Kotak Essentia Platinum Credit Card – Benefits, Fees & Eligibility

Introduction

The Kotak Essentia Platinum Credit Card, issued by Kotak Mahindra Bank, is positioned as an entry-level credit card. Despite its entry-level status, it offers significant rewards, particularly for grocery and essential spends. The card provides a 10% return on grocery and departmental store purchases in the form of Saving Points, where one Saving Point is equivalent to Re. 1. It also features milestone benefits, offering PVR movie tickets or bonus Reward Points on achieving specific spending targets. Please note that this product has been discontinued for new sourcing.

Fees

• Joining Fee: ₹1,499 + GST
• Annual Fee: ₹749 + GST
• Spend-Based Waiver: Nil
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3.5% + GST
• Interest Rates: 3.75% Per Month or 42% Annually
• Fuel Surcharge Waiver: Not waived. A fuel surcharge is applicable, subject to a minimum surcharge of Rs. 10. However, you do earn Saving Points for spends at fuel stations (1 Point/Rs. 250).
• Cash Advance Charges: 2.5% of the advanced amount or a Minimum of ₹500, whichever is higher.

Rewards

• Reward Type: Earn Kotak Saving Points, where 1 Saving Point = Re. 1.
• Grocery and Departmental Store Spends: Earn 10 Saving Points for every Rs. 100 spent.
  • This accelerated rate applies to transactions between Rs. 1,500 and Rs. 4,000.
  • Maximum Saving Points earned at this accelerated rate are capped at 500 Points per billing cycle (valued at Rs. 500).
• Other Spends: Earn 1 Saving Point for every Rs. 250 spent on all other categories, including fuel stations.
  • There is no cap on Saving Points earned from other spends.
• Milestone Benefit: Spend Rs. 1,25,000 every 6 months and choose between:
  • Option 1: 6 free PVR movie tickets.
    • You can enjoy a maximum of 12 free PVR tickets every year.
    • PVR tickets are valid for any day and any show, and are transferable.
    • A Star Pass Code will be issued for online PVR Movie Ticket booking at www.pvrcinemas.com.
    • Tickets must be claimed within 3 months after the program period ends.
  • Option 2: 1200 Reward Points.
    • Reward points will be credited in the next billing cycle.
    • Points can be used for various redemption options like air tickets, movie tickets, mobile recharge, or branded merchandise.
    • Reward points must be claimed within 3 months after the program period ends.
• Insurance Benefits: Get an insurance cover of Rs. 1.25 lakh from New India Assurance Company Ltd against any unauthorized transactions made using the card up to 7 days prior to reporting the loss of the card to the bank.
• Contactless Payments: Support for Visa payWave, allowing transactions up to Rs. 5,000 without a PIN.
• Priority Assistance (KASSIST): For queries, SMS KASSIST to 5676788 for a callback within 30 minutes (applicable for SMS received between 10 am & 6 pm from Monday to Saturday).
• Add-on Card: Your Add-on Card will carry all the benefits of your primary card. You can set desired spend limits and track spends separately for each Add-on Card.
• Saving Points Validity: Saving Points are valid for a period of 2 years from the date of accumulation.

Rewards Redemption Guide

• Kotak Rewards Portal: Saving Points can be redeemed on the Kotak Rewards portal for:
  • Travel-related spends (flight/hotel bookings).
  • Shopping.
  • Mobile recharge.
  • Purchasing products available at the portal.
  • Shopping vouchers from popular brands (e.g., Amazon, Flipkart, Big Bazaar).
• PayByPoints Program: Saving Points can also be used as cash (1 Point = Re. 1) for shopping at partner merchants (e.g., Puma, Archies, Giny & Jony) under Kotak’s PayByPoints program.
• Milestone Reward Points: If you choose Reward Points as your milestone benefit, they can be redeemed for air tickets, movie tickets, mobile recharge, and branded merchandise.

Card Eligibility Criteria

• Age: The applicant's age must be between 21 and 65 years.
• Locations: The card is available only at select locations: Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi (including Gurgaon and Noida), Hyderabad, Kolkata, Mumbai, Navi Mumbai, and Pune.
• Documents Required:
  • Identity/Address Proof (e.g., Aadhar card, Voter card, driving license) for KYC.
  • Proof of Income (e.g., salary slips for salaried applicants or ITR for self-employed applicants).

Card Review

The Kotak Essentia Platinum Credit Card is highly recommended for individuals who primarily use their credit card for grocery and essential expenses, as it offers an exceptional 10% return on spends at grocery and departmental stores. To maximize the benefits, cardholders should aim to spend at least Rs. 5,000 per month in these categories. The milestone benefit of PVR tickets or bonus Reward Points adds further value. However, it is crucial to note that this product has been discontinued for new applications.

Important Product Details

• Reward Points are referred to as Saving Points.
• Earn 10 Saving Points for every Rs. 100 spent at departmental and grocery stores, applicable for transactions between Rs. 1,500 and Rs. 4,000, with a monthly cap of 500 Saving Points.
• Earn 1 Saving Point for every Rs. 250 spent on all other categories, with no cap.
• 1 Saving Point is equivalent to Re. 1.
• Milestone benefit: Spend Rs. 1,25,000 in 6 months to receive either 6 PVR movie tickets or 1200 Reward Points.
• Supports contactless payments via Visa payWave, allowing transactions up to Rs. 5,000 without a PIN.
• Offers priority assistance through KASSIST.
• Provides an insurance cover of Rs. 1.25 lakh against unauthorized transactions up to 7 days prior to reporting the card loss.
• Saving Points have a validity of 2 years.
• This credit card product has been discontinued for new sourcing.

Other Details

• Customer Care:
  • For queries, SMS KASSIST to 5676788 for a callback within 30 minutes (Mon-Sat, 10 am-6 pm).
  • 24x7 helpline number for credit card related queries: 1860 266 2666.
  • To report the loss of card, dial the 24x7 operational toll-free number: 1800 209 0000.
• Milestone Benefit Calculation: All transactions settled during the defined milestone period will be considered for the milestone benefits.
• Standard terms and conditions apply to all benefits and features.