Kotak Myntra Credit Card vs Cashback SBI Credit CardKotak Myntra Credit Card vs Cashback SBI Credit Card

Kotak Myntra vs Cashback SBI Credit Card

When it comes to cashback credit cards offered in the nation, the Cashback SBI credit card stands out as a top contender. With a joining fee of Rs. 999 plus taxes, this card guarantees cashback on almost all transactions made by the cardholder. Despite recent removals of certain features, the card still offers a generous 5% cashback on online transactions and 1% cashback on offline purchases. The cashback is seamlessly applied, and the cardholder can also enjoy a renewal fee waiver based on their spending habits.

Kotak Mahindra and Myntra have joined forces to unveil the co-branded Kotak Myntra credit card, designed for dedicated Myntra customers. Priced at a reasonable Rs. 500, this card offers tailored benefits for frequent Myntra shoppers. As a welcoming perk, cardholders receive a complimentary Myntra Insider membership and a Myntra voucher worth Rs. 500. Additionally, instant 7.5% discounts on Myntra purchases and up to 5% cashback on transactions with other partner brands are available. With this card, there’s no need to concern yourself with reward points, as the cashback is automatically credited to the cardholder.

Features and Benefits of Kotak Myntra Credit Card and Cashback SBI Credit Card

Kotak Myntra Credit Card:

1. Welcome Benefits:

  • Receive a Rs. 500 Myntra gift voucher when you make a transaction of Rs. 500 or more within one month.
  • Complimentary Myntra Insider program membership, offering exclusive privileges.

2. Instant Discounts: 7.5% instant discount on Myntra spends, up to Rs. 750 per transaction.

3. Cashback:

  • Up to 5% cashback on partner brands (Cleartrip, Urban Company, Swiggy, PVR).
  • 1.25% unlimited cashback on other spends, excluding specific categories.

4. Lounge Access: Quarterly access to domestic lounges at no charge.

5. Milestone Benefit: 2 complimentary PVR movie tickets worth Rs. 250 each on spending Rs. 50,000+ in a calendar quarter.

6. UPI Enabled: Convenient UPI payments by linking the credit card to preferred applications.

Cashback SBI Credit Card:

1. Joining Fee:

  • Joining fee of Rs. 999 plus taxes.
  • Waivable on spending Rs. 2 Lakhs in the previous year.

2. Cashback Rate:

  • 5% cashback on online transactions.
  • 1% cashback on offline transactions.
  • Cashback capped at Rs. 5000 per month, with exclusions for certain transactions.

3. Additional Features:

  • 2 free add-on credit cards for family members.
  • Contactless payment option for transactions below Rs. 5000.

Fee and Charges of Kotak Myntra Credit Card and Cashback SBI Credit Card

Kotak Myntra Credit Card:

  1. Joining fee of Rs. 500 plus taxes.
  2. 3.7% monthly interest rate and 44.4% per annum.
  3. 3.5% forex markup fee.
  4. 2% cash advance fee or Rs. 500 per Rs. 10,000 withdrawn.

Cashback SBI Credit Card:

  1. Joining fee of Rs. 999 plus taxes.
  2. 3.5% monthly interest rate or 42% per annum.
  3. 3.5% forex markup fee.
  4. 2.5% cash advance fee or Rs. 500 minimum.

Comparison between Kotak Myntra Credit Card and Cashback SBI Credit Card

Kotak Myntra Credit Card:

1. Joining/Annual Fees: Rs. 500 + GST
2. Welcome Benefits: Receive a Rs. 500 Myntra voucher when making a purchase of Rs. 500 or more within 30 days.
3. Reward Earning:

  • 7.5% discount on Myntra.
  • 5% cashback on partner brands.
  • 1.25% cashback elsewhere.

4. Reward Redemption: The reimbursement is promptly deposited into the account belonging to the holder of the card.

5. Movie and Dining Benefits:

  • 5% cashback on Swiggy spends.
  • Receive two complimentary movie tickets at PVR cinemas as a special milestone reward.

6. Travel Benefits: 1 complimentary lounge access per quarter.
7. Renewal Fee Waiver: You won’t need to pay the renewal fee if you spent Rs. 2 Lakhs in the last year.

Cashback SBI Credit Card:

1. Joining/Annual Fees: Rs. 999 + GST
2. Welcome Benefits: N/A
3. Reward Earning:

  • 5% cashback on online spends.
  • 1% cashback on offline spends.

4. Reward Redemption: Cashback auto-credited within 2 days of the card statement generation date.
5. Movie and Dining Benefits: N/A
6. Travel Benefits: N/A
7. Renewal Fee Waiver: If you spend Rs. 2 Lakhs in the previous year, you won’t have to pay the renewal fee.

Which credit card suits you best?

Cashback SBI Credit Card:

  • Joining Fee: Rs. 999 plus taxes
  • Cashback on Online Spends: Up to 5%
  • Additional Benefits: None, apart from cashback

Kotak Myntra Credit Card:

  • Joining Fee: Rs. 500 plus taxes
  • Myntra Spends: Instant 7.5% discount
  • Partner Brand Spends: 5% cashback
  • Other Spends: 1.25% cashback
  • Additional Benefits: Complimentary lounge access, movie tickets, Myntra Insider membership, and more

Recommendation:

  • Opt for Kotak Myntra Credit Card
  • Lower cost
  • More benefits compared to Cashback SBI Credit Card
  • Cashback on online spends and offline spends (5% and 1%, respectively) is the primary offering of Cashback SBI Card
  • The Kotak Myntra Credit Card provides a range of benefits including access to lounges, Myntra gift vouchers, and complimentary movie tickets, among other perks.

Frequently Asked Questions (FAQs)

1. What is the joining fee for the Cashback SBI Credit Card and the Kotak Myntra Credit Card?

Cashback SBI Credit Card: Rs. 999 plus taxes
Kotak Myntra Credit Card: Rs. 500 plus taxes

2. How much cashback do the cards offer on online spends?

Cashback SBI Credit Card: Up to 5%
Kotak Myntra Credit Card: Instant 7.5% discount on Myntra spends

3. Are there any additional benefits apart from cashback on the Cashback SBI Credit Card?

No significant advantages or special privileges are available apart from cashback.

4. What are the cashback rates for partner brand spends on the Kotak Myntra Credit Card?

Kotak Myntra Credit Card offers 5% cashback on partner brand spends.

5. Do both cards offer cashback on spends outside their specific categories?

Cashback SBI Credit Card: Offers 1% cashback on offline spends.
Kotak Myntra Credit Card: Offers 1.25% cashback on spends elsewhere.

6. What additional benefits does the Kotak Myntra Credit Card provide?

Kotak Myntra Credit Card offers complimentary lounge access, movie tickets, Myntra Insider membership, and more.

7. Which card is recommended based on cost and benefits?

The recommendation is to opt for the Kotak Myntra Credit Card due to its lower cost and a wider range of benefits compared to the Cashback SBI Credit Card.

8. Is there a specific feature that distinguishes the Cashback SBI Credit Card from the Kotak Myntra Credit Card?

The Cashback SBI Credit Card primarily offers cashback on online and offline spends, while the Kotak Myntra Credit Card provides additional features like lounge access, Myntra gift vouchers, and movie tickets.

9. Are there any limitations or exclusions on the cashback rewards for both cards?

Specific terms and conditions may apply. It’s advisable to check the respective terms and conditions of each card for details on limitations or exclusions.

10. How can one apply for either the Cashback SBI Credit Card or the Kotak Myntra Credit Card?

Applications can typically be made online through the official websites of the respective banks, and eligibility criteria should be reviewed before applying.

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