Kotak Mahindra Bank Credit Card Charges

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-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.

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 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:

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

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.

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

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.

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