2FTFPL Technologies, issued with partner banks (BOBCARD, CSB Bank, Federal Bank, SBM Bank, South Indian Bank, Indian Bank)One OneCardNo annual fee · IN

woman holding magnetic card — Photo: Blake Wisz / Unsplash

No Annual Fee · India

One Credit Card (OneCard)

4.1 / 5 editorial score

Best for: young earners who want a lifetime free metal card with a 1% forex markup and 5X points on their top categories.

#2 of 4 · No Annual Fee · India #26 of 34 · All India cards

Annual feeNo annual fee

IssuerFPL Technologies, issued with partner banks (BOBCARD, CSB Bank, Federal Bank, SBM Bank, South Indian Bank, Indian Bank)

NetworkVisa, Mastercard or RuPay

Welcome offerSee issuer for the current offer

Interest rate3.75% a month

Foreign fee1% forex markup

Who qualifiesAge 18 to 60; a credit score of 750…

Why it ranks

No joining, annual or redemption fee
Low 1% forex markup
Detailed app controls for limits and usage

What holds it back

Base rate of 1 point per ₹50 is about 0.2% in value
No lounge access

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Advertiser disclosure: we may be paid if you apply through our links. Ratings are editorial. Confirm today's terms on the issuer's site — offers change.

Our verdict

Why the One Credit Card (OneCard) ranks where it does

OneCard is a well-built lifetime free card whose main strengths are its app and its 1% forex markup, not its rewards. It earns 1 reward point per ₹50, and 500 points are worth ₹50, so the base rate is about 0.2%. The 5X rate on your top two spend categories each month lifts that to about 1% on those categories, provided you spend at least ₹750 in three categories.

That is a modest return, and it is the honest trade-off: no joining, annual or redemption fee, points that are credited instantly and do not expire, and detailed controls over limits and usage in the app, in exchange for low earning. The metal card is issued with partner banks and managed by FPL Technologies, and an FD-backed version is available for people with no credit history.

The standout number is the 1% forex markup. On foreign currency spends it saves 2.5 percentage points against a typical 3.5% card, which is worth more than the rewards for anyone who shops on overseas websites or travels occasionally. Lounge access is not included. Treat OneCard as a free, well-controlled backup card and a starter card, not as a rewards engine.

Good fit if

New-to-credit applicants, including through the FD-backed version
Occasional international spenders who want a 1% markup with no fee
People who value detailed app controls over rewards

Skip it if

Anyone looking for a high everyday reward rate
Travellers who want lounge access

Worked example

Assume ₹20,000 a month of spend, ₹10,000 of it in your top two categories, plus ₹50,000 a year of foreign currency spend. Top-category spend earns 10,000 ÷ 50 × 5 = 1,000 points and the rest 10,000 ÷ 50 = 200, so 1,200 a month and 14,400 a year, worth ₹1,440 at OneCard's rate of 500 points for ₹50. On the foreign spend, a 1% markup costs ₹500 against ₹1,750 on a 3.5% card, a saving of ₹1,250.

How it stacks up

The IDFC FIRST Millennia is also lifetime free and goes further abroad, with zero forex markup and 10X points on international spends. The Kotak 811 #DreamDifferent card is another free starter option that links to UPI, though in our data it carries a 3.5% forex markup and a modest reward rate. OneCard's edge over both is its app controls and the absence of any fee.

OneCard is a lifetime free metal credit card managed through an app by FPL Technologies and issued with partner banks. It earns 5X points on your top two spend categories each month and charges a 1% forex markup.