Kotak Bank Fortune Gold Card – Benefits, Fees & Eligibility

Introduction

The Kotak Bank Fortune Gold Card, issued by Kotak Bank and powered by Visa Business, is a discontinued entry-level credit card that offers a lifetime free experience with no joining or annual fees. Its primary differentiating benefits include a milestone reward of 4 PVR movie tickets or a cashback of Rs 750 on annual spending, a 1% fuel surcharge waiver, and a zero liability cover for fraudulent transactions.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil (lifetime free card)
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3.5% per foreign conversion
• Interest Rates: 3.5% per month
• Fuel Surcharge Waiver: 1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 3000. The maximum fuel surcharge waiver allowed in a calendar year is Rs. 3500.
• Cash Advance Charges: Rs 199 per Rs. 10,000 or part thereof.
• Cash Payment Fee: Rs 100 for cash payments.
• Balance Transfer Processing Fee: Rs. 349 per Rs. 10,000.

Rewards

• Milestone Benefit: Spend Rs. 1,50,000 in a year and get 4 free PVR movie tickets OR a cashback of Rs 750.
• Zero Liability Cover: A zero liability cover up to Rs 50,000 is provided in case of any fraudulent transactions.
• Easy Cash Access:
  • Access cash at Kotak and other VISA ATMs.
  • Cash and fund transfer available at branches.
  • Request a demand draft via call.
  • Fund transfer and demand draft available online.
• Interest-Free Cash Withdrawals: Enjoy a higher cash limit of 50% of your credit limit, available all year round for up to 48 days.
• Balance Transfer: Benefit from 0% balance transfer with a continued interest-free period on fresh retail purchases. The process is easy and instant by calling the bank.
• Add-on Card Benefits: Add-on cards come with all the benefits of the primary card. You can set the spend limit on your Add-on Card as desired and track spends separately for each Add-on Card.

Rewards Redemption Guide

• PVR Movie Tickets:
  • Tickets can be used for any show and any day at your nearest PVR Cinemas.
  • A Star PassCode will be issued, which can be redeemed online for PVR Movie Ticket booking at www.pvrcinemas.com.
  • The offer for movie tickets is valid for up to 3 months after the program period ends.
  • The offer is applicable only to customers residing in PVR location cities.
• Cashback:
  • The cashback will reflect in your next billing cycle.
  • Cashback can be claimed within 3 months after the program period ends.

Card Eligibility Criteria

• Age: The applicant should be between 21 and 65 years of age. Add-on cardholders should be 18 years of age or older.
• Residency: The applicant should be a resident of India.
• Locations: Applicants should reside in Ahmedabad, Mumbai, Navi Mumbai, Pune, Bangalore, Chandigarh, Chennai, Delhi (including Gurgaon and Noida), Hyderabad, or Kolkata.
• Income Criteria: Minimum income criteria for self-employed individuals is Rs 3 lakhs per annum. Income criteria for salaried employees are provided at the bank’s discretion.

Card Review

The Kotak Bank Fortune Gold Card is a lifetime free credit card best suited for individuals looking for basic benefits without annual fees. It particularly benefits those who consistently spend around Rs 1,50,000 annually, as this unlocks a choice between 4 free PVR movie tickets or a Rs 750 cashback. The card also offers practical features like a fuel surcharge waiver and zero liability cover. However, it is important to note that this product has been discontinued for new applications, making it primarily relevant for existing cardholders. Its "N/A" status for traditional rewards rates indicates it's not a points-earning card but rather focuses on milestone-based benefits.

Important Product Details

• Zero membership fee charged.
• Milestone benefit: 4 free PVR movie tickets or a cashback of Rs 750 on annual spends of Rs 1,50,000.
• 1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 3000, with a maximum annual waiver of Rs 3500.
• Zero liability cover up to Rs 50,000 for fraudulent transactions.
• Interest-free cash withdrawals for up to 48 days, with a cash limit of 50% of the credit limit.
• The card is discontinued for new sourcing.

Other Details

• The Kotak Bank Fortune Gold Card is powered by Visa Business.
• This product has been discontinued for new sourcing and is only displayed for existing Essentia cardholders.
• The Railway Surcharge Waiver was discontinued on Fortune Gold Card with effect from April 15, 2013.
• Effective October 9, 2012, the Milestone program benefit changed from 1 free IndiGo ticket to 4 free PVR tickets.