Kotak Essentia Credit Card – 10% Savings on Departmental & Grocery Spends

The Kotak Essentia Platinum Credit Card offers you 10% Savings on all your Departmental and Grocery spends with the card. It is one of the best credit cards for shopping available in India. The card is issued by Kotak Mahindra Bank.

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


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