A credit card designed keeping the savvy shopper in mind, the Kotak Bank Essentia Platinum Credit Card has a joining fee of Rs.1,499. The annual fee on this card is Rs.749 and is applicable from the second year onwards. Additionally, the interest rate you are charged on your outstanding balance is 40.8% p.a.
- 10% savings on department and grocery store spends of 1,500+
- Milestone benefit: Spend 1,25,000 every 6 months & get 6 free PVR tickets or 1,200 reward points
- KYC – PAN, address proof and ID proof
- Photograph, salary slip/other bank Credit Card statement
- Redeem savings points for cash or more
- No fee waiver
- 1st Year – 1,499
- 2nd Year Onwards – 749
- APR – 40.8% per annum
The Kotak Essentia Platinum Credit Card extends up to 10% savings on all your swipes at departmental and grocery stores. Apart from the savings, you would also enjoy privileges like propriety customer assistance, card protection insurance, etc.
Kotak Bank Essentia Platinum Credit Card – Key Highlights
- This card is best for those who prefer using their credit card for their daily departmental store and grocery spends.
- Earn 2 BookMyShow vouchers on its 1st swipe within 60 days of the swipe.
Kotak Bank Essentia Platinum Credit Card – Daily Shopping Benefits
- For transactions valued between Rs.1,500 and Rs.4,000, you earn 10 Saving Points for every Rs.100 spent at grocery and departmental stores and the value of each point is Re.1.
- The maximum points that can be earned in a month are 500.
Features and benefits of the Kotak Bank Essentia Platinum Credit Card
Extra savings: You earn 1 Saving Point for every Rs.250 spent on other categories (non-departmental & non-grocery).
Attractive redemption choices:
- The accumulated saving points can be easily redeemed online for cash, airline tickets, air miles, movie tickets, mobile recharge, and branded merchandise.
- For redeeming the points for airline tickets, merchandise, and mobile recharge, the reward points must be converted into Easy Points and 1 Saving Point = 2 Easy Points.
More offers and benefits: You are also eligible to avail a host of promotional offers such as dining deals, vacation offers, etc.
Priority service: Get access to priority customer service with KASSIST. Just send an SMS KASSIST to 5676788 from the registered mobile number and get a call from the bank within 30 mins for assistance.
Add-on cards: Kotak bank add-on credit cards have the same benefits and features as the primary card. You can set individual limits on each card and track spends on them.
Contactless facility: The Visa payWave feature in the card allows you to pay for transactions of up to Rs.2000 using the contactless facility without entering your card PIN. It makes it a safer, secured, and faster mode of payment.
Milestone rewards:
- On spending Rs.1.25 lakh in 6 months with the card, you earn 1200 Reward Points or 6 complimentary PVR tickets.
- For redeeming these points, you can opt for a maximum of 12 complimentary PVR tickets every year.
- You can also opt to adjust the points with your next billing cycle statement or even choose one from air tickets, air miles, mobile recharge, movie tickets, and branded merchandise.
Kotak Bank Essentia Platinum Credit Card Fees and Charges
| Type of fee | Amount (Rs.) |
|---|---|
| Joining fee | Rs.1,499 |
| Annual fee | Rs.749 |
| Interest charges on outstanding balances | 3.50% per month |
| Cash withdrawal fee per Rs.10,000 or part thereof | Rs.300 |
| Late payment charges | If the outstanding amount isEqual to or less than Rs.500 – Rs.100 Between Rs.500.01 to Rs.10,000 – Rs.500 Greater than Rs.10,000 – Rs.700 |
| Over limit fee | Rs.500 |
| Call a draft or funds transfer fee | Rs.300 for every Rs.10,000 withdrawn/transaction |
| Add on card charges | Rs.299 per card |
| Furnishing a copy of CIBIL | Rs.50 |
| Fee for cash payment at a branch of the bank | Rs.100 |
| Reissue or replacement of the card | Rs.100 (per issuance) |
Eligibility to apply for the Kotak Bank Essentia Platinum Credit Card
You are eligible to apply for the Essentia Platinum Credit Card if you meet the following criteria:
- You fall in the age bracket of 21 to 65 years. Also, add-on cardholder should be at least 18 years of age.
- At present, the card is available in the following locations only – Ahmedabad, Chandigarh Bangalore, Chennai, Delhi (including Noida and Gurgaon), Hyderabad, Mumbai, Kolkata, Navi Mumbai, and Pune
- You should be an Indian resident.
Documents Required To Apply For The Kotak Bank Essentia Platinum Credit Card
- To apply for the card, you would have to submit documents like KYC-PAN, address proof and ID proof. You would also have to submit your photograph, and salary slip/other bank credit card statement.
- Any other document required by the bank would be informed to you during the application process.
Kotak Essentia Platinum Credit Card FAQs:
- When am I charged the over limit charge on my Kotak Essentia Platinum Card?If the total transaction value crosses 100% of the credit limit, a flat over limit fee of Rs.500 will be levied in every billing cycle in which you are over limit.
- Does the add-on cardholder get separate saving points?No, there are no separate saving points on for add-on cardholders. The limit of the monthly saving points (500) has been fixed for the primary and the add-on cards combined. Hence, the add-on cardholder will not get any separate saving points.
- In case of a card-related emergency, how do I contact the Kotak Mahindra Bank?Call to Kotak Mahindra Bank credit card customer care, at 1860-266-2666 and talk to the representative.
- How does the Insurance Cover help?The insurance cover will provide reimbursement for any unauthorised or fraudulent use if the card is lost/stolen. This cover would be provided for up to 7 days prior to the reporting and is valid for both primary and supplementary cards.
- What type of card is the Kotak Essentia Platinum Credit Card?This card is a VISA chip card, valid internationally.
- What kind of chip is used in the Kotak Bank Essentia Platinum Credit Card?This card by Kotak Mahindra Bank is a VISA chip card.
- Is the Kotak Bank Essentia Platinum Credit Card valid internationally?Yes, the Kotak Bank Essentia Platinum Credit Card is valid internationally.
- Can I get an interest-free period when I use the Kotak Bank Essentia Platinum Credit Card?Yes, you will get an interest-free period of up to 48 days on transactions on the card.
- What is the interest rate with this credit card?The interest rate applicable with this credit card is 3.50% every month.
- Will I get an add-on card with the Kotak Bank Essential Platinum Credit Card?Yes, you can get an add-on card. You will have to pay a one-time fee of Rs.299 per card.
