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Frequently Asked Questions

Why should I select a Kotak Credit Card?

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!

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Whom has the Kotak Essentia Chip Card been designed for?

The Kotak Essentia Chip Card has been specifically designed for the High Income or High Net Worth individuals. We have kept in mind your lifestyle requirements and the relevant benefits so that you could derive the maximum out of it.

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What type of Card is Kotak Essentia Chip Card?

The Kotak Essentia Card is a VISA Chip Card.

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Why should I choose a Kotak Essentia Chip Card? Are there any specific benefits that I get?

Only Kotak Essentia Chip Card offers you a unique every time & everywhere advantage - 10% savings on Departmental & Grocery spends. We give you the freedom to choose your Departmental Store or Grocery Store and save with every transaction!

Essentia gives you 10 saving points for every Rs. 100 you spend on essentials at Departmental Store & Grocery Stores. And each point is worth Rs. 1 So for every Rs. 100 you spend, you save Rs. 10!

Minimum purchase: Rs. 1500

Maximum purchase: Rs. 4000

Maximum saving points for a month - 500 valued at Rs. 500

What's more, you earn 1 saving point for every Rs. 250 you spend on other categories. So you save with every swipe!

Saving Points can be redeemed for Cash, Airline Tickets, Merchandise, Mobile recharge and many more options!

Besides this, enjoy Milestone feature where you will get 12 movie tickets every year.

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What is the Annual & Joining Fee for this Card?

The Joining fee for Kotak Essentia Chip Platinum Card is Rs. 1499

Joining Fees of Rs. 1499 is applicable in the 1st Year and charged one time at the beginning of the year .It is billed in the 1st statement generated after card set up in the 1st Year.

The Annual fee for Kotak Essentia Chip Platinum Card is Rs. 749

Annual fee of Rs. 749 is applicable from the 2nd Year onwards and charged at the beginning of the year.It is billed in the 13th statement generated after card set up in the 2nd Year and every 12 months thereafter.

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Is this Card valid internationally?

Yes, this Card is valid internationally.

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Do I enjoy any interest free period on retail?

Yes, you enjoy an interest free period on retail transactions of up to 48 days.

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Do I enjoy any interest free period on cash?

Yes, The interest free period is limited only to the retail transactions & does not include cash transactions. The interest starts accruing from the date of cash withdrawal.

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What is the interest Rate that is applicable to me?

The interest applicable to you is 3.50% per month.

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When do you charge me a Mark Up?

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.

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When do you charge me an over limit charge?

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.

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How is the interest calculated on cash?

Please refer the below information:

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 = (3.5%) * 12/365 = 0.1118%

Please note that the per day interest rate in the above calculation is for illustration purpose only and the actual applicable rate shall be as prevailing and quoted in the schedule of charges.

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Am I entitled for an Add-on Card?

Yes, Add-on Cards are available on Kotak Essentia Chip Platinum Card for a one time fee of Rs. 299 per card.

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Are all the Kotak Essentia Chip Platinum Card available on the Add-on Card?

Yes, all Kotak Essentia Chip Platinum Card features can be availed by the Add-on Card holder.

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Will the Add-on Card holder get a separate saving points?

The monthly saving points limit of 500 saving points for including both departmental and grocery transactions has been set up for the Primary & Add-on Cards combined. Hence, the Add-on Card holder will not get any separate saving points.

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Which departmental stores and grocery stores will be included to avail saving points?

10 saving points are offered on transactions undertaken at only those merchants establishments which are classified under " Departmental Store & Grocery" Merchant Category Code(MCC) as defined by VISA.

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What is the insurance cover on the Kotak Credit Card?

On the Kotak Credit Card the insurance cover is for Lost/stolen card /fraudulent charges provided by New India Assurance Company Ltd.

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What does the Insurance cover include?

If your credit card is lost or stolen, New India Assurance Company Ltd will reimburse the unauthorized charges on your lost or stolen card, up to 7 days prior to your first reporting the event to Kotak Credit Card Customer Care.

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What does the insurance cover exclude?

New India Assurance Company Ltd will not pay for any expenses or loss for:

  • Charges made on your lost or stolen credit card more than 7 days prior to your first reporting the event to Kotak Credit Cards Customer Care.
  • Charges made on your lost or stolen credit card after you first reported the event to Kotak Credit Cards Customer Care.
  • Charges made on your credit card if your credit card has not been lost or stolen;
  • Cash advances made with your lost or stolen credit card;
  • Charges incurred by a resident of your household, or by a person entrusted with your credit card.

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What is the total sum insured?

The sum insured is Rs. 25,000.00 / 50,000 / 75,000 / 2,50,000.00 per annum for Silver, Gold, Platinum/Titanium and Signature cards respectively.

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What do I have do, in case my credit card is lost or stolen?

Please follow the below steps:

  • In case your card is lost or stolen immediately call Customer Contact Center(1860 266 2666) and get your card deactivated / blocked / cancelled to prevent misuse.
  • You are required to register a claim with the Insurance Company and can contact HDFC ERGO General Insurance Company at 1800 2700 700 or send an email at bankclaims@hdfcergo.comfor registering the claim.
  • Charges made on your credit card if your credit card has not been lost or stolen;
  • Send a copy of the Customer Dispute Form to the Bank . You can either fax us at 022-66466901 or mail a scanned copy at service.cards@kotak.com.

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What happens if the Insurance Company approves my claim?

If the insurance claim is approved by the Insurance Company the disputed transaction amount[s] would be credited to your card account, subject to the eligible insurance amount. In case the disputed amount exceeds the eligible claim amount you shall be liable to pay for the excess amount of the disputed transaction(s) as reflecting in your Kotak Credit Card Statement.

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What happens if the Insurance Company rejects my claim or I fail to register a claim with the Insurance Company?

In case if you fail to register your claim with the Insurance Company or if your claim is rejected by the Insurance Company you will be liable to pay the amount of the disputed transaction(s) as reflecting in your Kotak Credit Card Statement.

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