IndianOil Kotak Credit Card

IndianOil Kotak Bank Credit Card Features and Benefits

As discussed above, the IndianOil Kotak Bank credit card is a co-branded fuel card offering a nice reward rate on fuel as well as other transactions. Let’s know more about the card’s benefits and features in detail –

Welcome Benefits

• You can get a welcome benefit of 1000 Reward Points on spending Rs. 500 or more inside 30 days of getting the card.
• The benefit is only available to those who pay the joining fee for the credit card.

Annual Fee Waiver

You can get the annual fee of the credit card waived off on making spends of Rs. 50,000 or more in the card anniversary year.

Reward Accrual

• Get 4% back as reward points on your fuel spends. You can earn 24 reward points on spending every Rs. 150 on fuel and you can earn a maximum of 1200 reward points per month.
• Get 2% as reward points on dining and grocery spends. You can earn 12 reward points on spending every Rs. 150 on dining and grocery and you can earn a maximum of 800 reward points every month.
• Get 0.5% as reward points on other spends. You will earn 3 reward points on spending every Rs. 150 and there is no maximum monthly capping on this.
• Also, you get 1000 reward points as your welcome benefit.

Reward Redemption

• As a limited period, introductory offer, you can redeem your Reward Points as cashback at the rate of 1 RP = Rs. 0.25. You must have a minimum of 300 reward points for this and can redeem against cashback only in multiple of 300.
• You can redeem your reward points at Rs 0.25 against Kotak’s exclusive catalog at kotakrewards.com. You can purchase merchandise, products, travel and gift vuchers, mobile recharge, etc.
• You can convert your reward points into IndianOil XTRAREWARDS points only in multiples of 300, through Net or Mobile Banking. 300 RPs = 250 XTRAREWARDS points where 1 XTRAREWARD point is worth Rs. 0.30. These points can be used to pay for fuel at IndianOil outlets.

Concierge Services

• You get personal concierge services and assistance for gift delivery, restaurant bookings, flower delivery, car rental, limousine reservation, movie ticket booking, golf reservations, and much more.
• You can call at 1800-26-78729 to avail these concierge services.

Add-on Card

• You can get an add-on card for free that has all the benefits of your primary card.
• You can set the spending limit on the add-on card as you wish.
• You can separately track the spendings on every add-on card.

Insurance Benefits

You get an insurance cover worth Rs. 2 Lakhs for personal accidents

Fuel Surcharge Waiver

You get a 1% fuel surcharge waiver on fuel transactions between Rs. 100 and Rs. 5000 with a maximum benefit of Rs. 100 every month.

Contactless Payment

With Rupay Contactless technology you can make transactions of up to Rs. 5000 with your credit card without entering your PIN.

IndianOil Kotak Bank Credit Card Fees and Charges

Here are the several fees and charges associated with the IndianOil Kotak Bank credit card –
• The joining and renewal fee of the credit card is Rs. 449 plus taxes which can be waived off on spending Rs. 50,000 or more in the previous year.
• The interest rate charged by the card is 3.5% per month and 42% per annum.
• The foreign currency markup fee on this credit card is 3.5%.
• There are no charges for getting an add-on card but you have to pay Rs. 100 for a replacement card.
• The cash advance charges are Rs. 300 on every Rs. 10,000 withdrawn with the credit card.

IndianOil Kotak Bank Credit Card Eligibility Criteria

You have to pass certain eligibility requirements in order to get approved for the credit card –
• Individual must be a resident of India.
• Individual must be between 18 years to 65 years of age.
• Individuals must have a stable source of income and other necessary documents.

Documents Required

You have to submit your ID, address, and income proof when applying for the credit card. Here is a list of important documents that are required –
• ID Proof – Aadhar card, PAN Card, Passport, VOTER ID, Driving License, etc.
• Address Proof – Aadhar Card, Electricity/Water Bills, Ration Card, Passport, Rent Agreement, etc.
• Income Proof – Latest salary slips, Form 16, latest bank statements, audited ITR

Comparison with Other Co-Branded Fuel Credit Cards

• Let’s compare the IndianOil Kotak Bank credit card with two similar co-branded fuel cards – IndianOil HDFC and IndianOil Axis Bank Credit Card.

Conclusion

For those who love to travel with their vehicle and refuel it regularly, the IndianOil Kotak Bank credit card is a great choice. You get a nice welcome benefit and accelerated reward points on fuel spends at IndianOil outlets. The reward points can be redeemed as cashback, on Kotak Rewards, or converted to IndianOil XTRAREWARDS points.

The card even offers insurance cover and concierge services to the cardholder. The maximum capping on reward points is a downside but still the card has many positive points that outweigh this. You should surely consider applying for the IndianOil Kotak Bank Credit Card if you are new to credit and want a fuel-based card. You have a chance to earn 60 litres of free fuel every year with the card.