One Credit Card Review: Lifetime Free, but Fees Vary by Partner Bank
The One Credit Card, better known as OneCard, has no joining or annual fee, a 1% forex markup and 1 reward point per ₹50, rising to 5 per ₹50 in your top 2 spend categories each month. Six partner banks issue it, BOBCARD, CSB Bank, Federal Bank, Indian Bank, SBM Bank India and South Indian Bank, and their rent, wallet, late and cash fees differ, so the bank you pick in the app matters.
Key facts
- Joining fee
- Nil
- Annual fee
- Nil
- Base reward
- 1 Reward Point on every purchase of ₹50
- Best category
- Top 2 spend categories each month: 5 times the reward points (5 points per ₹50) on purchases in the month's top 2 categories
- Lounge
- Not published by the bank
- Forex markup
- 1% of the amount
- Network
- Visa, Mastercard, RuPay
Opens the bank's own page for this card. Approval and the credit limit are the bank's decision.
In short
A good lifetime-free, app-run card for everyday spenders and first-time users, provided they check their partner bank's fees and accept that no issuer puts a rupee value on a point.
Best for
- First-time card users, including those without income proof, through the metal card or the FD-backed version
- People who spend across at least 3 categories a month and can use the 5X rule
- Travellers who want a 1% forex markup on a card with no annual fee
Skip it if
- You need lounge access or insurance cover
- You often pay rent or load wallets by card, where partner fees run 1% to 2%
- You want a known cashback value rather than points with no published rupee value
Highlights
- Nil joining and annual fee for primary and add-on cards
- 1 point per ₹50, and 5 per ₹50 in the top 2 monthly categories
- 1% forex markup in every partner bank's KFS
- Issued by BOBCARD, CSB Bank, Federal Bank, Indian Bank, SBM Bank India or South Indian Bank
- No points expiry, but points lapse if the card goes unused for more than 365 days
What OneCard is, and where the partner banks come in
OneCard is a co-branded credit card run through an app by FPL Technologies, with OneConsumer Services as the partner. The card itself is issued by one of six banks: BOBCARD, CSB Bank, Federal Bank, Indian Bank, SBM Bank India or South Indian Bank. You pick the issuer in the app while applying, and from then the card follow that bank's Key Fact Statement.
The headline is simple: no joining fee and no annual fee, for the primary card or add-ons, and no spend target to keep it that way. It runs on Visa, Mastercard or RuPay, comes in metal in 67+ cities, and forex is 1% in every partner's KFS. Few cards is cheaper just to hold.
What matters most
- Fees that differ by bank. Rent, wallet, late payment and cash advance charges is not same across the six partners, and several went up in 2025 and 2026.
- Points with no rupee value. The earn rules are clear, but no issuer document we read says what a point is worth.
- Easy entry. OneCard says no income proof is needed, and there is an FD-backed version too.
Changes from 2024 to 2026
Most changes hit fees. CSB raised rent and wallet fees from 1% to 2% on 1 December 2025, South Indian Bank set them at 2% from 1 February 2026, and Federal Bank's wallet fee went from 1% to 2% on 30 May 2026. BOBCARD added a 1% education fee from 29 August 2026 and raised late fees from 11 October 2026. On rewards, bills and utilities stopped earning points, and 5X also, from 15 July 2026 under the Federal Bank One terms.
OneCard is active and taking applications, and the RBI does not report its cards on their own, they sit inside each partner bank's total. Other cards are on our credit cards hub.
OneCard fees, partner bank by partner bank
A few things are the same at all six banks. Joining and annual fees are nil for primary and add-on cards. Interest runs at 3.75% a month (45% a year), and forex is 1% of the transaction amount in all six KFS. GST applies on top, which BOBCARD and CSB state as 18%. OneCard's own fee page talk about 0 to 1% forex with a Forex Pass, but the KFS figure is 1%.
Metal card and closure charges
A plastic add-on is free, a metal add-on costs ₹3,000. Cancel the primary card within 6 months of activating the virtual card and you pay ₹3,000 for metal or ₹500 for plastic. Replacing a plastic card is free once, then ₹145, then ₹500; metal is ₹3,000.
Late payment fee by outstanding amount
| Outstanding amount | Federal, SBM, CSB, SIB and Indian Bank | BOBCARD (from 11 October 2026) |
|---|---|---|
| ₹0 to ₹250 | Nil | Nil |
| ₹251 to ₹1,000 | ₹250 | ₹250 |
| ₹1,001 to ₹5,000 | ₹500 | ₹700 |
| ₹5,001 to ₹10,000 | ₹1,000 | ₹1,000 |
| ₹10,001 to ₹15,000 | ₹1,000 | ₹1,100 |
| ₹15,001 to ₹25,000 | ₹1,000 | ₹1,200 |
| Above ₹25,000 | ₹1,250 | ₹1,300 |
So on a ₹3,000 balance paid late, a BOBCARD-issued card cost ₹700 and the other five ₹500.
Rent, wallet and education fees
- Rent through third-party apps: 1% with Federal Bank and SBM; 2% with BOBCARD, Indian Bank, South Indian Bank (from 1 February 2026) and CSB (from 1 December 2025). On Federal Bank's terms this come over and above the app's own convenience fee.
- Wallet loads or transfers, once the month's total is ₹10,000 or more, charged on the full amount: Federal Bank 1% till 29 May 2026 and 2% from 30 May 2026; SBM 1%; BOBCARD, South Indian Bank, Indian Bank and CSB (from 1 December 2025) 2%.
- Education payments through third-party apps: 1% on BOBCARD from 29 August 2026, a fee the documents read list only for BOBCARD.
Cash, over-limit and fuel
Federal Bank One allows no cash advance, CSB One charges 2.5% of the amount withdrawn, and the other KFS list no cash fee. Over-limit costs 2.5% of the excess, minimum ₹500, at Federal, BOBCARD, SIB and Indian Bank, while SBM's KFS shows 0, and it apply only if you switch over-limit on in the app. Federal Bank's MITC waives the fuel surcharge (1% or the actual surcharge, whichever is lower) up to ₹400 a month, though fuel earns no points.
OneCard: fees and charges
| Joining fee | Nil |
|---|---|
| Annual or renewal fee | Nil |
| Annual fee waiver | Lifetime free: Nil joining and Nil annual fee, no minimum spend |
| Add-on card fee | Nil |
| GST | Charged on top of the fees and charges listed |
| In the bank’s words | Nil joining and annual fee for primary and add-on. Add-on plastic card free; add-on metal card issuance fee ₹3,000. Cancelling the primary card within 6 months of virtual card activation: metal ₹3,000, plastic ₹500. |
| Interest on unpaid balances | Up to 3.75% a month (45% a year) |
| Late payment fee | Federal, SBM, CSB, SIB, Indian Bank: outstanding ₹0–250 nil; ₹251–1,000 ₹250; ₹1,001–5,000 ₹500; ₹5,001–25,000 ₹1,000; ₹25,001+ ₹1,250. BOBCARD from 11/10/2026: ₹0–250 nil; ₹251–1,000 ₹250; ₹1,001–5,000 ₹700; ₹5,001–10,000 ₹1,000; ₹10,001–15,000 ₹1,100; ₹15,001–25,000 ₹1,200; ₹25,001+ ₹1,300. |
| Cash withdrawal | Federal Bank One: NA (no cash advance). CSB One: 2.5% of the amount withdrawn. Others: not listed in their KFS. |
| Over-limit fee | 2.5% of overlimit amount (min ₹500) for Federal, BOBCARD, SIB, Indian Bank; SBM KFS shows '0'. Only if the cardholder enables over-limit in the app. |
| Forex markup | 1% of the amount |
| Other fees |
|
How OneCard rewards work
The base earn is 1 reward point for every ₹50, and smaller amounts earn fractions, so a ₹25 purchase earns 0.5 points. These are Federal Bank One terms from 15 June 2026; the other five issuers' reward terms weren't compared line by line.
The 5X rule
Each month your top 2 spend categories earn 5 times the points, so 5 per ₹50. To qualify you need purchases in minimum 3 categories that month, with at least ₹750 in each. 5X points are credited on the 10th of the next month, and no cap is stated.
What earns nothing
No points on money transfers, rent, fuel, cash withdrawals, or loading and topping up wallets. From 15 July 2026 bills and utilities also earns no points and don't count for 5X. The SBM One RuPay virtual card, the only One card confirmed for UPI in the documents read, has earned no points since 27 November 2024.
Using the points
You redeem by swiping right on a transaction less than two months old to pay it with points, or through in-app offers, and there's no redemption fee. Points have no expiry but are nullified if the card is not used for more than 365 days, and forfeited on closure. No issuer publish a rupee value per point, and there is no welcome or milestone benefit.
Three worked examples
These count points, since there is no rupee value. There's no annual fee to earn back, but wallet fees is real money.
| Monthly spend | Light: ₹10,000 | Typical: ₹25,000 | Heavy: ₹60,000 |
|---|---|---|---|
| Top category | Groceries ₹3,000 | Groceries ₹6,000 | Shopping ₹18,000 |
| Second category | Food delivery ₹2,500 | Shopping ₹5,500 | Travel ₹14,000 |
| Other categories at 1 point per ₹50 | Shopping ₹2,000 | Dining ₹4,500, travel ₹3,000 | Groceries ₹10,000, dining ₹8,000 |
| Spends with no points | Fuel ₹1,500, bills ₹1,000 | Fuel ₹3,000, bills ₹3,000 | Wallet loads ₹10,000 |
| 5X points (5 per ₹50) | 550 | 1,150 | 3,200 |
| Base points (1 per ₹50) | 40 | 150 | 360 |
| Points a month | 590 | 1,300 | 3,560 |
| Points a year | 7,080 | 15,600 | 42,720 |
| Wallet fee a month | Nil | Nil | ₹100 with SBM, ₹200 with the other five |
Light, ₹10,000 a month. Groceries of ₹3,000, food delivery of ₹2,500 and shopping of ₹2,000 are three categories above ₹750, so 5X switches on. The top two earn 550 points (₹5,500 / ₹50 x 5) and shopping earns 40 (₹2,000 / ₹50): 590 a month, 7,080 a year. Without 5X it would be only 150 points (₹7,500 / ₹50).
Typical, ₹25,000 a month. Groceries at ₹6,000 and shopping at ₹5,500 are the top two, worth 1,150 points (₹11,500 / ₹50 x 5). Dining and travel add 150 (₹7,500 / ₹50), so 1,300 a month or 15,600 a year. The ₹6,000 on fuel and bills earn nothing, a second card for those makes sense.
Heavy, ₹60,000 a month. Shopping at ₹18,000 and travel at ₹14,000 earn 3,200 points (₹32,000 / ₹50 x 5), and groceries and dining add 360 (₹18,000 / ₹50): 3,560 a month, 42,720 a year. The ₹10,000 of wallet loads earn nothing and, as the month's total reaches ₹10,000, attract ₹100 on SBM at 1% or ₹200 elsewhere at 2%, so ₹1,200 or ₹2,400 over 12 months before GST. Which partner you pick decide that cost.
OneCard: higher-reward categories
| Category | Rate | Cap |
|---|---|---|
| Top 2 spend categories each month (5X) | 5 times the reward points (5 points per ₹50) on purchases in the month's top 2 categories | No cap stated, month |
OneCard: how rewards work
| Earned as | Reward points |
|---|---|
| Base rate | 1 Reward Point on every purchase of ₹50; fractional points on smaller amounts (₹25 earns 0.5 points). |
| Minimum spend rules | 5X needs purchases in at least 3 categories in the month with at least ₹750 in each; 5X points credited on the 10th of the following month. |
| No rewards on |
|
| Lower rewards on |
|
| Value of a point |
|
| Redemption fee | Nil |
| Expiry | Points do not expire (lifetime validity); nullified if the card is not used for more than 365 days; forfeited on closure. |
| Welcome benefits | None published |
| Milestone benefits | None published |
| Lounge access | Not published by the bank |
| Fuel surcharge waiver | 1% of transaction amount (or the actual surcharge, whichever is lower, excluding GST), capped at ₹400 per month; no reward points on fuel |
| Insurance cover | Not published by the bank |
Who can get OneCard, and how the app process works
The rules are light: at least 18, an Indian resident with a valid government ID, and no income proof required, salaried or self-employed. The metal card is offered in 67+ cities, and OneCard says a credit score of 750 or more improve your chances. Outside those cities, or if the metal card isn't approved, the FD-backed card is the route.
The FD-backed route
OneCard's 2023 blog puts the FD at ₹5,000 to ₹1,00,000, or at least ₹50,000 for metal, with Federal Bank and SBM Bank as issuers. On the Federal version each further FD adds 100% of its amount to your limit. From 18 May 2025, Federal Bank may liquidate the FD if dues stay unpaid 31 days past due, so treat it as security and not as savings you can forget.
Documents and KYC
You give PAN details and complete KYC the way the issuing bank require, all inside the app; on the Federal FD route that means e-KYC then video KYC. The RBI's KYC rules explain why: an Aadhaar OTP-only account can be a term loan of up to ₹60,000 a year, not a revolving card.
Applying, step by step
- Sign up in the OneCard app with your mobile number and email.
- Enter PAN details and choose the issuing bank.
- Complete KYC in the app.
- On approval a virtual card is issued, and the metal card reach in 5 to 7 business days.
Only the partner bank decides whether to issue the card, and under the RBI's rules it must give you the specific reasons in writing if it says no.
OneCard: eligibility and documents
| Age (salaried) | 18 years and above |
|---|---|
| Age (self-employed) | 18 years and above |
| Income (salaried) | No income proof required (per OneCard) |
| Income (self-employed) | No income proof required (per OneCard) |
| Other conditions | Indian resident with a valid government ID; metal card in 67+ cities; a credit score of 750+ 'improves your chances'; elsewhere, or if not approved, an FD-backed card (OneCard blog, 2023: FD from ₹5,000 to ₹1,00,000; ₹50,000+ FD for a metal card). |
| Documents |
|
| How to apply | Only through the OneCard app: sign up with mobile and email, enter PAN details, choose the issuing bank, complete KYC; virtual card on approval, metal card in 5 to 7 business days. |
| Card customer care | 1800 210 9111 (OneCard app); bank-wise: Federal 1800 268 3111, SBM 1800 209 2111, BOBCARD 1800 268 7111, CSB 1800 267 9111, Indian Bank 1800 267 4111, SIB 1800 267 2111 |
These are the bank's published conditions. Meeting them does not guarantee a card: approval and the credit limit are the bank's decision.
Who OneCard suits, and who should look elsewhere
OneCard is at its best for someone who want a card that costs nothing to keep, is easy to get and works abroad at a 1% markup. Students and first-jobbers without income proof, freelancers who dislike paperwork and people building a credit history through an FD all fit. The app handles most things, from KYC to paying with points.
The weak spots are about clarity. With no published rupee value for a point you can't compare it cleanly with a cashback card, and the 5X rule only helps if your spending is spread over 3 categories at ₹750 each. No lounge access or insurance cover was found. Rent and wallet users end up paying 1% or 2% depending on the bank, and for rent on Federal Bank that is over and above of the app's convenience fee.
Skip it if you need lounges or travel insurance, want a published value for rewards, or spend mostly on fuel, rent and bills, which earn no points. If you do take it, choose the issuer with care: on wallet loads an SBM card charges half what the other five does.
Pros
- No joining or annual fee for the primary or add-on cards, with no spend condition
- 1% forex markup in every partner bank's Key Fact Statement
- 5 points per ₹50 in the top 2 categories each month when you spend ₹750 in 3 categories
- No income proof required, with an FD-backed route from ₹5,000 according to OneCard's 2023 blog
- Points have no fixed expiry while the card stays in use, and redemption is free
- Fuel surcharge waiver up to ₹400 a month under the Federal Bank terms
Cons
- No issuer publishes a rupee value for a reward point
- Rent and wallet fees of 1% to 2%, depending on the partner bank
- No points on rent, fuel, wallets, bills and utilities, money transfers or cash
- BOBCARD late fees rose from 11 October 2026, topping out at ₹1,300
- No lounge access or insurance cover found
- A metal add-on costs ₹3,000, and closing within 6 months costs ₹500 to ₹3,000
OneCard against other lifetime-free cards
Three cards in our files share OneCard's no-annual-fee pitch, and one is also secured against an FD.
IDFC FIRST Millennia
IDFC's FIRST Millennia Credit Card costs nothing to hold and states its point value: 3 points per ₹200 at ₹0.25 a point, which is 0.375%, and 10 points per ₹200 on dining, travel and birthday spends. Forex is zero since 9 September 2026, though international spends stopped earning points from 26 October 2026, and it needs ₹3 lakh a year of income and ₹499 for an add-on.
IDFC FIRST WOW!
The FIRST WOW! Credit Card is closest to OneCard's FD route: lifetime free, no income proof, ages 18 to 80, a limit of 100% of the FD and a minimum FD of ₹20,000. It earns 4 points per ₹200 at ₹0.25, or 0.5%, keeps earning on international spends and charge zero forex. OneCard's FD can start lower, at ₹5,000 by its 2023 blog.
AU LIT
The AU LIT Credit Card is lifetime free but sells benefits as paid 90-day features: 5X or 10X points for ₹199 or ₹299, category cashback, even an airport lounge visit for ₹399. Its base is 1 point per ₹100 with no published point value and forex is 3.49%, so OneCard is simpler and cheaper abroad.
Which to pick
FIRST Millennia is easier to judge, with a clear point value and zero forex; FIRST WOW! fits a secured start with a wide age range; AU LIT suits peoples who enjoy tinkering. OneCard's strengths are its app, the 5X rule and a low FD entry. BOBCARD's own cards are on our Bank of Baroda cards page, while our card finder and the credit cards hub list other options.
OneCard against similar cards
| Term | One Credit Card This card | FIRST Millennia Credit Card | FIRST WOW! Credit Card | AU LIT Credit Card |
|---|---|---|---|---|
| Bank | OneCard | IDFC FIRST Bank | IDFC FIRST Bank | AU Small Finance Bank (AU Bank) |
| Joining fee | Nil | Nil | Nil | Nil |
| Annual fee and waiver | Nil | Nil | Nil | Nil |
| Base reward | 1 Reward Point on every purchase of ₹50 | 3X Reward Points on eligible spends (about 0.375% value) | 4 Reward Points per ₹200 spent on online, offline and international spends... (about 0.5% value) | 1 Reward Point for every Rs.100 retail spends |
| Best category | Top 2 spend categories each month: 5 times the reward points (5 points per ₹50) on purchases in the month's top 2 categories | Hotel bookings via 'FIRST Rewards Gallery' in the IDFC FIRST Bank app: about 5% value | Hotel bookings via 'FIRST Rewards Gallery' in the IDFC FIRST Bank app: about 2.5% value | Grocery or apparel: about 5% value |
| Lounges | Not published by the bank | Domestic: No airport lounge. 4 complimentary railway lounge visits every quarter. International: None | Domestic: None International: None | Domestic: Only as a paid feature: 1 airport lounge visit for Rs.399, maximum 2 per 90 days International: None published |
| Forex markup | 1% of the amount | 0% (no markup) | 0% (no markup) | 3.49% of the amount |
| Network | Visa, Mastercard, RuPay | Not stated by the bank | Visa | Visa, RuPay |
| Published minimum income | No income proof required (per OneCard) | ₹25,000 a month | No income proof required | Minimum monthly income as specified by the bank (no figure published) |
| Status | Taking applications | Taking applications | Taking applications | Taking applications |
Frequently asked questions
Is OneCard really lifetime free?
How much is a OneCard reward point worth?
Can I get OneCard without income proof?
What is the OneCard forex markup?
Which OneCard fees changed in 2025 and 2026?
Which partner bank should I choose for OneCard?
Related
- Credit Cards in India 2026: Choose by Spend, Know the Costs and Rules
- FIRST Millennia Credit Card Review: Free for Life, 10X on Food and Travel
- FIRST WOW! Credit Card Review: FD-Backed, Zero Forex, Points Abroad
- AU LIT Credit Card Review: Lifetime Free, Pay Only for Features You Use
- Bank of Baroda Credit Cards 2026: BOBCARD Fees, Points and Offers
Sources
- Federal Bank (document hosted by OneCard): Federal Bank One Co-Branded Credit Card Key Fact Statement; The Federal Bank One Co-Branded Credit Card Terms and Conditions; The Federal Bank One Co-Branded Credit Card Most Important Terms and Conditions (MITC)
- SBM Bank India (document hosted by OneCard): Key Fact Statement – SBM One co-branded Credit Card; SBM One co-branded Credit Card MITC (RuPay Credit Card and UPI sections)
- BOBCARD Limited (document hosted by OneCard): The BOBCARD One co-branded Credit Card Most Important Terms and Conditions (MITC)
- CSB Bank (document hosted by OneCard): Key Fact Statement – CSB One Co-Branded Credit Card
- Indian Bank (document hosted by OneCard): Key Fact Statement – Indian Bank One Co-Branded Credit Card
- FPL Technologies Pvt. Ltd. (OneCard, co-brand partner): One Credit Card Eligibility; Frequently Asked Questions
Last verified: 5 November 2026
Written by Rashmi Mandana, reviewed by BankCreds Financial Experts
BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.