Kotak Mahindra 811

Bunty Sharma Credit Card Advisor

Taking digital fulfillment of banking products and services to an all together with a different dimension, Kotak Mahindra Bank has launched 811 #DreamDifferent Credit Card for first-time users. There is no joining fee or annual charge and the card can be obtained entirely digitally. The bank targets students, homemakers, and senior citizens through this new launch.

The eligibility criteria are easy to fulfill as it doesn’t even require income proof or credit score to obtain this card. Amid COVID Times, when there is an unprecedented surge in e-transactions the card comes as a gift for Kotak Mahindra 811 Account Holders.

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Kotak customers can apply for this Credit Card without Income Proof through the mobile banking app. New customers can also avail this Credit Card by opening an 811 account.

The only requirement for this lifetime free credit card is a Fixed Deposit of at least Rs.15,000. It essentially is one of the best & low-maintenance first Credit Cards for those who do not have any credit history.

Basically, the Kotak Aqua Gold Credit Card is rebranded as 811 #DreamDifferent Credit Card from 15th July 2020 onwards.

Here are the features & benefits of this newly launched Kotak Mahindra Credit Card:

Reward points: You earn rewards on each spend. You get 2X reward points per Rs. 100 spent online and 1 reward point per Rs. 100 spent offline.

• Cashback: Enjoy Rs 750 cashback each year on spends of Rs 75000.
• Credit limit: 80% of the Fixed Deposit is offered as a credit limit. The Credit Limit can vary from Rs 12000 to 12 Lakhs. So, the card targets a widely diversified customer base.
• Welcome Gift: As a bonus, reward earns 500 reward points as you activate the card and spend Rs. 5000 in the first 45 days.
• Interest-free cash withdrawal: The card allows you to withdraw up to 90% of the total credit limit without any interest cost. A nominal processing fee of Rs. 300 per Rs. 10,000 is however applicable on the cash withdrawal. You can enjoy 48 days of free interest period on cash advance.
• Balance Transfer: You can transfer your Credit Card Balance & opt for 811 #DreamDifferent Credit Card. A processing fee of Rs. 349 per Rs. 10,000 is applied. The benefit of an interest-free period on retail purchases will continue.
• Easy & Instant: It is almost instant to transfer your balance and get this card. You just need to call for a balance transfer facility.
• Add-on Cards: You can apply for add-on cards and each card will enjoy similar benefits as the primary card. You can set spend limit and track spends separately for each add-on card.