Kotak mahindra bank: Kotak Mahindra Bank has made some major changes in the rules and benefits of its Royal Signature Credit Card. These changes will be applicable from 1 June 2025. If you have this card, then know that now the ways of spending, getting rewards and using benefits are going to change.
You will still get these benefits
You will continue to get 4 reward points on spending every 150 rupees. Apart from this, there will also be a benefit of free use of domestic airport lounge twice every quarter. Facilities like surcharge waiver on fuel and railway ticket booking will also continue.
Limited on fuel expenses
Now 1 percent surcharge will be available only on fuel expenses ranging from Rs 500 to Rs 5000. In the year, you will also be able to get a leprosy of at least up to Rs 3500.
New limit to earn reward point
Now on education and insurance, a statement bicycle will get reward points only at an expense of up to 70 thousand rupees. Points will be available only on the cost of 50 thousand rupees on utility bills and up to 40 thousand rupees on government expenses.
Points will no longer be available on these expenses
No reward point will be available on adding money, fare, buying fuel and spending on online games. Also, these expenses will no longer be counted in Mylstone Benefit.
Reward point price decreased
Now the price of each reward point has been reduced from 25 paise to 20 paise. It will be necessary to have at least 2000 points to redeem the cash.
Lounge access will now be connected to expenses
Now free airport lounge access will be available only when you spend at least 75 thousand rupees in the last quarter. Only then will it benefit in the next quarter.
Interest rate and new charge were also added
Now the interest rate on the card has increased from 3.5% to 3.75% per month. Also, many expenses will be charged 1% transaction fees – such as putting money in the wallet, online gaming, more than 10 thousand rupees government expenditure, more than 50 thousand utility bills and more than 35 thousand fuel expenses.
Education fees will also be charged
If you pay school or college fees from third party app (eg PhonePe, Cred or Mobikwik), then 1% charge will be charged. But if you pay directly with the school website or machine, then it will not be charged.
If auto debit fails, a fine will have to be paid
If the auto debit EMI of your card fails, then 2% penalty will have to be paid on the total outstanding amount. This charge can be at least Rs 450 and at least Rs 5000. So if you use this card, then keep in mind the expenses keeping these new rules in mind.
Only 10000 SIP made millionaires, know 2 such tax savings of mutual fund schemes