Kotak Veer Select Credit Card – Benefits, Fees & Eligibility

Kotak Veer Select Credit Card

Introduction

The Kotak Veer Select Credit Card is an exclusive offering designed for the officials of the Indian armed forces. This card aims to honor the nation's brave guardians by providing them with a comprehensive solution to manage their daily expenditures, offering a range of exciting rewards and benefits. Cardholders can enjoy perks such as a complimentary IHO membership as a welcome benefit, a competitive reward rate with accelerated points on specific spending categories, and travel privileges including domestic airport lounge access. The card also features waivers on fuel and railway surcharges, making it a valuable tool for essential purchases.

Welcome Benefits

• Receive complimentary IHO membership worth Rs. 8,500 upon spending Rs. 500 within the first 30 days of card issuance.

Fees

• Joining Fee: Nil
• Renewal Fee: Rs. 599 + GST
  • Spend-Based Waiver: The annual fee for the subsequent year is waived if Rs. 1,00,000 or more is spent on retail purchases in the previous year.
• Rewards Redemption Fee: Not applicable
• Foreign Currency Markup: 3.5%
• Interest Rates: 3.5% per month (equivalent to 42% annually)
• Fuel Surcharge: 1% fuel surcharge waiver across all petrol pumps, applicable for transactions between Rs. 500 and Rs. 3,000, and capped at Rs. 3,500 annually. No reward points are credited on fuel transactions.
• Cash Advance Charges: Rs. 300 per withdrawal of Rs. 10,000.

Rewards

• Earn 9 Reward Points for every Rs. 200 spent on Dining, Movies, Departmental stores, and Grocery.
• Earn 3 Reward Points for every Rs. 200 spent on other categories.
• The card is best suited for shopping.
• Enjoy 8 complimentary domestic airport lounge accesses annually, with a maximum of 2 accesses allowed per calendar quarter within India.
• Benefit from a 1.8% railway surcharge waiver for transactions made on www.irctc.co.in.
• Receive a 2.5% railway surcharge waiver for transactions made at Indian Railways Booking Counters.
• An insurance cover worth up to Rs. 2.5 lakhs is provided against unauthorized transactions in case of a lost or stolen card.

Rewards Redemption Guide

• Accumulated Veer Points can be redeemed against various categories including Movies, Mobile Recharges, and e-vouchers.
• The value of 1 Kotak Reward Point is Re. 0.25.
• Points can be redeemed directly at the Kotak Rewards platform or through partner stores and websites for shopping, travel, mobile recharge, and more.
• Should the accumulated reward points be insufficient for a particular transaction, the remaining amount can be paid using the Kotak credit card.

Card Eligibility Criteria

• The applicant must be an official of the Indian armed forces.
• The applicant must be a resident of India.
• The age of the primary cardholder should be between 18 and 65 years.
• The age of the add-on cardholder should be 18 years or above.
• This credit card is available in specific cities, including Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi (including Gurgaon and Noida), Hyderabad, Kolkata, Mumbai, and Pune.

Documents Required

• Identity Proof: Acceptable documents include Aadhar Card, Driving License, PAN Card, Passport, Voter’s ID, etc.
• Address Proof: Acceptable documents include Aadhar Card, latest months’ water/electricity/telephone bills, Ration Card, rent agreement, etc.
• Proof of Income: Required documents are the latest months’ salary slips/bank statements or the latest ITR report.

Card Review

The Kotak Veer Select Credit Card is a thoughtfully designed product exclusively for Indian Defense Service officials. It stands out by offering a compelling reward structure, including accelerated reward points on popular spending categories like movies, dining, groceries, and departmental stores. The card also caters to travel needs with complimentary domestic airport lounge access and provides practical benefits such as waivers on fuel and railway surcharges. With the added advantage of an annual fee waiver based on spend, this credit card serves as an all-encompassing financial tool, acknowledging and supporting the unique requirements of our armed forces personnel.

Important Product Details

• Complimentary IHO membership worth Rs. 8,500 as a welcome benefit on spending Rs. 500 within the first 30 days of card issuance.
• Earn 9 reward points on every Rs. 200 spent on movies, dining, grocery, and departmental stores.
• Earn 3 reward points on every Rs. 200 spent in all other categories.
• 8 complimentary domestic airport lounge access per year (capped at 2 per quarter).
• Annual fee waiver on spending Rs. 1,00,000 in the previous year.
• 1% fuel surcharge waiver across all fuel stations (capped at Rs. 3,500 per annum).
• 1.8% railway surcharge waiver on the IRCTC website.
• 2.5% railway surcharge waiver for transactions on Indian Railways Booking Counters.

Other Details

• Product Discontinuation: This product has been discontinued for new sourcing and is currently displayed only for existing Veer Select cardholders.
• Add-on Card:
  • A free Add-on card can be availed, which includes all the benefits enjoyed by the primary cardholder.
  • Spend limits on the Add-on Card can be customized according to individual requirements.
  • Spends for each Add-on Card can be tracked separately.
  • No fee is charged for add-on cardholders.
• Safety Features:
  • The card is embedded with an EMV Chip, providing an additional layer of security.
  • Transactions are secured with 6-digit PIN authentication for enhanced safety.
• How to Apply:
  • Online: Apply by selecting the ‘Kotak Veer Select Credit Card’ option, clicking on 'Apply Now,' and filling in all the required information.
  • Offline: Visit your nearest Kotak bank branch and complete the application form after carrying all necessary documents.