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Federal BankKotak 811 Credit Card is an entry-level card recently launched by Kotak Mahindra Bank. This is a secured card issued against a Fixed Deposit. Kotak 811 Credit Card comes with a membership fee of Rs. 500 per annum, which is waived on an annual expenditure of a minimum of Rs. 50,000. The card offers a reward rate of 0.5% on online spends and 0.25% on offline transactions made with the card.
Apart from the reward rate, you are also entitled to a milestone benefit of Rs. 750 cashback on spending a minimum of Rs. 75,000 with the card in the preceding membership year. Other than this, the card has several other advantages, including insurance benefits, fuel surcharge waiver, etc. Read on to learn more about this entry-level offering by Kotak Bank.
Kotak 811 Credit Card
Fees
Joining Fee
Renewal Fee
Best Suited For
Shopping |
Reward Type
Reward Points
Welcome Benefits
Movie & Dining
Option to get 4 PVR tickets on spending Rs. 75,000 in a year.
Rewards Rate
1 Reward Point per Rs. 100 on offline spends and 2 Reward Points per Rs. 100 on online spends.
Reward Redemption
Reward Points redeemable for mobile recharges, shopping vouchers, gift cards, movie and travel vouchers at Kotak Rewards portal.
Travel
N/A
Golf
N/A
Domestic Lounge Access
N/A
International Lounge Access
N/A
Insurance Benefits
Lost card cover worth Rs. 50,000 applicable 7 days prior to reporting the loss of card
Zero Liability Protection
Cardholder shall not be liable for any fraudulent transaction made on the card post reporting the loss of the card to the bank.
Spend Based Waiver
Annual fee waived off on spending a minimum of Rs. 50,000 in the preceding year.
Rewards Redemption Fee
Nil
Rewards Redemption Fee
Nil
Foreign Currency Markup
3.5% of the transaction amount
Interest Rates
3.5% per month (or 42% annually)
Fuel Surcharge
1% fuel surcharge waived off on transactions between Rs. 500 and Rs. 3,000 (max waiver capped at Rs. 3,500 per annum).
Cash Advance Charges
Rs. 300 per Rs. 10,000 withdrawn
Add-on Card Fee
Rs. 200 (plus applicable taxes)
- 500 Bonus Reward Points as a welcome benefit on spending Rs. 5,000 with 45 days of card issuance.
- 2 Reward Points for every Rs. 100 spent online and 1 Reward Point for every Rs. 100 spent offline.
- 4 PVR tickets of a cashback of Rs. 750 on spending a minimum of Rs. 75,000 in a year.
- 1.8% surcharge waived off on online transactions at IRCTC and 2.5% surcharge waived off on rail ticket bookings at counters.
- 1% fuel surcharge waived off on transactions between Rs. 500 and Rs. 3,000 (max waiver capped at Rs. 3,500/year).
- Lost card insurance cover worth Rs. 50,000 against fraudulent usage of the card applicable 7 days pre-reporting the loss of card to the bank.
- Annual fee of Rs. 500 waived off on spending a minimum of Rs. 50,000 in the preceding anniversary year.
Kotak 811 Credit Card Rewards
- The card earns you 1 Reward Point per Rs. 100 spent offline.
- You earn 2x Reward Points (i.e. 2 Reward Points per Rs. 100) on online spends.
Reward Redemption
The Reward Points earned on the Kotak 811 Credit Card are redeemable for shopping vouchers, e-gift vouchers, movie vouchers, mobile recharges, and many other redemption categories. 1 Reward Point = Rs. 0.25.
Kotak 811 Credit Card Features and Benefits
The Kotak 811 Credit Card is one of the basic credit cards offered by Kotak Bank. It comes with an affordable annual fee and is a great choice for individuals who just want a credit card with a decent reward rate to save more on their spends. Following are the detailed features and benefits of this card:
Welcome Benefit
You get 500 Bonus Reward Points on spending a minimum of Rs. 5,000 within the first 45 days of card issuance.
Milestone Benefit
If you spend a minimum of Rs. 75,000 with the card in a given membership year, you can choose from any of the following two milestone benefits-
- 4 complimentary PVR tickets.
- A cashback of Rs. 750.
Railway Surcharge Waiver
- 1.8% surcharge is waived on rail ticket bookings via the IRCTC website/app.
- A 2.5% surcharge is waived on rail ticket bookings through railway counters.
- The maximum waiver amount is capped at Rs. 500 in a calendar year.
Fuel Surcharge Waiver
- A 1% fuel surcharge will be waived at all filling stations across India for transactions between Rs. 500 and Rs. 3,000.
- A max capping of Rs. 3,500 per year is applicable on the fuel surcharge waiver.
Insurance Benefit
Kotak 811 Credit Cardholders get complimentary insurance coverage worth Rs. 50,000 against the loss of their card. The cover is applicable from 7 days prior to the date of reporting the loss of the card to the bank.
Eligibility Criteria for Kotak 811 Credit Card
To be eligible for Kotak 811 Credit Card, an applicant must satisfy the following eligibility criteria-
- the primary cardholder must be in the age bracket of 18 years and 65 years, and the add-on cardholder must be above 18 years of age.
- the primary and add-on cardholder(s) must be resident(s) of India.
Conclusion
Kotak 811 Credit Card can be the card of choice for new-to-credit young professionals and millennials as it is an entry-level offering by the bank and does not have very strict eligibility criteria. The card is comparable to its secured variant- the 811 #DreamDifferent Credit Card in terms of the rewards and benefits offered. However, the secured variant comes with a zero annual fee; whereas this unsecured card charges an annual fee of Rs. 500. Along with offering a decent reward rate, the card provides its customers with a lot of other privileges, including complimentary movie tickets as a milestone benefit and many more. With a nominal annual fee and basic features & benefits, this card is an excellent choice for individuals who are new to the world of credit cards and want to start their journey with a basic one. If you have any further doubts regarding this card or its features, please ask us in the comments.
