Myntra Kotak Credit Card: The Myntra Kotak Credit Card, a co-branded in partnership with one of the E-Commerce fashion companies in India i.e., Myntra and Kotak Mahindra Bank. As the name suggest the card is specially designed for the fashion enthusiasts and shopping lovers on Myntra.
The credit card is designed in such a way that one all your purchases the, you can earn reward points and cashback and also offers benefits and privileges in different categories such as Myntra voucher as a welcome benefit, complimentary lounge access, milestone benefits, and so on.
Therefore in this article we are going to see the features and benefits of the Myntra Kotak Credit Card and the eligibility to apply for the same.
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Contents
1. Myntra Kotak Credit Card Features and Benefits
The Myntra Kotak Credit Card mostly restricted to the shopping category. Therefore, the card offers other benefits in different categories such as welcome benefits, milestone benefits, reward points and many more.
Here we have mentioned the features and benefits offered by the Myntra Kotak Credit Card:
- Welcome Benefits: As welcome benefit, get a Myntra voucher worth Rs. 500 i.e., on activating your card and making 1 transaction above Rs. 500 within 30 days of getting the card. The voucher is sent to the cardholder within 30 days and can be used to get the discount.
- Milestone Benefits: As a milestone benefit, get 2 complimentary PVR movie tickets, each worth Rs. 250, on spends of Rs. 50,000 or more in the calendar quarter.
- Travel Benefits: As a travel benefits, get 1 complimentary domestic lounge access per quarter, where you can enjoy privileges like comfortable seating, gourmet meals, newspapers and magazines, free WiFi, and widescreen TVs.
- Cashback Benefits: Earn Cashback on your spends at preferred partners Swiggy, Swiggy Instamart, Cleartrip, Urban Company, and PVR i.e., 5% cashback and the cashback is capped at Rs. 1000 per month and is automatically credited to the card statement. And also, you can earn unlimited 1.25% cashback on all other spends made at offline and online merchants with the Kotak Myntra credit card.
- Fuel Surcharge Waiver: On your fuel transactions between Rs. 500 and Rs. 3,000, cardholders will get a fuel surcharge waiver of 1%, at fuel pumps all over India with max waiver capped at Rs. 3,500 in a year.
2. Myntra Kotak Credit Card Fees and Charges:
- The Joining fee charges are- Rs. 500 (plus applicable taxes).
- The Annual fee and renewal fee charges, an annual membership fee of Rs. 500 (plus applicable taxes and Waived off on spending Rs. 2 lakh in a year).
- The Cash withdrawal fee, is 2% of the withdrawn amount i.e., Rs. 500 per Rs. 10,000 withdrawn.
- An interest rate of 3.7% per month (44.4% annually) is applicable on the due amount on the card if the cardholder is unable to clear all the dues by the payment due date.
- On all the Foreign currency transaction, you have to pay forex fee of 3.5% (plus applicable taxes) on the transacted amount. This fee is to be paid on all international transactions done using this credit card.
- Late Payment Charges are- apart from the interest rate, a late payment fee shall also be applicable, For Statement Balance: upto Rs. 100: Nil, Between Rs. 100.01 to Rs. 500: Rs. 100, Between Rs. 500.01 to Rs. 5,000: Rs. 500, Between Rs. 5,000.01 to Rs. Rs. 10,000: Rs. 600, Between Rs. 10,000.01 to Rs. 25,000: Rs. 800, Between Rs. 25,000.01 to Rs. 50,000: Rs. 1,000, Above Rs. 50,000: Rs. 1,200.
3. Myntra Kotak Credit Card Eligibility Criteria to Apply:
The common eligibility criteria and the documents required to apply for Myntra Kotak Credit Card are as follows:
- The age limit for applying for this card is of 18 years of age to 65 years of age.
- The cardholder should own a decent source of income.
- The cardholder should have good credit score.
- For Identity Proof documents you need are Aadhar Card, Voters Id, PAN Card, Passport, Driving License.
- For Address Proof, Utility bills of the latest months, Aadhar Card, Passport, and Ration card are the needed documents.
- For Income Proof, you need to submit the latest bank statement as a salaried person, and can also, submit your company ID card, if you are salaried, and if you are self-employed, you should submit your latest ITR.
4. How to Apply for Myntra Kotak Credit Card:
For Myntra Kotak credit card you can apply either online or offline. For offline mode, you can visit your nearest Kotak Mahindra Bank branch with all the required documents and fill out the physical application form.
Here are the steps to be followed to apply for your Myntra Kotak credit card:
- Step 1: Visit Official website of the Kotak Mahindra Bank- www.kotak.com
- Step 2: Click on ‘Cards’ option, under personal Banking section.
- Step 3: Then, select ‘Credit Card’ option.
- Step 4: Choose the ‘Myntra Kotak Credit Card’, under ‘other credit cards’ option.
- Step 5: Click on ‘Apply Now’.
- Step 6: Enter your mobile number and captcha to start the application, and all the requested details and providing the required documents.
This the way in which you can apply for Myntra Kotak credit card online.
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