This article provides a concise overview of the prominent features, eligibility prerequisites, and the application procedure for Kotak Mahindra Bank Limited’s Best Price Credit Card.
Features of Kotak Mahindra Bank Limited – Best Price Credit Card:
Main features:
- Credit card balance transfer involves shifting an owed balance from one credit card account to another, transferring the debt to a new card issuer.
- The “Kotak Best Price business card” offers the “Business-credit advantage,” provided by Kotak Mahindra Bank in partnership with Best Price. This card not only offers business convenience but also enhances business efficiencies, serving as a valuable tool for managing your business’s cash flow.
- Currently, we offer two variants:
- Kotak Best Price Business Card & Kotak Best Price Business Card – Corporate: Enjoy a 14-day credit cycle that renews with each transaction made on your Kotak Best Price Business credit card. For every transaction in a Best Price store, a Post-Dated Cheque (PDC) for the total purchase amount is required to support the card swipe. These cards are exclusively usable within Best Price Stores.
- Alongside the credit advantage, you experience the “convenience” of efficiently managing your business—all at no cost to you.
- Best Price store members (wholesalers, self-employed individuals, and other eligible businessmen according to store policies) can apply for this business card. All applicants undergo evaluation for creditworthiness based on the Kotak Best Price card policy.
Additional Features:
- Contact our financial associates at the Financial Services Helpdesk within Best Price stores for assistance.
- Your interest-free period starts from the transaction date and extends until the Post-Dated Cheque (PDC) date provided for the transaction. The maximum interest-free period, hence the PDC date per transaction, is 14 days, inclusive of the transaction date.
- The interest rate for the Kotak Best Price Business card is 3.4% per month, and for the Kotak Best Price Business card-Corporate, it’s 1.5%. For a detailed explanation of interest calculation, refer to the MITC (Most Important Terms & Conditions). The MITC is provided to you before you apply, along with the application form, and is available on our website.
- There’s no rewards program on the Kotak Best Price Business Cards, as the primary aim of these cards is to offer a credit line for business-related purchases.
- You can obtain up to 2 Add-On cards for family members or business managers to make purchases on your behalf. These additional cards are issued at the request of the primary cardholder, and the monthly statement of purchases made is included with the primary card’s monthly statement.
- Yes, Kotak Best Price Add-On Cards carry the same features as the primary card.
- You can pre-set the purchase limit for Add-On cards up to your credit limit by contacting the customer service center.
- Depending on customer behavior in terms of spending, credit utilization, and payment patterns, we may extend this feature to a select few Kotak Best Price Card members in the future. This extension will be governed by an internal policy on risk assessment of credit card members. Currently, this feature is not activated.
- We may consider extending this feature to select Kotak Best Price Card members in the future, subject to our internal risk assessment policy for credit card members. Currently, this feature is not activated.
Fees for Kotak Mahindra Bank Limited – Best Price Credit card:
- Joining Fees: Nil / Nil
- Annual Fees: Nil / Rs. 999
- Condition for Annual Fee Waiver – First Year: NA / NA
- Condition for Annual Fee Waiver – Second Year: NA / NA
- Add-on Card Fees: Nil / Nil
- Interest Charges on Outstanding Balances: 3.40% (Annualized 40.8%) / 1.5% (Annualized 18.0%)
- Minimum Amount Due (MAD): NA / NA
- ATM Cash Withdrawal/Call a Draft/Fund Transfer/Cash Advance per Rs. 10,000 or part thereof: NA / NA
- Late Payment Charges (LPC): NA / NA
- Over Limit Charge: NA / NA
- Cheque Bounce Charges: Rs. 500 / Rs. 500
- Foreign Currency Mark Up: NA / NA
- Railway Booking Surcharge (on transaction amount): NA / NA
- Fuel Surcharge: NA / NA
- Fee for Cash Payment at Bank: Rs. 100 / Rs. 100
- Outstation Cheque Processing Fee: Waived / Waived
- Reissue/Replacement Card (per issuance): Waived / Waived
- Charge Slip Request: Waived / Waived
- Machine Surcharge at ATMs: NA / NA
- Balance Enquiry Charges at Non-Parent Bank ATM: NA / NA
- Duplicate Statement Request: Waived / Waived
- Web Pay Service Fee: NA / NA
- *For Most Important Terms & Conditions (MITC) and Card Holder’s Agreement
- Please Note: All taxes will be charged according to the rates approved in the Finance Act each year on all interest, fees, and other charges levied on your Credit Card.
How to apply?
Click here to apply for the Kotak Mahindra Bank Limited’s Best Price Credit Card.
Note: The information presented here is sourced from publicly available data. We cannot be held responsible for any inaccuracies in the details. For the most current and accurate information, please visit the official website of the respective bank.