Latest news with #WhiteReserve
Time of India
28-05-2025
- Automotive
- Time of India
Kotak Mahindra Bank to levy new 1% fee on high fuel spends from June 1; check if your credit card is affected
This new fee policy aims to regulate excessive fuel-related usage on credit cards, especially for premium or rewards-based cards. Tired of too many ads? Remove Ads Which Kotak cards are exempt from this fee Tired of too many ads? Remove Ads New threshold for fuel surcharge waiver Product Existing threshold for fuel surcharge waiver Revised threshold for fuel surcharge waiver Kotak Solitaire Credit Card Fuel transaction between ₹400 to ₹7,500 Maximum Waiver in an anniversary year is ₹10,000 Fuel transaction between ₹400 to ₹7,500 Maximum Waiver in an anniversary year is ₹10,000 White Reserve, Kotak Infinite Fuel transaction between ₹400 to ₹4,000 Maximum Waiver in an anniversary year is ₹4,500 Fuel transaction between ₹400 to ₹7,500 Maximum Waiver in an anniversary year is ₹4,500 White Credit Car Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500 Fuel transaction between ₹400 to ₹7,500 Maximum Waiver in an anniversary year is ₹4,500 Privy League Signature (free variant) Fuel transaction between ₹400 to ₹4,000 Maximum Waiver in an anniversary year is ₹4,500 Fuel transaction between ₹400 to ₹7,500 Maximum Waiver in an anniversary year is ₹4,500 Privy League Signature (paid variant) Fuel transaction between ₹400 - ₹4,000. Max Waiver: ₹300 in a calendar month Fuel transaction between ₹400 to ₹7,500 Max Waiver: ₹300 in a calendar month Mojo Platinum, Zen Signature, Royale Kotak Signature, NRI Royale Signature, Kotak Signature Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500 Fuel transaction between ₹500 to ₹5,000 Maximum Waiver in an anniversary year is ₹3,500 League Platinum,811 #Dream Different, Kotak 811 Credit Card Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500 Fuel transaction between ₹500 to ₹4,000 Maximum Waiver in an anniversary year is ₹3,500 Indian Oil Kotak Credit Card Fuel transaction between ₹100 - ₹5,000 only at IOCL fuel pumps Max Waiver: ₹100 per statement cycle Fuel transaction between ₹100 - ₹5,000 only at IOCL fuel pumps Max Waiver: ₹100 per statement cycle Delight Platinum Fuel transaction between ₹400 to ₹4,000 Maximum Waiver in an anniversary year is ₹4,500 Fuel transaction between ₹400 to ₹4,000 Maximum Waiver in an anniversary year is ₹4,500 Kotak BIZ Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹2,500 Fuel transaction between ₹500 to ₹5,000 Maximum Waiver in an anniversary year is ₹2,500 Myntra Kotak Credit Card Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500 Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500 Veer Platinum, Veer Select, Fortune Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500 Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500 Starting June 1, 2025, private sector lender Kotak Mahindra Bank will impose a 1% fee on fuel transactions once a cardholder exceeds the cumulative fuel spending threshold within a statement cycle. However, this new fee policy applied to select Kotak credit cards-with varying limits based on card type. Fuel spending is a significant part of monthly expenses for many consumers. This new fee policy aims to regulate excessive fuel-related usage on credit cards, especially for premium or rewards-based new fee for fuel transactions is not applicable to White Reserve Credit Cards, Kotak Solitaire, Kotak Infinite, Kotak Signature, IndianOil Kotak Credit Cards , or Myntra Kotak Credit others, the 1% fee kicks in when the cumulative monthly fuel expenses cross:The 1% fuel fee will apply if fuel spending crosses defined limits within a billing cycle. For White Signature, Privy League Signature, and Kotak IndiGo 6E XL Rewards Credit Cards, the threshold is Rs 50, cards like Mojo Platinum, Zen Signature, Royale Kotak Signature, PVR INOX, 6E Rewards IndiGo Kotak Credit Card, Kotak BIZ, and NRI Royale Signature, the threshold is Rs 35, fuel surcharge waiver criteria have been revised for multiple products from June 1, Kotak Mahindra Bank
Time of India
13-05-2025
- Business
- Time of India
Kotak revises transaction fees on these credit cards: Check latest fee on Utility, Wallet Loads, and more from June 1, 2025
Kotak Mahindra Bank has announced significant updates to its credit card charges, effective from June 1, 2025. These changes include revised fees for standing instruction failures, dynamic currency conversion, utility spends, education payments, wallet loading, online skill-based gaming, fuel transactions, and a new method for calculating the Minimum Amount Due (MAD). Standing Instruction Failure Standing Instruction Failure / Auto-debit return fee (includes NACH, ECS, Auto Debit): a Standing Instruction Failure or Auto-debit return—whether through NACH, ECS, or Auto Debit—will attract a fee of 2.0% on the bounced amount, with a minimum charge of Rs 450. The maximum fee applicable for such failures has been capped at Rs 5,000. Also read: Bank of Baroda, Kotak Mahindra Bank revise FD interest rates: Check latest rates in May 2025 Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Ads By Google Ad will close in 19 Skip Ad by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Chuck Norris: If You're Over 60, Avoid These 3 Foods Like The Plague Roundhouse Provisions Learn More Undo Minimum Amount Due (MAD) The MAD will be calculated as 1% of all purchase transactions and cash advances, plus 100% of any EMIs, finance charges, applicable fees, and taxes. This amount will be subject to a minimum of Rs 100, or up to the Total Amount Due (TAD), whichever is lower. The MAD will be displayed in the summary section of your monthly statement. Dynamic Currency Conversion (DCC) fee A DCC fee of 3.5% will apply to all Kotak credit cards, except for select variants. The fee is reduced to 2% for Privy League Signature (Paid Variant), White Reserve, and Kotak Infinite cards. It is completely waived for Kotak Solitaire Credit Card. The DCC fee applies to all transactions conducted in Indian currency at international locations or with merchants registered overseas but located in India. Free unlimited airport lounge access, 1:1 Air India air miles conversion, and more on Kotak Mahindra Bank Solitaire credit card Live Events Fee on Utility Spends A fee of 1% will be charged on cumulative utility spends that exceed the defined threshold per statement cycle. This fee is not applicable to the following credit cards: White Reserve, Kotak Solitaire, Kotak Infinite, Kotak Signature, and Myntra Kotak Credit Card. Fee on Education Payment A 1% transaction fee will be applicable on all education payments made through third-party applications. This fee will not apply to White Reserve, Kotak Solitaire, Kotak Infinite, Kotak Signature, and Myntra Kotak Credit Cards. Fee on Wallet Loading A 1% fee will be charged on cumulative wallet loading (adding money from credit card to wallet) transactions exceeding Rs 10,000 per statement cycle. This fee is not applicable to White Reserve, Kotak Solitaire, Kotak Infinite, Kotak Signature, and Myntra Kotak Credit Cards. Fee on Online Skill-Based Gaming A 1% fee will be levied on cumulative online skill-based gaming transactions exceeding Rs 10,000 per statement cycle. This fee is not applicable to White Reserve, Kotak Solitaire, Kotak Infinite, Kotak Signature, and Myntra Kotak Credit Cards. Fee on Fuel Transactions A 1% fee will be applicable on cumulative fuel spends exceeding the specified threshold per statement cycle. This fee will not apply to White Reserve, Kotak Solitaire, Kotak Infinite, Kotak Signature, IndianOil Kotak Credit Card, and Myntra Kotak Credit Card.
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Business Standard
08-05-2025
- Business
- Business Standard
Kotak Mahindra credit cards: Changes rates, fees, rewards announced
Kotak Mahindra Bank has issued a Revised Cardholder Agreement, effective June 1, detailing adjustments to interest rates, fees, minimum‐due calculations and rewards programmes. According to the bank's website, the changes will align card terms with customer usage trends and regulatory guidelines. Interest rate Revision According to the revised agreement, the monthly finance charge on most credit cards will increase from 3.50 per cent (42 per cent per annum) to 3.75 per cent (45 per cent) with effect from June 1, 2025. Premium products such as White Reserve and Kotak Solitaire Credit Card remain unchanged at their existing rates. New fees and penalties Standing‐Instruction Failure/Auto‐debit Return: 2 per cent of the bounced amount (minimum Rs 450, maximum Rs 5,000). Dynamic Currency Conversion: 2 per cent on select premium cards (Privy League Signature, Infinite, White Reserve); 3.5 per cent on other cards; waived for Solitaire cards. Category‐Based Transaction Fee: 1 per cent on cumulative spends in utilities, education payments, wallet reloads, online skill‐based gaming and fuel per statement cycle; exemptions for Infinite, White Reserve, Solitaire and Signature variants. Minimum Amount Due (MAD) Calculation From June 1, MAD will be computed as: 1 per cent of total purchase transactions + 1 per cent of cash advances + 100 per cent of EMI, finance charges, fees and tax, subject to a minimum of Rs 100. Rewards earning and redemption changes Effective June 1, the bank will restrict reward points accrual on spends in utilities, education and insurance payments, wallet top-ups, rent, government services and online gaming. Redemption values will also be revised: Points on paid Royale, League and Urbane cards will convert at 7 paise, down from 10 paise, per point, with a 2,000-point minimum. Kotak 811 Credit Card points will convert at 10 paise, down from 25 paise, with the same minimum. What cardholders should do Review statements: Compare current charges against the revised schedule. Plan Payments: To minimise higher finance costs, settle outstanding balances before the due date.
Mint
07-05-2025
- Business
- Mint
Kotak Bank announces changes to credit cards effective 1st June 2025. Details here
Banks keep reviewing their credit card features and benefits from time to time. Kotak Bank has announced a number of changes to its credit cards. The changes will be effective 1st June 2025. In this article, we will understand all the details of these changes. The interest charges on most credit cards have been increased from 3.50% to 3.75% per month. It translates into an increase from 42.00% to 45.00% per annum. The interest rate on some credit cards like White Reserve (3.50% per month) and Myntra Kotak Credit Card (3.70% per month) has been left unchanged. It is recommended that a credit cardholder must always pay the monthly bill before or by the due date to avoid the hefty interest charges. If the standing instruction fails or the auto-debit (includes NACH and ECS) is returned, a fee of 2% of the bounce amount is applicable. The minimum fee is Rs. 450. From 1st June, the maximum fee applicable will be Rs. 5,000. From 1st June, the dynamic currency conversion fee will be 2% for Privy League Signature (paid version), White Reserve, and Kotak Infinite credit cards. The dynamic currency conversion fee will be 3.50% for all other credit cards. From 1st June, there will be restrictions on rewards accrual on transactions in specified categories. The specified categories include education payments, utilities, wallet load, fuel, rent, Government institutions, insurance, and online skill-based gaming. The restrictions will differ from card to card. For some cards, the cumulative spends on each specified category will earn rewards only up to a specified amount in a statement cycle. For some cards, the spends in specified categories will not earn any rewards. For example, for the Privy League Signature Credit Card, there will be no rewards for transactions on fuel and rent. For other categories, the rewards will accrue for cumulative spends up to a specified limit in a statement cycle. For rewards accrual, the cumulative spend limit in a statement cycle for various categories is as follows: Utilities (Rs. 75,000), education (Rs. 1,00,000), wallet load (Rs. 10,000), Government institutions (Rs. 75,000), insurance (Rs. 1,00,000), online skill-based gaming (Rs. 15,000). For the Kotak 811 Credit Card, the rewards will accrue on utilities for cumulative spends of up to Rs. 35,000 in a statement cycle. There will be no rewards on the other categories specified above. For details of reward accrual restrictions on other credit cards, refer to the Kotak Bank website. The cashback redemption value of points has been revised downwards. For example, the current cashback redemption value of an Indian Oil Kotak Credit Card reward point is Rs. 0.25 per point. From 1st June, the cashback redemption value will be revised down to Rs. 0.20 per point. Similarly, for the Kotak Infinite Credit Card, the cashback redemption value has been revised down from Rs. 1 per point to Rs. 0.70 per point. To check the revision in redemption value of reward points for other credit cards, refer to the Kotak Bank website. From 1st June, the spends in the following categories will not be considered for calculating milestone benefits: utility, education, wallet load, fuel, rent, government, insurance, and online skill-based gaming. For PVR co-branded credit cards, Kotak Bank awards PVR tickets to the cardholder on achieving specified spends within a specified time. From 1st June, spends on the following categories will not be considered while calculating spends for awarding movie tickets: For PVR Kotak Gold and PVR Kotak Platinum Credit Cards: Spends on utility, education, wallet loads, rent payments, and online gaming. For PVR INOX Kotak Credit Cards: Spends on rent payments, wallet loads, and online gaming. A 1% transaction fee will be applicable on all education payments made through third-party apps. It implies that if the payment is made directly to the education provider using their website or POS, the 1% fee will not apply. There will be a 1% fee on cumulative wallet loading spends exceeding Rs. 10,000 per statement cycle. The cumulative online skill-based gaming spends exceeding Rs. 10,000 per statement cycle will attract a 1% fee. The above fee on education payments, wallet loading and online skill-based gaming spends will not apply to White Reserve, Kotak Infinite, Kotak Signature, and Myntra Kotak credit cards. A 1% fee will be on cumulative utility spending exceeding a threshold per statement cycle. The threshold will differ from card to card. For example, for the PVR Gold Credit Card, the fee will apply when the cumulative utility spends exceed Rs. 35,000 in a statement cycle. Similarly, for the Royale Kotak Signature Credit Card, the threshold is Rs. 50,000 per statement cycle, and for the White Signature Credit Card, the threshold is Rs. 75,000 per statement cycle. The above fee will not apply to White Reserve, Kotak Infinite, Kotak Signature, and Myntra Kotak credit cards. The threshold for the fuel surcharge waiver has been revised for various credit cards. For example, earlier, for the Royale Kotak Signature, the fuel surcharge waiver applied for fuel transactions between Rs. 500 and Rs. 3,000. From 1st June, the fuel surcharge waiver will apply for fuel transactions between Rs. 500 to Rs. 5,000. The maximum waiver applicable in a card anniversary year is Rs. 3,500. Similarly, the fuel surcharge waiver threshold has been revised for other credit cards. For details, refer to the Kotak Bank website. A 1% fee will be on cumulative fuel spending exceeding a threshold per statement cycle. The threshold will differ from card to card. For example, for the PVR Gold Credit Card, the fee will apply when the cumulative fuel spends exceed Rs. 25,000 in a statement cycle. Similarly, for the Royale Kotak Signature Credit Card, the threshold is Rs. 35,000 per statement cycle, and for the White Signature Credit Card, the threshold is Rs. 50,000 per statement cycle. The above fee will not apply to White Reserve, IndianOil Kotak Credit Card, Kotak Infinite, Kotak Signature, and Myntra Kotak credit cards. As mentioned earlier, banks keep revising their credit card program features and benefits from time to time. The restrictions on earning rewards, the exclusion for calculation of milestones, and the introduction of a 1% fee for spends in specified categories are steps that most banks have taken. Kotak Bank has also joined other banks in taking this step. It has been done to make the rewards program sustainable so that the bank can continue offering it in a profitable manner on a long-term basis. The measures will also stop some bad actors from exploiting the rewards program. Depending on your Kotak Bank credit card and the changes applicable to it, you need to reevaluate the value proposition to decide whether you should continue using it. Gopal Gidwani is a freelance personal finance content writer with 15+ years of experience. He can be reached at LinkedIn.
