KVB Platinum Credit Card – Benefits, Fees & Eligibility

Introduction

The KVB Platinum Credit Card, issued by Karur Vysya Bank, is designed for individuals to manage their general and personal expenses. This card comes with no joining fee and offers a welcome benefit of 500 bonus reward points upon card activation. It provides accelerated reward points on various spending categories, including travel, dining, medical expenses, and more, alongside benefits like fuel surcharge waivers and the flexibility of EMI conversions.

Welcome Benefits

• 500 bonus reward points on card activation.
• 500 bonus reward points as a sign-up benefit on payment of membership fees.

Fees

• Joining Fee: Free
• Annual Fee: Rs. 599.00 per card
• Spend-Based Waiver: Annual fees are waived if the spends of the previous year exceed Rs. 1,00,000.
• Rewards Redemption Fee: Rs. 99 per redemption request.
• Foreign Currency Markup: 3.5% will be charged on foreign currency transactions.
• Interest Rates (Finance Charges): 3.25% per Month (39% P.A)
• Fuel Surcharge: 1% of transaction value. A waiver is applicable for single transaction spends between Rs. 500 and Rs. 4,000, with a 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• Cash Advance Charges: 2% of the cash withdrawn or Rs. 300 (whichever is higher).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 - Rs. 500: Rs. 100
  • Outstanding amount between Rs. 501 - Rs. 2,500: Rs. 300
  • Outstanding amount between Rs. 2,501 - Rs. 10,000: Rs. 500
  • Outstanding amount between Rs. 10,001 - Rs. 25,000: Rs. 800
  • Outstanding amount Rs. 25,001 and above: Rs. 1,000
• 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).
• 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 principle outstanding.

Rewards

• Earn 2 reward points on every Rs. 150 spent on domestic and international travels, hotels, and air tickets.
• Earn 1.5x reward points on every Rs. 150 spent on dining (restaurants), medical bills, books, insurance, rail tickets, movie tickets, and car rentals.
• Enjoy periodical offers from VISA.
• Benefit from contactless transaction capability.
• Option for EMI conversion and Balance Transfer for purchases.
• 1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 4,000 at petrol stations in India, with a maximum discount of Rs. 200 per billing cycle.

Rewards Redemption Guide

• A reward redemption fee of Rs. 99 will be charged per redemption request.
• A minimum of 2,000 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.

Card Review

The KVB Platinum Credit Card is an excellent entry-level credit card for individuals seeking special rewards and benefits on their expenditures. It provides accelerated reward points, with 2 reward points for every Rs. 150 spent on travel and 1.5x reward points on categories like restaurants, medical, insurance, rail tickets, movies, and car rentals. A notable advantage is the absence of a joining fee and the possibility of an annual fee waiver based on spending. However, the redemption options provided for this credit card are somewhat limited, which could be a minor drawback for some users.

Important Product Details

• No joining fee.
• 500 bonus reward points as a welcome/sign-up benefit.
• 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.
• 1% fuel surcharge waiver at petrol stations in India (subject to maximum Rs. 200 per billing cycle for transactions between Rs. 500-Rs. 4000).
• Ability to convert purchases into EMIs with a minimum transaction amount of Rs. 500.
• Annual fee of Rs. 599 is waived on spends of Rs. 1 lakh in the previous year.
• High finance charges of 3.25% per month (39% p.a.).
• Foreign currency markup of 3.5%.
• Reward redemption fee of Rs. 99 per request.

Other Details

• Payment of Outstanding Dues: Outstanding dues can be remitted through Mobile Banking, Net Banking, NEFT/RTGS, or Cash/Cheque payments at KVB Branches.
• EMI Conversion: A minimum transaction amount of Rs. 500 can be converted to EMI. The maximum 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.
• Balance Transfer: A minimum transaction amount of Rs. 10,000 and a maximum of the total credit limit are applicable for balance transfers, at an interest rate of 18%.
• Contactless Transactions: Allowed up to the maximum limit stipulated by RBI, currently Rs. 5,000.
• Credit Card Limit: Minimum Rs. 0.25 Lakhs; Maximum Rs. 5.00 Lakhs.
• Auto Debit: Either Total Amount Due (TAD) or Minimum Amount Due (MAD) are accepted for auto-debit from linked accounts 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.
• Validity of the Card: 5 years from the date of issuance of the card, 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, detailing all purchases and charges incurred within the billing cycle.
• Minimum Amount Due (MAD): 5% of Total Outstanding (minimum of 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.
• How to Apply: Applications can be made online through the "Apply Now" button or offline by visiting a KVB branch and filling out an application form.
• Customer Care:
  • For KVB Platinum Credit Card-related queries: 022-24398199
  • Helpline (Domestic): 1860-258-1916
  • Helpline (Outside India): +91-44-66217600
  • Email: customersupport@kvbmail.com