KVB Honour Credit Card – Benefits, Fees & Eligibility

Introduction

The KVB Honour Credit Card, issued by Karur Vysya Bank in association with SBI Cards, is an entry-level credit card designed for individuals to manage general and personal expenses. It is particularly suitable for first-time credit card users looking to build their credit history. Key differentiating benefits include complimentary airport lounge access within India, bonus reward points on card activation, and accelerated rewards on domestic and international travel, hotels, and air tickets.

Welcome Benefits

• 700 bonus reward points on card activation.

Fees

• Joining Fee: Nil.
• Annual Fee: Rs. 1,299 + GST.
• Spend-Based Waiver: Annual fee waived on spending Rs. 5 lakhs in the previous year.
• Rewards Redemption Fee: Rs. 99 per redemption request.
  • Minimum 2000 reward points are required for the first redemption.
  • Thereafter, 250 reward points are required for subsequent redemptions.
  • Unclaimed reward points will lapse once every 3 years or if the Minimum Amount Due (MAD) is not paid for more than 60 days.
• Foreign Currency Markup: 3.5% on foreign currency transactions.
• Interest Rates (Finance Charges/Charges on revolving credit): 3.25% per Month (39% P.A).
• Fuel Surcharge: 1% of transaction value.
  • Waiver available for single transactions between Rs. 500 and Rs. 4,000.
  • Maximum waiver of Rs. 200 per billing cycle.
• Cash Advance Charges: 2% of the cash withdrawn or Rs. 300, whichever is higher.
• Card Replacement Fee: Rs. 199. Waived for fraudulent transactions or reissue on expiry.
• Add-on Card Fee: Free.
• Late Payment Charges:
  • Outstanding amount between Rs. 200-500: Rs. 100.
  • Outstanding amount between Rs. 501-2500: Rs. 300.
  • Outstanding amount between Rs. 2501-10000: Rs. 500.
  • Outstanding amount between Rs. 10001-25000: Rs. 800.
  • Outstanding amount of Rs. 25001 and above: Rs. 1000.
• Charges on Over Limit: 2.5% on the over limit amount, subject to a minimum of Rs. 500.
• Payment (Cheque/ECS/NACH) Return Fee: Rs. 500.
• Cash Processing Fee: Rs. 100 (for all cash deposits made through KVB Branches).
• EMI/Balance Transfer Processing Charges: Rs. 300 or 1% of the loan amount, whichever is higher.
• EMI/Balance Transfer Foreclosure Charges: 3% on the principal outstanding.
• Goods & Service Tax (GST): Applicable on all fees, interest, and other charges.

Rewards

• Accelerated Rewards:
  • 4x reward points on domestic and international travel, hotels, and air tickets booking.
  • 2x reward points on spends at restaurants, medical expenses, books, insurance, rail tickets, movie tickets, and car rentals.
• Standard Rewards: 3 reward points for every Rs. 150 spent on other categories.
• Domestic Lounge Access: 4 complimentary airport lounge accesses within India.
• No Milestone Benefits.
• No direct Movie & Dining benefits, but 2x reward points on restaurants and movie tickets.
• Periodical offers from VISA are available.

Rewards Redemption Guide

• Via Phone: Call 1800-419-6500 or 1800-419-022 and follow the instructions provided by the IVR.
• Via Internet Banking/Mobile Banking:
  • Login to your account.
  • Navigate to the credit cards section.
  • Select "Rewards" from the menu.
  • Choose "Loylty Points redemption" to redeem your reward points.
• For Cashback Redemption: Contact the credit card cell.

Card Review

The KVB Honour Credit Card is a basic credit card offering accelerated reward points across various categories, making it suitable for individuals who frequently shop and travel. With no joining fee and bonus points on activation, it serves as an excellent option for first-time credit card users looking to establish their credit history. While it provides good value for travel and specific spending categories, it does not offer milestone benefits.

Important Product Details

• Zero joining fees.
• 700 bonus points on card activation.
• 4x points on domestic and international travels, hotels, and air tickets.
• 3 reward points for every Rs. 150 spent.
• 2x reward points on restaurants, medical, books, insurance, rail tickets, movie tickets, and car rental.
• 4 complimentary lounge access within India.
• Waiver of annual fee on spending Rs. 5 lakhs in the previous year.
• No milestone benefits.
• Contactless transaction enabled.
• EMI conversion and Balance transfer facilities are available.

Other Details

• Credit Card Limit: Minimum Rs. 1.50 Lakhs; Maximum Rs. 10.00 Lakhs.
• Payment of Outstanding Dues: Can be remitted through Mobile Banking, Net Banking, NEFT/RTGS, or Cash/Cheque payment at KVB Branches.
• EMI Conversion:
  • Minimum transaction amount of Rs. 500.
  • Maximum conversion up to the total credit limit.
  • Interest rate ranges from 15% to 22% depending on the customer's relationship vintage.
• Balance Transfer:
  • Minimum transaction amount of Rs. 10,000.
  • Maximum transfer up to the total credit limit.
  • Interest rate of 18%.
• Contactless Transactions: Allowed up to the maximum limit stipulated by RBI, currently Rs. 5,000.
• Auto Debit Facility: Either Total Amount Due (TAD) or Minimum Amount Due (MAD) can be set for auto-debit from linked accounts, debited once on the due dates.
• Interest-Free Grace Period: Maximum of up to 45 days. All charges incurred must be paid within 15 days from the bill generation date.
• Card Validity: 5 years from the date of issuance, subject to fulfillment of the bank's eligibility criteria.
• Primary Security: Nil, with an option for a secured card against Fixed Deposit (FD) available.
• Billing Statements: Issued monthly as per the billing cycle and mailed to the customer's registered E-Mail ID.
• Minimum Amount Due: 5% of Total Outstanding (minimum of Rs. 200) + all applicable taxes + EMI (if any) + Over limit amount (if any).
• General Disclaimers: The bank provides links to third-party websites for convenience, but is not responsible for their content, privacy policies, or services. Users are advised to verify information and read third-party policies.