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

Introduction

The Kotak 811 #DreamDifferent Credit Card, issued by Kotak Mahindra Bank, is a secured credit card designed for individuals looking to build their credit history or those without a stable income, as it is issued against a Fixed Deposit. This card stands out by offering a lifetime free experience with no joining or annual fees, coupled with attractive rewards on online spends and valuable benefits like fuel and railway surcharge waivers, making it an excellent entry-level option.

Welcome Benefits

• Receive 500 bonus Reward Points on spending ₹5,000 or more using your credit card within the first 45 days of card issuance.

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 Waiver:
  • 1% fuel surcharge waiver on all fuel transactions ranging between ₹500 and ₹4,000.
  • Maximum benefit capped at ₹3,500 per year.
• Cash Advance Charges:
  • ₹300 for every withdrawal of ₹10,000.
  • Processing fee of ₹100 for every instance of ATM withdrawal and Funds Transfer.
  • No interest will be charged for up to 48 days on cash advances.
• Railway Surcharge Waiver:
  • 1.8% railway surcharge waiver on booking through irctc.co.in.
  • 2.5% railway surcharge waiver on Indian railway booking counters.
  • Maximum railway surcharge benefit capped at ₹500 per year.
• Balance Transfer:
  • Processing fee of ₹349 per ₹10,000 transferred.
  • Continued interest-free period on fresh retail purchases.
  • Easy and instant transfer of other credit card balances by calling the bank.

Rewards

• Rewards Rate:
  • Earn 4 Reward Points for every ₹100 spent on online purchases.
  • Earn 1 Reward Point for every ₹100 spent on all other transactions.
  • No Reward Points are earned on cash withdrawals, fuel transactions, and railway transactions.
• Milestone Benefits:
  • On spending ₹72,000 or more in an anniversary year, you will receive an Amazon voucher worth ₹1,000.

Rewards Redemption Guide

• The monetary value of 1 Reward Point is ₹0.20.
• Reward Points can be redeemed via the Net banking section of Kotak Mahindra Bank by logging into the bank's website.
• Reward Points are redeemable against cashback, movie tickets, AirMiles, and many other options available on the website.

Card Eligibility Criteria

• The primary and add-on credit card applicants must be more than 18 years of age.
• Applicants must be Indian residents.
• A minimum Fixed Deposit (FD) amount of ₹10,000 is required.
• No monthly or annual income proof is required as it is a secured credit card issued against an FD.

Card Review

The Kotak 811 #DreamDifferent Credit Card is an excellent choice for individuals who do not have a stable monthly/annual income or are looking to start their credit journey. Issued against a Fixed Deposit of ₹10,000 without requiring income proof, it makes credit accessible. The card comes with no joining or annual fees, making it highly affordable. Cardholders can enjoy exciting reward offers, welcome benefits, milestone benefits, and waivers on fuel and railway surcharges. It is a strong option for those seeking a secured credit card with significant benefits and no annual fee.

Important Product Details

• No joining or renewal fee.
• Earn 1 Reward Point for every ₹100 spent.
• Earn 4 Reward Points for every ₹100 spent on online purchases.
• A welcome gift of 500 bonus Reward Points.
• Spend-based bonus vouchers are offered every year (milestone benefits).
• Includes a 1% fuel surcharge waiver.
• Offers a railway surcharge waiver.
• The card is UPI enabled.
• Enjoy interest-free cash withdrawals for up to 48 days.
• The credit limit is up to 90% of the fixed deposit amount.
• The credit limit is known upfront at the time of applying for the credit card.
• Add-on card facility is available, allowing you to set spend limits and track expenditures separately for each add-on card.
• The Aqua Gold Credit Card was rebranded to Kotak811 Dream Different Credit Card effective July 15, 2020.
• Card replacement and renewal for the Gold variant will result in the issuance of a Platinum variant.

Other Details

• The credit limit for the card will be equivalent to or less than the Fixed Deposit amount against which the card is issued.
• The billing date for the Kotak Dream Different Credit Card is different for each cardholder and can be ascertained by logging into internet banking or contacting customer care.