Kotak Bank Fortune Gold Card – Benefits, Fees & Eligibility

Kotak Bank Fortune Gold Card

The Kotak Bank Fortune Gold Card is designed to provide security and streamlined credit management. It offers benefits like interest-free cash withdrawals, fuel surcharge waivers, and balance transfer options. While this product is no longer available for new customers, it continues to serve existing Fortune Gold cardholders with exclusive privileges.

Welcome Benefits

• There are no specific welcome benefits associated with this card.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3.5% per foreign conversion
• Interest Rates: 3.5% per month
• Fuel Surcharge: 1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 3000.
• Cash Advance Charges: Rs. 199 per Rs. 10,000 or part thereof.
• Balance Transfer Processing Fee: Rs. 349 per Rs. 10,000.
• Cash Payment Fee: Rs. 100 for cash payments made using the card.

Rewards

• Milestone Benefit: Spend Rs. 1,50,000 in a year and choose between:
  • 4 free PVR movie tickets
  • Cashback of Rs. 750
• Movies & Dining: Enjoy free movie tickets at PVR cinemas as part of the milestone benefit.
• Fuel Surcharge Waiver:
  • Receive a 1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 3000.
  • Maximum fuel surcharge waiver allowed in a calendar year is Rs. 3500.
• Railway Surcharge Waiver: This benefit has been discontinued with effect from 15th April 2013.
• Balance Transfer:
  • Benefit from a continued interest-free period on fresh retail purchases after a balance transfer.
• Interest-Free Cash:
  • Enjoy a higher cash limit of up to 50% of your credit limit.
  • Cash is available all year round for up to 48 days interest-free.
• Insurance/Security:
  • Benefit from a Fortune Shield, offering zero liability cover of up to Rs. 50,000 in case of fraudulent transactions.

Rewards Redemption Guide

• For PVR Movie Tickets:
  • PVR tickets can be used for any day and any show and are transferable.
  • A Star Pass Code will be issued, which can be redeemed for online PVR movie ticket bookings at www.pvrcinemas.com.
  • You can claim your PVR tickets within 3 months after the program period ends.
  • PVR tickets are not applicable for customers residing in non-PVR location cities.
• For Cashback:
  • Cashback will reflect in your next billing cycle.
  • You can claim your cashback within 3 months after the program period ends.

Card Eligibility Criteria

• Age:
  • Primary card applicant: 21 years to 65 years.
  • Add-on cardholder: 18 years and above.
• Residency: Applicant must be a resident of India.
• Location: Available for residents in Ahmedabad, Mumbai, Navi Mumbai, Pune, Bangalore, Chandigarh, Chennai, Delhi (including Gurgaon and Noida), Hyderabad, and Kolkata.
• Income Criteria:
  • Self-employed individuals: Minimum income of Rs. 3 lakhs per annum.
  • Salaried employees: Income criteria are determined at the bank's discretion.

Card Review

The Kotak Bank Fortune Gold Card is best suited for individuals focused on shopping and looking for a lifetime free credit card with straightforward benefits. Key advantages include zero membership and renewal fees, a generous fuel surcharge waiver, and the option to choose between movie tickets or cashback upon reaching a specified annual spending milestone. The card also offers an interest-free period on cash advances and balance transfers, making it a good option for managing liquidity. However, a notable point is that the railway surcharge waiver has been discontinued, and the card is no longer available for new applications.

Important Product Details

• Lifetime free credit card with no joining or annual renewal fees.
• Offers a milestone benefit of 4 free PVR movie tickets or Rs. 750 cashback on annual spends of Rs. 1,50,000.
• Provides a 1% fuel surcharge waiver (max Rs. 3500 annually) on transactions between Rs. 500 and Rs. 3000.
• Includes zero liability cover of up to Rs. 50,000 for fraudulent transactions.
• High cash withdrawal limit (50% of credit limit) with an interest-free period of up to 48 days.
• Balance transfer facility available with a processing fee.
• Discontinued Product: This product is no longer available for new applications and is displayed only for existing cardholders.
• Discontinued Benefit: Railway surcharge waiver is no longer applicable (effective April 15, 2013).
• Reward Type: N/A - The card primarily offers milestone benefits rather than a continuous reward points system for all spends.

Other Details

• Easy Cash Access:
  • Access cash at Kotak and other VISA ATMs.
  • Cash and fund transfer services available at bank branches.
  • Option to call for a demand draft.
  • Online fund transfer and demand draft services are available.
• Add-on Card:
  • Add-on cards carry all the benefits of the primary card.
  • Ability to set custom spend limits for each add-on card.
  • Separate tracking of spends for individual add-on cards.
• Product Status: This product has been discontinued for new sourcing and is only displayed for existing Fortune Gold cardholders.