KVB Honour Credit Card – Benefits, Fees & Eligibility

KVB Honour Credit Card

Introduction

The KVB Honour Credit Card, offered in association with SBI Cards, is designed for individuals to manage their general and personal expenses. This card is particularly suitable for first-time credit card users, offering a good opportunity to build credit history. It provides various benefits, including shopping rewards and travel perks, without an initial joining fee.

Welcome Benefits

• Receive 700 bonus reward points upon card activation.

Fees

• Joining Fee: Nil / Free
• Annual Fee: Rs. 999.00 per Card (as per one source); Rs. 1,299 + GST (as per another source)
• Spend-Based Waiver:
  • Waiver of annual fees if the spends of the previous year are more than Rs. 3.00 lakhs.
  • Waiver of annual fee 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% will be charged on foreign currency transactions.
• Interest Rates (Finance Charges / Charges on revolving credit): 3.25% per Month; 39% P.A. (applicable to both Platinum and Honour cards)
• Fuel Surcharge: 1% of transaction value.
  • Waiver: For single transaction spends between Rs. 500 and Rs. 4,000.
  • Maximum waiver: Rs. 200 for one 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• Cash Advance Charges: 2% of the cash withdrawn or Rs. 300 (whichever is higher).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 re-issuance 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 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. 100.00 (for all cash deposits made through KVB Branches).
• Goods & Service Tax (GST): Applicable on all fees, interest, and other charges.
• EMI/BT Processing Charges: Rs. 300 or 1% of the loan amount (whichever is higher).
• EMI/BT Foreclosure Charges: 3% on the principle outstanding.

Rewards

• Reward Points Earning:
  • Earn 4x reward points on domestic and international travel, hotels, and air tickets bookings.
  • Earn 3 reward points for every Rs. 150 spent on this card.
  • Earn 2x reward points on spends at restaurants, medical stores, books, insurance, rail tickets, movie tickets, and car rentals.
• Travel Benefits:
  • Enjoy 4 complimentary airport lounge access within India.
• Domestic Lounge Access: 4 complimentary domestic lounge access.
• International Lounge Access: Not Available.
• Movies & Dining: While no direct movie or dining benefits are offered, you earn 2x reward points on using this credit card at restaurants and for buying movie tickets.
• Golf: Not Available.
• Insurance Benefits: Not Available.
• Lifestyle Benefits: Periodical offers from VISA.

Rewards Redemption Guide

• Phone Redemption: Customers can call 1800-419-6500 or 1800-419-022 and follow the instructions provided by the IVR to redeem accumulated reward points.
• Online Redemption: You can redeem reward points using internet banking or mobile banking. Log in to your account, navigate to "Credit Cards," then select "Rewards" from the menu, and finally choose "Loylty Points redemption" to redeem your points.
• Cashback Redemption: For redeeming reward points as cashback, you need to contact the credit card cell.
• Redemption Fees and Conditions: A fee of Rs. 99 per redemption request applies. A minimum of 2000 reward points is required for the first redemption, and 250 reward points for subsequent redemptions. Unclaimed reward points will lapse every 3 years or if the Minimum Amount Due (MAD) is not paid for more than 60 days.

Card Review

The KVB Honour Credit Card is a foundational credit card offering accelerated reward points across various spending categories. It provides a good starting point for individuals looking to establish their credit history, especially given its zero joining fee and bonus points on activation. This card is well-suited for frequent shoppers due to its varied reward multipliers and benefits like complimentary domestic lounge access. However, it lacks specific milestone, golf, or international lounge benefits.

Important Product Details

• Zero joining fee.
• Get 700 bonus reward points on card activation.
• 4x reward points on domestic and international travel, hotels, and air ticket bookings.
• 3 reward points for every Rs. 150 spent.
• 2x reward points on dining, medical expenses, books, insurance, rail tickets, movie tickets, and car rentals.
• Enjoy 4 complimentary airport lounge accesses within India.
• Annual fee waiver available based on spending: Rs. 3.00 lakhs (one condition) or Rs. 5 lakhs (another condition) in the previous year.
• Contactless transaction enabled.
• Facility for EMI conversion and Balance Transfer 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 for EMI conversion is Rs. 500.
  • Maximum conversion amount is the total credit limit.
  • Interest rate for EMI conversion ranges from 15% to 22%, depending on the customer's relationship vintage.
• Balance Transfer:
  • Minimum transaction amount for balance transfer is Rs. 10,000.
  • Maximum amount for balance transfer is the total credit limit.
  • Interest rate for balance transfer is 18%.
• Contactless Transactions: Allowed up to the maximum limit stipulated by RBI, currently Rs. 5,000.00.
• Auto Debit: Either Total Amount Due (TAD) or Minimum Amount Due (MAD) can be set for auto-debit. Linked accounts will be auto-debited once on the due dates.
• Interest-Free Grace Period: Maximum of up to 45 days. All charges incurred by the use of the Card and all applicable charges shall 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 (an option for a secured card against Fixed Deposit is available).
• Billing Statements: Credit Card holders will receive monthly billing statements via their registered E-Mail ID.
• Minimum Amount Due: 5% of Total Outstanding (minimum Rs. 200) + all applicable taxes + EMI (if applicable) + Over limit amount (if any). This total amount will reflect as the Minimum Amount Due in the statement.