Kotak Mahindra Bank offers a lot of products to its customers and among the products are credit cards. Along with a wide range of features and benefits which an Kotak Mahindra Bank Credit Card comes with, it also comes with an interest rate added to the credit amount due if not paid within the due date.
Popular Bank's Credit Card Interest Rates
An interest rate is a fee charged by your credit card provider on the amount you borrowed using your card. However, you will be charged an interest rate only if you haven’t paid the total outstanding bill amount within the due date or the interest-free period, whichever is applicable. Currently, Kotak Mahindra Bank charges an interest rate of 3.50% per month which is 42% per annum on the Kotak credit cards.
However, if you clear the total outstanding balance within the due date, you do not have to pay an additional fee. That is the best thing about credit cards. But, if you are someone who cannot pay the total amount within the due date, it is very important for you to know about interest rate and how it is calculated.
For example: If the monthly interest rate charged by your credit card provider is 13%, the formula used to calculate the interest rate you land up paying on an average daily balance method is as follows:
Interest Rate = [(Total Outstanding Amount x 13% per month x 12 months) X number of days] / 365 days.
|Kotak Credit Cards||Monthly Interest Rate||Annual Rate|
|Kotak Zen Signature Credit Card||3.4%||40.8%|
|Kotak White Credit Card||3.1%||37.2%|
|Kotak Mojo Platinum Credit Card||3.5%||42%|
|Kotak Bank Essentia Platinum Credit Card||3.5%||42%|
|Kotak 811 #DreamDifferent Credit Card||2.99%||35.88%|
|Kotak Bank Delight Platinum Credit Card||3.5%||42%|
|Kotak Bank Fortune Gold Credit Card||3.5%||42%|
|Kotak Bank Feast Gold Credit Card||3.5%||42%|
|Kotak Bank League Platinum Credit Card||3.5%||42%|
|Kotak Bank Best Price Credit Card||3.4%||40.8%|
|Kotak Bank Royale Signature Credit Card||3.4%||40.8%|
|Kotak Bank PVR Kotak Gold Credit Card||3.5%||42%|
|Kotak Bank PVR Kotak Platinum Credit Card||3.5%||42%|
|Kotak Bank Wealth Management Infinite Credit Card||3.10%||37.2%|
|Kotak Bank NRI Royale Signature Credit Card||3.10%||37.2%|
|Kotak Bank Urbane Gold Credit Card||3.5%||42%|
|Kotak Bank Corporate Wealth Signature Credit Card||3.10%||37.2%|
|Kotak Bank Corporate Platinum Credit Card||3.30%||39.6%|
|Kotak Bank Corporate Gold Credit Card||3.30%||39.6%|
|Kotak Bank Privy League Signature Credit Card||3.5%||42%|
Apart from not paying the total due amount within the due date, there are many other activities or transaction on your card that attracts interest rates. Some of them are as follows:
Kotak Mahindra Bank offers an interest-free period that ranges from 20 to 50 days depending on the date of the transaction. This feature is applicable only if your previous month’s balance is paid in full. If you make the total outstanding balance within the interest-free period, you will not be charged anything additional. Which means that you have enjoyed the credit facility at a zero percent rate.
Example for grace period:
Let us assume that the payment due date is on 2 Sept 2023, and if the previous month's dues have been paid in full-
Interest free period for a purchase on 16 July 2023 is 16 July 2023 to 2 Sept 2023: 47 days.
For a purchase on 15 Aug 2023, the interest free period is 15 Aug 2023 to 2 July 2023 = 17 days.
If only a part of the payment has been made, there will be no interest free period and interest charges applicable.
You can choose between Best Price Credit Card, Corporate Platinum Credit Card, Corporate Wealth Signature Credit Card or Corporate Gold Credit Card.
On all cash advances, Kotak Mahindra Bank charges the monthly interest rate from the date of withdrawal till the amount is paid in full. Please refer to the table above to know the monthly interest rate on your Kotak Mahindra Bank credit card.
You can reach the Kotak Mahindra Bank credit card customer service department by dialing 1860 266 2666.
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