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Kotak Mahindra Bank Credit Card Charges

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Kotak Mahindra Bank Credit Cards come with a wide range of benefits, including reward points, discounts, lounge access, complimentary memberships and many more. You can avail these benefits by paying some fees depending on the card type that you choose. Read on to know more about Kotak credit card charges, like interest rate, annual fee, cash withdrawal fee, late payment charges and much more.

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Updated: 11-11-2024 10:50:28 AM

You can choose any of the Kotak credit cards as per your spending habits and repayment capacity. These cards come with special offers and deals for your travelling, shopping, dining and other such needs. But, you can only get the card services and utilise these features after paying certain fees and charges. The basic charges and penalties incurred based on how you use your chosen credit card are discussed below.

Kotak Credit Card Charges
Interest Rate/ Finance Charges Cash Withdrawal Charges Annual Fee
Forex Charges Balance Transfer Over Limit Fee
Late Payment Charges
Kotak Credit Card Interest Rate
How is Kotak Credit Card Interest Rate Calculated?
Kotak Credit Card Cash Withdrawal Charges
Kotak Credit Card Annual Fee/Renewal Fee
Kotak Credit Card Forex Charges
Kotak Credit Card Balance Transfer
Kotak Credit Card Over Limit Fee
Standard Chartered Credit Card Late Payment Charges
Other Kotak Credit Card Charges

Kotak Credit Card Interest Rate

Kotak Mahindra Bank charges an interest rate on the outstanding bill amount after the payment due date as well as on any credit card cash advances from the date of withdrawal. Also called the finance charge, this interest rate is, however, not applicable from the date of transaction on on the cash withdrawals made using the Kotak Fortune Gold and 811 #DreamDifferent credit cards. Although the interest rates may sometimes vary depending on your credit profile, given below is the basic rate charged on the Kotak credit cards.

Kotak Bank Credit Card Interest Rate/ Finance Charges
Kotak Privy League Signature Credit Card 2.49% p.m. or 29.88% p.a.
Kotak White Signature Credit Card
Kotak NRI Royale Signature Credit Card
Kotak Signature Credit Card
Kotak Infinite Credit Card		 3.10% p.m. or 37.20% p.a.
Other Kotak Credit Cards 3.50% p.m. or 42% p.a.

Kotak Bank Credit Card Interest-Free Period

The credit card users are not charged with any interest on the total amount due until the payment due date. Kotak Mahindra Bank generally gives a period of 18 to 21 days within which you can pay the bill after the credit card statement date. Hence, the total Kotak credit card interest-free period can vary from 18 to 48 days or 21 to 51 days as per your assigned payment due date.

For instance, if your statement for the period 11th June to 10th July has the payment due date of 28th July then the interest-free period for the purchase that you might have made on 12th June would be 48 days. While the same would be 27 days for the purchase made on 2nd July. But, no such grace period would be offered if you have not paid the previous month’s balance amount before its due date.

How is Kotak Credit Card Interest Rate Calculated?

To better understand how Kotak credit card interest rate is calculated, let us take the example of a Kotak credit card which charges an interest rate of 3.50% p.m. or 42.00% p.a.

Particulars of the Credit Card
Credit Card Interest Rate 3.50% p.m. / 42.00% p.a.
Transaction date 1st July
Total Amount Due Rs. 10,000
Minimum Amount Due (5% of total Outstanding) Rs. 500
Statement Date 6th July
Amount Due Date 26th July
Next Statement Date 6th August

If the cardholder does not pay at least the Minimum Amount Due- Rs. 500 by 26th July then they will have to pay both the late payment fee and Kotak credit card interest rate. Besides, cardholders run the risk of getting their credit card privileges blocked.

If the cardholder pays more than the Minimum Amount Due, say 50% of the total outstanding amount, on 21st July and doesn’t make any other purchases using the card till the next statement generation date then the interest accrued will be –

Interest Accrued – Sum of Interest accumulated on the full outstanding amount from date of transaction till the partial payment date. And, Interest accrued on unpaid amount from the day after date of partial payment till the next statement generation date.

Interest from date of transaction to partial payment date: [21(Number of days from date of transaction to partial payment date)*10,000 (Full amount) x 42.00% (Interest Rate per annum)] ÷ 365 (Days in a year) = Rs. 241.64

Interest from partial payment date to statement generation date: [15(Days between partial payment date to the day before statement generation date) x 5,000(Remaining amount) x 42.00% (Interest rate per annum)] ÷ 365 (Days in a year) = Rs. 86.30

Total Interest Amount that needs to be paid = Rs. 327.94 [as 241.64 + 86.30]

Kotak Credit Card Cash Withdrawal Charges

Kotak Bank credit card cash withdrawals via any ATM accrue an additional processing fee. This fee is charged according to the card variant as described below:

  • Rs. 199 on Kotak Fortune Gold Credit Card
  • Rs. 300 on all other Kotak Bank Credit Cards

Apart from the above-mentioned one-time fee charged on cash withdrawals, the interest rate as per the credit card variant is also applicable on the cash amount from the date of withdrawal.

Kotak Credit Card Annual Fee/Renewal Fee

Kotak Mahindra Bank offers a variety of credit cards ranging from entry-level to premium level. An annual card fee is charged on these cards which has to be paid to continue your card service. However, the bank also provides an opportunity to waive off this annual card fee on reaching certain spending milestones as shown in the table below:

Kotak Credit Card Annual Fee Annual Fee Waiver
Kotak League Platinum Credit Card Rs. 499 On retail spends of min. Rs. 50,000 in a year
Kotak PVR Platinum Credit Card Rs. 999 NA
Kotak 811 Credit Card Rs. 500 On retail spends of min. Rs. 50,000 in a year
Kotak Urbane Credit Card Rs. 199 On retail spends of min. Rs. 15,000 in the year
Kotak Royale Signature Credit Card Rs. 999 On retail spends of min. Rs. 1 lakh in a year
Kotak Mojo Credit Card Rs. 1,000 On retail spends of min. Rs. 1 lakh in a year
Kotak Zen Credit Card Rs. 1,500 On retail spends of min. Rs. 1.5 lakh in a year

Kotak Credit Card Forex Charges

A foreign currency exchange mark-up fee is charged on making any international transaction using Kotak Mahindra credit cards. Also known as the forex mark-up, this processing fee is charged on both online as well as offline payments made to any merchant who is registered outside India, along with any foreign ATM withdrawal. The foreign transaction mark-up charged by Kotak Mahindra Bank on credit cards is given below:

  • 2% + taxes on Kotak White Reserve, Privy League Signature (paid variant) and Kotak Infinite Credit Cards
  • 3.50% + taxes on other Kotak Mahindra Credit Cards

Kotak Credit Card Balance Transfer

Through balance transfer, the credit cardholders can transfer their outstanding credit dues from other accounts to their Kotak credit card account. This facility can be availed for a time period of 90 days or even on EMI basis. The amount for balance transfer must be between Rs. 2,500 and 75% of the credit limit.

A balance transfer processing fee of Rs. 349 + taxes per Rs. 10,000 is charged. Apart from this one-time fee, an interest rate of 0% per month is charged for the first 90 days promotion period of balance transfer. Post this period, an interest, as decided by the bank, is levied as per the daily balance method.

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Kotak Credit Card Over Limit Fee

Whenever you exceed your credit limit on your credit card, the bank charges you with an overlimit fee. This fee is charged even if your outstanding balance is higher than the credit limit due to any fees or charges that may be levied to your credit card account. The following Kotak credit card over limit fees are charged as per your card variant:

  • Nil for Kotak 811 #DreamDifferent credit cardholders
  • Rs. 500 for all other Kotak bank credit cards

Standard Chartered Credit Card Late Payment Charges

If the cardholders do not pay even the minimum due amount of their credit card bills, then apart from the interest rate, Kotak bank also charges a late payment fee based on the credit card outstanding amount.

Total Outstanding Amount Late Payment Charges
From Rs. 100 to Rs. 500 Rs. 100
From Rs. 500.01 to Rs. 10,000 Rs. 500
More Than Rs. 10,000 Rs. 700

Note: For Kotak 811 #DreamDifferent credit cardholders, a late payment fee of Rs. 250 is going to be charged on any due amount greater than zero.

Other Kotak Credit Card Charges

Fee Type Charged Amount
Returned Cheque Charges Rs. 500 (as per Applicable Rate)
Minimum Amount Due (MAD) 5% or 10% of Total Amount Due (TAD) as decided by the bank or as shown in the statement
Cash Payment Charges Rs. 100
Card Replacement Fees (Lost or Damaged) Rs. 100 per card
Image Card Fee Rs. 99 per image card
My Team Image Card Fee Rs. 599 per image card
Rent Payment Fee 1% + GST (not applicable on Kotak White & White Reserve credit cards)

Note: Refer to the official bank website to verify the latest credit card fees and charges.

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