Why Create Fixed Deposit to Get OneCard Credit Card?

By OneCard   |   November 18, 2021

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There could be two reasons for this.

1.Your credit score does not currently meet the eligibility requirements
2.Your city is currently non-serviceable for credit cards without a refundable security depos

Whichever of the above two categories you fall under, we’ve got you covered! You can still get a OneCard credit card by simply creating an FD in our app. For you, this FD earns money at a high interest rate while for us, it serves as your refundable security deposit. Two-in-one!

And that my friend, is why you are being asked to create an FD. By simply creating an FD for any amount between 5000 Rupees and 1 Lac, you will #BeTeamMetal and the OneCard will be yours to enjoy!

The credit card limit of your card will be 100% of your FD amount, and the interest rate is 6.5% per annum*. Your FD is safe as it is with one of the banks among SBM and FED, both of which are RBI approved banks.

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.

And voila! 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. All just by using your OneCard judiciously!

My friend got a OneCard without creating an FD. Then why are you asking me to create it?

A lot of people you know must be owners of a OneCard, and they never had to open an FD when they got the card. So why are you being asked to do so?

This is happening because you fall in one of the two below categories.

1.Your credit score does not currently meet the eligibility requirements
2.Your city is currently non-serviceable for credit cards without a refundable security deposit (FD)

But we want you to #BeTeamMetal too!

And that’s why we have cracked a way where you become a proud OneCard owner AND also earn high interest on your money, by creating the FD. And that’s not all, we’ve made it even easier for you with a wide FD amount range. You can create an FD for any amount between 5000 Rupees & one lac. Your credit limit will be 100% of whatever your FD amount is, no questions asked!

You can create additional FDs too as you go along and when your cumulative (total) FDs amount to 50k or more, you will get your metal card! Yay!

Ok… but is this FD safe? Will my money grow in this FD?

Absolutely! The FD you create is with one of the banks among SBM or FED, both of which are RBI approved banks, and hence is completely safe. It is also 100% insured by DICGC. Also, it is a great investment, with an *annual rate of interest of 6.5%, which is much higher than what other banks are offering today. Once you create this FD, you will get the receipt from the Bank in your email.

To put it simply, the FD is just a refundable security deposit, which also earns money for you. So it’s in fact a double-whammy! You earn interest on the FD and become a proud OneCard owner. Beat that!

ALSO READ: How Your Onecard Keeps You Safe From Fraud

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 …. it’s earning them good money 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, you can do it digitally in our app itself, at any time. However, in that case, your credit card account will close too, and you won’t #BeTeamMetal anymore :(

Your money will be refunded into your account within 5-7 bank working days.

Why can’t I just wait till I improve my score and meet your credit score criteria to get the OneCard?

Sure, you can.

But the catch is that the only way to improve your credit score is to use a credit product consistently and repay in a timely manner. However, Banks and other lenders prefer to give credit products to people who already have high scores. So your chances of getting a credit product are low. This will unnecessarily slow down the process of improving your credit score, when actually, the sooner you start, the better it is for your future.

On the contrary, meeting the refundable security deposit criteria and getting the OneCard immediately is assured. Using the card thereafter and paying your dues regularly is the easiest and quickest way to improve or build your credit score from scratch without any further delay. As you use this card month-on-month, your credit score will automatically improve.

ALSO READ: Do EMIs and BNPL Affect Your Credit Score?

Can I check my credit score and track it on my own?

Yes! Just download the OneScore app to get your CIBIL & Experian score in less than 3 mins and keep tracking it every week yourself to see how it improves by just using our OneCard. In just a few months of you using the card, you will be able to see the progress.

If you still have any more questions related to why you should create this FD, go to the app, and on the FD payment page, type out your question in the box at the end of the screen. Don’t forget to click on submit so that the question reaches us! We will get back to you with our answer within 2 working days. EndArticleWeb

*The FD interest rates may vary with time. Please check the offer screen for the latest information.

**Disclaimer: The information provided in this webpage does not, and is not intended to, constitute any kind of advice; instead, all the information available here is for general informational purposes only. FPL Technologies Private Limited and the author shall not be responsible for any direct/indirect/damages/loss incurred by the reader for making any decision based on the contents and information. Please consult your advisor before making any decision.