Kotak Essentia Platinum Credit Card – Benefits, Fees & Eligibility

Kotak Essentia Platinum Credit Card

Introduction

The Kotak Essentia Platinum Credit Card is designed for the smart shopper, offering significant savings on essential purchases. It stands out in the Indian market for its rewarding structure, particularly for grocery and departmental store spends, where cardholders can earn a 10% return in the form of Saving Points. These points can be redeemed for various benefits, including cash at partner merchants, making it a valuable card for those whose spending habits align with its reward categories. This card allows users to accumulate points that can be utilized for shopping, travel, or even mobile recharges.

Welcome Benefits

• No specific welcome benefits are offered with this card. Milestone benefits are available based on spending thresholds.

Fees

• Joining Fee: ₹1,499 + GST
• Renewal 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: Applicable, subject to a minimum surcharge of Rs. 10.
• Cash Advance Charges: 2.5% or a Minimum of ₹500.

Rewards

• Savings on Departmental & Grocery Stores:
  • Earn 10 Saving Points for every Rs. 100 spent at Departmental & Grocery Stores.
  • 1 Saving Point is equivalent to Re. 1.
  • Minimum transaction size required to earn these points is Rs. 1500.
  • Maximum transaction size to earn these points is Rs. 4000.
  • A maximum of 500 Saving Points can be earned for departmental & grocery store spends per billing cycle (valued at Rs. 500).
• Rewards on Other Categories:
  • Earn 1 Saving Point for every Rs. 250 spent on all other categories, including fuel stations.
  • There is no capping on Saving Points earned for purchases made in other categories.
  • Saving Points earned on other categories are over and above those earned from departmental & grocery stores.
• World of Offers: Enjoy a variety of online and offline offers for vacations, dining, and movies.
• Milestone Benefit: Spend Rs. 1,25,000 every 6 months and choose one of the following options:
  • Option 1: PVR Movie Tickets
    • Receive 6 free PVR tickets (maximum of 12 free tickets per 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: Reward Points
    • Receive 1200 Reward Points.
    • Reward points will be credited in the next billing cycle.
    • These points can be redeemed for air tickets, movie tickets, mobile recharge, or branded merchandise.
    • Reward points must be claimed within 3 months after the program period ends.
  • For milestone benefits, all transactions settled during the milestone period will be considered.
• Insurance Benefits:
  • An insurance cover worth Rs. 1.25 lakh is provided by New India Assurance Company Ltd.
  • This covers unauthorized transactions made using the card up to 7 days prior to reporting the loss of the card to the bank.
• Add-on Card:
  • Add-on cards come with all the benefits of the primary card.
  • You can set custom spend limits for each Add-on Card.
  • Spends for Add-on Cards can be tracked separately.
• Travel, Domestic Lounge, International Lounge, Golf: Not applicable or explicitly mentioned as available benefits.

Rewards Redemption Guide

• Saving Points can be redeemed in the following ways:
  • Kotak Rewards Portal: Use points for travel-related expenses (flight/hotel bookings), mobile recharges, purchasing products available on the portal, and shopping vouchers from popular brands like Amazon, Flipkart, and Big Bazaar.
  • PayByPoints Program: Utilize Saving Points as cash (1 Saving Point = Re. 1) for shopping at partner merchants, including brands such as Puma, Archies, and Giny & Jony.
• Saving Points are valid for a period of 2 years from the date of accumulation, after which they expire.
• For milestone reward points, they are credited in the next billing cycle and must be claimed within 3 months after the program period concludes.

Card Eligibility Criteria

• Age of Applicant: Must be between 21 and 65 years.
• Locations: The card is available only in select cities, which include Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi (including Gurgaon and Noida), Hyderabad, Kolkata, Mumbai, Navi Mumbai, and Pune.
• Documents Required:
  • Identity/Address Proof: Documents like Aadhar card, Voter card, or Driving License.
  • Proof of Income: Salary slips for salaried applicants or Income Tax Returns (ITR) for self-employed applicants.

Card Review

The Kotak Essentia Platinum Credit Card is highly recommended for individuals who frequently spend on groceries and departmental store purchases. Its unique offering of a 10% return as Saving Points on these categories makes it exceptionally rewarding, surpassing other cards in the Indian market for this specific spending pattern. To maximize the benefits, it's advisable to spend at least Rs. 5,000 monthly at grocery/departmental stores. While it is an entry-level card, its focused reward structure provides significant value if utilized strategically for essential shopping. The card's features, including milestone benefits for movies or additional reward points and protection against unauthorized transactions, further enhance its appeal.

Important Product Details

• Target Audience: Ideal for smart shoppers, particularly those with high spends on groceries and departmental stores.
• Reward Rate: Earn 10 Saving Points for every Rs. 100 spent at departmental and grocery stores. Earn 1 Saving Point for every Rs. 250 on all other spends.
• Accelerated Reward Conditions: The 10 Saving Points/Rs. 100 rate applies to transactions between Rs. 1,500 and Rs. 4,000, with a monthly cap of 500 Saving Points.
• Reward Point Value: 1 Saving Point = Re. 1.
• Reward Redemption: Points are redeemable via the Kotak Rewards portal for various categories including travel, mobile recharge, and shopping vouchers, or as cash at partner merchants through the PayByPoints program.
• Milestone Benefit: Achieve Rs. 1,25,000 in spends every 6 months to receive either 6 free PVR tickets or 1200 Reward Points.
• Contactless Payments: Supports Visa payWave for contactless transactions up to Rs. 5,000 without a PIN.
• Priority Assistance: KASSIST service provides a callback within 30 minutes for queries (Mon-Sat, 10 am-6 pm) via SMS.
• Add-on Card: Available with customizable spend limits and separate tracking.
• Insurance: Rs. 1.25 lakh insurance cover for unauthorized transactions up to 7 days before reporting card loss.
• Product Status: This product has been discontinued for new sourcing and is now only available for existing Essentia cardholders.

Other Details

• Product Discontinuation: This product has been discontinued for new sourcing and is only displayed for existing Essentia cardholders.
• Customer Service (KASSIST):
  • To get a callback within 30 minutes (Monday to Saturday, 10 am to 6 pm), SMS KASSIST to 5676788.
  • To apply for the Essentia card (for existing cardholders), SMS KTEN to 5676788.
  • 24x7 Helpline for credit card queries: 1860 266 2666.
  • To report a lost card (24x7 toll-free): 1800 209 0000.
• How to Apply: Applications can be made online via the bank's website or by filling a form for bank officials to contact you.
• Saving Points Validity: Saving Points are valid for 2 years from the date of accumulation.
• Fuel Surcharge: Although applicable with a minimum charge of Rs. 10, cardholders still earn Saving Points on fuel spends.