Kotak Myntra Credit Card vs Cashback SBI Credit Card

When it comes to cashback credit cards in the country, the Cashback SBI credit card is one of the first options that pop up. At a joining fee of Rs. 999 plus taxes, the card offers cashback on almost all transactions made by the cardholder. Recently, some of the features of this card have been withdrawn, but it still offers 5% cashback on online and 1% cashback on offline spends. Cashback is credited automatically, and you even get a spend-based renewal fee waiver.

Kotak Mahindra recently joined forces with Myntra to launch the co-branded Kotak Myntra credit card. The card has a nominal fee of Rs. 500 and is perfect for loyal Myntra shoppers. As a welcome benefit, the cardholder gets a complimentary Myntra Insider membership and a Rs. 500 worth of Myntra voucher. Moreover, you can get an instant 7.5% discount on Myntra spends, and up to 5% cashback on other partner brands. Even with this card, you don’t have to worry about any reward points, as cashback is automatically credited to the cardholder.

Keep on reading the article for a detailed comparison between the two credit cards and what they have to offer.

 

Kotak Myntra Credit Card

Myntra is one of the top online shopping companies in India, and the co-branded Kotak Myntra Credit Card is great for people, especially youngsters, who regularly shop on the Myntra app or website. The card charges an affordable joining fee of Rs. 500 plus taxes that can be waived on spending Rs. 2 Lakhs in the previous year. The card offers some nice welcome benefits to the cardholder, along with an exclusive discount on Myntra as well as partner brand spends.

The following are the features and benefits associated with the Kotak Myntra credit card –

Welcome Benefit

• Rs. 500 worth of Myntra gift voucher on making a successful transaction of Rs. 500 or more within one month of getting the card.
• Complimentary Myntra Insider program membership to which the cardholder is onboarded within 7 days. You become a Select Member and get access to privileges like early access to sales, exclusive savings, Supercoins, free shipping, and more.

Instant Discount on Myntra

You can get an instant 7.5% discount on spends at the Myntra website or mobile app, with a maximum discount of Rs. 750 per transaction.

Cashback on Partner Brands

Get up to 5% cashback on partner brands like Cleartrip, Urban Company, Swiggy, and PVR, with the cashback capped at Rs. 1000 per month.

Cashback on Other Spends

You get an unlimited 1.25% cashback on spends elsewhere at offline and online merchants. Wallet reloads, fuel spends, EMI spends, rent, etc., are not eligible for cashback. Also, credit card UPI transactions earn cashback only on spends above Rs. 2000

Complimentary Domestic Lounge Access

Complimentary domestic lounge access per quarter with privileges like gourmet meals, comfortable seating, magazines and newspapers, widescreen TVs, free WiFi, and more.

Milestone Benefit

Get 2 complimentary movie tickets from PVR worth Rs. 250 each on spending Rs. 50,000 or above in the calendar quarter.

UPI Enabled

Easily make payments with UPI by linking the Myntra Kotak Credit Card to the application of your choice. 

Fees and Charges

The following are the fees and charges associated with the Kotak Myntra credit card –

• The card charges a joining fee of Rs. 500 plus taxes that can be waived on spending Rs. 2 Lakhs or more in the year.
• The card charges an interest rate of 3.7% per month and 44.4% per annum
• The card charges a forex markup fee of 3.5% of the transaction amount
• The card charges a cash advance fee of 2% of the amount or Rs. 500 per Rs. 10,000 withdrawn

Cashback SBI Credit Card

Available at a joining fee of Rs. 999 plus taxes, the Cashback SBI credit card offers the cardholders cashback for almost all spends made with the card. There are no travel or other lifestyle benefits with the card, and it exclusively focuses on cashback. The cashback is automatically credited to the cardholder, and you can get 5% cashback on online and 1% on offline spends. Earlier, the card offered complimentary lounge access, but it has been discontinued now.

The following are the features and benefits associated with the Cashback SBI credit card –

Cashback Rate

• The credit card has a decent cashback rate for both online and offline spends made with the card.
• Get 5% cashback on online transactions and 1% cashback on offline transactions made with the card. The cashback is capped at Rs. 5000 per month, and transactions less than Rs. 100 don’t earn cashback. Educational spends, jewellery, gift cards, utilities, and railways spends don’t earn cashback.
• The cashback is credited automatically within 2 days of the following statement generation date of the card.

Add-On Cards

The cardholder can get up to 2 add-on credit cards free of cost for a lifetime for his family members.

Contactless Payment

The cardholders can make contactless payments with the credit card for transactions below Rs. 5000.

Fees and Charges

The following are the fees and charges associated with the Cashback SBI credit card –

• The card charges a joining fee of Rs. 999 plus taxes that can be waived off on spending Rs. 2 Lakhs in the previous year
• The card charges an interest rate of 3.5% per month or 42% per annum
• The card charges a forex markup fee of 3.5% of the transaction amount
• The card charges a cash advance fee of 2.5% of the amount or a minimum of Rs. 500

Kotak Myntra Credit Card vs Cashback SBI Credit Card – Quick Comparison

The following table features a side-by-side comparison of both the credit cards –

Category	Kotak Myntra Credit Card	Cashback SBI Credit Card
Joining/Annual Fees	Rs. 500 + GST	Rs. 999 + GST
Welcome Benefits	Rs. 500 worth Myntra voucher on making an Rs. 500 or above transaction within 30 days of getting the card	N/A
Reward Earning	7.5% discount on Myntra, 5% cashback on partner brands, and 1.25% cashback elsewhere	5% cashback on online and 1% on offline spends
Reward Redemption	Cashback is credited automatically to the cardholder’s account	Cashback is auto-credited within 2 days of the card statement generation date
Movie and Dining Benefits	5% cashback on Swiggy spends 2 complimentary PVR movie tickets as milestone benefit	N/A
Travel Benefits	1 complimentary lounge access per quarter	NA
Renewal Fee Waiver	The renewal fee is waived on spending Rs. 2 Lakhs in the previous year	The renewal fee is waived on spending Rs. 2 Lakhs in the previous year

Bottom Line

Both the Cashback SBI credit card and the Kotak Myntra credit card are among the best cashback cards in India. The Cashback SBI is slightly expensive as it charges a joining fee of Rs. 999 plus taxes and offers up to 5% cashback on online spends. There are no other major benefits and privileges apart from the cashback.

On the other hand, the Kotak Myntra card is available at a joining fee of Rs. 500 plus taxes and offers an instant 7.5% discount on Myntra spends, 5% cashback on partner brand spends, and 1.25% cashback on spends elsewhere. The card also offers various other benefits like complimentary lounge access, movie tickets, Myntra Insider membership, and more.

We recommend you go for the Kotak Myntra credit card out of the two, as it costs less and offers many more benefits than the Cashback SBI credit card. Apart from the 5% cashback on online spends and 1% on offline spends, the Cashback SBI card only offers a little else. However, the Kotak Myntra credit card has key features like lounge access, Myntra gift vouchers, movie tickets, etc.