Kotak Mahindra BankKotak Veer Platinum Credit Card – Benefits, Fees & Eligibility
Is the Kotak Veer Platinum Credit Card Right for You?
The Kotak Veer Platinum Credit Card is best suited for users who prioritize Movies, Dining, Shopping. With a joining fee of Free (1st year) and a renewal fee of ₹299 + GST, this card offers free entry for new applicants. It offers Reward Points as its primary reward mechanism, with a rewards rate of Earn 3x RP (6 RP) for every ₹200 on movies, dining, grocery, departmental stores; 2 RP on others..
Key Card Details
Free (1st year)
₹299 + GST
Reward Points
3.5% markup on all foreign currency transactions.
Earn 3x RP (6 RP) for every ₹200 on movies, dining, grocery, departmental stores; 2 RP on others.
3.5% per month (42% annually) on outstanding balances.
Notable Perks
Welcome Offer
Earn 500 Reward Points on spending ₹500 with the Kotak Veer Platinum Card within 30 days.
Insurance Coverage
Credit shield of ₹1,25,000 against unauthorized transactions up to 7 days prior to reporting.
Spend-Based Waiver
Annual fee waived on spending ₹50,000 or more with the Kotak Veer Platinum Card in a year.
Movie Benefits
3x Reward Points (6 Reward Points) for every ₹200 spent on movies.
Fuel Surcharge Waiver
1% fuel surcharge waiver at all fuel stations across India.
Things to Consider
The Kotak Veer Platinum Credit Card has been discontinued for new applications.
High foreign currency markup of 3.5% on international transactions.
Interest rates are quite high at 3.5% per month (42% annually).
Benefits & Features
Welcome Offer
Earn 500 Reward Points on spending ₹500 with the Kotak Veer Platinum Card within 30 days.
Rewards Rate
Earn 3x RP (6 RP) for every ₹200 on movies, dining, grocery, departmental stores; 2 RP on others.
Reward Type
Reward Points
Reward Redemption
Redeem points for Air/Movie Tickets, Mobile Recharges, shopping vouchers, or cash (1 RP = Re. 0.25).
Insurance Coverage
Credit shield of ₹1,25,000 against unauthorized transactions up to 7 days prior to reporting.
Movie Benefits
3x Reward Points (6 Reward Points) for every ₹200 spent on movies.
Dining Benefits
3x Reward Points (6 Reward Points) for every ₹200 spent on dining.
Travel Benefits
Save 1.8% on railway surcharge via IRCTC website & 2.5% at Indian Railways Booking Counters.
Fees & Charges
Joining Fee
Free (1st year)
Renewal Fee
₹299 + GST
Spend-Based Waiver
Annual fee waived on spending ₹50,000 or more with the Kotak Veer Platinum Card in a year.
Foreign Currency Markup
3.5% markup on all foreign currency transactions.
Interest Rates
3.5% per month (42% annually) on outstanding balances.
Fuel Surcharge Waiver
1% fuel surcharge waiver at all fuel stations across India.
Cash Advance Charges
₹300 charged for every ₹10,000 withdrawn as cash advance.
Rewards Redemption Fee
Nil
Pros & Cons
Pros
Key benefits and features of this card.
No joining fee makes the card accessible for armed forces personnel.
Accelerated rewards on daily spends like movies, dining, and groceries.
Offers a significant credit shield of ₹1,25,000 for security.
Includes valuable waivers on both fuel and railway surcharges.
Annual fee is easily waivable with moderate yearly spending.
Cons
Key drawbacks and limitations of this card.
The Kotak Veer Platinum Credit Card has been discontinued for new applications.
High foreign currency markup of 3.5% on international transactions.
Interest rates are quite high at 3.5% per month (42% annually).
Cash advance charges are substantial at ₹300 per ₹10,000 withdrawn.
Reward point redemption value is low at Re. 0.25 per point.
Product Details
Designed specifically for Indian armed forces personnel.
Offers a substantial credit shield of ₹1,25,000.
Provides free add-on cards with customizable spend limits.
Features EMV Chip and 6-digit PIN for enhanced security.
Includes waivers on fuel and railway surcharges.
No joining fee and a waivable annual fee.
Benefits & Features
Welcome Offer
Earn 500 Reward Points on spending ₹500 with the Kotak Veer Platinum Card within 30 days.
Rewards Rate
Earn 3x RP (6 RP) for every ₹200 on movies, dining, grocery, departmental stores; 2 RP on others.
Reward Type
Reward Points
Reward Redemption
Redeem points for Air/Movie Tickets, Mobile Recharges, shopping vouchers, or cash (1 RP = Re. 0.25).
Insurance Coverage
Credit shield of ₹1,25,000 against unauthorized transactions up to 7 days prior to reporting.
Movie Benefits
3x Reward Points (6 Reward Points) for every ₹200 spent on movies.
Dining Benefits
3x Reward Points (6 Reward Points) for every ₹200 spent on dining.
Travel Benefits
Save 1.8% on railway surcharge via IRCTC website & 2.5% at Indian Railways Booking Counters.
What matters, explained clearly
Introduction
The Kotak Veer Platinum Credit Card, launched by Kotak Mahindra Bank in collaboration with the National Payments Corporation of India (NPCI), is specifically designed for the brave personnel of the Indian armed forces, including the Army, Navy, and Air Force. Positioned as a basic version credit card, it aims to support daily spending while offering attractive rewards. Cardholders can earn accelerated reward points, specifically 3x Reward Points on movies, dining, departmental stores, and groceries, and 2 Reward Points on other categories. Key differentiating benefits include a nominal annual fee of Rs. 299, a credit shield of Rs. 1,25,000, and waivers on fuel and railway surcharges.
Welcome Benefits
- Receive 500 Reward Points upon spending Rs. 500 with your Kotak Veer Platinum Credit Card within the first 30 days of card issuance.
Fees
Joining Fee
- Nil
Renewal Fee
- Rs. 299 + GST (or applicable taxes)
Spend-Based Waiver
- The annual fee can be waived if you spend Rs. 50,000 or more in a year.
Rewards Redemption Fee
- Nil
Foreign Currency Markup
- 3.5% on all foreign transactions.
Interest Rates
- 3.5% per month (equivalent to 42% annually).
Fuel Surcharge
- 1% fuel surcharge waiver at all fuel stations across India.
Cash Advance Charges
- Rs. 300 is charged for every Rs. 10,000 withdrawn.
Rewards
- Accelerated Rewards: Earn 3x Reward Points (6 Reward Points) for every Rs. 200 spent on movies, dining, grocery, and departmental stores.
- Standard Rewards: Earn 2 Reward Points for every Rs. 200 spent on all other categories.
- Railway Surcharge Waiver:
- Save 1.8% on railway surcharge for transactions made on www.irctc.co.in.
- Save 2.5% on railway surcharge for transactions made at Indian Railways Booking Counters.
Rewards Redemption Guide
- Reward points can be redeemed for various categories including Air Tickets, Movie Tickets (through BookMyShow or PVR), Mobile Recharges, and shopping vouchers.
- Points can be used to shop at selected merchant stores through the PayByPoints Program.
- Reward points can be redeemed for cash, where 1 Reward Point equals Re. 0.25.
Card Eligibility Criteria
- Residency: Only Indian residents are eligible.
- Occupation: Officials of the armed forces (Army, Navy, Air Force) are eligible to apply.
- Age (Primary Applicant): The primary applicant should be between 18 years and 65 years of age.
- Age (Add-on Applicant): The add-on applicant should be above 18 years of age.
- Availability: The card is available in specific locations: Ahmedabad, Chandigarh, Chennai, Bangalore, Delhi (including Gurgaon and Noida), Kolkata, Hyderabad, Mumbai, and Pune.
Card Review
The Kotak Veer Platinum Credit Card is a tailored offering for the armed forces, providing a basic yet rewarding credit solution. With no joining fee and a nominal annual fee of Rs. 299 (waivable on annual spends of Rs. 50,000), it offers good value. The card excels in daily spending categories, providing 3x Reward Points on movies, dining, groceries, and departmental stores. Additional benefits like a free add-on card, fuel and railway surcharge waivers, and a substantial credit shield against lost/stolen cards enhance its appeal. It serves as a great option for armed forces personnel and their families to manage expenses and earn rewards.
Important Product Details
- Earn 3x Reward Points (6 Reward Points) for every Rs. 200 spent on dining, movies, departmental stores, and groceries.
- Earn 2 Reward Points for every Rs. 200 spent on all other categories.
- Welcome benefit of 500 Reward Points on spending Rs. 500 within the first 30 days of card issuance.
- Annual fee of Rs. 299 + GST, which can be waived on annual spends of Rs. 50,000 or more.
- 1% fuel surcharge waiver at all fuel stations in India.
- Railway surcharge waiver of 1.8% on IRCTC website transactions and 2.5% on Indian Railways Booking Counter transactions.
- Credit shield of Rs. 1,25,000 against unauthorized transactions up to 7 days prior to reporting the loss of the card.
- Add-on card facility available at zero cost, offering the same benefits as the primary card, with customizable spend limits and separate spend tracking.
- Features an embedded EMV Chip for enhanced security.
- Utilizes 6-digit PIN authentication for higher security of transactions.
Other Details
- Product Status: This product has been discontinued for new sourcing and is only displayed for existing Veer Platinum cardholders.
- How to Apply:
- Online Mode: Apply through the bank's website by filling out the provided form.
- Offline Mode: Visit the nearest Kotak branch, fill out the application form, and submit the required documents.