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Kotak launch Virtual only Lifetime free UPI RuPay Credit Card

Abhishek012

TF Pioneer

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

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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.

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Fees & Charges:

Fee & Other ParametersKotak UPI RuPay Credit Card
Joining FeesNil
Annual FeesNil
Add on Card Benefit (Virtual Card)Not Applicable
Interest Charges on outstanding Balances3.5% (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 statementLPC 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 ChargesHigher of (2% of bounce amount or ₹ 500)
Auto Debit Return ChargesHigher of (2% of bounce amount or ₹ 450)
Foreign Currency Mark Up3.5% per transaction + GST
Railway Booking Surcharge WaiverNot Applicable
Fuel Surcharge WaiverNot 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.
 
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.
 
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