OneCard Lite review?
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Has anyone taken the FD-based Onecard Lite? Does it give similar offers as the regular onecard?
Any idea when will the lien be removed?
Planning to apply it for a family member who doesn’t have a credit history. Will it help in building their CIBIL score?
Wiki for those wondering what Onecard Lite is:
It is a secured credit card issued to those who don’t satisfy the eligibility criteria for the unsecured variant. Issued by SBM for a min. FD of 2k (credit limit 110% of FD), metal card only for FD > 50k, interest rate 7.5% on FD.
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On most FD CC’s lien is removed on closure of CC. Probably its same with this CC too.
https://www.onescore.app/blog/why-fixed-deposit...
Why create an FD to get a credit card?
There are several eligibility criteria based on which we issue a OneCard. Credit score, bank statement, salary slip, refundable security deposit, are some examples. Currently, your credit score doesn’t match our eligibility criteria, but you still can get a credit card as you fall in the group which needs to create a refundable security deposit with us, which is in the form of an FD.
And that is why you are being asked to create one. By simply creating this FD, the OneCard will be yours to enjoy! The credit limit of this card will be 110% of your FD amount, and the interest rate is 6.5% per annum. The FD is safe as it is with SBM Bank, an RBI approved bank.
Once you start using the OneCard and keep paying your dues on time every month – your score will start improving. If you don’t have a score – it will start building fast.
Parallelly, as you are using your OneCard, we will continuously track your score improvement at the back-end, and will keep offering you higher credit limits as your score keeps increasing. You will not have to increase your refundable security deposit (FD amount) to get these higher card limits. Then, the day you meet our credit score eligibility criteria, we will immediately reach out to you in the app with the good news and return your security deposit (FD), while you will still continue to be a proud OneCard owner!
That’s not all; once your credit score is high, other banks and lenders will give you larger loan amounts with lower interest rates and credit cards with higher credit limits.
What if I want/need to close my FD in a few months after taking this card?
In 99% of the cases, our customers who create this FD and take the OneCard never want to close the FD midway because of the high-interest rate, the safety of the money they invested and the fact that using the OneCard is improving their score with every passing month. Yet, if you want to close your FD for any reason before your score meets our criteria, you can do it digitally in our app itself, any time! It’s instant and has no charges whatsoever. However, in that case, your credit card account will close too and you won’t be able to use it.
Your money will be refunded into your account within 3-4 working days.
got the metal one using 50K FD
Lookwise metal card card is superb , good for show off
Lien will be there , till you are using the card .
For creating CIBIL score better go for FD based card from ICICI bank .