Kotak 811 Credit Card

A secured credit card is the Kotak 811 #DreamDifferent Credit Card. With this secured credit card, you may avoid paying gasoline and train surcharges and take advantage of special promotions when you hit milestones. Cardholders who spend Rs. 75,000 or more qualify for the milestone programme and can get bonus offers in the form of cashback or PVR tickets.

Kotak Mahindra Bank just introduced the entry-level Kotak 811 Credit Card. In terms of the incentives and perks it provides, the card is essentially comparable to the Kotak 811 #DreamDifferent Credit Card, a secured credit issued against TD.

The annual membership fee for the Kotak 811 Credit Card is Rs. 500, however it is waived when you spend at least Rs. 50,000 in one year. The card offers a reward rate of 0.25% for purchases made offline and 0.5% for purchases made online.

Along with the reward rate, you are also eligible for a milestone incentive of 750 Bonus Reward Points if you used the card to make a minimum purchase of Rs. 75,000 in the membership year before. In addition to this, the card offers a number of other benefits, such as waivers of fuel surcharges and insurance benefits. Continue reading to find out more about Kotak Bank’s entry-level offering.

Fees And Charges Of Kotak 811 Credit Card

Type of Charge	Amount
Joining Fees	N/A
Annual Fees	NIL
Condition for waiver of annual fees for the first year	N/A
Condition for waiver of annual fees for the second year	N/A
Add-on card fees	NIL
Rate of interest charged on outstanding balances	3.50% of the total balance due (Annual interest – 42%)
Minimum Amount Due (MAD)	10%
ATM Cash Withdrawal/ Call a draft/ Fund Transfer/ Cash Advance per Rs. 10,000 or part thereof	Rs.300
Late Payment Charges	Rs.100 for statement less than or equal to Rs.500Rs.500 for statement ranging between Rs.500.01 and Rs.10,000Rs.700 for statement above Rs.10,000
Over Limit charge	Rs.500
Charges for cheque bounce	Rs.500
Foreign Currency Mark Up	3.5%
Railway Booking Surcharge (1.8%/2.5% on transaction amount)*	Waived off
Fuel Surcharge (1% on transaction)**	Waived off
Cash payment fee at bank	Rs.100
Processing fee for outstation cheque	Waived off
Reissue/ Replacement Card charges (for every issuance)	Rs.100
Request for charge slip	Waived off
Machine Surcharge at ATMs	Waived off
Balance Enquiry Charges at non-parent bank ATM	Waived off
Request for duplicate statement	Waived off
Web Pay service fee	Waived off in effect from 10the January 2014
Furnishing a copy of Credit Information Report (CIBIL)	Rs.50

Features Of Kotak 811 Credit Card

The 811 #DreamDifferent Credit Card includes the following features:

• No joining or yearly fees are necessary for you to participate.
• If you spend Rs. 5,000 within 45 days of receiving your card and it is activated, you will be able to earn 500 additional reward points.
• On everyday purchases, reward points can be earned. For instance, for every Rs. 100 you spend online, you’ll receive 2 reward points, and for every Rs. 100 you spend on other purchases, you’ll earn 1 reward point.
• If you use your card to make purchases totaling Rs. 75,000 in a single year, you’ll receive a payback of Rs. 750 or four free PVR tickets.
• Additionally, gasoline and surcharges will not be charged.

Benefits Of Using Kotak 811 Credit Card

Following are a few advantages of utilizing the 811 #DreamDifferent Credit Card:

Instant Free Cash Withdrawal

• Up to 90% of your entire credit limit may be withdrawn without incurring any fees.
• For every Rs. 10,000 you withdraw, a processing charge of Rs. 300 is required.
• Interest-free terms on cash advances last for the first 48 days.

Balance Transfer

• For each transfer of Rs. 10,000, a processing fee of Rs. 349 is due.
• If you use your card to make new retail purchases, no interest will be assessed.
• To transfer your other credit card balances promptly, contact the bank or Kotak Mahindra Bank Credit Card Customer Care by phone.

811#DreamDifferentShield

• In the event that your card is lost or stolen, you will be covered up to Rs. 50,000 provided that you notify the bank within 7 days of the incident.
• You must immediately notify the bank by phoning the Customer Contact Centre at 1860 266 2666 and have your card stopped or disabled in order to file a claim with the insurance provider.

Add-On Cards

• The advantages of your Add-on credit cards will be identical to those of your 811 #DreamDifferent credit card.
• Each of your Add-On Cards’ purchases can be tracked independently.
• The credit limit for your Add-On card can be customized to meet your needs.

Fuel And Railway Surcharge Waiver

• You will receive a 1% waiver for every transaction at any petrol station in India that costs between Rs. 500 and Rs. 3,000, up to a maximum of Rs. 3,500 per year.
• For purchases made on the IRCTC website and 2.5% for ticket purchases made at railway counters, you will receive a waiver. subject to a yearly waiver cap of Rs. 500.

Insurance Benefit

Kotak 811 Credit Cardholders get complimentary insurance cover worth Rs. 50,000 against loss of card. The coverage begins to take effect seven days before the bank is notified that a card has been lost.

Online Application

Customers can use their mobile banking application to apply for a credit card online. You can apply for a credit card online without filling out any paper paperwork or submitting any supporting documentation at your local bank location. Within a few working days, the card will be delivered to your communication address.

Collateral

A secured credit card is Kotak 811. The minimum fixed deposit required to qualify for this card is Rs. 15,000. The credit card and the FD are connected. So, without cancelling the credit card, you won’t be able to withdraw money from the FD.

Choose Credit Limit

The credit card’s credit limit is negotiable. The card’s maximum limit will be equal to 80% of the associated FD’s deposit amount. For instance, if you have an FD of Rs. 20,000 booked, the card’s maximum credit limit will be Rs. 16,000, or 80% of Rs. 20,000.

A modest credit limit will enable you to save more money if you tend to shop on the spur of the moment.

No Joining Fees And Annual Fees

The credit card comes with no annual fee. There are neither joining nor yearly fees. This means that you won’t be charged anything for using the card as long as you pay your debts on time.

No Income Documents Required

To apply for a standard credit card, you must provide proof of income. Students, stay-at-home moms, independent contractors, and small business owners could find it challenging to submit an income proof. No proof of income is required for Kotak 811 credit card applicants. As a result, it is an excellent credit card alternative for those without income documentation.

Milestone Program

In addition to the incentives you will receive for using your 811 #DreamDifferent Credit Card to make purchases, you will also be qualified for extra offers if you spend Rs. 75,000 in the year of your card’s anniversary. For this programme, there are two possibilities, and you must choose just one. The following are the alternatives for the milestone programme:

Redemption Option – Get a cashback of Rs.750

• Once the anniversary year has passed, you can choose to claim your Rs. 750 cashback.
• The cashback will appear in your subsequent billing cycle if you choose to claim it.

Redemption Option – Get 4 PVR tickets for free

• Within three months of the conclusion of your anniversary year, you have three months to collect your four free PVR tickets.
• Your complimentary PVR tickets are transferrable and good for any performance on any day.
• In the event that you are purchasing movie tickets online through the PVR Cinema website, you will be given a Star Pass Code that can be redeemed.

*The anniversary year runs from the day the card was issued to the next anniversary. For example, if the card was issued on January 31st, the milestone program’s anniversary year will run from February 1 through January 31st each year. Additionally, cardholders have access to the Milestone page of Net banking or via mobile device to view their duration.

Kotak 811 Credit Card Rewards

• You receive 1 reward point for every Rs. 100 spent using the card offline.
• On online purchases, you receive two reward points for every one rupee spent.

Reward Redemption

The Kotak 811 Credit Card rewards points can be redeemed for a variety of redemption options, including movie tickets, cellphone recharges, retail vouchers, and e-gift cards. 1 reward point is equal to 0.25 rupees.

Kotak 811 Credit Card Value Chart

Given below is the total money you must save if you use the card and avail the benefits offered:

Your total spends	Annual spends	Total benefits	Your total savings
Reward points on total monthly transaction of Rs.50,000	Rs.6 lakh	7,500 reward points gained	Rs.1,875
Reward points on spending Rs.5,000 within the first 45 days of the issuance of the card		500 reward points gained	Rs.125
Milestone offer on an annual spend of Rs.75,000	Rs.75,000	Rs.750 cashback	Rs.750
Withdrawing cash at an interest rate of 2.99% for up to 48 days (3.3% for other cards)	Rs.1.2 lakh (Rs.10,000 per month)	Interest free withdrawal of cash for an average period of 30 days	Rs.3,600
Fuel Surcharge Waiver		Maximum waiver of Rs.3,500 allowed	Rs.3,500
Railway Surcharge Waiver		Maximum waiver of Rs.500 allowed	Rs.500
Your Total Savings			Rs.10,350

Eligibility Criteria And Documents Required For Kotak 811 Credit Card

One must meet certain requirements in order to be approved for a Kotak Mahindra Bank Dream Different credit card, including

• Should be within the age group of 18-75 years
• The minimum TD amount should be Rs. 15000
• The add-on card holder must be older than 18 years old.
• The cardholder should necessarily be a resident of India
• The documents required are ID proofs like passport, Aadhaar card, Residential proofs like Electricity or Telephone bill, and Income proofs like salary slips or appointment letter.

How To Apply For Kotak 811 Credit Card?

Given below are the steps you will have to follow to apply for 811 #DreamDifferent Credit Card:

Step 1: Visit Kotak Mahindra Bank’s official website.

Step 2: On the main page, under ‘Explore Products’, go to ‘Cards’ under which you will have to click on ‘Credit Cards’.

Step 3: The bank’s list of credit cards will then be displayed to you, and you must select the 811 #DreamDifferent Credit Card from that list if you wish to learn more about the rewards.

Step 4: If you want to apply for the card, click on the ‘Apply Now’ button.

Step 5: Enter the details and click on ‘Apply Now’.

Step 6: You must provide the required documentation, which the bank will then verify along with your application. The bank will review your application for a credit card and approve it if everything is in order before sending the card to the specified address.

Things To Keep In Mind Before Applying The Credit Card

• The fixed deposit is used as collateral for the credit card. You cannot withdraw your FD without closing your credit card.
• The credit card has a 48-cycle interest-free period. If you don’t make your payments on time, the bank will levy interest. The rate of interest on the balance that remains unpaid is 2.99% per month, or 35.88% annually.
• Late payment fees will also be charged in the event of late payments. The late payment penalties can be as high as Rs. 10,000.
• If you exceed your credit card’s maximum limit, you will be charged a fee of Rs. 500.
• In case of default, the bank can break your linked FD.

What is VisaPay Wave On Kotak 811 Credit Card?

Here is a brand-new method for using your Visa Paywave credit card to make payments. Your purchase will be processed without requiring you to enter a PIN if you simply wave your credit card in front of the reader. This is a clever and secure approach to guarantee that you do not misplace your card and that transactions are carried out with the highest level of security.

Kotak 811 Credit Card Customer Care Number

Call the Kotak customer service helpline at 1860 266 2666 if you need any assistance with your 811 Credit Card and to notify the bank of a lost card.

Conclusion

Because it is a bank’s entry-level offering and does not have stringent qualifying requirements, the Kotak 811 Credit Card may be the best option for young professionals and millennials who are just starting out with credit. In terms of rewards and perks, the card is comparable to its secured counterpart, the 811 #DreamDifferent Credit Card. The secured version, however, has a zero annual fee, while this unsecured card has a Rs. 500 yearly fee. The card offers its members a number of extra benefits in addition to a respectable reward rate, such as free cinema tickets as a milestone benefit and many others. This card can be thought of as a wonderful option for people who are new to the world of credit cards and want to start their journey with a basic one because it has a low annual fee and basic features & advantages.

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