Customers are provided with KVB (Karur Vaishya Bank) credit cards to cover their general living expenditures. With benefits like fuel fee waiver, 2x rewards for domestic and international travel, hotels, and tickets, it gives you 500 Rewards points upon enrolling and activation as well. KVB Platinum credit card is a credit card that doesn’t charge new clients a joining fee when they sign up. The Karur Vysya bank is the issuer of this credit card. With this credit card, you get 2 reward points for every Rs 150 spend. Customers who spend money on things like prescription drugs, dining out, insurance, and train tickets get 1.5 times as many reward points. When you use this credit card for travel, you receive 4 reward points. Upon paying your membership dues, you will receive 500 bonus reward points as a welcome bonus.
Features And Benefits Of KVB Platinum Credit Card
Welcome Benefits
- When you activate the credit card, you receive an additional 500 reward points.
Reward Point Benefits
- For every Rs. 150 you spend on a credit card, you earn 2 reward points.
- When you book domestic and international hotel stays and flights with the credit card, you receive two times as many reward points.
- When you use the card in restaurants, you will earn 1.5x more reward points.
- When you use the card for the following, you receive 1.5x reward points:
- Medical costs
- Insurance
- Buying of books
- Purchasing train tickets
- Purchasing tickets to a movie
- Leasing vehicles from rental companies
Milestone Benefits
- If you spend more than Rs. 3 lakh the year before, the annual charge of Rs. 999 will be waived for the current year.
Fuel Benefits
- When you use the KVB Platinum Credit Card to purchase fuel at any fuel station in India, you are exempt from the 1% fuel surcharge.
- Your fuel transaction must be between Rs. 500 and Rs. 4,000 in order to qualify for this rebate.
- Only Rs. 200 can be waived off of your charge per billing cycle.
Equated Monthly Instalment (EMI) Benefits
- EMIs are available for your purchases with interest rates ranging from 15% to 22%.
- The minimum transaction amount required to receive the EMI advantage is Rs. 500. Your credit limit is the most that can be paid off using EMIs.
Balance Transfer Benefits
- The minimum transferable amount is Rs. 10,000.
- Your credit limit is the highest amount that can be transferred as a balance.
- 18% is the interest rate.
Fees And Charges Of KVB Platinum Credit Card
| Type of Charge | Fee |
|---|---|
| Joining fee | NIL |
| Annual fee | Rs.999 |
| Finance charge | Every month, 3.25%(Annualized) 39% |
| Minimum Amount Due (MAD) | 5% of the outstanding balance (minimum of Rs. 200), plus EMI, taxes, and overlimit amount*Only if you have made an EMI purchase or if there is an outstanding overlimit amount are the EMI and overlimit amounts relevant. |
| Fee for credit card replacement/reissue | Rs.199 The bank will immediately issue a new credit card at no additional cost when the existing one expires. |
| Fee to get an add-on card | NIL |
| Cash withdrawal fee | 2% of the withdrawn amount or Rs. 100, whichever is greater |
| Late Payment charges | Excellent amount Late payment cost from Rs 200 to Rs 500, Rs 100, Rs 501 to Rs 2,500, Rs 300, Rs 2,501 to Rs 10,000, Rs 500, Rs 10,000 to Rs 25,000, Rs 800, Rs 25,001 and above, Rs 1,00 |
| Overlimit fee | 2.5% of the amount that exceeds the limit, subject to a minimum of Rs. 500 |
| Payment return through Electronic Clearing System (ECS)/cheque/National Automated Clearing House (NACH) | Rs.500 |
| Cash processing fee | (For cash deposits made through KVB branches: Rs. 100) |
| Foreign currency mark-up | 3.5% |
| EMI/Balance transfer processing fee | 1% of the total amount of your loan or Rs. 300 (whichever is greater) |
| EMI/Balance transfer foreclosure fee | 3% of the outstanding principal amount |
| Reward points redemption fee | Per redemption request, Rs.99 |
Documents Required For KVB Platinum Credit Card
| Identity Proof | NREGA issues Aadhaar cards, PAN cards, voter identification cards, passports, licenses, and job cards. |
| Address Proof | Passport, driver’s licence, utility bill (for electricity, gas, and water) that is no older than three months, Aadhaar card Ration card, property registration document or rental agreement, NREGA job card, bank passbook, or another address evidence accepted by the government |
| Income Proof | Recent Form 16 (not older than three months), most recent bank statement for the previous three months, and income tax assistant orders/IT returns from the most recent fiscal year |
Eligibility Criteria Required For KVB Platinum Credit Card
- Age: At least 18 is required. Although you can obtain credit until the age of 70, banks occasionally have a minimum age requirement of 21 years.
- Credit Score: A minimum credit score of 650 is required to apply for a credit card. Your application will probably be turned down if you received a low score. A credit score between 750 and 900 will boost your chances of being approved for a credit card.
- Monthly Income: A consistent source of income is necessary to apply for a credit card.Both paid and self-employed individuals are eligible for a card as long as they can show evidence of a consistent revenue stream.
- Indians and Non-Resident Indians are the only qualifying nationalities.
How To Apply For KVB Platinum Credit Card?
Applying for the KVB Bank Platinum Credit Card is simple and may be done online at kvb.co.in or in person at the nearest branch. You can follow the instructions listed below to apply for a credit card on the KVB Bank website:
- Go to the kvb.co.in website first. then select the Apply Now button.
- Complete the application. Enter all of your contact information, including your name, email address, mobile number, and residence address.
- After that, the customer support agent will contact.
Customer Care For KVB Platinum Credit Card
Let’s say you have a question, a grievance, or a problem with a credit card. In that situation, you can call the Bank of Maharashtra’s customer service line directly at 1860 258 1916 or +91 44 – 66217600 from outside India. Alternatively, you can email your question to customersupport@kvbmail.com or creditcardsupport@kvbmail.com.
Conclusion
The KVB Platinum is a fantastic option if you’re searching for an entry-level credit card that provides you with exclusive rewards and bonuses on your purchases. When you spend money on vacation, you get accelerated reward points, earning 4 points for every Rs 150 spent. Additionally, you receive 1.5x more reward points when you spend money in these particular areas (restaurants, medical expenses, insurance, booking rail and movie tickets, and renting a car). The redemption choices offered on this credit card, however, appear to be somewhat constrained.
FAQs
For how long is the KVB Platinum Credit Card valid?
The KVB Platinum Credit Card is valid for a period of 5 years from the date the card being issued to you.
What is the interest-free period for the credit card?
The interest-free period for the credit card is up to 45 days.
Are contactless transactions allowed on the KVB Platinum Credit Card?
Contactless transactions are allowed on the credit card. The limit for the contactless transaction is capped at Rs.5,000
How many reward points do I need to raise a reward points redemption request?
You need to have a minimum of 2,000 reward points to raise your first redemption request with the bank. Thereafter, you are required to have at least 250 reward points to redeem the points.
When will my reward points lapse?
Please note that all unclaimed reward points will lapse once in every 3 years. Your reward points can also lapse if you have not paid the Minimum Amount Due (MAD) for over 60 days.
Am I eligible for a KVB Bank Platinum Credit Card?
Anyone with a net monthly income of 17,000 and above is eligible for a card. Also, you have a minimum credit score of 650. If you do not have a credit score or your credit score is below 650, you can try a credit card against a fixed deposit.
How to get Karur Vysya Bank Credit Card using offline modes?
Karur Vysya Bank Credit Card can be applied by visiting the nearest branch of the bank or through its customer care number (1860 258 1916).
How to get Karur Vysya Bank credit card online?
What is the eligible age for customers of add on cards?
The eligible age for customers of add on cards is minimum of 18 years.
Is credit score affected by delay in payment of credit card dues?
Yes. Delay in payment of credit card dues negatively impacts the credit score of the card holder.
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