Kotak Mahindra Bank private sector lender aiming to be in the list of the top five credit card issuers in domestic market in next three years launched its suite of Simple and Powerful Credit Cards for its customers. Kotak Credit Cards is the latest addition to the wide range of financial services offerings of Kotak Group.
Speaking on the occasion of the launch Kotak Mahindra Bank’s Executive Vice Chairman and Managing Director Uday Kotak said, “The launch of the credit card business is the next big step in the Kotak goal to provide a holistic suite of financial products that caters to every possible need of our customer”.
He told the reporters in the next three years bank has plans to issue 15 lakh credit cards and will target aspirational Indians, salaried and self-employed youths by demystifying credit on card, by offering innovative credit solutions.
"With this launch, the bank is now offering full range of financial services to customers. We expect to disburse 15 lakh cards in the next three years and thus to become one among the five largest credit card issuers in the country," Kotak said.
Kotak’s card range launched includes 2 Visa Gold Cards- Trump and Fortune, League Visa Platinum Card and Royale Visa Signature Card. Kotak cards has also taken a fresh approach on card design, and has introduced India’s 1st vertical card.
Kotak Card Highlights:
First-of-its kind benefits to Indian credit card customers -
o 1st ever vertical card design in India
o Simplified fees and charges
o No interest, no fee EMIs for three months
o 10% cashback on dining, movies round the year
o Interest-free cash withdrawals
o Auto-encashment of reward points
Kotak said the gold cards are available free of cost while the other two variants require a one time fee. Adding to this he said the bank has also introduced a no-charge, three months EMI facility on credit cards, where customers do not have to pay any processing fee.
He said, "The Trump Visa Gold card will enable customers to receive 10 per cent cash back round the year for expenses in restaurants and movies while Platinum and Signature cards ensure auto-encashment of reward points earned".
The product suite:
Trump Visa Gold Card – A free-for-life card with first-time 10% cash back round-the-year across all restaurants and movie halls
Fortune Visa Gold Card - A free-for-life card, with up to 48 days interest-free cash withdrawals for a transaction fee of just Rs. 199
League Visa Platinum Card – With a one-time fee, the card offers auto-encashment of reward points earned, concierge and insurance services, Golf Fee Card for exclusive access to golf courses, Priority Pass for access to international airport VIP lounges and a host of other benefits through tie-ups with partners like Taj and Kaya
Royale Visa Signature Card - With a one-time fee, the card offers auto-encashment of reward points earned, concierge and insurance services, Golf Fee Card for exclusive access to golf courses, Priority Pass for access to international airport VIP lounges and a host of other benefits through tie-ups with partners like Taj and Kaya
Mr. Subrat Pani, Business Head – Cards, Kotak Mahindra Bank said even though being a late competitor into the fast-growing credit card segment, the bank is confident to place itself among the top five credit-card issuers in a time-span of three years.
He added, “I am confident that Kotak Credit Cards will make a difference amongst Indian customers with its segmented approach to offering credit solutions. While on one hand, Indian customers are increasingly exploring better lifestyles through credit, on the other hand there is a constant apprehension on the charge structure. This has restricted usage of credit cards to just a payment tool. We as the credit cards industry have to do a lot more to make it easier for customers to understand and use credit cards. I am convinced that by keeping it Simple, Kotak Cards will transcend this and become a smart credit solution for the Indian consumer.”
Kotak Mahindra Bank new aspirant into the country's banking sector has 178 branches across 107 locations in the country.