Cardfare / What changed / Kotak adds 1% category fees, raises interest and trims rewards
Kotak adds 1% category fees, raises interest and trims rewards
Kotak added a 1% fee on utility, education, wallet-reload, skill-gaming and fuel spends above per-cycle thresholds, raised finance charges on most cards from 3.5% to 3.75% a month, and stopped rewards on rent, wallets, insurance, utilities, education, government and gaming spends. White Reserve, Solitaire, Infinite and Signature variants were exempt from the new fees, and point redemption values were cut on cards such as Royale, League and 811.
Reported by Business Standard. Kotak Mahindra Bank hasn't published this on its own site yet, so treat it as unconfirmed.
Cards affected
Applies across Kotak Mahindra Bank's credit cards.
Source
Effective June 1, the bank will restrict reward points accrual on spends in utilities, education and insurance payments, wallet top-ups, rent, government services and online gaming.
Cardfare summarises public announcements. The bank's current terms are final. Spotted a mistake? Tell us.