Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
It would not be wrong to say that credit cards have completely revolutionized the way individuals are spending and making purchases. This financial tool has had a significant impact on the financial world and is widely used across the globe. Ever since its introduction in the 1950s, credit cards have had perhaps the most significant impact on the economy as compared to any other product. These unassuming plastic cards have changed the economic world. From paying for every product and service through cash, customers today prefer paying for the same through cards, either debit or credit although credit cards are more popularly used.
The reason for the popularity of credit cards is many. This financial tool is preferred mainly for the convenience that it offers as it is accepted in almost all counters, both online and offline. It is easier to carry one card instead of a wad of cash as well. Additionally using credit cards can result in other benefits and perks such as rewards points, AirMiles and so on which can be redeemed for discounted air tickets, goodies from a catalogue. Additionally, shopping and dining discounts can also be availed by cardholders when they use their credit card a certain number of times. Waiver of fuel surcharge is another advantage that can be availed.
Almost all financial institutions and banks today provides individuals with credit cards. There are a number of different types of credit cards based on the benefits and features that they provide.
Despite the plethora of benefits that they provide, credit cards do have certain not-so-good features. Every month, cardholders will have to pay the bill within the given billing cycle and preferably completely. However, they also have the option to pay just the minimum balance due, this is not advisable. This is due to the fact that, an interest rate will be charged to the amount that is yet to be paid and this in turn can add up to a hefty amount, if left unpaid. This can also have a serious impact on the credit score of the cardholder. In case the cardholder’s credit score falls below the accepted number, it will be very hard for him/her to avail loans or other credit cards in the future. Therefore credit cards need to be used judiciously and responsibly.
Due to this reason, credit cards cannot be procured by everyone but only by those who meet the eligibility criteria set by the financial institution or bank that is providing the credit card. Certain factors that influence an applicant’s eligibility to avail a credit card include income, credit score, age, and so on. However the good news is that even those individuals who do not meet the required criteria can now avail these cards in the form of add-on or supplementary credit cards.
Add-on credit cards on the other hand can be availed by family members of a primary cardholder only if they meet the required eligibility criteria, chief of which is age.
Supplementary credit cards or Add-on credit cards are issued by the bank or financial institution under the primary credit card to the family members of the primary cardholder. The number of cards that can be availed varies from bank to bank. Usually children, parents or spouse of the primary cardholder can avail an add-on credit card. Perks of the supplementary card will usually be the same as that of the primary credit card.
One of the premier banking institutions in the country, Kotak Mahindra is known for its plethora of products and services. As part of its banking portfolio, this bank provides loans, debit cards and credit cards among others. Add-on credit cards are also available. However, add-on credit cards cannot be availed for all credit cards. If the applicant meets the required eligibility criteria, it is easy to avail a supplementary credit card from Kotak Mahindra Bank.
Add-on credit cards from Kotak Mahindra Bank can be availed by individuals who meet the following eligibility criteria-
Other requirements may be applicable based on the terms and conditions of the bank.
The documents required for a Kotak Mahindra Bank supplementary credit card are as follows -
Additional documents may be requested based on the requirements of Kotak Mahindra Bank. Customers should note that an add-on credit card option will not be provided unless all the necessary KYC (Know-Your-Customer) documents are furnished.
In order to apply for a Kotak Mahindra Bank Add-on credit card, individuals can contact the Kotak Mahindra Bank directly or online for the same.
Customers will have to follow the steps given below in order to apply for an add-on credit card through net banking option -
Customers also have the option to apply for an add-on credit card through SMS. Customers will have to SMS ADDON to the number 5676788 post which a representative of the bank will contact them.
Applicants who are unable to apply for an add-on credit card from Kotak Mahindra Bank through the above methods can also call the Kotak Mahindra Bank credit card customer Care number which is available at all times of the day, throughout the week.
The Kotak add-on credit fee for the following cards is given below -
| Card | Fees |
|---|---|
| Royale Credit Card | Nil |
| Privy League Credit Card | Nil |
| League Credit Card | Nil |
| Silk Inspire Credit Card | Nil |
| Essentia Credit Card | Rs.299 |
| Delight Credit Card | Rs.299 |
| Wealth Management Credit Card | Nil |
| PVR Platinum Credit Card | Rs.299 |
| NRI Credit Card | Rs.599 |
| Aqua Credit Card | Nil |
| PVR Gold Credit Card | Rs.299 |
| Urbane Credit Card | Nil |
| Feast Credit Card | Rs.299 |
| Fortune Credit Card | Rs.299 |
| BestPrice Credit Card | Nil |
| BestPrice - Premium Credit Card | Nil |
Customers can vail add-on credit cards for the following credit cards from Kotak Mahindra Bank -
Credit score will not be calculated for an add-on credit card. Instead all activities will be reflected in the primary cardholder’s credit report.
The add-on credit card bill is paid by the primary credit cardholder.
Customers can apply for a supplementary credit card from Kotak Mahindra Bank through Net banking method, through SMS, and by calling the customer care service.
The primary credit cardholder can track all spends made on the add-on credit card(s).
The credit limit for a Kotak Mahindra Bank add-on credit card is the same as that of the primary credit card or lesser, depending on the terms and conditions of the bank.
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