ING Vysya Credit Cards - Kotak Mahindra Bank

ING Vysya Bank is now Kotak Mahindra Bank:

Kotak Mahindra Bank has acquired ING Vysya to emerge as the 4th largest private sector bank in India. Henceforth, all the banking products owned by the erstwhile ING Vysya Bank will be an integral part of Kotak Mahindra, and the new combined entity will be known as the Kotak Mahindra Bank. In this regard, aspirants can now apply for the ING Vysya Credit Cards by applying at Kotak Mahindra Bank credit card page, and choose from the credit cards offered by the latter.

About ING Vysya Bank

ING Vysya Bank, headquartered in Bangalore, India, is a leading private sector bank in India. It was formed when the Dutch group ING acquired an equity stake in the then Vysya bank. It was the first merger between an Indian bank and a foreign bank in India. It is listed on the Bombay Stock Exchange and the National Stock Exchange of India.

ING Vysya Bank provides a range of banking products and services in the areas of retail, private and wholesale banking. With 547 branches and about 10,000 employees, the bank services over 2 million customers.

Featured among its many products are ING Vysya Bank’s credit cards. The credit cards on offer from the bank are:

1. ING Galaxia Credit Card
2. ING Solaris Credit Card
3. Credit Card Against FD

ING Vysya offers these cards in the following cities only:

1. Ahmedabad
2. Bangalore
3. Chandigarh
4. Chennai
5. Faridabad
6. Gurgaon
7. Hyderabad
8. Indore
9. Jaipur
10. Kolkata
11. Ludhiana
12. Mumbai
13. Nagpur
14. New Delhi
15. Noida
16. Pune
17. Rajkot
18. Surat
19. Vijayawada
20. Vishakhapatnam

The main features of the cards are its reward program, fuel surcharge waiver, converting purchases to EMIs and airport lounge access.

Main Features	ING Galaxia	ING Solaris
Joining benefits	Rs.2000	Rs.500
Reward Program	4 points for every Rs.100 spent Accelerated program - 6 points for every Rs.100 spent (select categories) Redeemable at Partner merchant establishments (Flights, Hotels, Movies, Dining, Mobile or DTH Recharges, Bus)	4 points for every Rs.100 spent Accelerated program - 6 points for every Rs.100 spent (select categories) Redeemable at Partner merchant establishments (Flights, Hotels, Movies, Dining, Mobile or DTH Recharges, Bus)
Fuel Surcharge Waiver	At all fuel stations in India. 2.50% or Rs.10 whichever is higher Minimum transaction value Rs.400 and above Maximum cumulative value - Rs.2,500 (per billing cycle)	At all fuel stations in India. 2.50% or Rs.10 whichever is higher Minimum transaction value Rs.400 and above Maximum cumulative value - Rs.2,500 (per billing cycle)
Convert to EMIs	For purchases above Rs.5000 Repayment periods - 3,6,9,12 months Processing fee - 1.5% Interest charges - 1.5%	For purchases above Rs.5000 Repayment periods - 3,6,9,12 months Processing fee - 1.5% Interest charges - 1.5%
Airport Lounge Access	Complimentary access (select terminals) in India	Complimentary access (select terminals) in India
MasterCard Offers	Privilege access/special rates at select golf courses in India & South Asia
Golf Course Access	11 premier courses 2 complimentary rounds (within 12 months, 2 separate months) Additional rounds - 50% off on green fee Booking lead time - 7 days 24hrs. golf concierge service

To be eligible for ING Vysya’s credit cards one should be either a Salaried or Self-Employed person and the contact details i.e. the Permanent, Office and Residential Addresses, Mobile Number and Email ID should be on record at the bank. Eligibility depends on the applicant’s age, how long the applicant has held a relationship with the bank and how much monetary value the relationship currently brings to the bank.

Eligibility	ING Galaxia	ING Solaris
Self-employed
Minimum Relationship Value (last 3 months) Minimum Relationship Period Age: Minimum Maximum	Rs.5,00,000 6 months 21 yrs. 72 yrs.	Rs.1,00,000 6 months 21 yrs. 72 yrs.
Salaried
Non-ING Salary Account: Minimum Relationship Value Minimum Relationship Period Age: Minimum Maximum	Rs.2,50,000 6 months 21 yrs. 60 yrs.	Rs. 50,000 6 months 21 yrs. 60 yrs.
ING Salary Account Minimum Net Salary No. of salary credits Minimum Relationship Period Age: Minimum Maximum	Rs.60,000 3 3 months 21 yrs. 60 yrs	Rs.20,000 3 3 months 21 yrs. 60 yrs.

Payments can be made through multiple options for the cardholder's convenience.

Payment Mode	ING Galaxia	ING Solaris
Cheque/Draft	Drop boxes placed at the bank’s branches Only local & at par cheques	Drop boxes placed at the bank’s branches Only local & at par cheques
Auto Debit	Standing instructions on cardholder’s ING Vysya Bank account Option to pay Total or Minimum amount due	Standing instructions on cardholder’s ING Vysya Bank account Option to pay Total or Minimum amount due
Retail Internet Banking	For cardholders with ING Vysya Bank account	For cardholders with ING Vysya Bank account
NEFT Payment		For cardholders with a Non- ING Vysya bank account Through either the branch or the internet

Customer care support is provided to cardholders for any queries they may have. In addition, cardholders can clarify issues regarding their rewards through the bank’s Rewards Helpline.

There is also a grievance redressal and escalation process in place to deal with disputes. This begins with the cardholders lodging their complaints with customer support personnel. If they do not get a satisfactory resolution they can escalate the same in the following manner.

1. Log the complaint on the bank’s website
2. Contact the nodal officer
3. Contact the banking ombudsman

In case of the Solaris Credit Card, the cardholder can dispute issues relating to transactions on the statement, by mailing relevant documents and form to the bank’s credit card division.

Credit Card against Fixed Deposit

Those who have a fixed deposit with ING Vysya but do not meet its eligibility criteria for credit cards can avail of the Credit Card against FD.

Under this offer, cardholders gets joining benefits = Rs.2000 and can even set their credit limits i.e. a percentage of the fixed deposit amount.

In order to avail of this card, the applicant should:

• Have a term deposit with the bank for a tenor of at least 1 year
• The deposit should have the auto renewal facility
• Provide the Original Deposit Confirmation Advice (DCA) discharged by the applicant with revenue stamps.
• Provide a Lien and Debit Authorisation Letter
• Submit the Credit Card Application Form

To be eligible for the Credit Card against FD one should either be an existing term deposit holder with ING Vysya bank or become a new term deposit holder.

Term Deposit holders with a minimum amount of Rs.1,00,000 will be issued the ING Galaxia Credit Card and those with a minimum amount of Rs.25,000 will be issued the ING Solaris Credit Card.

There are various fees and charges on ING Vysya’s credit cards. They are outlined below:

1. Joining fee: ING Galaxia Credit Card - Rs.1,500; ING Solaris Credit Card - Rs.500
2. There is no Annual Fee, Renewal Fees or charges for add-on cards.
3. The Minimum Amount Due (MAD) = 5% of the Total Amount Due (TAD) or 5% of the amount determined by the bank at its discretion.
4. EMI amounts are added to the Minimum Amount Due; minimum Rs.200
5. Both cards offer a credit period up to 50 days during which they don’t charge interest.
6. Interest Charges for Outstanding amounts and Cash Withdrawals = 2.95% p.m.; 35.40% p.a.
7. Cash withdrawals attract a charge = The higher of 2.50% of the amount withdrawn or Rs.300
8. Late payments attract a penalty of Rs.500
9. Going over the credit limit on the card will attract a charge of 2.50% of the excess amount subject to a minimum of Rs.700
10. Payment Returns are charged at 2.00% of the payment amount subject to a minimum of Rs.700
11. Replacement fees: A fee is of Rs.200 is charged to replace the card; Rs. 100 to replace the card pin.
12. If transactions are in a foreign currency then a 3.50% mark-up will be applicable on the
    currency conversion rate as foreign currency conversion fee.
13. A railway surcharge is applicable = 1.80% of the transaction value for internet bookings and 2.50% through other means.
14. 14. GST, Education Cess and other legal charges will be applicable at prevailing rates on all fees, interest and charges.
15. Duplicate statements can be availed of at Rs.100 (for statements beyond 3 months)
16. EMIs: Transactions of Rs.5,000 and above can be converted to EMIs at the following charges. Processing Fee = 1.50%; Interest charge = 1.50% p.m.; Foreclosure Fee = 1.50%
17. MasterCard Global Services: As per prevailing MasterCard rates for the service requested by the cardholder.
18. In case of transaction disputes disfavouring the cardholder, a processing fee, as per MasterCard charges, will be applicable.

Important Terms and Conditions related to the credit cards are highlighted below:

1. Annual, joining and add-on card fees can vary between cardholders and across offers.
2. Card holders can use their credit cards to access ATMs, domestically and internationally, to withdraw money. The transaction charges are subject to change. The charges are billed in the subsequent statement. Cash withdrawals/advances also attract a finance charge calculated on the period between the date of withdrawal and the date of full payment. This charge is also subject to change at the bank’s discretion. Using non-ING bank’s ATMs may attract additional charges.
3. All fees and charges are subject to change at the bank’s discretion and new charges or fees may be introduced as the bank determines fit. Customers are given due notice of the same. Updated fees and charges can be found on the bank’s website.
4. The bank may approve transactions that cross the credit limit on the card subject to charges. Cardholders can breach the credit-limit as a result of fees/charges/interest levied.
5. Transactions made in a foreign currency will be converted to Indian Rupees. The conversion date will be the date on which the transaction is settled with the bank which may differ from the date of the transaction. All currencies will first be converted to USD then converted to INR. The USD to INR conversion rate will be as provided by VISA, MasterCard or AMEX on the settlement date + the applicable foreign currency conversion fee.
6. Interest free credit periods vary between 20 to 50 days depending on the card scheme provided there are no outstanding balance or cash advances on the card.
7. Finance charges are applicable on outstanding amounts and cash advances till they are repaid in full. GST is further applicable on these charges. Finance charges are calculated on the Average Daily Balance Method on both outstanding charges and fresh billings until all amounts due are repaid.
8. Late payment fees apply when even the Minimum Amount Due is not paid by the due date.
9. Credit and cash withdrawal limits are set at the bank’s discretion. This limit includes add-on cards, if any. Available credit limit is intimated in the monthly statements. The credit limits can be increased or decreased at the bank’s discretion upon review of the cardholders account. Cardholders can request an increase in their credit limits in writing and declaring sufficient income. This request may or may not be approved at the bank’s discretion.
10. Billing is done monthly and a statement sent to this effect. The billing and payment dates are fixed and the cardholder is intimated of the same upon obtaining the card.
11. Statements will not be issued if there have been no transactions or there is no amount due on the card during the billing period. Statements will be sent to the communication address on record at the bank or to the registered email id (e-statements).
12. Cardholders can pay the Minimum or Total Amount Due or an amount between the two. If paying the Minimum Amount Due or an amount above the Minimum Amount Due, but not the Total Amount Due, the unpaid balance will be carried forward to the next billing period.
13. Payments made should be credited to the card account on or before the due date. Cheques should be dropped prior to the due date to ensure timely clearance.
14. Outstanding amounts from previous statements and EMIs will be added to the current Minimum Amount Due.
15. Payments made for outstanding amounts will be adjusted (in the following order) against all taxes, interest and other charges, fees, EMIs, cash advances, purchases and PLCC.
16. The time taken for credit payments for the following modes:
    1. Cheque - 3 to 5 days
    2. NEFT, Retail Banking, Auto Debit - 2 days
17. For any disputes regarding the statement, the cardholder has to contact the bank within 60 days in writing. The disputed charges will be reversed pending inquiry. If the cardholder is subsequently found to be liable for those charges, the charges will be included in the next statement with the applicable fees.
18. In case of default, the amount due and amounts due but not yet charged to the account will be payable immediately to the bank. The following events lead to default -
    1. Failure to pay amounts due within the specified period.
    2. Insolvency, death, permanent disability of cardholder.
    3. Adverse financial position of the cardholder.
    4. Court-granted garnishee order.
    5. Misrepresentation by the cardholder.
    6. Fraudulent documentation/information provided by/about the cardholder.
    7. Cardholder’s action(s) causing damage/loss to the bank.
    8. Payment instruments submitted to the bank not being honoured.
    9. Criminal charges against the cardholder.
    10. Default in obligations by the cardholder with relation to any loans/facilities provided by the bank.
19. ING Vysya bank shares monthly data with credit bureaus regarding the cardholder's payment behaviour.
20. Insurance is not an add-on facility provided to the cardholder for the card. Cardholder, if so desiring, will have to insure the card through an insurance provider themselves.
21. The bank has the right of lien on the cardholder’s monies held with the bank to set-off dues on the card.
22. Cardholders can terminate their card membership at any time in writing. Termination of a card will lead to termination of add-on cards, if any. Termination is complete when the card is destroyed or rendered useless and all outstanding dues are paid. The cardholder will remain liable for all subsequent dues if the card is not destroyed.
23. In case of abnormal card activity, the bank will attempt to contact the cardholder to verify the same, failing which the bank may suspend or terminate the card.
24. The bank may suspend the card if the credit limit is breached or payments due remain unpaid.
25. The card may not be used beyond the validity period or when suspended. If used, the amounts charged on the card will be payable to the bank.
26. In case the card is lost, damaged, stolen or not received on-time, or if there is suspicion of unusual activity on the card, the cardholder must notify the bank immediately. Once the bank is notified, the primary card is rendered invalid and the cardholder is not liable for subsequent transactions. If the primary card is rendered invalid the add-on card is also invalid. If an add-on card is reported lost and rendered invalid, the primary card is also invalid.

When opting for credit cards the most important terms and conditions should be read for a clear understanding of the offer.

*Information provided is as released by the bank and subject to change without notice. GST rate of 18% applicable for all financial services effective July 1, 2017