Received OneCard Credit Card today. Its a metallic card and looks really good. Reason why I am posting this here is because it is partnered with IDFC First bank. Few things:
-The OneCard app has an amazing UI. Very friendly, attractive and easy to use. It focus on user
experience.
-The onboarding process was really smooth. All I had to do was download the app, enter my details and wait for few days. They grant the credit card only if you have a solid credit score and credit history. Moreover, they have a waitlist before you get the credit card: this, in my opinion, provides as aspirational touch to owning the credit card.
The best feature that I like about it is that you get 5x reward points for top 2 category spends.
Charges:
- Forex Markup is 1% (which I believe is lower than industry benchmark)
- Over the limit charges is 2.5%
- Cash withdrawal charges is 2.5% (which again I believe is lower than industry standards)
- Late Payment charges is 2.5%, with the maximum amount being just 1000/- (much much lower than the industry)
Key Takeaway: Great user experience. Not everyone gets this. The bank is targeting creditworthy borrowers and rewarding them for the trust. Great way to target the right set of customers.
Thoughts and opinions welcome!