Hey there, Today, we will know about another fantastic credit card from Kotak Mahindra Bank, the Kotak League Platinum Card. This credit card offers numerous benefits tailored to fit your lifestyle. Let’s explore all the details, what this card has to offer, who is eligible for it, and what fees and charges are associated with it.
Benefits of Kotak League Platinum Card
- Reward Points: With every Rs. 150 spent using this card, you earn 8 Reward Points.
- Joining Gift: Upon payment of the joining fee, you receive a joining gift of 5,000 Reward Points (valued at Rs. 500).
- Fuel Surcharge Waiver: Enjoy a fuel surcharge waiver of up to Rs. 3,500 annually, along with a railway surcharge waiver of up to Rs. 500 per year.
- Add-on Card Benefits: If you opt for an add-on card, all benefits available on the primary card are extended to the add-on card as well.
- Milestone Feature: Spend Rs. 1,25,000 every six months and get rewarded with either 4 free PVR tickets or 10,000 reward points.
Kotak League Platinum Card Eligibility Criteria
To apply for the Kotak League Platinum Card, you must be an Indian citizen residing in select cities including Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi (including Gurgaon and Noida), Hyderabad, Kolkata, Mumbai, Navi Mumbai, and Pune. Additionally, the primary cardholder must be aged between 21 to 65 years, while the add-on cardholder must be at least 18 years old. Your yearly income should be Rs. 5 lakh or more.
Fees and Charges on Kotak League Platinum Card
- Joining Fee: Rs. 499
- Annual Fee: Rs. 499 (waived off if you spend at least Rs. 50,000 in the previous year)
- Add-on Card Fees: Nil
- Interest Charges on Outstanding Balances: 3.50%
- Late Payment Charges: Ranges from Nil to Rs. 1200 depending on the outstanding amount.
| Fees and Charges | Amount (in INR) |
|---|---|
| Joining Fee: | 499 |
| Annual Fee: | 499 (waived off with annual spend ≥ 50,000) |
| Add-on Card Fees: | Nil |
| Interest Charges: | 3.50% on outstanding balances |
| Late Payment Charges: | Statement o/s < ₹ 100 Nil Statement o/s ₹ 100 – ₹ 500 100 Statement o/s ₹ 100 – ₹ 500 100 Statement o/s ₹ 5,001 – ₹ 10,000 600 Statement o/s ₹ 10,001 – ₹ 25,000 800 Statement o/s ₹ 25,001 – ₹ 50,000 1,000 Statement o/s > ₹ 50,000 1,200 |
| Over Limit Charge: | 500 |
Limitation Kotak League Platinum Card
Every credit card comes with its own set of limitations, and the Kotak League Platinum Card is no exception. Here are some potential limitations to consider:
- Annual Fee: Although the annual fee can be waived off with a minimum annual spend, it is still a consideration for cardholders who may not meet the spending threshold.
- Interest Charges: If you carry a balance on your card, interest charges can accumulate quickly. The interest rate for the Kotak League Platinum Card is 3.50%, which can add up if not paid off in full each month.
- Late Payment Fees: Missing payments or making late payments can result in hefty fees, ranging from Nil to Rs. 1200, depending on the outstanding amount.
- Geographical Limitations: The card is only available to Indian citizens residing in specific cities. If you do not meet the residency criteria, you may not be eligible for this card.
- Eligibility Criteria: The eligibility criteria, including age and income requirements, may limit who can apply for the card.
How to Apply for Kotak League Platinum Card?
You can apply for the Kotak League Platinum Card both online and offline. To apply online, visit Kotak Mahindra Bank’s official website, navigate to the “Credit Cards” section, select the League Platinum Card, and click on “Apply Now.” Follow the prompts, fill in your details, and complete the application process. If approved, your card will be delivered to your address within 7 to 10 days.
For offline application, visit the nearest Kotak Mahindra Bank branch with your KYC documents, address proof, and income proof. Fill out the application form, submit it along with the required documents, and if approved, your card will be delivered to your address within the specified timeframe.
It is essential to carefully review the terms and conditions, fees, and limitations of any credit card before applying to ensure it aligns with your financial needs and spending habits.
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