Credit Card - Best Price Credit Card for Shopping by Kotak Mahindra Bank

Fees & Charges

Fee & other Parameters	Bestprice	BestPrice-Premium
Joinig Fees	Nil	Nil
Annual Fees	Nil	Rs. 999
Condition for waiver of Annual Fees - First Year	NA	NA
Condition for waiver of Annual Fees - Second Year	NA	NA
Addon card Fees	Nil	Nil
Interest Charges on outstanding Balances	3.40% (Annualized 40.8%)	1.5% (Annualized 18.0%)
Minimum Amount Due (MAD) (It will reflect in statement in column of minimum amount due)	NA	NA
ATM Cash Withdrawal/ Call a draft/ Fund Transfer/ Cash Advance per Rs. 10,000 or part thereof	NA	NA
Late Payment Charges ("LPC")***	NA	NA
Over Limit Charge	NA	NA
Cheque Bounce Charges	Rs. 500	Rs. 500
Foreign Currency Mark Up	NA	NA
Railway Booking Surcharge ( on transaction amount)*	NA	NA
Fuel Surcharge**	NA	NA
Fee for Cash payment at Bank	Rs. 100	Rs. 100
Outstation Cheque Processing Fee	Waived	Waived
Reissue/ Replacement Card (per issunace)	Waived	Waived
Charge Slip Request	Waived	Waived
Machine Surcharge at ATMs	NA	NA
Balance Enquiry Charges at Non Parent Bank ATM	NA	NA
Duplicate Statement Request	Waived	Waived
Web Pay Service Fee	NA	NA
Furnishing a copy of Credit Information Report (CIBIL) (Effective 5th April)	Rs. 50	Rs. 50
*For Most Important Terms & Conditions (MITC) and Card Holders Agreement
Please Note: All the taxes would be charged as per the rates approved in the Finance Act each year on all interest & fees and other charges levied on your Credit Card

*For Most Important Terms & Conditions (MITC) and Card Holders Agreement to Click here

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Frequently Asked Questions

How do I benefit from my “Kotak Best Price business card”?

Your “Kotak Best Price business card” presents you with “Business-credit advantage”. Kotak Mahindra Bank in partnership with Best Price offers you not only with business card convenience but also extends benefits that would enhance your business efficiencies. It will be a handy tool for cash-flow-management for your business.

You would enjoy convenience for purchase of high value purchases as there is no need to carry cash.
You would get a credit line with Interest free period up to 14 days for commercial purchases done for your entity.
You would be provided with a monthly statement for purchases made in a month which would include date wise summary of purchases for better tracking.
You can also view your account anytime through online banking
Your employees are empowered to make purchases on behalf of you without carrying cash.

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How many types of Kotak Best Price business cards are being offered?

At the moment we are 2 variants:

Kotak Best Price Business Card.
Kotak Best Price Business Card-Corporate, which is primarily meant for the Organizations and Institutions segment.

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What are the features of Kotak Best Price business cards?

On Kotak Best Price Business card & Kotak Best Price Business card - Corporate - Enjoy 14days credit cycle that starts afresh on every transaction on your Kotak Best Price Business credit card. Each transaction on this card needs to be backed by a PDC of the total purchase amount when the card is swiped in a Best Price store. Both these cards can only be used inside Best Price Stores.

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What are the other benefits on my “Kotak Best Price business card”?

Beyond the credit advantage, you benefit on “convenience” of managing your business and all of this comes to you absolutely free.

ANYTIME ACCOUNT VIEW
You can view your transactions and manage your account through net-banking, making it all every easy for you. All you need is a computer and an internet connection.
YOUR BUSINESS CARD IS FREE
Your card comes to you at no cost, and it is absolutely free. No joining fee or annual fee will be charged to you for card membership.
TWO FREE ADD-ON CARDS
You can make your business more efficient by empowering two of your managers with Add-On Cards to authorize them to make purchases on your behalf.
IN-STORE ASSISTANCE @ FINANCIAL SERVICES HELPDESK
You can contact your “Finance Associate” at the financial services helpdesk located at your nearest Best Price store and get help whenever you need.
PHONE HELP
You may at anytime call us and our contact numbers are available within the “Reach Us” section of the website.

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Who would be eligible to apply for Kotak Best Price cards?

Best Price store-members (wholesalers, self employed person and other businessmen who are eligible to shop at Best Price store as per store-policy) can apply for this business card. All applicants would be evaluated for their credit worthiness as per the Kotak Best Price card policy.

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What is the process to apply for Kotak Best Price cards?

You will need to contact our financial associates at the Financial services helpdesk within the Best Price stores for the same.

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When does my interest free period begin on purchases carried out on Kotak Best Price Cards?

Your interest-free period begins from the date of transaction and continues till the date of the PDC given for the transaction. The maximum interest free period hence PDC date per transaction can be 14 days including the date of the transaction.

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What is the rate of interest on Kotak Best Price Cards? How will interest be calculated?

Rate of interest for Kotak Best Price Business card is 3.4% per month and for Kotak Best Price Business card-Corporate is 1.5%. For detailed explanation for interest calculation, please refer to MITC (Most Important Terms & Conditions). The MITC is handed over to you prior to you apply along with the application form and is also available on our website.

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Is there a rewards program on the Kotak Best Price Cards?

There is no rewards program on the Kotak Best Price Business Cards since the main purpose of this card is to provide credit line for business-related purchases.

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Am I entitled for an Add-On card to be given to my business managers?

You can avail up to 2 Add On cards for your family members or business managers for them to make purchases on your behalf. These add on cards would be issued at the behest of the primary card holder and the monthly statement of purchases carried out would be sent along with the monthly statement.

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Will the Kotak Best Price Cards Add-On cards have the same feature?

Yes, the Kotak Best Price Add-On Cards will also have the same features as the Kotak Best Price primary card.

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Can I set the purchase limit on Add-On cards issued by me?

Yes, you can preset the purchase limit for add on cards up to your credit limit by calling the customer service center.

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Do I enjoy benefit of cash advances on Kotak Best Price Cards?

Based on customer behavior, with respect to “spends-behavior”, “credit utilization” and “payment behavior”, we may extend this feature subsequently to a select few amongst the Kotak Best Price Card members. The same would be governed by an internal policy on risk assessment of credit card members. Currently this feature is not activated.

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Do I enjoy benefit of Balance Transfer (BT) on Kotak Best Price Cards?

We may extend this feature subsequently to a select few amongst the Kotak Best Price Card members. The same would be governed by an internal policy on risk assessment of credit card members. Currently this feature is not activated.

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