IF you are a fashion enthusiast and a frequent shopper on Myntra, then the Myntra Kotak Credit Card is tailor-made for you. This credit card offers a range of benefits and rewards that will enhance your shopping experience and save you money. In this article we will explain the details of Myntra Kotak Credit Card and explore its amazing features.
Benefits of Myntra Kotak Credit Card
- Instant Discount on Myntra Platforms: With the Myntra Kotak Credit Card, you can enjoy an instant discount of 7.5% on all your purchases made on Myntra’s mobile app or website. The best part is that there is no limit on the number of transactions, and you can avail a maximum discount of Rs. 750 per transaction. So, go ahead and shop to your heart’s content while enjoying great savings.
- Cashback on Preferred Partners: Apart from the discount on Myntra, this credit card also offers cashback rewards on spends made with preferred partner merchants. You can earn 5% cashback on your purchases across the preferred partner category. The cashback is capped at Rs. 1,000 per statement cycle. So, whether you’re shopping for apparel, accessories, or anything else, you can earn cashback and enjoy significant savings.
- Unlimited Cashback on Other Categories: The Myntra Kotak Credit Card doesn’t limit your cashback benefits to specific categories. You can earn unlimited cashback of 1.25% on all your spends across online and offline merchants, excluding Rent, Wallet, and Fuel categories. This means that every purchase you make with the card contributes to your cashback rewards, making it a truly rewarding experience.
- Milestone Benefit: As a cardholder, you also get to enjoy exclusive milestone benefits. On spending over Rs. 50,000 in a calendar quarter, you will receive 2 complimentary PVR movie tickets worth Rs. 250 each. So, not only can you shop to your heart’s content, but you can also treat yourself to a movie experience.
- Access to Myntra Insider Program: With the Myntra Kotak Credit Card, you gain complimentary access to the Myntra Insider Program. As soon as you receive your card, you will be onboarded as a Myntra Insider Select member. This program offers various perks, such as early access to sales, exclusive discounts, and personalized recommendations, enhancing your overall shopping experience.
- Airport Lounge Access: As a cardholder, you are entitled to 1 complimentary domestic lounge access per calendar quarter. This feature allows you to relax and unwind in the airport lounge before your flight. Enjoy amenities like gourmet meals, comfortable seating, widescreen TVs, newspapers, magazines, and free Wi-Fi, making your travel experience more enjoyable.
- Annual Fee Waiver: The Myntra Kotak Credit Card offers an annual fee waiver. If you spend Rs. 2 lakh or more in the previous anniversary year, the annual fee of Rs. 500 will be waived. This feature provides you with added value and reduces the cost of owning the card.
- Fuel Surcharge Waiver: When you use the Myntra Kotak Credit Card for fuel transactions, you can enjoy a 1% fuel surcharge waiver. This waiver is applicable on transactions ranging from Rs. 500 to Rs. 3,000. You can avail a maximum fuel surcharge waiver of Rs. 3,500 in each anniversary year. Please note that fuel transactions do not earn any cashback on the card.
In addition to these key benefits, the Myntra Kotak Credit Card offers an activation benefit in the form of a Myntra voucher worth Rs. 500. By completing a transaction of Rs. 500 or more within 30 days of card issuance, you become eligible for the activation benefit. The Myntra voucher will be disbursed to you via email or SMS within 30 days of card activation. You can use this voucher to enjoy a discount of Rs. 500 on your Myntra cart, further enhancing your savings.
Now, let’s take a closer look at the value chart of the Myntra Kotak Credit Card. Based on your annual spends, you can estimate the value you can derive from the card’s benefits:
- 7.5% Instant Discount on Myntra: With annual spends of Rs. 48,000, you can save Rs. 3,600.
- 5% Cashback on Preferred Partners: By spending Rs. 72,000 annually on preferred partner merchants, you can earn Rs. 3,600 in cashback.
- 1.25% Unlimited Cashback: With spends of Rs. 2,40,000 across other categories, you can earn Rs. 3,000 in unlimited cashback.
- 2 PVR Tickets: On spending more than Rs. 50,000 per quarter, you receive 2 complimentary PVR tickets worth Rs. 250 each, totaling Rs. 2,000.
- Welcome Benefit: On card activation and completing a transaction worth Rs. 500 or more, you receive a Rs. 500 Myntra voucher.
- 1% Fuel Surcharge Waiver: By spending Rs. 15,000 on fuel annually, you save Rs. 150 on fuel surcharges.
- Annual Fee Waiver: If you spend Rs. 2 lakh in the previous anniversary year, the annual fee of Rs. 500 is waived.
- Myntra Insider Program: Enjoy the benefits of the Myntra Insider Program, which includes early access to sales, exclusive discounts, and personalized recommendations. The value of these benefits can vary.
- Domestic Airport Lounge Access: With an approximate value of Rs. 4,800 annually, you can enjoy the comforts of a domestic lounge access four times a year.
- In summary, based on the estimated values mentioned above, you can derive a total value of approximately Rs. 25,150 from the Myntra Kotak Credit Card benefits, making it a highly rewarding credit card for Myntra shoppers.
Myntra Kotak Credit Card Eligibility Criteria
To be eligible for the Myntra Kotak Credit Card, the primary credit cardholder must be between 18 and 65 years of age, and the add-on cardholder must be 18 years or older. Additionally, you need to be a resident of India.
Myntra Kotak Credit Card Fees & Charges
- When it comes to fees and charges, the Myntra Kotak Credit Card has a joining fee of INR 500 and an annual fee of INR 500. However, the annual fee can be waived if you spend INR 2,00,000 or more in the previous year. The interest charges on outstanding balances are 3.7% annually (44.4% annualized). For add-on cards, the fee is INR 299. The minimum amount due (MAD) is 10% of the total outstanding amount.
- For cash withdrawals, fund transfers, and cash advances, there is a charge of a maximum of 2.0% on the advance amount, with a minimum charge of INR 500 per transaction. Late payment charges range from INR 0 to INR 1200, depending on the outstanding balance. There is an over-limit charge of INR 500, and the return fees for auto-debit and cheque bounce are a maximum of 2.0% on the bounced amount, with a minimum charge of INR 450 and INR 500, respectively
- Foreign Currency Mark Up on international transactions is 3.5% plus GST. If you make a cash payment at the bank, there is a fee of INR 100. In case you need a reissued or replacement card, there is a fee of INR 200.
- It is important to note that GST and applicable taxes will be charged as per the rates approved in the Finance Act each year on all interest, fees, and other charges levied on your Myntra Kotak Credit Card.
| Parameters | Fees&Charges |
|---|---|
| Joining Fee: | INR 500/- |
| Annual Fees: | INR 500/- (Condition for waiver of Annual Fees – First Year INR 2,00,000 spends in the previous year) |
| Interest Charges on Outstanding Balances: | 3.7% (Annualized @ 44.4%) |
| Add-On Card Fees | INR 299 |
| Minimum Amount Due (MAD): | 10% of total outstanding amount |
| ATM Cash Withdrawal/Call a Draft/Fund Transfer/Cash Advance per INR 10,000 or part thereof: | Max of 2.0% on advance amount and INR 500 |
| Late Payment Charges (LPC) Due as per last statement: | – INR 0 – INR 100: INR 0.0 – INR 100.01 – INR 500: INR 100.0 – INR 500.01 – INR 1,000: INR 500.0 – INR 1,000.01 – INR 5,000: INR 500.0 – INR 5,000.01 – INR 10,000: INR 600.0 – INR 10,000.01 – INR 25,000: INR 800.0 – INR 25,000.01 – INR 50,000: INR 1000.0 – INR 50,000+: INR 1200.0 |
| Over Limit Charge: | INR 500.0 |
| Auto-debit Return Fees: | Max of 2.0% on bounce amount and INR 450 |
| Cheque Bounce Charges: | Max of 2.0% on bounce amount and INR 500 |
| Foreign Currency Mark Up: | 3.5% + GST |
| Fee for Cash Payment at Bank: | INR 100 |
| Reissue/Replacement Card (per issuance): | INR 200 |
In conclusion, the Myntra Kotak Credit Card offers several valuable benefits for Myntra shoppers and beyond. With an instant discount of 7.5% on Myntra platforms, cashback on preferred partners, unlimited cashback on other categories, complimentary PVR tickets, access to the Myntra Insider Program, domestic lounge access, and more, this credit card provides a rewarding experience.
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