Kotak 811 #DreamDifferent Credit Card – Benefits, Fees & Eligibility

Kotak 811 Dream Different Credit Card

The Kotak 811 Dream Different Credit Card is a secured credit card designed to offer significant rewards without the burden of joining or renewal fees. It's an excellent choice for individuals looking to begin their credit journey or those without a stable income, as it is issued against a Fixed Deposit. Cardholders can enjoy bonus reward points as welcome benefits, accumulate rewards on all purchases, and benefit from a credit limit of up to 90% of their term deposit amount. This card also provides useful waivers on fuel and railway surcharges, making it a versatile option for everyday spending.

Welcome Benefits

• Bonus Reward Points: Get 500 bonus Reward Points when you spend Rs. 5,000 or more within the first 45 days of card issuance.
• Milestone Benefit: Receive an Amazon voucher worth ₹1,000 on spending ₹72,000 or more in an anniversary year.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3.5% on all international transactions.
• Interest Rates: 3.75% Per Month (45% Annually)
• Fuel Surcharge: 1% waiver across all petrol pumps for transactions between Rs. 500/- and Rs. 4000/-. The maximum waiver is capped at Rs. 3,500 per year.
• Cash Advance Charges:
  • A processing fee of Rs. 100 for every instance of ATM withdrawal and Funds Transfer.
  • Rs. 300 per Rs. 10,000 withdrawn.
• Spend-Based Waiver: Not applicable as there is no renewal fee.

Rewards

• General Spends: Earn 1 Reward Point for every Rs. 100 spent.
• Online Spends: Earn 4 Reward Points for every Rs. 100 spent on online purchases.
• No Reward Points on:
  • Cash withdrawals.
  • Fuel transactions.
  • Railway transactions.
• Fuel Surcharge Waiver: Enjoy a 1% waiver on all fuel transactions between Rs. 500 and Rs. 4,000, up to a maximum benefit of Rs. 3,500 per year.
• Railway Surcharge Waiver:
  • Get a 1.8% waiver for transactions made on irctc.co.in.
  • Get a 2.5% waiver at Indian railway booking counters.
  • The maximum railway surcharge benefit is capped at Rs. 500 per year.
• Cash Withdrawal Benefits: Interest-free cash withdrawals for up to 48 days.
• UPI Enabled: The credit card is UPI enabled.

Add-on Card Benefits

• Your Add-on Card will carry all the same benefits as your primary card.
• You can set a custom spend limit for your Add-on Card.
• Track spends separately for each of your Add-on Card(s).

Rewards Redemption Guide

• Reward points can be redeemed via the Net banking section of Kotak Mahindra Bank's website.
• Reward Points are redeemable against cashback, movie tickets, AirMiles, and various other options available on the website.
• The monetary value of 1 Reward Point is equivalent to ₹0.20.
• There is no expiry for reward points.
• Rewards earned on spends prior to April 15, 2024, will remain unaffected.

Card Eligibility Criteria

• Age: The primary and add-on credit card applicants must be 18 years of age or older.
• Residency: The applicant should be an Indian resident.
• Fixed Deposit Requirement: A minimum Fixed Deposit (FD) amount of Rs. 10,000 is required.
• Credit Limit: The credit limit offered will be up to 90% of the fixed deposit amount and is known upfront when applying for the card.
• Income Proof: No monthly or annual income proof is required as this is a secured credit card issued against an FD.

Card Review

The Kotak 811 Dream Different Credit Card is an excellent entry-level secured credit card, especially beneficial for individuals looking to build their credit score without a traditional income history. Its major advantages include zero joining and renewal fees, making it highly accessible and affordable. The card offers a competitive reward rate, particularly on online spends (4 RPs per ₹100), along with valuable milestone benefits like Amazon vouchers and practical waivers on fuel and railway surcharges. The flexibility of interest-free cash withdrawals for up to 48 days and the ability to set and track spending limits on add-on cards add to its appeal. While the foreign currency markup and cash advance fees should be noted, the card's ease of eligibility (against a minimum FD of ₹10,000) and diverse benefits make it a strong contender for a first-time credit card user or someone seeking a low-cost, secured option with good rewards.

Important Product Details

• No joining or renewal fees.
• Earn 4 Reward Points for every Rs. 100 spent online.
• Earn 1 Reward Point for every Rs. 100 spent elsewhere.
• Receive 500 bonus Reward Points as a welcome benefit upon meeting spending criteria.
• Get an Amazon voucher worth ₹1,000 on annual spending of ₹72,000 or more.
• Benefit from a 1% fuel surcharge waiver (max. Rs. 3,500/year).
• Enjoy a railway surcharge waiver (1.8% on irctc.co.in, 2.5% at counters, max. Rs. 500/year).
• Interest-free cash withdrawals for up to 48 days.
• Credit limit available up to 90% of the fixed deposit amount.
• Reward points do not expire and can be redeemed for various options including cashback.
• 1 Reward Point = ₹0.20.
• Foreign currency markup of 3.5% on international transactions.
• Cash advance charges apply (Rs. 100 per instance of ATM withdrawal/Funds Transfer or Rs. 300 per Rs. 10,000 withdrawn).
• UPI enabled for transactions.

Other Details

• The Aqua Gold Credit Card was rebranded to Kotak811 Dream Different Credit Card effective July 15, 2020.
• For card replacement and renewal for logo 210 (Kotak811 Dream Different Credit Card - Gold variant):
  • Card replacement requests can be placed by either the Primary cardholder or an Add-on cardholder. Both primary and add-on cards will be replaced from the Gold variant to the Platinum variant, provided both cards are active if initiated by the primary cardholder.
  • Card renewal is an automated process. If the primary card is due for renewal, both primary and add-on cards will be renewed from the Gold variant to the Platinum variant, provided both cards are active.
• The billing date for the Kotak Dream Different Credit Card varies for different cardholders and can be found by logging into net banking or contacting customer care.
• Information on Kona Kona Umeed Offers on Credit Cards is available.