Kotak launch Virtual only Lifetime free UPI RuPay Credit Card

[Abhishek012]

Kotak launch Virtual only Lifetime free UPI RuPay Credit Card:​

Features -

Credit meets Convenience with Kotak UPI RuPay Credit Card. Link your card on UPI Apps & make payments instantly​

Reward Benefit​

Earn 3 Reward Points* per ₹100 spent

Credit Card on UPI​

Enjoy facility of making UPI Payment with your credit card.

Virtual Credit Card​

Go wallet free by making instant payments with your credit card.

Lifetime Free Card​

No Joining & Annual Fees for life time.

UPI payment on Credit Card:​

• Enjoy a seamless experience of making UPI Transactions with your Kotak UPI RuPay Virtual Credit Card on your preferred UPI Apps
• For more information regarding how to make UPI Payments with your RuPay Credit Card, Click Here

Earn Reward Points​

• Earn 3 Reward Points* against every ₹ 100 spent.
• No capping limit per statement cycle on earning Reward Points
• Reward Points will be accrued for both UPI as well as Regular# Credit Card Transactions
• Every 1,000 Reward Points will be equivalent to ₹ 100
• Minimum 1000 Reward Points will be required for redemption

Life Time Free Card​

*Reward Points will not be accrued for transaction categories such as: Rent, Fuel, Railway, Wallet Loading, EMI, Education & Balance Transfer

#Regular Credit Card Transactions include Online/E-Commerce and International Transactions made virtually

Eligibility Criteria​

• Customer should be an existing Kotak Credit Card holder
• Customer should be in age bracket of 18-65 Years
• Customer should be a resident of India

Link your Virtual Credit Card on UPI Payment Apps​

• Unfold UPI Magic with Kotak UPI RuPay Virtual Credit Card. Link your card on UPI Apps & set UPI Pin for making UPI Transactions
• For more information on how to link your RuPay Credit Card on UPI Apps, Click Here

Manage your virtual Credit Card on Kotak Mobile Banking App​

• Kotak UPI RuPay Credit Card will be issued as virtual only card and no physical card will be issued. For your convenience, the card details will be auto-registered in Kotak Mobile Banking App under Credit Card section. To view card details, follow the below steps:
  • Login into Kotak Mobile Banking App
  • Go to “Credit Card” Section
  • Go to “Card Overview” Section

To enable E-Com/Online & International Transactions & manage card usage settings, please click on “Card Control” Tab under “Card Overview” Section in Kotak Mobile Banking App.



Fees & Charges:

Fee & Other Parameters	Kotak UPI RuPay Credit Card
Joining Fees	Nil
Annual Fees	Nil
Add on Card Benefit (Virtual Card)	Not Applicable
Interest Charges on outstanding Balances	3.5% (Annualized Rate - 42%)
Minimum Amount Due (MAD) (It will reflect in statement in column of minimum amount due)	MAD can be 5% or 10% of TAD as decided by the Bank
Late Payment Charges ("LPC")	Due as per last statement	LPC Charges
<₹ 100	₹ 0.0
₹ 100 – ₹ 500	₹ 100
₹ 501 – ₹ 5,000	₹ 500
₹ 5,001 – ₹ 10,000	₹ 600
₹ 10,001 – ₹ 25,000	₹ 800
₹ 25,001 – ₹ 50,000	₹ 1000
>₹ 50,000	₹ 1200
Over Limit Charge	₹ 500
Cheque Bounce Charges	Higher of (2% of bounce amount or ₹ 500)
Auto Debit Return Charges	Higher of (2% of bounce amount or ₹ 450)
Foreign Currency Mark Up	3.5% per transaction + GST
Railway Booking Surcharge Waiver	Not Applicable
Fuel Surcharge Waiver	Not Applicable
Fee for Cash payment at Bank	₹ 100
Reissue/ Replacement Card (per Card)	Nil (As it is a virtual card)
Note: GST/Applicable taxes, would be charged as per the rates approved in the Finance Act each year on all interest & fees and other charges levied on your Credit Card.

Special thanks to @Tejo for sharing the details.

 

[Aniket]

I closed Kotak Virtual LTF Rupay cc just few days after the ban. Did not face any problem closing it.

Are bhaiya jee issuance pe restrictions laga hai, closure pe nahi 🙂

Toh obvious hai problem kyu face karna padta?

 

[blupirate]

Are bhaiya jee issuance pe restrictions laga hai, closure pe nahi 🙂

Toh obvious hai problem kyu face karna padta?

The person i replied to wants to close his FD backed Card, that's what he was confirming if it can be closed after the ban

 

[desiviru]

HDFC is now providing LTF Rupay Virtual Card to all those already having LTF core/non-core cards. It seems RuPay knows that physical card won't help users as most merchants disable it and what's point having/providing one. Even while paying through UPI app, at most merchant, it fails who have disabled acceptance via UPI CC.

From last 10 days or so, I am getting email from HDFC for LTF Rupay virtual card but not taking it. I've HDFC Millennia CC on LTF basis. I'm already having Physical ICICI Bank LTF Rupay Coral. During #BhimPeAsliFayeda campaign, it was useful and even that was taken off 32 days in advance on Feb 28 instead of March 31st as it got exploited badly by youtubers.

 

[VISION]

I closed Kotak Virtual LTF Rupay cc just few days after the ban. Did not face any problem closing it.

closing is not a prodlem .. apply/paynetwork change is not allowed for existing customers..