Faqs About Fortune
Why should I select a Kotak Credit Card?
Kotak Credit Cards symbolize the following guiding principles:
Simplicity
Kotak Credit Cards are simple to understand and use. We have taken special care to make them hassle free so that you can spend time on more important things in life that require your attention.
Transparency
Kotak Credit Cards are transparent in communicating upfront what the card offers and what you would have to spend for it, if at all. We have taken care that there will be no hidden charges associated with this card.
Relevance
Kotak Credit Cards have understood what you need the most from your credit card, and have been designed to give you only those benefits that are most relevant for you.
This promise from Kotak ensures that you only get the best from your credit card!
Whom has the Fortune Gold Card been designed for?
The Kotak Fortune Gold Card has been specifically designed for enterprising businessmen. We have kept in mind the major spend areas for you, such that we give you the most relevant benefits & you can derive the maximum out of it.
What type of Card is Fortune?
The Kotak Fortune Card is a VISA Gold Card.
Why should I choose a Fortune Card? Are there any specific benefits that I get?
Only Kotak Fortune Gold Card offers you a unique combination of affordable and easily accessible cash – all year round. We give you not only interest free period on cash advances & a higher cash limit of 50% but we are also available to you at any ATM, Kotak Mahindra Bank branch, online or even on phone.
Besides this, enjoy a complete fuel surcharge waiver at any pump, complete railway surcharge waiver & exciting EMI & BT plans that no one else offers.
What is cash limit on the Card?
Cash limit on the card refers to the percentage of your credit limit which you can take as a cash advance. While most other gold cards offer a 40% cash limit on joining only Kotak Fortune gives you a higher cash limit of 50%.
What is the Annual & Joining Fee for this Card?
There is no annual or joining fee for the Kotak Fortune Gold Card. Kotak Fortune Gold Card is free for life.
Is this Card valid internationally?
Yes, this Card is valid internationally.
Do I enjoy any interest free period on cash?
Yes, only Kotak Fortune Gold Card offers you a interest free period on cash advances of up to 48 days.
How is the 48 days calculated for interest free cash period? How will I be charged from the 49th day?
Interest charges = (Number of days for which a balance is held) * (Amount) * (Daily rate of interest).
Daily rate of interest = (Monthly interest rate) * 12/365
Daily rate of interest = (3.1%) * 12/365 = 0.1019%
Illustration of Interest Calculation
You got your new Kotak Credit Card and started using it. Illustrated below is the calculation for first 2 cycles on your Kotak Credit Card.
Is there any interest free period on Retail transactions?
Yes, you also enjoy a interest free period on your retail transactions for up to 48 days.
When do you charge me a Mark Up?
A Mark up is charged to the tune of 3.5% every time you do an international transaction. Cash and Retail transactions will both attract a Mark up.
When do you charge me an over limit charge?
If your transactions cross 100% of your credit limit, you will be charged a flat over limit fee of Rs 500 in each billing cycle that you are over limit.
When do you charge me a late payment fee?
If in a billing cycle your payment received till the payment due date is lesser than MAD it will attract a flat late payment charge of Rs 350 in the next billing cycle. (Please note: w.e.f 1st Feb 2009 Late Payment Charge will be revised to Rs. 500/-)
Am I entitled for an Add-on Card?
Yes, Add-on Cards are available on Fortune Gold Card for a one time fee of Rs 199 / Rs 499 per card; Customer can choose among the available two variants.
Are all the Fortune features available on the Add-on Card?
Yes, all Fortune features are available for the Add-on card holder except the following:
Cash Withdrawal – at branch
Demand Draft – online
Demand Draft – on call
Is there a rewards program on Fortune Gold Card?
There is currently no rewards program on the Fortune Gold Card.
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