Kotak Mahindra Bank launched credit cards to its customers for the first time during 2008. In 2010, it launched a credit card known as Kotak Trump Card which offered 10% cash back on spending for dining, movie and play.
Kotak Mahindra Bank is one of the popular banking and financial services group in India.It offers a wide array of financial services that encompass every domain of life. It is headquartered in Mumbai.
In the year 1985, Uday Kotak launched Kotak Capital Mahindra Finance Ltd. It was promoted by Uday Kotak, S.A.A. Pinto, and Kotak & Company. The company’s name was changed to Kotak Mahindra Finance Ltd on April 8, 1986.
In February 2003, Kotak Mahindra Finance Ltd secured a license from the country’s Central Bank -RBI to carry on the banking business in India. It became the first non-banking finance company in India which converted to a bank.
The firm mainly deals with the management of fixed deposit mobilization, leasing and hire purchase, bill discounting, corporate finance, financing against securities, investment banking, consumer finance and clients’ money management.
It has a network of 2,169 ATMs, 1,369 branches in India. During 2018, the Kotak Mahindra Bank was the second largest private bank in terms of market capitalization followed by HDFC Bank.
Kotak Mahindra acquired ING Vysya Bank in the year 2015 in a deal which was valued at Rs 15,000 crore. With the merger of ING Vysya with Kotak Mahindra the total number of employees increased to almost 40,000 and the number of branches reached 1,261. Post-merger, ING Group which previously controlled ING Vysya Bank, owns 7% stake in Kotak Mahindra Bank.
The following are the features of Kotak Mahindra Bank’s Credit Card:
• Pay By Points – The Kotak Mahindra Bank provides an opportunity to the cardholders to pay without cash for all kind of transactions. The cardholder can pay the bill using the card by encashing on the accumulated reward points at the merchant terminal of the bank’s partners which include Godrej Nature’s Basket, ONLY, Globus, Vero Moda and so on.
• Convert to EMI – Kotak Credit card offers EMI to the cardholders who can purchase and convert the same into easy EMIs within a period of 15 days. Convert any of the purchases above Rs 3,000 and within a credit limit of 75% to EMIs. This facility is not available for gold transactions.
• Outstanding Credit Balance to EMI – Kotak Credit card offers shop hassle-free convenience to its customers. The cardholder can convert the outstanding credit card balance to easy EMIs. The facility is not available for gold transactions. It offers the lowest interest rate of 1.16% on EMIs for a tenure of 3 months. The bank does not charge any foreclosure fee.
• One Assist- Kotak Mahindra Bank offers One Assist to secures the card from theft. In case of loss of card, the cardholder can call from anywhere in the world to block all the cards in his/her lost wallet. The bank will replace lost PAN and Driving license for free. Lost card fraud cover is up to Rs 2,50,000 for a period of 30 days prior to reporting the loss. Post reporting the loss of card, get complete protection on the lost card.
Applicants can directly walk into the nearest branch of the Kotak Mahindra and express there desire to obtain a credit card from the bank.
The bank executive will explain you about the features of all the credit cards after understanding the annual income, needs, and requirements of the prospective customer.
Once the applicant zeroes in the card as per the requirement, he/she will be asked to fill in the application form and enclose the required documents which include PAN card, identity proof, address proof, income proof and so on.
The bank representative will thoroughly go through the application form along with the other submitted documents provided by the applicant and will take a final call whether the applicant meets the eligibility criteria for the credit card for which they have applied for. Once the check is done the applicant will be provided with the desired credit card.
It will be at the discretion of the Kotak Mahindra Bank to decide if a customer has to be given Credit Card or not.
Prospective customers have to visit the web page of the Kotak Mahindra Bank and select the credit card section in the home page and check the list of credit cards offered by the bank and zero in on the best credit card that suits their needs and requirements.
After choosing the credit card, the customer has to click on the ‘Apply Now’ option which takes them to the new web page wherein they have to validate if they are an existing Kotak customer.
If you are an existing customer of Kotak Mahindra Bank then you will be asked to enter CRN/Customer ID and Mobile Number to proceed further.
If you are not an existing Kotak Mahindra Bank customer then you will be asked to fill in the following list of details as under
• First Name
• Email ID
• Mobile No
• Date of Birth
• Employment Details
• Residence City
• Residence Pin code
• Net Income Per Month
After filling in all the above-mentioned details, the customer has to click on Proceed button, a one-time password (OTP) will be sent to your registered mobile number which has to be typed in the given the given space to confirm the mobile number.
On receiving the request from the customers, the Kotak Mahindra Bank executives will give a call to the customer and will ask them to submit the required documents. Upon the receipt of the required documents and the scrutiny of the same, the customer may or may not get the desired credit card from the Kotak Mahindra Bank.
It is solely at the discretion of the Kotak Mahindra Bank to issue a credit card to a customer.
To apply for a Kotak Mahindra Credit Card, one has to fulfill the following criteria:
• Should be Resident of India.
• The primary cardholder should be aged between 21 years and 65 years.
• Add-on cardholder should be 18 years and above.
• The applicant should be located in one of the following region Ahmedabad, Bangalore, Chennai, Delhi (including Gurgaon and Noida), Navi Mumbai, Mumbai, Chandigarh, Kolkata, Hyderabad, and Pune.
• Income requirements of the cardholder differ from one credit card to another.
The following mentioned documents are required
• PAN Card Photocopy
• Form 60
• Recent color photograph
Proof of Income
• Latest Payslip
• Form 16
• Income Tax Return copy
Residential Address Proof
• Ration Card
• Electricity Bill
• Landline telephone bill
Identity Proof (Any one of the following)
• Election Voters ID Card
• Driving License
• PAN Card
• Aadhaar Card
The cardholder can make payments for the credit card in any of the following listed methods.
• Pay through standing instructions (Auto Debit): If the cardholder has savings bank account in Kotak Mahindra Bank, then they can pay directly through the savings account by giving standing instructions in writing to debit the payment of credit card on a monthly basis on the payment due date. In case of a Kotak NRI Credit Cardholder, it is mandatory to give auto debit instructions for the payment of the minimum amount due.
• Pay through online: Cardholder can make payments through online mode if they have savings account of the Kotak Mahindra Bank.
• Pay by cash at Branches: Cardholder can pay the bill by depositing cash at specified locations during banking hours.
• Pay through demand drafts of the cheque: Cardholders can pay through demand drafts or cheques drawn in favor of ‘Kotak Mahindra Bank Credit Card followed by the credit card number and can drop the same at the ATM’s or at partner drop boxes.
• Pay through other bank savings account via online: The cardholders can pay the credit card dues through online mode from their respective savings account from other bank accounts as well.
Q: What are the different types of credit cards offered by Kotak Mahindra Bank?
A: Kotak Mahindra bank provides credit card under various categories which are as mentioned below:
Q: What are the charges for a credit card over limit transactions?
A: If your transactions crosses 100% of your credit limit, you will be charged a flat over limit fee of Rs. 500 in each billing cycle that you are over the limit.
Q: Can I use my credit card for a free cash transaction?
A: No, the interest-free period is limited only to the retail transactions and does not include cash transactions. You have to pay interest for a cash transaction. The interest starts accruing from the date of cash withdrawal.
Q: What are the features of Kotak Mahindra Bank credit card?
A: The following are the features of Kotak Mahindra Bank Credit Card:
EMI conversion for shopping: Whether you're buying a new smartphone or getting flight tickets by using your credit card, you can turn any purchase above Rs.2,500 into monthly instalments for easy repayment. You also get great interest rates when you choose this scheme.
Online Balance Transfer: Transfer the outstanding balance on other credit cards to your Kotak card to manage your debt easily. You will also enjoy a 90-day -free-interest period.
For cash withdrawals: With this option, you can access cash whenever you want, wherever you want. There's cash available at ATMs, branches, by transferring funds online or requesting for a demand draft.
Kotak Visa Bill Pay for online bill payments: Never miss a due date with Kotak's bill payment option. All you have to do is use your Kotak credit card with Visa. This is a free service.
Q: Can I get a loan on My Kotak Mahindra Bank Credit Card?
A: Yes, the Kotak Mahindra bank will provide a personal loan on your credit card when you need finances immediately. The maximum loan amount you can get is Rs.5 lakh with attractive interest rates. You can also choose tenures from 6 months to 48 months. The amount will be instantly transferred to your Kotak account or any other savings account.
Q: How to earn reward points on my Kotak Mahindra bank credit card?
A: You can get reward points by using any Kotak Mahindra bank credit card. Listed below are some rewards redemption methods you can consider:
Q: What are the preferred credit cards for shopping?
A: Some of the Kotak Mahindra Bank Credit Cards that are ideal for the purpose of shopping they include Essential Platinum credit card, League Platinum credit card, Urbane Gold credit card, Silk Inspire credit card and Solaris Platinum credit card.
Q: Which credit card is best suitable for women?
A: Kotak Silk Inspire Platinum credit card is designed specifically for women and is meant for shopping or travel purpose. Women can avail reward points and benefits on this credit card.
Q: What is CVV2 on Kotak Credit Card?
A: The CVV2, which you see on your Kotak credit card, offers a layer of enhanced security to your transactions. Actually, it is a 3-digit number printed on the back of the card. And don’t be under the impression that CVV2 and pin number are the same. They are different and so you can’t enter the pin number when you are asked to mention CVV2.
Q: What are the Balance Transfer charges on Kotak Mahindra bank credit card?
A: 1. Manage your debt easily by transferring your outstanding balances to your Kotak card. A balance transfer is not available on credit cards that are less than six months old. You will be charged a processing fee of Rs.349 for every Rs.10,000 if you transfer from your card. GST is also applicable to this transaction.
2. For Beginners, you can transfer a minimum of Rs.2,500 or a maximum of 75% of your credit limit. You will also enjoy a 90-day interest-free period.