The key features and charges on the card are discussed below:
1. The Kotak Essentia Platinum Credit Card offers 10 Savings Points (Reward points) for every Rs 100 spent at a departmental and grocery store. Note that 1 savings point equals 1 Rupee. Thus you get 10% savings on your all Departmental and Grocery purchases with the card.
[An important thing to note here is the fact that the maximum savings points that you can accumulate in a month, on departmental and grocery purchases, is 500 points. Thus the maximum points you can accumulate in a year is capped at 6000 points – worth Rs 6000]
2. You also earn 1 savings point per Rs 250; on all your other spends. [Note that there is no annual cap of the maximum number of points in this category]
3. The Savings points can be redeemed in cash [which is a great thing] or against airline or movie tickets or merchandise.
4. Milestone Rewards – If you spend Rs 125,000 or more on the card every 6 months, you get 6 free PVR Movie Tickets or 1200 bonus rewards points based on your choice. [Note that the bonus reward points cannot be redeemed in cash]
5, Charges on the card include a Joining fee of Rs 1499 and an annual fee (billed from the 2nd year onwards) of Rs 749 per year.
6. Interest is charged at the rate of 3.4% per month. You get to enjoy an interest free period on retail transactions of up to 48 days
7. Card replacement charges is Rs 100