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SIB-OneCard Credit Card

Product Details
Credit Card Name : 

SIB-OneCard Credit Card

Bank Name :

South Indian Bank

Type :

Regular Credit Card

Interest Rate : 

41.88% per annum, or 3.49% per month

Eligibility :

As per the bank approved policy

SIB-OneCard Credit Card
Pros
  • Lifetime-free Credit Card with zero joining and annual fees

  • Premium metal-based card on the Visa Signature platform

  • 100% digital customer on-boarding process

  • Instant virtual card issuance

  • Fully controllable from the OneCard app

  • Among the lowest Forex fees in the market at just 1%

  • Easy management of EMIs from the EMI Dashboard in the app

  • Instant issuance of Reward Points and easy redemption within the app

  • Tap your card at an NFC PoS terminal to make contactless payments of up to Rs. 5,000 per day without PIN

Cons
  • Limited reward redemption options: You can only redeem your reward points for gift vouchers or statement credits. There are no other redemption options, such as travel or merchandise.

  • No welcome bonus: The SIB-OneCard does not offer any welcome bonus, which is a common feature of many other credit cards.

  • Lower reward rate compared to some cards: While the 5X rewards on top 2 spend categories is good, some other cards offer even higher reward rates on certain categories.

  • Pre-approved only: Currently, the SIB-OneCard is only available to pre-approved customers of South Indian Bank. This means that not everyone will be able to apply for the card.

  • Limited customer reviews: As the SIB-OneCard is a relatively new card, there are not many customer reviews available yet. This makes it difficult to get a sense of what other people's experiences have been with the card.

Pros & Cons
Welcome Benefits

None 

Rewards System
  • 1 point per Rs. 50 on all purchases (no exclusions).

  • 5 points per Rs. 50 on your top 2 spend categories (automatically chosen each month based on highest spend).

  • 1 RP = 0.10 Paisa 

  • Effective Cashback Rate: 0.6%

International Forex Markup
1%
Welcome Benefits and Reward System
Special Features
  • Fully controllable from the OneCard app

  • Among the lowest Forex fees in the market at just 1%

Eligibility Criteria

As per the bank approved policy

Benefits
  • Lifetime Free: No joining fees or annual fees, making it a budget-friendly choice.

  • Rewards on All Spends: Earn 1 reward point for every Rs. 50 spent on all categories, no exceptions.

  • 5X Rewards on Top 2 Spends: Maximize rewards on your 2 highest spending categories (groceries, dining, fuel, etc.) every month. Earn 5 points per Rs. 50 spent in these categories.

  • Low Forex Fee: Enjoy a competitive 1% fee on overseas transactions.

Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
  • Currently Pre-Approved Only: Currently available only to pre-approved customers of South Indian Bank.

  • Check for Eligibility: You can check your pre-approval status on the OneCard website or mobile app.

  • Digital Onboarding: If pre-approved, complete the application online with minimal documentation.

  • Instant Approval: Upon successful application, receive instant approval and start using your virtual card.

Contact Details

18602661111 ;
help@getonecard.app

Account Opening and Procedure
SIB-OneCard Credit Card

The SIB-OneCard Credit Card offers a promising combination of a lifetime-free metal card, instant virtual card, digital experience, and reward points on all spends. However, its limited availability, lower reward rate, high interest rate, and lack of extensive partner offers are drawbacks to consider. If you're a pre-approved South Indian Bank customer looking for a basic, no-frills card with the convenience of a metal card and digital features, it's worth exploring. However, for wider acceptance, faster rewards accumulation, or established benefits, comparing with other options might be advisable.

Abhijeet Saxena

Abhijeet Saxena

Abhijeet Saxena

Nalsar University of Law

Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi

Ex - Khaitan & Co. Bengaluru,

Ex - National Stock Exchange, Mumbai,

Ex - Argus Partners, Mumbai

Product Review
Fees & Charges
  • Joining fee: Nil 

  • Annual fee - Nil  

  • Cash advance fee -2.50% of amount withdrawn (Min. Rs.300) 

  • Late Payment charges- 2.50% of the total amount due( Max. Rs.1000) Card Cancellation Fee: Rs 3000

  • Interest Rate- 41.88% per annum, or 3.49% per month

  • Foreign Transaction Markup Fees- 1% of the Transaction  amount 

Fuel Surcharge

INR 400 per month, per account. 

Billing Cycle

30 Days

Fees & Charges
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