One Card offers upgrade from FD to unsecured card

[Dexter]

I have got an offer in the OneCard app to upgrade to unsecured card. I had FD of 10k. Now they are giving limit of 3.6L and processing refund of FD.



Earlier, I had SBM bank Visa card. Now it is offered in Mastercard CSB bank. I had to complete KYC again.

 

[Gaara]

That sounds great, can you please elaborate the prosses, how long you held FD card and on what biases it was turned to secure card.

 

[ashwink]

They should also allow onboarding old users 🤞

 

[Dexter]

I did not raise any request for this. Neither did I talk to customer care. But I have used the card regularly since last 2.5 yrs. Today suddenly I got a call from One Card that I have this upgrade offer and I can avail in the app.

Maybe they are rolling this in phases.

 

[zaid_2913]

They are working on converting secure card to unsecured. For add-on cardholders, they will issue new cards based on profiles. I learned this when I asked to close the add-on card. They have requested 6 months to implement this change.

 

[hackymanoj]

That's a great news. I have been having hard time converting secured card to unsecured one.

 

[Akashn]

Great news man. 🍻

 

[SSV]

I have got an offer in the OneCard app to upgrade to unsecured card. I had FD of 10k. Now they are giving limit of 3.6L and processing refund of FD.



Earlier, I had SBM bank Visa card. Now it is offered in Mastercard CSB bank. I had to complete KYC again.

Many congratulations !!
Well done.. proably FY Ending effect ... Still it seems you earned this by your good spend and payment profile.

 

[SSV]

They should also allow onboarding old users 🤞

WHy , you ditched their ship before??

 

[redcarpet]

Curious to know what benefit One card gets by doing this....isnt FD backed more profitable for them?

 

[hackymanoj]

Curious to know what benefit One card gets by doing this....isnt FD backed more profitable for them?

It might be they are losing customers. Also, the fd rates are around 7% which is almost above the market rate

 

[anantnitish]

It's been more than 2 years for my fd based Onecard
Hopefully I also get this option to convert into unsecured Card

 

[redcarpet]

It might be they are losing customers. Also, the fd rates are around 7% which is almost above the market rate

How is it above the market rate? Almost every banks have similar rates...

Doubt they are losing money over fd.
If they are losing customers I think they'd try to onboard new customers. Their third party merchant offers have been Amazing for the past few months or so.

Consistently giving 20% upto 500 in major departmental stores and many more. They'd rather spend on onboarding than retaining existing customers.

Anyway, either of us could be right or none of us..just my 2 cents

 

[Baki]

I had FD card from 6 month, never used, used whole limit this month, maybe i get lucky in the days to come.

 

[Baki]

How is it above the market rate? Almost every banks have similar rates...

Doubt they are losing money over fd.
If they are losing customers I think they'd try to onboard new customers. Their third party merchant offers have been Amazing for the past few months or so.

Consistently giving 20% upto 500 in major departmental stores and many more. They'd rather spend on onboarding than retaining existing customers.

Anyway, either of us could be right or none of us..just my 2 cents

8.5% (9% SEnior citizen) given by all the SFB nowadays.

 

[redcarpet]

8.5% (9% SEnior citizen) given by all the SFB nowadays.

That means more revenue for one card/partner bank; it would mean even less that they're losing money over fd, rather making more than avg

 

[itachiuchiha]

There is news that one card is giving offers to many users.Did any one get the offer?

 

[Tejo]

one card is giving offers to many users

Selected ... ....

 

[SpandanPaul]

Got the same offer yesterday with Indian Bank as the banking partner. Hopefully it will be rupay variant.

 

[Akashn]

Got the same offer yesterday with Indian Bank as the banking partner. Hopefully it will be rupay variant.

What was your FD amount?