KVB Platinum Credit Card – Benefits, Fees & Eligibility

Introduction

The KVB Platinum Credit Card, issued by Karur Vysya Bank, is positioned as an entry-level credit card designed for individuals to manage their general and personal expenses. It offers a no-joining-fee benefit, accelerated reward points on specific spending categories like restaurants, medical bills, insurance, rail tickets, movie bookings, and car rentals, and a waiver on fuel surcharges.

Welcome Benefits

• Receive 500 bonus reward points upon card activation or payment of membership fees.

Fees

• Joining Fee: Free
• Annual Fee: Rs. 599.00 per card (plus applicable GST).
• Spend-Based Waiver: The annual fee is waived if the spends in the previous year exceed Rs. 1.00 lakh.
• Card Replacement Fee: Rs. 199/- (waived for fraudulent transactions or re-issuance on expiry).
• Add-on Card Fee: Free.
• Cash Advance Charges: 2% of the cash withdrawn or Rs. 300, whichever is higher.
• 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).
• Petrol Transaction Surcharge: 1% of the transaction value. A waiver is applicable for single transaction spends between Rs. 500 and Rs. 4000, with a maximum waiver of Rs. 200/- per billing cycle.
• Foreign Currency Markup: 3.5% will be charged on foreign currency transactions.
• Goods & Service Tax (GST): Applicable on all fees, interest, and other charges.
• 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.
• Reward Redemption Fee: Rs. 99/- per redemption request.

Rewards

• General Spends: Earn 2 reward points on every Rs. 150 spent.
• Accelerated Rewards (1.5X): Earn 1.5 times the reward points (3 points per Rs. 150) on every Rs. 150 spent on:
  • Restaurants
  • Medical bills
  • Books
  • Insurance
  • Rail tickets
  • Movie tickets
  • Car rentals
• Travel Spends: Earn 2 reward points on every Rs. 150 spent on domestic and international travel, hotels, and air tickets.
• Fuel Surcharge Waiver: Enjoy a 1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 4000 at petrol stations in India, with a maximum discount of Rs. 200 per billing cycle.

Rewards Redemption Guide

• A fee of Rs. 99/- is charged per redemption request.
• A minimum of 2000 reward points is 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.

Card Review

The KVB Platinum Credit Card is an excellent choice for individuals seeking an entry-level credit card that provides special rewards and benefits on their spending. It offers accelerated reward points on various categories, including 1.5x points on restaurants, medical bills, insurance, rail tickets, movie bookings, and car rentals. A significant advantage is the absence of a joining fee. However, a potential drawback is the limited redemption options available for reward points.

Important Product Details

• 500 bonus reward points as a sign-up bonus.
• Earn 2 reward points on every Rs. 150 spent on domestic and international travel, hotels, and air tickets.
• Earn 1.5X reward points on every Rs. 150 spent on restaurants, medical bills, insurance, rail tickets, movie ticket booking, and car rentals.
• No joining fee charges.
• 1% fuel surcharge waiver at petrol stations in India.
• Option to convert purchases into EMIs.
• Contactless transaction capability.
• Waiver of annual fees if previous year's spends exceed Rs. 1.00 lakh.
• Periodical offers from VISA.

Other Details

• Payment of Outstanding Dues: 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 transaction amount for EMI conversion is the total credit limit.
  • Interest rates for EMI conversion range from 15% to 22%, depending on the customer's relationship vintage with the bank.
• Balance Transfer:
  • Minimum transaction amount for balance transfer is Rs. 10,000.
  • Maximum transaction 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. 5000.
• Credit Card Limit: Minimum limit of Rs. 0.25 Lakhs; Maximum limit of Rs. 5.00 lakhs.
• 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.
• Finance Charges: 3.25% per month, equivalent to 39% per annum.
• Interest-Free Grace Period: A maximum of up to 45 days. All charges incurred by the use of the card and all applicable charges must be paid within 15 days from the bill generation date. An interest-free grace period of 20-50 days is generally offered.
• Validity of the Card: 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 a Fixed Deposit (FD) available.
• Billing Statements: Credit card holders are billed on a monthly basis as per the billing cycle. Statements are mailed monthly to the customer's registered E-Mail ID.
• Minimum Amount Due: 5% of the Total Outstanding (minimum of Rs. 200/-) + all applicable taxes + EMI (if applicable) + Over limit amount (if any).
• How to Apply:
  • Online: Click on the "Apply Now" button, fill out the application form, and submit.
  • Offline: Visit a KVB branch and fill out an application form. The credit card will be sent to the registered address.
• Customer Care:
  • Phone (Domestic): 022-24398199 or 1860-258-1916
  • Phone (International): +91-44-66217600
  • Email: customersupport@kvbmail.com
• Legal Disclaimers: The bank provides links to third-party websites for convenience but is not responsible for their content, privacy, or security policies. Users are advised to verify information and read third-party policies before proceeding.