OneCard review
OneCard · Visa · points waitlist Partly verified Checked 30 Oct 2026
Verify before applying. We read 8 issuer documents for this card (OneCard SBM co-branded MITC; OneCard rewards programme blog), but some figures rest on 1 secondary source (CardAdvisor cards/onecard) and are not confirmed in the bank's own terms. Check the issuer's current terms (MITC) first; every source is listed at the bottom with its check date.
New applications for this card are paused or waitlisted, so you may not be able to get it. The values below show what it would earn if you can; they are not an offer, and this page is kept out of search results while the card is unavailable.
At a glance
- Annual fee
- ₹0
- Joining fee
- ₹0
- Fee waiver
- Not needed (no annual fee)
- Base return
- 0.2% base
- Point value
- ₹0.1 per point
- Domestic lounge
- None found
- International lounge
- None found
Estimated net value a year
| Profile | Net | % of spend |
|---|---|---|
| First card, light spender ₹15k a month | ₹319 | 0.2% |
| Metro salaried ₹60k a month | ₹1,200 | 0.2% |
| Family household ₹80k a month | ₹1,440 | 0.1% |
| Frequent flyer ₹1.5L a month | ₹3,240 | 0.2% |
| Online shopper ₹50k a month | ₹1,128 | 0.2% |
| Rent-heavy ₹90k a month | −₹3,072 | -0.3% |
Fee maths: There is no annual fee to recover, so value depends only on how much of your spend lands in rewarded categories. On our 6 profiles it nets from −₹3,072 (rent-heavy) to ₹3,240 (frequent flyer), equal to −0.3% to 0.2% of spend across the profiles. On the rent-heavy profile it earns nothing or loses money, because that spend is excluded or carries a fee.
After fees and caps, best-case redemption. Use your own spend.
Our take: Currently on a waitlist: issuance has been reported paused, though we found no official notice. The card is lifetime free and earns 1 point per ₹50, worth about ₹0.10 a point, so the base return is roughly 0.2%. The 5X rate (about 1%) applies only to your top two spend categories in a month, and only if you spend at least ₹750 in each of three or more categories, so our net values count only the base rate. Bills and utilities stopped earning from 15 July 2026 under the Federal Bank terms we read, and terms vary by partner bank.
From the card's terms: strengths
- No annual fee
From the card's terms: limits
- Base return is only about 0.2% on other spends
- Availability: waitlist
Reward rates and caps
| Spend category | Points per ₹100 | Value per ₹100 | Cap | Notes |
|---|---|---|---|---|
| Everything else, Other online shopping, Dining & food delivery, Flights & hotels, Groceries, Entertainment & OTT, Amazon, Flipkart | 2 | ₹0.2 | No cap found | 1 reward point per ₹50 (official Federal Bank One T&C). The 5X rate (5 points per ₹50) applies only to your top two spend categories each month and only if you spend at least ₹750 in each of three or more categories that month; because that depends on your monthly mix we do not count it. Counting it would add up to about 0.8% on those two categories (at our unconfirmed ₹0.10 a point). |
| Fuel, Rent, Bills & utilities | 0 | ₹0 | No cap found | Fuel and rent never earn. Official Federal Bank One T&C (w.e.f. 15 Jun 2026): reward points do not accrue on bills and utilities effective 15 Jul 2026 (also ineligible for 5X). |
Point value: Official OneCard blog: 500 points = ₹50 (1 point = ₹0.10), no redemption fee (SBM MITC: redemption fee Nil). Aggregator's 'up to 0.25' via vouchers is unconfirmed; 0.10 used.
Excluded or reduced
- rent
- fuel
- bills and utilities (from 15 Jul 2026, official Federal T&C)
- cash withdrawals
- wallet loads
- money transfers
Other benefits
- Welcome: None verified
- Renewal: Lifetime free
- Points do not expire while card active
- Forex markup 1% + GST
- Fuel surcharge waiver 1% capped ₹400/month
- Metal card available
- 5X on your top two spend categories a month (minimum ₹750 in each of 3+ categories): conditional bonus, not counted in our net values
Eligibility
Age 18+; no income proof per OneCard; 750+ credit score helps. Apps via OneCard app.
Reported rule changes
- 15 Jul 2026: OneCard: utility bills stop earning rewards from 15 July 2026 (Federal Bank terms) official
Compare
Related guides
- How to read a credit card MITC
- Fuel surcharge waivers explained
- Paying rent with a credit card
- Fees on rent, wallet, utility, fuel and education spends
- Forex markup and using a card abroad
- How reward points work and what they are worth
- Credit card devaluations and what to do
FAQ
What is the annual fee of the OneCard?
No annual fee. Fees exclude 18% GST.
How do OneCard rewards work?
0.2% base. Official OneCard blog: 500 points = ₹50 (1 point = ₹0.10), no redemption fee (SBM MITC: redemption fee Nil). Aggregator's 'up to 0.25' via vouchers is unconfirmed; 0.10 used.
Does the OneCard give airport lounge access?
We did not find lounge access on this card in the sources we checked.
Who is the OneCard best suited to?
Currently on a waitlist: issuance has been reported paused, though we found no official notice. The card is lifetime free and earns 1 point per ₹50, worth about ₹0.10 a point, so the base return is roughly 0.2%. The 5X rate (about 1%) applies only to your top two spend categories in a month, and only if you spend at least ₹750 in each of three or more categories, so our net values count only the base rate. Bills and utilities stopped earning from 15 July 2026 under the Federal Bank terms we read, and terms vary by partner bank. There is no annual fee to recover, so value depends only on how much of your spend lands in rewarded categories. On our 6 profiles it nets from −₹3,072 (rent-heavy) to ₹3,240 (frequent flyer), equal to −0.3% to 0.2% of spend across the profiles. On the rent-heavy profile it earns nothing or loses money, because that spend is excluded or carries a fee.
Sources
- CardAdvisor cards/onecard aggregator fetched 2026-10-29
- OneCard SBM co-branded MITC (Sep 2025) official fetched 2026-10-30
- OneCard rewards programme blog (2021) official fetched 2026-10-30
- SBM One co-branded Credit Card T&C (Oct 2025 file) official fetched 2026-10-30
- Indian Bank One co-branded Credit Card T&C (Oct 2025 file) official fetched 2026-10-30
- OneCard homepage official fetched 2026-10-30
- Federal Bank One Co-Branded Credit Card T&C (w.e.f. 15 Jun 2026) official fetched 2026-10-30
- Federal Bank One Co-Branded Credit Card MITC official fetched 2026-10-30
- CSB Bank OneCard Credit Card MITC/T&C (official PDF) official fetched 2026-10-30
Not financial advice. Figures are estimates from published terms and may be outdated; confirm with OneCard before you apply. Methodology.
