Metro Kotak Credit Card

If you’re a business owner, whether you run a hotel or restaurant, a store, or work as a caterer, and you’re on the hunt for the ideal business credit card, the newly introduced Metro Kotak Credit Card could be your top choice. This credit card is a collaboration between Kotak Mahindra Bank and Metro Wholesale, tailored specifically for those who rely on Metro Wholesale for their business needs. Notably, it comes with a zero annual fee and offers some appealing benefits, including a cashback feature of up to 1%, with a maximum cap of Rs. 10,000 per statement cycle, dependent on your monthly spending.

It’s essential to note that the Metro Kotak Credit Card is exclusively available to Metro Wholesale members, so you must possess a valid Metro membership to be eligible for this card. Additionally, please keep in mind that this card is intended solely for Metro Wholesale expenses, making it unsuitable for international purchases or fuel transactions. However, for individuals in the specified business categories such as hotels, restaurants, traders, and store owners, this card can provide substantial savings on their business-related expenditures, making it a highly attractive option.

Key Highlights of Metro Kotak Credit Card

The key highlights of the Metro Kotak Credit Card are:

1. No Joining and Annual Fees: This card does not have any joining or annual fees, making it cost-effective for cardholders.

2. Add-on Card: You can get an add-on card for family members, which allows them to share the benefits of the primary cardholder.

3. Interest Charges: The card has an interest rate of 3.5% on outstanding balances, which translates to an annualized rate of 42%. It’s important to pay off balances on time to avoid high interest charges.

4. Minimum Amount Due (MAD): The minimum amount due is set at 10% of the outstanding balance and is reflected in the statement’s minimum amount due column.

5. ATM Cash Withdrawal and Transaction Charges: There is a charge of Rs. 300 for ATM cash withdrawal, call a draft, fund transfer, or cash advance per Rs. 10,000 or part thereof.

6. Late Payment Charges (LPC): Late payment charges vary based on the outstanding balance:

  • Rs 100 for statement outstanding less than or equal to Rs 500.
  • Rs. 500 for statement outstanding between Rs. 500.01 to Rs. 10,000.
  • Rs 700 for statement outstanding greater than Rs 10,000.

7. Over Limit Charge: A charge of Rs. 500 is applicable if you exceed your credit limit.

8. Cheque Bounce Charges: Rs. 500 is levied for bounced checks.

9. Foreign Currency Mark Up: There are no charges for foreign currency transactions.

10. Railway Booking Surcharge: This card does not have surcharges on railway bookings.

11. Fuel Surcharge: There are no fuel surcharges applied to transactions.

12. Fee for Cash Payment at Bank: A fee of Rs. 100 is applicable for cash payments at the bank.

13. Outstation Cheque Processing Fee: This fee is waived, which can be advantageous if you need to process outstation cheques.

14. Reissue/Replacement Card Fee: There is a charge of Rs. 100 for reissuing or replacing the card.

15. Charge Slip Request: The request for charge slips is waived, which can be convenient for cardholders.

Benefits and Features of Metro Kotak Credit Card

The Metro Kotak Credit Card offers several benefits and features to its cardholders. Here are some of the key features and advantages of this credit card:

1. No Joining and Annual Fees: Cardholders are not charged any joining or annual fees, making it a cost-effective option.

2. Add-On Card: You have the option to get an add-on card for your family members, allowing them to enjoy the benefits of the primary card.

3. Interest Charges: The card carries an annual interest rate of 3.5% on outstanding balances, which is equivalent to an annualized rate of 42%. It’s essential to make timely payments to avoid high interest charges.

4. Minimum Amount Due (MAD): The minimum amount due is set at 10% of the outstanding balance, and this amount is clearly reflected in the statement.

5. ATM Cash Withdrawal and Transaction Charges: A fee of Rs. 300 is applicable for ATM cash withdrawals, draft requests, fund transfers, or cash advances for every Rs. 10,000 or part thereof.

6. Late Payment Charges (LPC): Late payment charges vary based on the outstanding balance:

  • Rs. 100 for statement balances less than or equal to Rs. 500.
  • Rs. 500 for statement balances between Rs. 500.01 to Rs. 10,000.
  • Rs. 700 for statement balances greater than Rs. 10,000.

7. Over Limit Charge: If you exceed your credit limit, there is a charge of Rs. 500.

8. Cheque Bounce Charges: A fee of Rs. 500 is imposed for bounced checks.

9. Foreign Currency Mark Up: The card does not have any additional charges for foreign currency transactions, making it suitable for international use.

10. Railway Booking Surcharge: This card does not come with any surcharges for railway ticket bookings.

11. Fuel Surcharge: There are no fuel surcharges applied to fuel transactions, providing savings on fuel expenses.

12. Fee for Cash Payment at Bank: A fee of Rs. 100 is applicable for cash payments made at the bank.

13. Outstation Cheque Processing Fee: The fee for processing outstation cheques is waived, offering convenience to cardholders.

14. Reissue/Replacement Card Fee: If you need to reissue or replace the card, there is a charge of Rs. 100.

15. Charge Slip Request: The request for charge slips is waived, making it convenient for cardholders to obtain transaction records.

Metro Kotak Credit Card Fees and Charges

Here are the fees and charges for the Metro Kotak Credit Card:

1. Joining Fees: Not Applicable (NA)

2. Annual Fees: Not Applicable (NA)

3. Add-on card Fees: Not Applicable (NA)

4. Interest Charges on Outstanding Balances: 3.5% annually (42% annualized)

5. Minimum Amount Due (MAD): 10% (It will reflect in the statement in the column of minimum amount due)

6. ATM Cash Withdrawal/Call a Draft/Fund Transfer/Cash Advance per Rs. 10,000 or part thereof: Rs. 300

7. Late Payment Charges (“LPC”):

  • Rs 100 for statement outstanding less than or equal to Rs 500.
  • Rs 500 for statement outstanding between Rs. 500.01 to Rs 10,000.
  • Rs 700 for statement outstanding greater than Rs 10,000.

8. Over Limit Charge: Rs. 500

9. Cheque Bounce Charges: Rs. 500

10. Foreign Currency Mark Up: Not Applicable (NA)

11. Railway Booking Surcharge (1.8%/2.5% on transaction amount): Not Applicable (NA)

12. Fuel Surcharge (1% on transaction): Not Applicable (NA)

13. Fee for Cash Payment at Bank: Rs. 100

14. Outstation Cheque Processing Fee: Waived

15. Reissue/Replacement Card (per issuance): Rs. 100

16. Charge Slip Request: Waived

Metro Kotak Credit Card Eligibility

The primary credit cardholder must meet the following eligibility criteria:

  • Age Range: The primary cardholder’s age should fall within the range of 18 to 65 years.
  • Indian Residency: The primary cardholder must be a resident of India.
  • Eligible Occupations: This card is available exclusively to individuals who are self-employed, proprietors, or partners of partnership firms.
  • Location: This card is accessible to individuals in all sourcing locations for credit cards.
  • Metro Membership Requirement: To benefit from this credit card facility, the primary cardholder should possess a valid Metro Membership.

Documents Required for Metro Kotak Credit Card

1. Identity Proof (Any one of the following):

  • Passport
  • Voter ID
  • Aadhar Card
  • Driving License
  • PAN Card

2. Address Proof (Any one of the following):

  • Passport
  • Aadhar Card
  • Voter ID
  • Utility bill (electricity, gas, water, or landline phone bill)
  • Rental agreement

3. Income Proof (Any one or more of the following):

  • Salary slips (last 3 to 6 months)
  • Bank statements (last 3 to 6 months)
  • Income Tax Returns (ITR)
  • Form 16

4. Passport-sized Photographs: You may need a few recent passport-sized color photographs for your application.

5. Duly Filled Application Form: Complete the credit card application form provided by the bank with accurate information.

6. Additional Documents: Depending on your employment type, you might need to submit additional documents, such as business proof (for self-employed individuals) or a job appointment letter (for salaried individuals)

How to apply for Metro Kotak Credit Card

Here are the steps to apply for the Metro Kotak Credit Card, either online or offline:

Offline Application:

  • Visit the nearest Kotak Mahindra Bank branch, choosing the method that suits you.
  • Ensure that you have all the mandatory documents with you.
  • Submit a physical application form at the branch to apply for the Metro Kotak Credit Card.

Online Application:

  • Visit the official website of Kotak Bank.
  • Navigate to the ‘Explore Products’ section and select ‘Cards,’ then click on ‘Credit Cards.’
  • You’ll find a list of all the Kotak Bank Credit Cards on the screen.
  • Locate the ‘Metro Kotak Credit Card’ and click on the ‘Apply Now’ option.
  • Enter the required information and follow the steps to complete the online application process.

By following these steps, you can conveniently apply for the Metro Kotak Credit Card online or by visiting a Kotak Mahindra Bank branch, depending on your preference.

Frequently Asked Questions (FAQs)

1. What is the Metro Kotak Credit Card?

The Metro Kotak Credit Card is a financial product offered by Kotak Mahindra Bank in collaboration with Metro Cash & Carry. It is designed to provide cardholders with exclusive benefits and rewards when making purchases at Metro Cash & Carry stores.

2. How can I apply for a Metro Kotak Credit Card?

You can apply for the Metro Kotak Credit Card online through the Kotak Mahindra Bank website. Alternatively, you may visit a Kotak Mahindra Bank branch to inquire about the application process.

3. What are the key features of the Metro Kotak Credit Card?

The card comes with features such as cashback on Metro purchases, reward points on other transactions, fuel surcharge waiver, and exclusive discounts at partner merchants.

4. What is the eligibility criteria for the Metro Kotak Credit Card?

The eligibility criteria may vary, but typically include factors such as age, income, credit score, and employment status. It’s advisable to check with Kotak Mahindra Bank for specific eligibility requirements.

5. How can I check the status of my Metro Kotak Credit Card application?

You can check the status of your credit card application online through the Kotak Mahindra Bank website. Alternatively, you can contact the bank’s customer service for assistance.

6. Is there an annual fee for the Metro Kotak Credit Card?

The annual fee and other charges associated with the card may vary. It’s recommended to review the terms and conditions provided by Kotak Mahindra Bank or contact their customer support for detailed information.

7. How can I redeem the rewards earned with my Metro Kotak Credit Card?

Kotak Mahindra Bank typically provides an online platform or a rewards catalog where cardholders can view and redeem their accumulated reward points. This information is often available on the bank’s website.

8. Are there any specific benefits for Metro Cash & Carry purchases?

Yes, the Metro Kotak Credit Card offers cashback and additional rewards for purchases made at Metro Cash & Carry stores. The details of these benefits can be found in the card’s terms and conditions.

9. What should I do if my Metro Kotak Credit Card is lost or stolen?

In case of loss or theft, it is crucial to immediately report it to Kotak Mahindra Bank’s customer service helpline. The bank will guide you through the process of blocking the card and issuing a replacement.

10. How can I contact customer support for the Metro Kotak Credit Card?

You can contact Kotak Mahindra Bank’s customer support through their helpline, which is usually available on their website. Additionally, you may visit a Kotak Mahindra Bank branch for in-person assistance.