Myntra Kotak Credit Card

Myntra, one of India’s prominent e-commerce fashion companies, showcases a diverse range of clothing and accessories from both renowned international and domestic brands. In a recent development, Myntra has joined forces with Kotak Mahindra Bank to introduce their co-branded credit card. This Kotak Myntra credit card is tailored exclusively for fashion-forward individuals within the younger generation who have a passion for fashion and enjoy shopping on Myntra.

With this credit card, cardholders have the opportunity to receive exclusive cashback rewards on their Myntra purchases, along with additional benefits from partner brands. Additionally, the card provides complimentary membership to Myntra Insider and extends a welcome benefit of a Rs. 500 Myntra voucher. Moreover, cardholders can relish perks like complimentary lounge access, milestone rewards, and an annual fee waiver.

Key Highlights of Myntra Kotak Credit Card

1. Ideal for Online Shopping Enthusiasts

2. Membership Costs:

  • Initial Joining Fee: Rs. 500
  • Annual Renewal Fee: Rs. 500 (Can be waived by spending Rs. 2 lakh in a year)

3. Exclusive Perks:

  • Instant Discount: Enjoy a 7.5% discount (up to Rs. 750) on your transactions at Myntra.
  • Cashback Benefit: Get 5% cashback on purchases from preferred merchants.
  • Joining Benefit: Receive a Rs. 500 Myntra voucher upon completing your first transaction within 30 days.
  • Entertainment Benefit: Achieve a spending milestone and receive 2 complimentary PVR tickets.
  • Lounge Access: Gain access to 1 complimentary domestic lounge visit every quarter.

Features and Benefits of Myntra Kotak Credit Card

The Kotak Myntra credit card offers several appealing features and benefits:

  1. 7.5% Instant Discount: You can enjoy an instant discount of 7.5% when you shop on Myntra’s platforms, saving you money right away.
  2. 1.25% Unlimited Cashback: This card rewards you with a generous 1.25% cashback across all categories, ensuring you earn back as you spend.
  3. Myntra Insider Membership: Cardholders gain access to Myntra Insider Membership, unlocking exclusive perks and rewards within the Myntra ecosystem.
  4. Lounge Access: Enjoy the luxury of complimentary domestic lounge access each quarter, enhancing your travel experience.
  5. PVR Ticket Benefits: When you spend over Rs. 50,000 in a quarter, you receive two complimentary PVR tickets worth Rs. 250, adding entertainment value to your expenses.
  6. Annual Fee Waiver: For those who spend Rs. 2 lakh in the previous anniversary year, the card offers an annual fee waiver of Rs. 500, reducing the cost of card ownership.
  7. Fuel Surcharge Waiver: You’ll benefit from a 1.00% fuel surcharge waiver on transactions ranging from Rs. 500 to Rs. 3,000, with a maximum waiver of Rs. 3,500 in each anniversary year.
  8. Activation Benefit: Receive a Rs. 500 Myntra voucher via SMS or email within 30 days of card activation, enabling you to enjoy a discount when shopping on Myntra.
  9. Cashback Exclusions: Note that transactions under Rs. 2,000 will not contribute to cashback earnings for UPI on Credit Card transactions.
  10. Maximum Cashback: When you make purchases with preferred partner merchants, you can accumulate a maximum cashback of Rs. 1,000 per statement cycle, further increasing your savings.

Myntra Kotak Credit Card Fees and Charges

Kotak Myntra credit card fees and charges:

  1. Spend-Based Waiver:
    If you spent Rs. 2 lakhs in the previous year, you won’t be charged for rewards redemption.
  2. Fuel Surcharge:
    You will receive a 1% waiver on fuel surcharges.
  3. Foreign Currency Markup:
    A 3.5% fee is applied when you make transactions in foreign currency.
  4. Cash Advance Charges:
    When you take a cash advance, you’ll be charged a maximum of 2% of the amount or Rs. 500 per Rs. 10,000, whichever is higher.
  5. Interest Rates:
    The monthly interest rate is 3.7%, which amounts to an annual rate of 44.4%.
  6. Add-on Card Fee:
    The fee for an add-on card is Rs. 299.

Myntra Kotak Credit Card Eligibility

Myntra Kotak Credit Card Eligibility in Points:

  1. The primary credit card holder must be between 18 and 65 years of age.
  2. Add-on cardholders should be 18 years or older.
  3. Applicants must be residents of India.

Documents Required for Kotak Myntra Credit Card

When applying for the Kotak Myntra credit card, you must provide certain documents as part of your application:

1. Identification Proof – This can include documents such as your Voter ID, Aadhar Card, PAN Card, Driving License, Passport, and more.

2. Address Proof – You’ll need to submit documents like your Voter ID, Driving License, water or electricity bills, Passport, and Aadhar Card, among others, to confirm your address.

3. Income Proof – Depending on your employment status, you should provide the following income proofs:

  • For salaried individuals: Recent months’ salary slips.
  • For self-employed individuals: Audited Income Tax Returns (ITR).

How to apply for Kotak Myntra Credit Card?

To apply for the Myntra Kotak credit card, follow these steps:

  1. Start by visiting the official Kotak Mahindra bank website.
  2. Navigate to the “Cards & Fastag” section and select “Credit Cards”.
  3. Choose the “Myntra Kotak credit card” option.
  4. Review the information provided about the card.
  5. Click on “Apply Now” and follow the on-screen prompts to successfully complete the card application process.

Frequently Asked Questions (FAQs)

1. What is the Kotak Myntra Credit Card?

The Kotak Myntra Credit Card is a co-branded credit card offered by Kotak Mahindra Bank in partnership with Myntra, the popular online fashion and lifestyle shopping platform. This card is designed to provide exclusive benefits and rewards for Myntra shoppers.

2. How can I apply for the Kotak Myntra Credit Card?

You can apply for the Kotak Myntra Credit Card through the official website of Kotak Mahindra Bank. The application process typically involves filling out an online application form, submitting necessary documents, and meeting the eligibility criteria set by the bank.

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

The key features include exclusive Myntra vouchers, accelerated reward points on Myntra spends, milestone benefits, fuel surcharge waiver, and a range of lifestyle privileges. Check the official website or contact Kotak Mahindra Bank for the most up-to-date features.

4. What are the eligibility criteria for the Kotak Myntra Credit Card?

Eligibility criteria may vary, but generally, you need to meet certain age, income, and credit score requirements. Specific details can be found on the Kotak Mahindra Bank website or by contacting their customer service.

5. How does the rewards program work for the Kotak Myntra Credit Card?

The rewards program typically offers accelerated reward points for every purchase made on Myntra using the credit card. These points can be redeemed for Myntra vouchers or other rewards as per the program terms.

6. Are there any joining or annual fees for the Kotak Myntra Credit Card?

The fees associated with the Kotak Myntra Credit Card, including joining and annual fees, are usually mentioned in the terms and conditions. Check with the bank for the current fee structure.

7. Can I use the Kotak Myntra Credit Card for transactions outside of Myntra?

Yes, the Kotak Myntra Credit Card can be used for all regular transactions, both online and offline, wherever credit cards are accepted. However, the rewards and benefits are often optimized for Myntra spends.

8. How do I pay my Kotak Myntra Credit Card bill?

You can pay your Kotak Myntra Credit Card bill through various channels, including internet banking, mobile banking apps, NEFT/RTGS, cheque payments, or at Kotak Mahindra Bank branches.

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

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

10. How can I track my Kotak Myntra Credit Card transactions and rewards?

You can monitor your card transactions, check your reward points balance, and access other account-related information through the Kotak Mahindra Bank online portal or mobile app.