Kotak Biz Business Credit Card
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For every entrepreneur, managing expenses efficiently is crucial. The Kotak Biz Business Credit Card is specially designed for self-employed individuals, business owners, and partners in partnership firms, offering a range of benefits to make financial management easier.
Benefits of the Kotak Biz Business Credit Card
- Tailored for business owners, self-employed individuals, and partners to help with expense management.
- Earn 4 reward points for every ₹100 spent on important business categories, and 1 point for other expenses.
- Redeem your points on the Kotak Rewards Portal for flights, hotels, or cashback (you need at least 4,000 points to redeem).
- Enjoy one free access to a domestic lounge every quarter at selected Indian airports (that’s four times a year).
- Get a 1% waiver on fuel surcharges for transactions between ₹500 and ₹3,000, as well as waivers on railway surcharges.
- Includes insurance coverage: ₹50,000 for credit liability, ₹25,000 for purchase protection, and travel insurance.
- Access discounts on software and services through Biz Launchpad, including up to 75% off on tax filing.
- Enhanced security with an EMV chip and a 6-digit PIN for safe transactions.
- Enjoy up to 48 days of interest-free credit on retail transactions.
Rewards and Cashback Features of the Kotak Biz Business Credit Card
- The Kotak Biz Business Credit Card offers rewards and cashback options for cardholders.
- Earn 4 points for every ₹100 spent on business categories like travel, advertising, and supermarkets.
- For other transactions, you earn 1 point for every ₹100 spent.
- Most points will show up in your monthly statement; however, points from Best Price Online may take up to 90 days to appear.
- Redeem your points easily through the Kotak Rewards Portal for flights, hotels, or merchandise.
- There is no minimum point requirement for redeeming flights or hotels.
- You can convert your reward points into cashback with a minimum of 4,000 points.
- Each point is worth ₹0.25 when redeemed for cashback.
Fees & Other Charges
- Joining fee: ₹299 + GST
- Annual fee: ₹499 + GST
- Interest rate: 3.5% per month (42% per year)
- Fuel surcharge: 1% waived for transactions between ₹500 and ₹3,000 (maximum waiver of ₹2,500)
- Railway surcharge waivers: 1.8% for online bookings and 2.5% at counters (maximum waiver of ₹500 per year)
- Foreign currency markup: 3.5%
- Cash advance: ₹300 for ATM withdrawals
- Late payment charges: ₹100 for amounts up to ₹500, ₹500 for amounts between ₹500.01 and ₹10,000, and ₹700 for amounts over ₹10,000
- Over limit charge: ₹500
- Cheque bounce fee: ₹500
- Replacement card fee: ₹100
- Cash payment at bank: ₹100 fee
- Minimum amount due: usually 5% or 10% of the total due
Eligibility Criteria
- Must be self-employed to apply
- Proprietors and partners in partnership firms are eligible
- Age requirement: 21 to 65 years
- Minimum annual Income Tax Return (ITR): ₹4.8 lakh
- Applicants must live in India
Conclusion
With a joining fee of just ₹299 + GST and an annual fee of ₹499 + GST, the Kotak Biz Credit Card is a great option for business owners. It helps manage expenses effectively while offering valuable perks. This card is a smart choice for those who often spend on important business categories.