Kotak credit Cards

Kotak Credit Cards symbolize the following guiding principles:

Simplicity

Kotak Credit Cards are simple to understand and use. We have taken special care to make them hassle free so that you can spend time on more important things in life that require your attention.

Transparency

Kotak Credit Cards are transparent in communicating upfront what the card offers and what you would have to spend for it, if at all. We have taken care that there will be no hidden charges associated with this card.

Relevance

Kotak Credit Cards have understood what you need the most from your credit card, and have been designed to give you only those benefits that are most relevant for you.

 

This promise from Kotak ensures that you only get the best from your credit card!

The Kotak Fortune Gold Card has been specifically designed for enterprising businessmen. We have kept in mind the major spend areas for you, such that we give you the most relevant benefits & you can derive the maximum out of it.

The Kotak Fortune Card is a VISA Gold Card.

Only Kotak Fortune Gold Card offers you a unique combination of affordable and easily accessible cash – all year round. We give you not only interest free period on cash advances & a higher cash limit of 50% but we are also available to you at any ATM, Kotak Mahindra Bank branch, online or even on phone.

 

Besides this, enjoy a complete fuel surcharge waiver at any pump, complete railway surcharge waiver & exciting EMI & BT plans that no one else offers.

Cash limit on the card refers to the percentage of your credit limit which you can take as a cash advance. While most other gold cards offer a 40% cash limit on joining only Kotak Fortune gives you a higher cash limit of 50%.

There is no annual or joining fee for the Kotak Fortune Gold Card. Kotak Fortune Gold Card is free for life.

Yes, this Card is valid internationally.

Yes, only Kotak Fortune Gold Card offers you a interest free period on cash advances of up to 48 days.

Interest charges = (Number of days for which a balance is held) * (Amount) * (Daily rate of interest).

 

Daily rate of interest = (Monthly interest rate) * 12/365

 

Daily rate of interest = (3.1%) * 12/365 = 0.1019%

 

Illustration of Interest Calculation

 

You got your new Kotak Credit Card and started using it. Illustrated below is the calculation for first 2 cycles on your Kotak Credit Card.

 

 

Cycle 1 (11 Apr – 10 May)

 

Statement Date 10th May
Payment Due date 28th May

 

Cash was withdrawn from ATM on 17th Apr for Rs.20000 at a Grocery Store

 

TAD = Opening balance +Current Month Cash Advance + Interest & Fees – Payments

 

Rs.20000 = 0 + Rs.20000 + 0 – 0

 

MAD = 5% of TAD

 

Rs.1000 = 5% of Rs.20000

 

Interest Charged = No Interest is charged

 

Cycle 2 (11 May – 10 Jun)

 

Statement Date 10th Jun
Payment Due date 28th Jun

 

Option 1 (Payment = TAD)

 

Payment of last months TAD of Rs.20000 is made on 28th May.

 

Interest calculations:

Interest Rate = 3.1% pm = 3.1%*12/365 per day = 0.1019% per day

TAD = Opening balance + Current Month Purchases+ Interest & Fees – Payments

Rs.0 =Rs. 20000 + 0 +  0 –  Rs.20000

MAD = 5% of TAD

Rs.0 = 5% of 0

 

No Interest being charged as the total payment for cash withdrawn was made before the payment due date.

 

Option 2 (Payment = MAD)

 

Payment of last months MAD of Rs.1000 is made on 28th May.

 

Interest calculations:

 

Interest Rate = 3.1% pm = 3.1%*12/365 per day = 0.1019% per day

TAD = Opening balance + Current Month Purchases+ Interest & Fees – Payments

Rs.20106.83 =Rs. 20000 + 0 + Rs.1106.83 – Rs.1000

MAD = 5% of TAD

Rs.1005.34 = 5% of 20106.83

 

Interest will be charged on Rs.20000 till the part payment date and interest would be charged on the remaining amount i.e.Rs.19000 till the time cash balance is settled in customer’s account.

 

Option 3 (MAD < Payment < TAD)

 

Payment of last months MAD of Rs.10000 is made on 18th May.

 

Interest calculations:

 

Interest Rate = 3.1% pm = 3.1%*12/365 per day = 0.1019% per day

TAD = Opening balance + Current Month Purchases+ Interest & Fees – Payments

Rs.10876.49 =Rs. 20000 + 0 + Rs.876.49 –  Rs.10000

MAD = 5% of TAD

Rs.543.82 = 5% of 10876.49

 

Interest will be charged on Rs.20000 till the part payment date and interest would be charged on the remaining amount i.e.Rs.10000 till the time cash balance is settled in customer’s account.

Yes, you also enjoy a interest free period on your retail transactions for up to 48 days.

A Mark up is charged to the tune of 3.5% every time you do an international transaction. Cash and Retail transactions will both attract a Mark up.

If your transactions cross 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 limit.

If in a billing cycle your payment received till the payment due date is lesser than MAD it will attract a flat late payment charge of Rs 350 in the next billing cycle.

Yes, Add-on Cards are available on Fortune Gold Card for a one time fee of Rs 199 per card.

Yes, all Fortune features are available for the Add-on card holder except the following:

 

Cash Withdrawal – at branch

Demand Draft – online

Demand Draft – on call

There is currently no rewards program on the Fortune Gold Card.

Kotak not only gives access to its own network of more than 300 ATMs but also gives you the benefit of withdrawing from any other VISA ATM at absolutely no extra charge. You just have to pay a cash withdrawal fee of Rs. 199 per Rs. 10,000 or part thereof.

Cash withdrawal fee refers to the charge which is levied every time you withdraw cash from an ATM. Only Kotak Fortune Gold Card charges a minimal Rs 199 per Rs 10,000 withdrawn at any ATM – Kotak or any other VISA ATM.

You can withdraw a maximum of Rs. 25000 per day – ATM withdrawal, Cash withdrawal at Branch & Funds transfer – all combined together.

Cash withdrawal at an ATM is only possible if you remember your Credit Card PIN, incase you have forgotten the same please walk into our Kotak Mahindra Bank branch and withdraw cash from your credit card by producing relevant ID Proofs.

The customer can avail of the service by walking into the branch, going to a teller’s counter and providing the teller with his Kotak credit card and his Photo ID proof.

The following can be used – Driving License, Passport, PAN card, Voters ID.

No there is no need for a registration. Just walk into any of the Kotak Mahindra Bank branches to avail the facility.

You can withdraw a maximum of Rs. 25000 per day – ATM withdrawal, Cash withdrawal at Branch & Funds transfer – all combined together.

There is no other fee which is applicable apart from the cash withdrawal fee. Only a cash withdrawal fee of Rs.199 per Rs.10000 as is applicable for an ATM withdrawal which will be charged to your credit card account.

The customer using his Kotak Credit Card can transfer funds into any of his existing Kotak Mahindra Bank accounts. Just walk in to a branch with your credit card and a valid identity proof and ask for a fund transfer into your account.

No, customer does not need to register for the same.

Once you have placed your request, it will take minimum 36 hrs for the transfer to take place.

You can issues cheques / instructions for payment as soon as the funds get transferred into your account.

No, this service comes to you at no extra charge. Only a cash withdrawal fee of Rs 199 per Rs 10000 as is applicable for an ATM withdrawal which will be charged to your credit card account.

You can withdraw a maximum of Rs. 25000 per day – ATM withdrawal, Cash withdrawal at Branch & Funds transfer – all combined together.

You need to log on to on www.KotakCards.com using your username and password. Just move to the funds transfer option and follow the simple instructions given online to transfer the funds into any of your existing Kotak Mahindra Bank accounts.

Once you have placed your request, it will take minimum 36 hrs for the transfer to take place.

No customer requires to log in with Username and Password for fund transfer.

No, the transfer can happen only into your account.

You can withdraw a maximum of Rs. 25000 per day – ATM withdrawal, Cash withdrawal at Branch & Funds transfer – all combined together.

Just call our customer care service request for a demand draft. You can also log on to www.KotakCards.com and follow the simple instructions given online to request for a draft.

No the delivery can happen only at the customers registered address.

The maximum value for which you can get a draft is your available cash balance as at the time of placing the request.

No, the draft will only be made in the card holder’s name.

Most credit card companies have tie-ups with only a select oil companies and hence the waiver is valid only at select petrol pumps, but Kotak Fortune Card will offer the customer fuel surcharge waiver across all domestic petrol pumps.

The minimum is Rs 400 and the maximum is Rs 4000.

The maximum transaction amount for a single swipe is Rs 4000. Hence the maximum surcharge waiver can be Rs 100 (2.5% of Rs 4000).

No there is no monthly or annual cap on the surcharge that can be earned.

On purchasing of rail tickets online the customer levied a 1.8% surcharge. Kotak Gold Card offers you a Railway Surcharge Waiver on this.

No. There is no waiver applicable on the delivery charge.

You can earn up to Rs 500 annually as Railway Surcharge waiver.

Yes, the 2.5% surcharge waiver is applicable at booking counters as well if you use your Kotak Gold Card to buy the tickets.

No there is no special service offered. The surcharge will be automatically reversed if you cancel the tickets.