Kotak Spendz card

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newmagic
Do you use or know about Kotak Spendz Card ?
If yes please help me with below -
1) Is it just a UPI based transaction card or we can do non UPI transactions as well ?
2) Is the card accepted widely across all online shopping/bill payments/payment platforms ?
3) Any usage charges ?
4) Does Cashback comes on time and directy into bank account with Kotak ?
5) any other cons of the card.

I found attractive because of 1% cashback on all spends, but bank like Kotak usually don't give such for free:blush:, so curious to know answer for above .
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You can't transfer amount from Spendz wallet back to bank account - not that I know of at least - I didn't try it. It is accepted everywhere. I even got discounts on Kotak bank debit cards on Flipkart and Amazon with it that are otherwise not available on Kotak 811 digital account classic debit card. Card issuance was free for limited period, then they were going to start issuance charges. No maintenance charges as per https://www.kotak.com/content/dam/Kotak/gsfcfil.... For 14th May transaction, cashback was given on 8th June so no immediate but not too late either.

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some1anywhere964 wrote:

You can't transfer amount from Spendz wallet back to bank account - not that I know of at least - I didn't try it. It is accepted everywhere. I even got discounts on Kotak bank debit cards on Flipkart and Amazon with it that are otherwise not available on Kotak 811 digital account classic debit card. Card issuance was free for limited period, then they were going to start issuance charges. No maintenance charges as per https://www.kotak.com/content/dam/Kotak/gsfcfil.... For 14th May transaction, cashback was given on 8th June so no immediate but not too late either.

Thanks ..does it require to have a Kotak UPI account ?
Deal Cadet Deal Cadet
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I don't think the Spendz account itself gets a UPI ID to load money.

You can add funds to Spendz from your Kotak bank account from the app. And it has "Pay your contact" by mobile number/UPI ID or Scan QR Code. Shows "Coming soon" for Fund Transfer. 1% cashback on your daily spends made through Spendz Card, no cap on cashback and no minimum spends.

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some1anywhere964 wrote:

I don't think the Spendz account itself gets a UPI ID to load money.

You can add funds to Spendz from your Kotak bank account from the app. And it has "Pay your contact" by mobile number/UPI ID or Scan QR Code. Shows "Coming soon" for Fund Transfer. 1% cashback on your daily spends made through Spendz Card, no cap on cashback and no minimum spends.

Thanks again..I am not fan of UPI so if it works without creating UPI id I think it is worth... correct me if I am wrong in decision blush..
Deal Cadet Deal Cadet
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Why don't you try it without ordering physical card? You can use it with a virtual card too.

Post Emperor Post Emperor
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some1anywhere964 wrote:

Why don't you try it without ordering physical card? You can use it with a virtual card too.

Bro I tried but now I realised - 2 imp cons which you haven't mentioned- 1) There will be No interest on amount added into this card 2) if it is being used to top up Wallet they charge additional 2-3% , like Paytm and others pensive pensive
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Is Kotak Bank account Mandatory for getting Spendz Card?
Post Emperor Post Emperor
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satraghav wrote:
Is Kotak Bank account Mandatory for getting Spendz Card?
Yes
Deal Cadet Deal Cadet
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newmagic wrote:
Bro I tried but now I realised - 2 imp cons which you haven't mentioned- 1) There will be No interest on amount added into this card 2) if it is being used to top up Wallet they charge additional 2-3% , like Paytm and others pensive pensive
Right so it's not a savings account, no interest at all. It's a wallet/prepaid instrument. And wallet to wallet transactions are often charged.
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some1anywhere964 wrote:

You can't transfer amount from Spendz wallet back to bank account - not that I know of at least - I didn't try it. It is accepted everywhere. I even got discounts on Kotak bank debit cards on Flipkart and Amazon with it that are otherwise not available on Kotak 811 digital account classic debit card. Card issuance was free for limited period, then they were going to start issuance charges. No maintenance charges as per https://www.kotak.com/content/dam/Kotak/gsfcfil.... For 14th May transaction, cashback was given on 8th June so no immediate but not too late either.

How and where to check Cashback....will it come on Monthly basis i.e for all transactions done in August..it will come combined in September or will it be credited for each corresponding transaction i.e for 10 transactions I would have 10 cashback enteries ? 
Deal Cadet Deal Cadet
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https://cdn0.desidime.com/attachments/photos/802884/original/CB.png?1662647189

I would expect it at least a month later. It shows up in the account statement. The 8th June cashback is for a transaction from May, around a month earlier.

Post Emperor Post Emperor
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some1anywhere964 wrote:

https://cdn0.desidime.com/attachments/photos/802884/original/CB.png?1662647189

I would expect it at least a month later. It shows up in the account statement. The 8th June cashback is for a transaction from May, around a month earlier.

Sir please tell will it come combined in September or will it be credited for each corresponding transaction i.e for 10 transactions I would have 10 cashback enteries ?
Deal Cadet Deal Cadet
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I don't know that because in one month, usually I do just one purchase or transaction using this card, sometimes none. Never did two in a month.

Deal Cadet Deal Cadet
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It looks like Kotak has added an option to transfer the Spendz amount back to your Kotak bank account. It's called "Send to My Kotak Account" -> Send Money -> Send to My Kotak Accounts. In the "From" area you can choose your Spendz account and in the "To" area, choose your Kotak Savings account.

This wasn't there earlier a few months ago. So finally similar to ICICI Pockets, you can transfer money back from Spendz Wallet prepaid wallet/card back to savings account. I didn't actually try it. Let me know if you try it and whether it takes a "service charge+GST" like HDFC PayZapp takes to transfer back to your HDFC bank account. Or whether it is free/no charge?

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