Kotak Mahindra Bank has announced major changes in charge structure for its credit card holders. These new rules will be implemented from 1 June 2025 and include charges on charge, dynamic currency conversion (DCC), utility bill payment, education payment, wallet loading, online gaming, and fuel transactions when they fail auto-debit. Also, the method of calculation of minimum amount due to minimum amount has been changed.
Charged on auto-debit failure
If the payment fails from Nach, ECS or auto-debit, then the bounce amount will be charged 2%, the minimum amount will be Rs 450 and a maximum of Rs 5,000.
Minimum amount payable (Mad)
How will the calculation of Mad from now on
1% on all purchases and cash transactions,
Also add 100% EMI, finance charge, charge and tax.
The amount of Mad will be limited to 100 or Total Amount Due (TAD), whichever is low.
Dynamic Currency Conversion (DCC) Charge
On foreign trade or transaction from foreign merchant.
General cards will charge 3.5%.
Privy League Signature (Paid), White Reserve and 2% charge on Kotak Infinite Cards.
This charge will be forgiven on Kotak Solitaire card.
Charge on utility bill
Each statement bicycle will levy 1% charge on utility bill payment more than the fixed limit. This charge will not be applied to White Reserve, Kotak Solitaire, Kotak Infinite, Kotak Signature and Myntra Kotak Credit Card.
Charge on education payment
Education payments made with third party apps will be charged 1%. The premium card holders mentioned above will not have to pay this charge.
Charge on wallet loading
Each statement bicycle will apply 1% charge on wallet loading more than Rs 10,000. Some premium cards will not be charged.
Charged on skill-based gaming
1% charge will be charged on skill-based online gaming transactions worth more than Rs 10,000. This will also not apply to selected cards.
Charge on fuel transaction
1% charge will be charged at fuel expenses more than the bicycle fixed limit. This charge will not apply to Indianoil Kotak Card and other premium cards.
IRCTC: Are you also traveling in a train with a confirmed and 1 waiting tickets? Do not do this, it will be fined