape in India was very different a year ago when we had taken this card. At that time, everyday Fintech companies used to issue some new credit card or used to launch a new app in the market with Buy Now Pay Later. But in the last one year, RBI (Reserve Bank of India) has made many rules and regulations due to which either some of these cards have been closed or there have been some changes in them. That’s why a lot of changes have come in One Card in the last one year.
What Changes Have Come In One Card In The Last One Year?
- The first change that has come in One Card is that One Card has stopped giving rewards in some categories like Rent Payment, Cash Withdrawal, Wallet Reloading etc. And we agree with this change because almost all the cards have stopped giving rewards on these categories.
- The second change has come in One Card that earlier One Card used to get a lot of offers on Swiggy, Zomato, and Amazon but now they have stopped giving offers on these too. The frequency of offers of One Card has reduced to half as compared to before.
- Third change is that One Card has introduced a new system named Gift Vouchers. That is, you can buy gift vouchers from companies like Swiggy, Zomato, and Amazon using One Card Credit Card. The main advantage of Gift Vouchers is that you get a cashback of 1% to 7% on online shopping. Although these offers keep changing from time to time.
- Now there is a condition of these Gift Vouchers which no one probably tells you that is Gift Vouchers come with validity. That is, when you buy a gift voucher, you have to use it within its validity period; otherwise both your money and your gift voucher go waste.
- One Card has introduced a new scheme named One Cash & One Trip. In this, One Cash like Personal Loan means you can avail a personal loan of the same amount as your credit card limit. But even this offer is not valid for all customers.
- One Trip is for overseas travellers. In this, you get to see some discounts with the preferred partners.
Should We Still Apply For One Card Or Not?
Now, based on all the new changes that have come in One Card, about which we have talked about above, should we apply for One Card credit card or not? Now see the changes that have come in One Card in the last one year, these are very minor changes and based on these our decision cannot depend on whether we should go with One Card or not. We would like to share some more things with you regarding this card –
- This Credit Card is a Lifetime Free Credit Card
- Applying for this credit card is very easy.
- This credit card is completely made of metal which gives you a different experience.
- Their user interface is very powerful.
If we talk about the on boarding experience of One Card Credit Card, then the experience of HDFC, IDFC and Axis Bank is not as good as that of One Card. Secondly, for those who apply for FD Backed Credit Card, One Card provides 100% FD limit, which you hardly get to see in all other secured credit cards. In other secured credit cards, you get the maximum FD limit of 80% to 90% which you can use with your credit card. But the amount of FD you make in One Card, you can use the entire amount from your Secure Credit Card.
People who use plastic cards have to get FD of ₹ 5000 and those who use metal cards have to get FD of ₹ 50000. Apart from all these things, there is one more good thing in this card, that is, in One Card credit card, you get Forex Mark-up fee of only 1%. In all other cards this fee generally ranges from 2% to 2.5%.
But unfortunately apart from all this, the utility of this credit card is not that much, now why is it not there, let us know –
Why is the utility of One Card Credit card not so much?
The reward rate for One Card credit cards has always been low. In this, if you spend ₹ 50 then you get a reward point whose value is 10 Paise. If you convert it into percentage, its reward rate comes to 0.2%, which is actually much lower than other credit cards. Here we feel that this One card should improve on its reward rates because reward points are the most important factor to consider for a credit card.
They have their own accelerated reward program in which you get 5X reward points in 2 categories and in these two categories you can choose from 15 different categories like Grocery, Dining, and Online Shopping etc. But even after getting these 5x reward points, their reward rate is still 1% which is still very low.
Now many credit cards have come in the market whose joining fee and annual fee are absolutely zero and their rewards rate is up to 5% to 7%. Now there are some big examples of such credit cards like Amazon Pay ICICI Credit Card, Flipkart Axis Bank Credit Card, SBI Cash Back and Kotak Myntra Credit Card etc.
All these credit cards provide you a cashback of up to 5% to 7% in certain specific categories. Apart from this, in other categories, you get flat 1% cashback. The reward rate of these credit cards is 5X higher than the reward rate of One Card Credit Card.
A year ago, we had taken this card because before One Card Credit Card, there were many offers on Swiggy, Zomato and Big Basket, but now those offers have reduced considerably. One Card is already far behind in terms of reward rate. Although we think that this credit card is a free card, but their remaining fees are so high that the lifetime free thing is completely lost.
If your One Card Metal Credit Card is lost and you get it replaced, then you will have to pay a fee of ₹ 3000 and if you close this credit card within the first 6 months after its activation, then you will also have to pay a cancellation fee of ₹ 3000. If seen, One Card credit card has been specially introduced for two free deals and all the other fees are high.
Final Words:
Now if you want to know the conclusion of this entire article, whether we should take One Card or not. Now here it is simple that if you do not have any credit card and if you have to take a credit card, then you can consider One Card Credit Card, It could make sense for you. But remember, its penalty is quite high as we have discussed above. But if you are a little seasoned user, then we would never recommend you to go with this credit card.
One Card looks great, its design is very good but its utility is very bad. You will get many more HDFC and Axis Bank credit cards in the market better than this credit card.