Hot Deal My kotak card is blocked for unknown reason

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Received this sms yesterday. Anyone received the same?

Your Kotak Credit Card xxxx has been blocked as per internal risk guidelines of the bank. Total outstanding amount payable is Rs 49.04

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What is your latest cibil score ? That will give you the root cause.

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ramadesidime wrote:

What is your latest cibil score ? That will give you the root cause.

793. There is no missed emi or payment till date. Credit limit is 2L.

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Every bank is doing this now. They are reassesing their risks in these times of Uncertainty.

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They are afraid people might use the card and then default payment. So they are restricting users I guess. Let’s see.

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--AJ-- wrote:

793. There is no missed emi or payment till date. Credit limit is 2L.

If it is today’s score, then some thing else is the root cause.

Expect other cards (issued by other banks) also get downgraded with less credit limit soon.
Please post here, if that happens.

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BubbleBoyChickenLittle wrote:

Every bank is doing this now. They are reassesing their risks in these times of Uncertainty.

Can you explain more?
And secured CC will be safe na?

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A.M.A.Z.O wrote:

They are afraid people might use the card and then default payment. So they are restricting users I guess. Let’s see.

Yes i guess so

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ramadesidime wrote:

If it is today’s score, then some thing else is the root cause.

Expect other cards (issued by other banks) also get downgraded with less credit limit soon.
Please post here, if that happens.

My score is 750 – 810 avg all these years. Holding 5 cards, kotaks cc use was less than 10% of credit limit every month. Haven’t used in last 3 months.

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_One_Miller_ wrote:

Can you explain more?
And secured CC will be safe na?

No income for last 30 days. Going forward, many will be laid off so chances of default and thus the risk increases for bank. That’s why they have started doing this.
Secured CC against fd is good as there’s no risk involved. They already have our fd in case of any default, which ofcourse can’t be more than the fd amount.

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BubbleBoyChickenLittle wrote:

No income for last 30 days. Going forward, many will be laid off so chances of default and thus the risk increases for bank. That’s why they have started doing this.
Secured CC against fd is good as there’s no risk involved. They already have our fd in case of any default, which ofcourse can’t be more than the fd amount.

In case of Secured CC, limit is 70%-90% of FD. Plus interest extra.

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BubbleBoyChickenLittle wrote:

Every bank is doing this now. They are reassesing their risks in these times of Uncertainty.

flushed

can you name more ?
I have sbi and hdfc, working fine

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SARDARKHAN wrote:
flushed

can you name more ?
I have sbi and hdfc, working fine

ICICI will be next i think, it may block or reduce credit limit. Already removed my pre approved offer 28.75L Home loan & 10.5L car loan.

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_One_Miller_ wrote:

In case of Secured CC, limit is 70%-90% of FD. Plus interest extra.

My kotak outstanding cc due is 578/- which are the annual charges for this card.
When i had received a call from their cc they told that this will be a lifetime free card and then lockdown came into picture so everything is stuck now can’t even talk to the cc because their back-end operations are shut. Anyways i did lodge a complaint in umang app regarding this issue (they actually make sure our solved within 7-10 working days i guess because my past experiences were very good). In this case, there’s no update coz everything is locked out. Will this small amount pose a problem to my cibil now o.O

What can be a possible solution to my problem?

Suggestions appreciated.

TIA.

#JJ wink

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BubbleBoyChickenLittle wrote:

Every bank is doing this now. They are reassesing their risks in these times of Uncertainty.

Not true…I have 7 CCs from most top banks in India & none of them got their limits reduced…

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MrKool_JJ wrote:

My kotak outstanding cc due is 578/- which are the annual charges for this card.
When i had received a call from their cc they told that this will be a lifetime free card and then lockdown came into picture so everything is stuck now can’t even talk to the cc because their back-end operations are shut. Anyways i did lodge a complaint in umang app regarding this issue (they actually make sure our solved within 7-10 working days i guess because my past experiences were very good). In this case, there’s no update coz everything is locked out. Will this small amount pose a problem to my cibil now o.O

What can be a possible solution to my problem?

Suggestions appreciated.

TIA.

#JJ wink

Brother if you have a normal Kotak account & not any of their special Privy League customer, there is no Lifetime Free credit cards from Kotak except Aqua Gold which also you will only get if you do an FD of 25k…Rest of all the Kotak CCs offer only joining fee as zero but all the CCs come with annual fees from 2nd year onwards…The executive who told you that it will be a Life Time Free CC lied to you so that you get the CC & he/she gets his/her commission…All Kotak cards are only First Year Free & Not Life Time Free…

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Sushrut.B wrote:

Brother if you have a normal Kotak account & not any of their special Privy League customer, there is no Lifetime Free credit cards from Kotak except Aqua Gold which also you will only get if you do an FD of 25k…Rest of all the Kotak CCs offer only joining fee as zero but all the CCs come with annual fees from 2nd year onwards…The executive who told you that it will be a Life Time Free CC lied to you so that you get the CC & he/she gets his/her commission…All Kotak cards are only First Year Free & Not Life Time Free…

They specifically told me this is a lifetime free card coz they also researched about my relationship with them so I thought I’ll give it a try. I am not gonna pay anything now also I haven’t ever used that card also so it doesn’t matter. Let everything get over and I’ll think now. Anyways I have raised a grievance on umang app.

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MrKool_JJ wrote:

My kotak outstanding cc due is 578/- which are the annual charges for this card.
When i had received a call from their cc they told that this will be a lifetime free card and then lockdown came into picture so everything is stuck now can’t even talk to the cc because their back-end operations are shut. Anyways i did lodge a complaint in umang app regarding this issue (they actually make sure our solved within 7-10 working days i guess because my past experiences were very good). In this case, there’s no update coz everything is locked out. Will this small amount pose a problem to my cibil now o.O

What can be a possible solution to my problem?

Suggestions appreciated.

TIA.

#JJ wink

Tried email?
Or raise complaint through app or netbanking by login.

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_One_Miller_ wrote:

Tried email?
Or raise complaint through app or netbanking by login.

Actually I did try to raise a complaint through their website but I am not able to do so coz of their shitty ui argh..

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MrKool_JJ wrote:

Actually I did try to raise a complaint through their website but I am not able to do so coz of their shitty ui argh..

Which Card variant you have ?

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MrKool_JJ wrote:

League platinum

https://www.kotak.com/en/personal-banking/cards...

Joining Fees - Rs. 500/ Nil
Annual Fees - Rs. 499

Joining fees is either 500 or Nil . In your case joining fees is Nil, but annual fees is 499. You are trapped by them I think.

  • Condition for waiver of Annual Fees – First Year : Minimum retail spends of Rs. 50000 in a year
  • Condition for waiver of Annual Fees – Second Year : Minimum retail spend of Rs. 50,000 in a year

Have you spent 50000 in a year?


If this card is not useful for you then you can close card.

OR

Pay fees and get benefited from the Card offers.

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MrKool_JJ wrote:

They specifically told me this is a lifetime free card coz they also researched about my relationship with them so I thought I’ll give it a try. I am not gonna pay anything now also I haven’t ever used that card also so it doesn’t matter. Let everything get over and I’ll think now. Anyways I have raised a grievance on umang app.

They spammed me for this card
Called like 5 times a day until 2-3 weeks pray
YES..they also said that I’m their valued customer (suspicious as my bank balance had been zero for consecutive 2 years) amd the card is LTF + the approved limit would be 3 lakhs + (suspicious again?)
When I rejected stating that the card is useless, they started offering me PVR Gold Card which I had to reject for obvious reasons
The thing is..Kotak had been very generous in offering CCs and increasing credit limit every 3 months and now they’ve turned conservative because of the fear of defaulting due to lockdown smile (reducing CC limit and even blocking cards)

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_One_Miller_ wrote:

https://www.kotak.com/en/personal-banking/cards...

Joining Fees - Rs. 500/ Nil
Annual Fees - Rs. 499

Joining fees is either 500 or Nil . In your case joining fees is Nil, but annual fees is 499. You are trapped by them I think.


  • Condition for waiver of Annual Fees – First Year : Minimum retail spends of Rs. 50000 in a year
  • Condition for waiver of Annual Fees – Second Year : Minimum retail spend of Rs. 50,000 in a year

Have you spent 50000 in a year?


If this card is not useful for you then you can close it and no need to pay fees.

Otherwise pay fees and get benefited from the Card offers.

Yeah I did tell them that I don’t see that this card isn’t free. But they told be rest assured this is totally free for you. Let’s c what happens next in future after lockdown probably somewhere in late 2020 o.O
Will this small amount affect my cibil drastically? o.O scream disappointed

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MrKool_JJ wrote:

Yeah I did tell them that I don’t see that this card isn’t free. But they told be rest assured this is totally free for you. Let’s c what happens next in future after lockdown probably somewhere in late 2020 o.O
Will this small amount affect my cibil drastically? o.O scream disappointed

Have you taken/got email confirmation from kotak that this Card is LTF ?

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getready wrote:

They spammed me for this card
Called like 5 times a day until 2-3 weeks pray
YES..they also said that I’m their valued customer (suspicious as my bank balance had been zero for consecutive 2 years) amd the card is LTF + the approved limit would be 3 lakhs + (suspicious again?)
When I rejected stating that the card is useless, they started offering me PVR Gold Card which I had to reject for obvious reasons
The thing is..Kotak had been very generous in offering CCs and increasing credit limit every 3 months and now they’ve turned conservative because of the fear of defaulting due to lockdown smile (reducing CC limit and even blocking cards)

Yeah mine too was 811 account. So did you pay the fees for this cc?
And what will you do now?

Missing