Regarding Kotak Credit Card

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saurabh1

I had applied and received Kotak League Platinum Credit Card last month.

It was showing as Joining Fees as NIL and Annual Fees as NIL without any asterick mark marking any spend based reversal/reduction.

After receipt of the card only I came to know on the welcome letter that the card is Free for the First Year and Spend Based Reversal on spends of Rs. 50,000/-, if not then Annual Fees of Rs. 499

I did not activate the card yet. Also, I had reached Kotak Customer Care regarding the same. But did not receive any satisfactory response.

Today, I received an email from Kotak that my card would be closed if I do not transact on it.

My query is:

I do not mind if my card gets closed as I am not likely to spend Rs. 50000 in an year to get the reversal of fees. But will my card closure have any adverse impact on my Credit Score?

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15 Comments  |  
12 Dimers
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Comrade Comrade
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Yes there will be effect for 2-3 months.... As new account will be opened and then closed too.... But you should complain to pno and get the status if your ltf

Helpful Helpful
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If it was showing nil while joining then login into your kotak net banking and raise a complaint there they will help you.

I got this card with nil joining fee and 500 annual fee,i request them to convert it into ltf and they converted it ( request raise by logging into net banking) 

Helpful Helpful
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I will raise request from Net Banking for LTF conversion 

Benevolent Benevolent
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I got similar such offer from an agent and rejected it suspecting foul play. Good that I didn’t fall for it. 

Helpful Helpful
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It was not through any agent. I used to receive email every 2-3 days from Kotak Bank itself. Even in those email they mentioned it as LTF.

Vanguard Vanguard
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If you have a screenshot of the Joining Fees and Annual fees then upload it and file a complaint. If you don't have it, then activate the card by doing a transaction and keep using it for 10-11 months. Then request for it to be converted to Life Time Free. Most probably customer care will accept your request and make it LTF. If not, you can request to close the card. 

I'd suggest you use the card as it's been approved as First Year Free. 

Edit: Moreover, Kotak bank has increased its online offers on many platforms such as Cleartrip, Amazon, EaseMyTrip, Yatra.com, Croma, Flipkart etc. You can easily recover the annual fees of Rs 499 (to be charged in the 12th month) within the next 11 months as a discount earned on your purchases.

Deal Newbie Deal Newbie
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Since online offers are increased on Kotak, I want to have one just for this sake. Which should be the best? Is Kotak 811 card applicable for online discounts?

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Post Emperor Post Emperor
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After you applied, you would have received the application form pdf in mail. On page 3 there is section of annual fees. Do check it. If both annual and joining fees is 0 then you don't need to worry. 
Helpful Helpful
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Thanks buddy just checked mine to be on safer side and it is showing 0 in both
Benevolent Benevolent
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Same happened to me. Customer care turned it to LTF. 

Deal Cadet Deal Cadet
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I have chargeable card with both joining and annual fee(league platinum card)

so can u guys please help me what to ask on call or what to write in email to get my converted ltf

Deal Cadet Deal Cadet
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Is there any way to check if a card is LTF? via the website or app? 

Benevolent Benevolent
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You can mail Kotak customer care. They can confirm. 

Like Magnet Like Magnet
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Same thing happened with me with HDFC CC, the agent called me and told it'll be LTF but when i received the card, i re confirmed with HDFC customer care, they told it'll be chargeable, now when i informed this to agent he's like take shoppersstop cc which is issued LTF by default, i told no i want this Card only, so he was like , don't activate the card then, it'll get closed, i told , make it LTF as you claimed, so he was like don't activate it until i say. I've talked to hdfc cc, they told spend 30000 in 90 days to make it LTF, any suggestions dimers what shall I do now?

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