Kotak Mahindra Credit Card Details.
- 1 List of Kotak Mahindra Credit Cards:
- 2 Fees and Charges of Kotak Credit Cards
- 3 Pros and Cons of Kotak Mahindra
- 4 Eligibility For Kotak Mahindra Credit Card:
- 5 Minimum Income For Kotak Credit Card:
- 6 Credit Limit For Kotak Mahindra Credit Card:
- 7 How to Apply For Kotak Mahindra Credit Card?
- 8 Documents Required For Kotak Credit Card
- 9 How to Check Kotak Credit Card Application Status?
List of Kotak Mahindra Credit Cards:
|Kotak Credit Card||Joining Fee||Annual Fee||Key Features|
|Zen Signature Credit Card
|INR 1500||INR 1500||
|Mojo Platinum Credit Card
|INR 1000||INR 1000||
|White Credit Card
|INR 3000||INR 3000||
|Essentia Platinum Credit Card
|INR 1499||INR 749||
|811 #DreamDifferent Credit Card||INR 0||INR 0||
|Delight Platinum Credit Card
|INR 1999||INR 299||
|Fortune Gold Credit Card||INR 0||INR 0||
|Feast Gold Credit Card||INR 0||INR 499||
|League Platinum Credit Card
|INR 500/NIL||INR 499||
|Best Price Credit Card||INR 0||INR 0||
|Royale Signature Credit Card||INR 1499||INR 999||
|PVR Kotak Gold Credit Card
|INR 0||INR 499||
|PVR Kotak Platinum Credit Card||INR 0||INR 999||
|Wealth Management Infinite Credit Card||INR 0||INR 0||
|NRI Royale Signature Credit Card||INR 0||INR 1000||
|Urbane Gold Credit Card||INR 0||INR 199||
|Corporate Wealth Signature Credit Card||INR 0||INR 0||
|Corporate Platinum Credit Card||INR 0||INR 0||
|Corporate Gold Credit Card||INR 0||INR 1000||
|Privy League Signature Credit Card||INR NIL||INR 2500||
Fees and Charges of Kotak Credit Cards
|Type of fees||Charges|
|Interest rate||Starts at 3.3% p.m.|
|Minimum Amount Due (MAD)||5% or 10% of the total amount due (as per the bank’s discretion)|
|ATM cash withdrawal||Rs.300|
|Cash advance (per Rs.10,000)||Rs.300|
|Call a draft||Rs.300|
|Late payment fees||Rs.100 for a statement of Rs.500 or less
Rs.500 for statement between Rs.501 and Rs.10,000
Rs.700 for statement more than Rs.10,000
|Over limit fees||Rs.500|
|Cheque bounce fees||Rs.500|
|Foreign currency mark-up||3.5%|
|Cash payment at bank fee||Rs.100|
Pros and Cons of Kotak Mahindra
Credit cards, when utilized with monetary discipline, can offer a ton of benefits as far as usability, convenience, and extravagance advantages. You can expect the vast majority of the underneath given benefits from a common credit card.
Pros of Kotak Mahindra Credit Cards
The choice to pay later – Credit card permits you to pay off a buy at a later date. Regularly you get as long as 50 days without an interesting period. During this time you don’t bring about interest on any buy that you made. In this way, on the off chance that you time your buy effectively you can pay off a buy in the wake of accepting your monthly compensation, you can facilitate the weight on your monthly spending plan.
EMIs – EMIs permits cardholders to fan out their payment over a couple of months. Here you can separate the first-class buy into more modest portions which can be fanned out to over 12 months or more. For this, you will be charged an interest rate, between 12.5% to 24% p.a. Note some e-retailers and stores likewise give a No-cost EMI option where you won’t be charged any interest rate.
Transaction Dispute – Credit cards permit customers to dispute a transaction that they have effectively made. This component is especially valuable assuming you have paid for assistance that was, not given to you or a product that was not conveyed. Moreover, it is a lot speedier method of getting your money back.
Security – Today Credit cards are gotten with EMV (Europay, MasterCard, and Visa) chip which gets your card against fraudulent transactions. Banks and payment entryway suppliers have likewise helped their security measures to guarantee wellbeing during online transactions.
Other than this, the Reserve Bank of India has mandated that the weight of proof for customer liability if there should arise an occurrence of unapproved electronic banking transactions lie with the bank. Subsequently, you don’t need to stress over demonstrating your guiltlessness in the event that you experience the ill effects of a fraudulent online transaction.
Credit Score – Money moneylenders check a candidate’s ability to repay a loan based on their credit score. The score considers how much credit you have taken to date, what are your repayment propensities and what amount of time have you required for a loan. A higher score tells the bank that you can be trusted to repay a loan while a lower score directs the inverse. Appropriate usage of credit cards can be truly valuable in such a manner.
Loan on Credit Card – If you at any point require cash direly then you may apply for a loan against a credit card. Here, the bank will transfer money against your accessible money/credit limit to your bank account. Post endorsement, you can hope to get the amount transferred within a couple of moments.
Balance Transfer – Credit cards let you transfer the outstanding amount from your credit card to another card supplier’s credit card. By utilizing this office you can lower or even briefly profit a zero interest rate. This will give you a truly necessary break from the high credit card interest rate which is about 40%.
Rewards and Benefits – Almost all credit cards give some type of help to their cardholders. These can be as cashback, reward focuses, airmiles, and so on. These can make your buys fulfilling. You can utilize the award focuses to purchase merchandise, utilize the airmiles to book a flight, or use the cashback to shop considerably more!
Other than this numerous cards give additional benefits which can be limited film tickets, discounts on e-retail destinations, cashback, air terminal or railroad relax access, and so on.
Cons of Kotak Mahindra Credit Cards
Credit cards are an incredible monetary tool however can likewise prompt a monetary calamity if not utilized as expected. A few entanglements identified with credit cards come as:
High-Interest Rate – The interest that is required on the credit card is about 40% p.a. (3.35% p.m.) making it the costliest type of credit. On the off chance that you end up pulling out cash utilizing a credit card, you will bring about this interest from the day of withdrawal itself along with withdrawal charges, applied on each withdrawal.
Over Spending – One of the factors that banks use to pass judgment on the credit value of an individual is the Credit Utilization Ratio (CUR). CUR is the proportion of your card spends against the total credit limit reached out to you. On the off chance that you use a significant portion of your credit limit, your credit score will be contrarily affected. Banks consider such to be someone who requires a ton of credit; this is certifiably not an advantageous attribute. It is encouraged to keep a credit utilization proportion of 30% or less.
Surcharges – Certain payments when made through a credit card bring about an extra charge, additional expense. These surcharges are for the most part applied on fuel buys and rail line appointments making you pay more than the due amount.
Fraud – Though credit cards are a lot more secure than conveying cash, still they are helpless to online fraud. Your credit card information can be stolen. Additionally, in the event that the fraudulent transaction is made by an outsider, the onus of advising the bank lies with the cardholder. In this situation, one should educate the bank regarding inside 3 days of the said transaction. Assuming the customer neglects to illuminate the bank, he/she will bear liability on the transaction.
Fees and Charges – Credit cards charge a specific amount for every one of the services they give. These incorporate a yearly expense, unfamiliar transaction increase charge and so on. In case you are unconscious of the multitude of fees and charges related with your credit card then you may wind up paying superfluously.
Minimum Amount Due Trap – Credit card suppliers permit their customers to make a negligible payment; that is, 5% of the total amount due. This may appear to be an incredible option to the common man however it isn’t the case. On the off chance that you pay only the minimum amount due consecutively for a couple of months, you may end up amidst a huge obligation due to high-interest rates.
Paying only the Minimum Amount Due will be negative both to your credit score just as funds. Subsequently, clear your dues in full each month.
More Articles: Financial Solving
Eligibility For Kotak Mahindra Credit Card:
While the eligibility measures vary from one card to another, underneath you’ll track down the fundamental necessities:
• 21 years old and above
• Salaried professional or independently employed
• Indian inhabitant
• Minimum yearly income of Rs.3 lakh p.a.
Minimum Income For Kotak Credit Card:
The minimum income is Rs. 3.00 lakh per annum or Rs. 25,000 every month.
Credit Limit For Kotak Mahindra Credit Card:
The Credit Limit set on your Kotak Mahindra Credit card is settled on by thinking about a couple of things. A portion of the significant rules are:
Credit History of the Cardholder: This is of prime significance while drawing the credit line on a card. The bank checks upon the Credit Score of the candidate and his previous banking experience to break down the credibility. The shortfall of any history may hamper the bank’s decision as they will have no information about the monetary soundness of the candidate
Income and Liability: The income of the candidate has a significant job to carry out while deciding the credit limit for a card. A high income fills in as an assurance for obligation repayments. The bank additionally considers the current obligations and the repayment example of the candidate.
Other Credit Limit: The Bank additionally assumes into account the praise limit customers have on other credit cards. In the event that the limit on the other cards is superior to the bank probably won’t have any issue in expanding the credit limit.
Kotak Mahindra Bank Credit Card limit is expanded automatically. The bank surveys the client’s spending designs consistently. Cardholders who have not defaulted on any payments and have kept a decent credit utilization proportion will get an offer from the actual bank.
Clients can in any case call the customer care focus to make a solicitation to improve the credit limit.
How to Apply For Kotak Mahindra Credit Card?
You can likewise apply for your Kotak card through the official Kotak Mahindra Bank site. Recorded underneath are the steps you’ll have to follow to start your application:
• Visit the official Kotak Mahindra site.
• Under the ‘Explore Products’ tab, pick ‘Cards’ and then select ‘Credit Cards’.
• You will be diverted to a page with every one of the cards offered by Kotak.
• Once you have discovered a card to apply for, you can select ‘Apply Now’.
• You should fill in certain subtleties to complete your application.
Documents Required For Kotak Credit Card
You should present a few records during your credit card application measure. Recorded underneath are a portion of the standard archives:
• Identity proof, for example, Aadhar/PAN card, driver’s permit
• Address proof like electricity/telephone bill, driving permit
• Income proof like most recent payslips, Form 16
Do take note that you will be educated regarding the specific rundown by the bank when you start your application.
Kotak Mahindra Bank Credit Card Customer Care
Kotak Bank credit card holders can contact customer care for any unsettled inquiry through call, email, and SMS. You can dial-1860 266 2666
How to Check Kotak Credit Card Application Status?
To enquire about the Kotak credit card application status, you would require the Application Reference Number or Application Form Number which is given by the bank to you at the hour of the application of the credit card.
Step 1-Visit the official site of Kotak Mahindra Bank
Step 2-Below the ‘Explore Products’ tab, you need to click on ‘cards’ and then head over to ‘credit card services’
Step 3-Scroll down to the furthest limit of this page to discover the ‘Application Status’ tab and click on ‘Know more’. You will be diverted to the ‘Check Your Card Application Status’ page
Step 4-Click on the ‘Select Product’ option and pick ‘credit card’ starting from the drop menu
Step 5-Now you need to enter either your application reference number or application structure number and hit the ‘check status’ button to check the Kotak Bank credit card application status
You can likewise follow Kotak’s credit card application status by calling the bank’s contact center for customers. Just dial 1860-266-2666 (for domestic calls) and 91-22-6600-6022 (for international calls).