How's Kotak Mahindra league card ?
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Hey dimers!
received a call, they said I have pre approved card without any charges. Is this card useful?
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Debit card bhi (virtual)??
Pathetic card.. reward rate is as low as 4 points per ₹150 and 1rp value is 0.075.( 0.2%)
In some special transactions it’s 8 points per 150 which is still low..(0.4%)
Milestone benefit is also useless.. you get 4 pvr tickets or 10000rp(₹750) on spends of 125000 which is also less than 1%
Maybe if you don’t have any card for lounge access, you can go for this..
Also, they’ll say it’s ltf but it’s not… It’s mostly first year free . I was told so and before card dispatch when I confirmed with support they told it’s not ltf.. the agent won’t pick up phone once approved.. I fought a lot and finally got it ltf but it was not worth it..
well I am thinking to take it for 10% off offers in sales, only if it’s LTF. 😯
Kotak card are simple waste.
How is Kotak Mojo CC?
In short: Stay away!!!
Detail: On the surface, this card seems to be promising. The devil hides in the detail.
The greatest gimmick is “Earn up to 8X reward points on every Rs. 150 spent”. But, this comes with a big rider. Take a moment to understand the nooks and carnies. If your annual spending is <2 Lakhs, you have 8x rewards only in the Special Categories :
- Travel Agencies & Tour Operators |
- Package Tour Operators |
- Airlines and Air Carriers |
- Electric Sales |
- Durable Goods |
- Departmental Stores
If your annual spends are above 2L, you can surely earn 8x in all categories. Lets assume, you’ve done that; all set.
Now lets dig into the detail to unearth the devil:
Kotak CC has a dedicated portal for reward redemption. The portal is a pure mess. They have two different kinds of points. (i) Points, aka EasyPoints (ii) Kotak Reward Points
Using League CC, you earn in Points (i.e. EasyPoints). These points need to be converted to Kotak Reward Points before you can think of redeeming them. There is a conversion table for your reference. Remember, this is an official chart, not something cooked up in my kitchen.
So, lets imagine for a moment that you spend 2L on this card in a year. So, you earn 10667 EasyPoints. That’s 4267 KRP by using the Conversion table for League Platinum. 4267 KRP is worth 1066.67. Out of which you can actually redeem Rs. 1000, since it has to be a multiple of 500.
So, you end up earning 0.533% rewards rate at the maximum possible rates (0.25% at the worst case). And you are paying a hefty joining/annual fees to earn that bounty of rewards. For your reference, basic LTF cards provide far better reward rates than that.
Now, that sounds amazing. Isn’t it?
Think again.
😯
Thanks for the details.
Today I got a call for LTF kotak royale signature credit card (no joining and no annual fee)
I asked the executive how can I be sure that it will be LTF. She told me that before the final step Accept&Continue, I’m able to see the charges information. She asked me to proceed with the application. I didn’t believe that it will be LTF (after reading above few comments). So denied the card.
To my knowledge, Kotak has sourced ROYAL SIGNATURE as LTF to some of its subscribers.
There are three parts to it:
1. Kotak Credit Card division indeed has a trust issue. But, so is with many other providers. The time-tested formula to shoot such trouble is: (a) Keep their call records. (b) Insist them to provide a summary of the call via emails.
2. Royal Signature is a misnomer. There is nothing Royal about this card. The point conversion ration (old to new system) is 0.4 for logo 170 and 1.0 for logo 160. Honestly speaking, I have no clues about what these logo soups are. I don’t think the customer care will be able to clarify you on this either.
3. This is an archaic card, has been infinitely devalued over the years. There’s no juice left in this card.
You can keep this if you like to build a collection. And of course settle for nothing less than LTF. The question remains what if you are bluffed?
Huh! That gives me some headache. But, you can remedy the issue by keeping the call records,screenshots etc. If they don’t live up to their promise, threats (quit/sue) + some amount of evidence (call records/sms/screenshots etc) have worked in almost all occasions. Yes, you need to burn some calories, but achievable.
Update: they were trying to fool me, now she says, charges are ₹199(on website it’s 499) but you can get waiver by doing auto-debit transaction so it’s LTF.
Well I’ve been receiving calls from last few days
She told me since you’re kotak user there’s no annual charge
but again website says different, some dimers says they do levy charge after 1st year but @atx88 says he’s indeed having LTF, better to confirm talking to customer care
Hey, honestly this is good for departmental stores , and rail tickets, do not shop online with this card though you wont get good reward points, unless of course there is a kotak card offer or ;you are going for no-cost emi route.
the value of 1 point is coming out to be 0.25 Rs, if we go for cash conversion, Therefore for spending on departmental stores, you get 2rs per 150 spent. reward rate of 1.33percent on local gocery shops ,
There fore its better than amazon pay, which gives reward rate of 1percent on other spends, and also better than Idfc millenia card which gives 0.75 percent on offline spends.
yo use the cash credit method
offline pos machine for bigbazaar or any departmental store the card will give you reward rate of 1.33 percent
as the base point rate for cash credit is 0.25 rs and you get 8pts per 150 rs ,
’
so its better than amazon pay icici which gives reward rate of 1percent
and IDFC millenia which gives reward rate of 0.75 percent though its lesser than the reward rate of axis flipkart which gives reward rate of 1.5 percent but that also charges 500 rupees per year.
No kotak card(credit or debit) is useful.