Kotak Mahindra Bank has just launched a new credit card- Kotak 811 Credit Card. It is an entry-level credit card and comes with an annual fee of Rs. 500 (plus GST). The card is very much similar to Kotak 811 #DreamDifferent Credit Card– which is a secured credit card- in terms of the benefits and rewards that it offers.

Kotak 811 Credit Card

Kotak 811 Credit Card is a Reward Points based card and earns Reward Points on all spends made with the card. The card offers a reward rate of 0.5% on online spends and 0.25% on offline transactions. Unlike Kotak 811 #DreamDifferent Card which is issued against a term deposit, Kotak 811 Credit Card is an unsecured credit card.

Kotak 811 Credit Card Features & Benefits

Welcome Benefit

You get 500 Bonus Reward Points as a welcome benefit on spending a minimum of Rs. 5,000 within 45 days of card issuance.

Milestone Benefit

The card entitles you to 4 PVR tickets or a cashback of Rs. 750 on spending a minimum of Rs. 75,000 with the card in the preceding membership year.

Fuel Surcharge Waiver

1% fuel surcharge is waived off at all filling stations across India on fuel purchases between Rs. 500 and Rs. 3,000, subject to a maximum waiver of Rs. 3,500 in a calendar year.

Railway Surcharge Waiver

1.8% railway surcharge is waived off on rail ticket bookings made online via IRCTC and 2.5% rail surcharge is waived off on rail ticket bookings offline at station counters.

Lost Card Protection

You get a complimentary insurance cover worth Rs. 50,000 against the loss of card applicable from 7 days prior to reporting the loss of card to the bank.

Annual Fee Waiver

The annual membership fee of Rs. 500 is waived off on a minimum annual expenditure of Rs. 50,000 with the card in the preceding membership year.

Kotak 811 Credit Card Rewards

You earn 2 Reward Points per Rs. 100 on online spends made with Kotak 811 Credit Card and 1 Reward Point per Rs. 100 on offline transactions made with the card (with the exception of fuel purchases, on which no Reward Points are earned).

The monetary value of 1 Reward Point is Rs. 0.25, therefore the reward rate of Kotak 811 Credit Card is 0.5% on online spends and 0.25% on offline transactions.

Kotak 811 Credit Card Fees and Charges

Annual Fee

Kotak Mahindra Bank charges Rs. 500 (exclusive of GST) per annum as the annual membership fee for Kotak 811 Credit Card.

Interest Rate

In case you are unable to clear all your dues by the payment due date, an interest rate of 3.5% per month (or 42% annually) is applicable on the due amount.

ATM Cash Withdrawal

A cash withdrawal fee of Rs. 300 is charged per Rs. 10,000 withdrawn with the card from ATMs.

Foreign Currency Mark-Up

A foreign currency mark-up fee of 3.5% of the transaction amount is applicable on all foreign currency transactions made with Kotak 811 Credit Card.

Difference between Kotak 811 Credit Card and Kotak 811 #DreamDifferent Credit Card

Kotak 811 Credit Card and Kotak 811 #DreamDifferent Credit Card have the same features and offer the same benefits and rewards. The cards differ only in two aspects-

  • Secured/Unsecured Credit Card: Kotak 811 #DreamDifferent Credit Card is a secured credit card- that is, the card is issued against a term deposit (fixed deposit)- a TD of minimum Rs. 10,000 is required. The credit limit of the card is also determined by the amount of the term deposit- you can get a credit limit of up to 90% of the term deposit amount (max credit limit allowed is Rs. 16 lacs). Since it is a secured credit card, there are no income-based eligibility criteria for Kotak 811 #DreamDifferent Credit Card.
    See Also: Understanding Secured Credit Cards
  • Annual Fee: Kotak 811 #DreamDifferent Credit Card is a lifetime free (LTF) credit card- no membership fee applicable, while Kotak 811 Credit Card comes with an annual membership fee of Rs. 500 (plus taxes), which is waived off on an annual expenditure of Rs. 50,000 with the card.
    Also Read: Best Lifetime Free Credit Cards in India

Bottom Line

Both Kotak 811 Credit Card and Kotak 811 #DreamDifferent Credit Card are entry-level cards by Kotak Mahindra Bank. Since Kotak 811 #DreamDifferent Card is a secured credit card, it can be a good choice for students or individuals with a poor credit score, while new to credit working professionals can go for Kotak 811 Credit Card as it is also an entry-level credit card and does not have strict eligibility criteria.

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