2017 Kotak Essentia Platinum Credit Card Review
When it comes to credit cards, Kotak Mahindra seems to have an enviable grasp on the requirements of the Indian user. What else explains the wide array of credit cards catering to any and all purposes of consumers? For instance, Kotak Mahindra has an exclusive credit card solely aimed at women!
To put things into perspective, Kotak Mahindra has credit cards under all of the following categories
- For shopping
- For lifestyle privileges
- For dining and entertainment
- For NRIs (Non Resident Indians)
- For corporate banking
- Miscellaneous uses
Kotak Essentia Platinum
- Rs.1,499 Joining Fee
- 6 Free PVR Tix On 1,25,000 Spend
- 10 Points For Every Rs. 100 Spent
Chances of Approval:
The Kotak Mahindra Essentia Platinum Credit Card offers exclusive benefits under the shopping category and is aimed at the average Indian who swipes their credit card at supermarkets, for booking movie tickets, dining and the occasional travel. Even though Kotak Mahindra has exclusive credit cards for each of the above categories, it seemed fitting that they decided offer one for people who want a slice of all good things.
At the outset, the Kotak Essentia Platinum Credit Card is a no-frills card which meets the purpose of having a credit card without turning a lot of heads by way of extravagant offers. It gives a decent 10% Savings on Departmental & Grocery Store spends which is good it gets from any credit card in this segment. To spice things up a bit, it also has a rewards points program which lets you earn 10 Saving Points for every Rs.100 spent at Grocery and Departmental stores. While this is not phenomenal by any measure, these points can accumulate over time and can be used to purchase airline tickets & air miles, movie tickets, mobile recharge, branded merchandise or simply redeemed for good old cash. However, considering that the maximum saving points for a month is restricted to 500, which is valued at Rs. 500, it might be quite a while before it results in any significant saving/purchase.
And Good Looking Too..
An attractive feature of the Kotak Essentia Platinum Credit Card is that the rewards program is applicable in case of usage in other categories as well. However, the points garnered under such expenses are limited to one point for every Rs.250 spent. Like credit cards offered by other banks in this segment, the Essentia Platinum Credit Card also offers Add On cards which can be a perfect gift for your loved ones. Kotak has made it simpler for users to set limits on each cards, track spending and mobile alerts.
Another attractive benefit of the Essentia Card is the “Milestone Feature”, which makes you automatically eligible for 6 free PVR tickets or 1200 Reward Points on Rs. 1, 25,000 spent every 6 months. These tickets can be booked only through www.pvrcinemas.com and should be claimed within 3 months after the program period gets over.
Fees and Charges:
|Joining Fee||Rs.1,499 is applicable in the 1st Year|
|Annual Fee||Rs.749 is applicable from the 2nd Year onwards|
|Late Payment Charges||Rs.100 to 700, depending on the Total Amount Due|
|Over limit Fee||Rs.500|
|Cash Withdrawal/Call a Draft/Funds Transfer||Rs.300 for every Rs.10,000 withdrawn/transaction|
|Add On card||Rs.299 per card|
|Card Replacement||Rs. 100/-|
|Cash Payment at Branch||Rs. 100/-|
Kotak has waived off other charges like Balance enquiry at other ATMs, Charge for duplicate statement etc. under the ‘Kotak No Charge Advantage’ scheme.
The bottom line
The Kotak Essentia Platinum Credit Card is definitely one of the better options available in the cross-category segment which offers something for every user out there. The relatively high joining and annual fee might be a reason for concern for many as there are other credit cards in the segment that doesn’t cost this much. But the waiving off of other significant charges seem to even it out for many users. Although the savings or the reward points accrued may not amount to much, users are assured of a no-nonsense card with hassle free application process, responsive customer care and fast grievance resolutions.
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