A credit card is a transactional card that enables the holder to make purchases of goods and services or withdraw advance cash on credit. It is issued by banks and financial institutions to bring convenience of payment. Credit cards act as a micro loan tool where the individual makes purchases under the condition of paying off the same within a specific time period. There are no interest payouts if the due amount is paid within a specific time (interest-free period). A custom borrowing limit is pre-set by the issuer and this determines the maximum amount of credit a user can spend from a credit card. Credit card brings users the opportunity to save big through discounts and deals, making it a popular choice.
Don’t be put off by the term ‘credit’. If used wisely, credit cards are a convenient tool to manage your short-term financing needs. A credit card is a financial tool that lets you borrow a certain sum of money and repay it back later in instalments. An interest is charged only if the credit amount is not repaid within the grace period which usually ranges between 20 to 60 days. Whether you want to make online payments or swipe the card at a restaurant, everything is possible with a credit card. Besides allowing you to borrow funds conveniently, credit cards also offer a host of benefits such as reward points, cashbacks, frequent flyer miles, credit score etc. A credit card is certainly a must-have item in your wallet.
At Kotak Mahindra Bank, we understand the diversity of our customer’s needs. Hence Kotak Bank offers a wide range of credit cards based on your buying preferences. We have categorized our credit card rewards centred on your preferences such as entertainment, shopping, dining, travel and lounge access. Depending on your purchase inclinations, you are free to choose a credit card that earns you extra points on the things that matter the most to you. So go ahead, explore and compare our wide assortment of credit cards in order to find the perfect match. Once you find the right credit card, you will be able to earn as you spend!
The eligibility criteria for a kotak credit card will vary for every applicant. However, there are some criteria that remain uniform and these include:
Credit cards can be actively used for international transactions. However, you will incur a transaction fee that is known as Foreign Currency Markup Fee. The fee is about 3.5 % + GST. Additionally, you will have to contact the bank for enabling or disabling usage of your card at the time of international travel.
A debit card lets you withdraw money that you have previously deposited into your bank account. It is linked to your account and is offered as an add-on facility by banks and financial institutions. A credit card on the other hand, lets you make spends on the terms of a short term loan. The bank enables you to make transactions to a given limit. Rather than having to make repayments on per use basis, there is a bill generated of the total repayment due at the end of each billing cycle.
The first course of action in the case of theft or loss of your credit card is getting it blocked by contacting the bank. This prevents the risk of an unauthorized transaction. You can use the customer care number to inform the official representatives of the loss or theft. Upon doing this, they will block the existing card and begin the procedure for issuing a new credit card.
Reward points can be redeemed as soon as the point balance reflects in your credit card account. You must note that some reward points come with an expiry date. This means that they must be used within the stated time frame or they may become invalid. Thus, it is essential to carefully read through the credit card agreement and know of the validity and expiry of the reward points.
The add-on credit card facility is offered by the issuer to the primary applicant. It can be used by the relatives of the card holder including the spouse, child, parents and siblings. The add-on credit holder must be 18 years of age and above. It includes all the benefits as provided with the primary credit-card and the primary applicant can set a credit-limit for the card.
When you use your credit cards to purchase certain products, you can earn reward points. The amount of points you earn through a purchase will depend upon the category and the type of credit card held by the individual. Accumulated reward points can be redeemed against purchases made at selective merchant outlets or can be converted into Easy Points to be redeemed against Airline tickets, Mobile recharge, Movie tickets, Cash and Branded merchandise.
The credit card purchasing and withdrawal limit is determined by the bank at its sole discretion. The pre-determined limit is stated on the agreement letter and communicated to the consumer at the time of card delivery. Some of the standard aspects reviewed when deciding the limit include the income of the applicant, credit history and outstanding debts/loans/EMI payable.
Credit card balance transfer is the process of transferring owed balance from one credit card account to another. Upon carrying out this process, the debt is owed to the new card issuer as opposed to the original card issuer.
The credit bill payments can be made with ease using multiple payment options. These include:
Applying for a credit card is a fairly simple process. The steps to follow include: