Latest news with #MyntraKotakCreditCard
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Business Standard
07-07-2025
- Business
- Business Standard
Myntra Kotak credit card ends July 10: Here's what changes for users
Kotak Mahindra Bank will discontinue its co-branded Myntra Kotak Credit Card from July 10, 2025, and migrate all existing cardholders to the Kotak League Platinum Credit Card, the lender has told customers in an email. What's changing for cardholders? From July 10, the Myntra Kotak Credit Card will no longer be valid for transactions. Cardholders will automatically receive the Kotak League Platinum card as a replacement. Those who prefer not to migrate can choose to close their account by contacting the bank's customer care before the migration date. Users are also advised to update any standing instructions or auto-payments linked to their existing card to avoid disruptions. Key features of the Kotak League Platinum Credit Card The Kotak League Platinum card offers broader usage benefits but does away with Myntra-specific rewards. Rewards: Earn eight reward points for every Rs 150 spent on general purchases (excluding certain categories like fuel, rent, wallet loads, education, and gaming). Railway surcharge waiver: Up to Rs 500 per year. Milestone benefits: Spend Rs 1.25 lakh in six months to get 4 PVR tickets or 10,000 reward points. How does it compare to the Myntra card? The Myntra Kotak Credit Card offered 7.5 per cent instant discounts on Myntra purchases and 1.25 per cent cashback on other spends, alongside a complimentary Myntra Insider membership. However, the League Platinum focuses on reward points and milestone benefits instead of brand-specific discounts. Additionally, Kotak has from June 1 revised its credit card rewards policy. No reward points will be earned on utility bill payments above Rs 35,000 per billing cycle, or on wallet loads, insurance, and select other categories. What should cardholders do? Review the League Platinum card's rewards and fee structure to see if it suits their spending habits. Update recurring payments linked to the old card. If the new card doesn't fit their needs, consider exploring alternative options or requesting card cancellation. Kotak Mahindra Bank has assured customers that the annual fee for the new card will remain the same as the Myntra card at Rs 499 plus taxes.
Mint
03-07-2025
- Business
- Mint
Kotak Mahindra to discontinue Myntra credit card from July 10; users shifted to League card
The Kotak Mahindra Bank has announced that the Myntra Kotak Credit Card will be discontinued starting from July 10, 2025. All existing Myntra Kotak Credit Card users will then be automatically migrated to the Kotak League Platinum Credit Card. This move is credited to Kotak Bank's broader strategy to consolidate their credit card offerings and also streamlining of its rewards system. The upcoming replacement i.e., the league card is positioned as a premium lifestyle credit card with broader applicability and higher reward potential. The primary goal of the banking institution is to provide credit users a seamless experience of availing credit and making the most of the rewards and benefits associated with it. Whereas, on the other hand it is the responsibility of Kotak credit card holders to use these credit instruments responsibly by keeping spending in check and their credit utilisation ratio under less than 30% of their overall credit limit. According to Kotak Bank's updated terms that were initially put into effect since June 1, 2025, utility, fuel (above ₹ 4,000 per billing cycle), wallet reloads, education and online gaming spends will all no longer earn reward points. They may attract additional charges. This policy will apply to both existing along with new and upcoming Kotak credit cards, including the league variant. Feature Details Reward points 8 reward points per ₹ 150 spent on general purchases. Fuel surcharge waiver 1% waiver, up to ₹ 3,500 per year Railway surcharge waiver Up to ₹ 500 per year Milestone benefit Spend ₹ 1.25 lakh in 6 months to earn 4 PVR tickets or 10,000 reward points Joining benefit 5,000 bonus points (worth ₹ 500) on the fee-based variant Note: The features above are sourced from Kotak Mahindra Bank's official website and are illustrative in nature. They are also subject to change. Please verify updated details, features, terms and conditions directly with the bank. Carefully review the League cards reward structure, features and benefits. Check and update any auto payments linked to your current credit card account. Strategically plan spending in a way to take full advantage of milestones and features. Do ensure that you don't over extend your credit card usage and guard your credit utilisation ratio. To overcome doubts, discuss your problems with the customer support executive. Disclaimer: Users are advised to check Kotak Mahindra Bank's official website or contact customer care for the latest and most accurate information.
Time of India
27-06-2025
- Business
- Time of India
Major credit card rule changes in July 2025: Check latest updates from SBI, HDFC Bank, and Kotak Mahindra Bank
Discontinuation of complimentary air accident insurance in July 2025 HDFC Bank: These transaction charges will be revised effective July 1, 2025 Kotak Credit card changes Many banks including SBI HDFC Bank and Kotak Mahindra Bank have revised their credit card rules, which will come into effect in July 2025. These include the discontinuation of free air accident insurance on certain SBI cards, the introduction of new transaction fees and reward point limits by HDFC Bank, and the gradual replacement of the Myntra Kotak Credit Card with the Kotak League Credit Card. The updated terms of these credit cards should be reviewed by cardholders to prevent any Card has announced a series of important changes for its credit cardholders, which will take effect from July 15, 2025. The changes range from calculation of minimum due payment, payment settlement order, and discontinuation of complimentary insurance for air accidents on select SBI credit Card will discontinue its complimentary air accident insurance coverage of Rs 1 crore, which is currently offered on select premium SBI credit cards, effective July 15, 2025. This change applies to the following cards: SBI Card Elite, SBI Card Miles Elite, and SBI Card Miles Prime. Customers using these variants of credit cards will no longer be eligible for this benefit after the specified complimentary air accident insurance coverage of Rs 50 lakh on SBI Card Prime and SBI Card Pulse will also be discontinued, effective July 15, 2025. Cardholders of these variants will no longer receive this insurance benefit from the specified date onwards, as per the information available on SBI's Bank is revising its credit card charges starting July 1, 2025, to enhance transparency and align with spending patterns. Some of the changes include a 1% fee capped at Rs 4,999/month, which will apply to online skill-based gaming, wallet loading (e.g., PayTM, Mobikwik), and utility bill payments exceeding Rs 50,000/month for consumer cards (Rs 75,000 for business cards). No reward points will be awarded on gaming spends. Insurance spends remain exempt from charges but will have monthly reward point caps: 10,000 for Infinia, 5,000 for Diners Black, and 2,000 for most other cards. Marriott Bonvoy cards are not subject to this cap among other Mahindra Bank has announced the discontinuation of the Myntra Kotak Credit Card, effective July 10, 2025. As part of this transition, all existing Myntra Kotak Credit Card users will be migrated to the Kotak League Credit Card. Cardholders are advised to review the features and benefits of the new card and take note of any changes in terms and rewards that may apply post-migration.
Mint
07-05-2025
- Business
- Mint
Kotak Bank announces changes to credit cards effective 1st June 2025. Details here
Banks keep reviewing their credit card features and benefits from time to time. Kotak Bank has announced a number of changes to its credit cards. The changes will be effective 1st June 2025. In this article, we will understand all the details of these changes. The interest charges on most credit cards have been increased from 3.50% to 3.75% per month. It translates into an increase from 42.00% to 45.00% per annum. The interest rate on some credit cards like White Reserve (3.50% per month) and Myntra Kotak Credit Card (3.70% per month) has been left unchanged. It is recommended that a credit cardholder must always pay the monthly bill before or by the due date to avoid the hefty interest charges. If the standing instruction fails or the auto-debit (includes NACH and ECS) is returned, a fee of 2% of the bounce amount is applicable. The minimum fee is Rs. 450. From 1st June, the maximum fee applicable will be Rs. 5,000. From 1st June, the dynamic currency conversion fee will be 2% for Privy League Signature (paid version), White Reserve, and Kotak Infinite credit cards. The dynamic currency conversion fee will be 3.50% for all other credit cards. From 1st June, there will be restrictions on rewards accrual on transactions in specified categories. The specified categories include education payments, utilities, wallet load, fuel, rent, Government institutions, insurance, and online skill-based gaming. The restrictions will differ from card to card. For some cards, the cumulative spends on each specified category will earn rewards only up to a specified amount in a statement cycle. For some cards, the spends in specified categories will not earn any rewards. For example, for the Privy League Signature Credit Card, there will be no rewards for transactions on fuel and rent. For other categories, the rewards will accrue for cumulative spends up to a specified limit in a statement cycle. For rewards accrual, the cumulative spend limit in a statement cycle for various categories is as follows: Utilities (Rs. 75,000), education (Rs. 1,00,000), wallet load (Rs. 10,000), Government institutions (Rs. 75,000), insurance (Rs. 1,00,000), online skill-based gaming (Rs. 15,000). For the Kotak 811 Credit Card, the rewards will accrue on utilities for cumulative spends of up to Rs. 35,000 in a statement cycle. There will be no rewards on the other categories specified above. For details of reward accrual restrictions on other credit cards, refer to the Kotak Bank website. The cashback redemption value of points has been revised downwards. For example, the current cashback redemption value of an Indian Oil Kotak Credit Card reward point is Rs. 0.25 per point. From 1st June, the cashback redemption value will be revised down to Rs. 0.20 per point. Similarly, for the Kotak Infinite Credit Card, the cashback redemption value has been revised down from Rs. 1 per point to Rs. 0.70 per point. To check the revision in redemption value of reward points for other credit cards, refer to the Kotak Bank website. From 1st June, the spends in the following categories will not be considered for calculating milestone benefits: utility, education, wallet load, fuel, rent, government, insurance, and online skill-based gaming. For PVR co-branded credit cards, Kotak Bank awards PVR tickets to the cardholder on achieving specified spends within a specified time. From 1st June, spends on the following categories will not be considered while calculating spends for awarding movie tickets: For PVR Kotak Gold and PVR Kotak Platinum Credit Cards: Spends on utility, education, wallet loads, rent payments, and online gaming. For PVR INOX Kotak Credit Cards: Spends on rent payments, wallet loads, and online gaming. A 1% transaction fee will be applicable on all education payments made through third-party apps. It implies that if the payment is made directly to the education provider using their website or POS, the 1% fee will not apply. There will be a 1% fee on cumulative wallet loading spends exceeding Rs. 10,000 per statement cycle. The cumulative online skill-based gaming spends exceeding Rs. 10,000 per statement cycle will attract a 1% fee. The above fee on education payments, wallet loading and online skill-based gaming spends will not apply to White Reserve, Kotak Infinite, Kotak Signature, and Myntra Kotak credit cards. A 1% fee will be on cumulative utility spending exceeding a threshold per statement cycle. The threshold will differ from card to card. For example, for the PVR Gold Credit Card, the fee will apply when the cumulative utility spends exceed Rs. 35,000 in a statement cycle. Similarly, for the Royale Kotak Signature Credit Card, the threshold is Rs. 50,000 per statement cycle, and for the White Signature Credit Card, the threshold is Rs. 75,000 per statement cycle. The above fee will not apply to White Reserve, Kotak Infinite, Kotak Signature, and Myntra Kotak credit cards. The threshold for the fuel surcharge waiver has been revised for various credit cards. For example, earlier, for the Royale Kotak Signature, the fuel surcharge waiver applied for fuel transactions between Rs. 500 and Rs. 3,000. From 1st June, the fuel surcharge waiver will apply for fuel transactions between Rs. 500 to Rs. 5,000. The maximum waiver applicable in a card anniversary year is Rs. 3,500. Similarly, the fuel surcharge waiver threshold has been revised for other credit cards. For details, refer to the Kotak Bank website. A 1% fee will be on cumulative fuel spending exceeding a threshold per statement cycle. The threshold will differ from card to card. For example, for the PVR Gold Credit Card, the fee will apply when the cumulative fuel spends exceed Rs. 25,000 in a statement cycle. Similarly, for the Royale Kotak Signature Credit Card, the threshold is Rs. 35,000 per statement cycle, and for the White Signature Credit Card, the threshold is Rs. 50,000 per statement cycle. The above fee will not apply to White Reserve, IndianOil Kotak Credit Card, Kotak Infinite, Kotak Signature, and Myntra Kotak credit cards. As mentioned earlier, banks keep revising their credit card program features and benefits from time to time. The restrictions on earning rewards, the exclusion for calculation of milestones, and the introduction of a 1% fee for spends in specified categories are steps that most banks have taken. Kotak Bank has also joined other banks in taking this step. It has been done to make the rewards program sustainable so that the bank can continue offering it in a profitable manner on a long-term basis. The measures will also stop some bad actors from exploiting the rewards program. Depending on your Kotak Bank credit card and the changes applicable to it, you need to reevaluate the value proposition to decide whether you should continue using it. Gopal Gidwani is a freelance personal finance content writer with 15+ years of experience. He can be reached at LinkedIn.
