Kotak Veer Select Credit Card Review

General Information

Our Rating: 9/10

Joining Fee: Nil

Annual Fee: Rs. 599 + GST

Best For: Shopping

Rewards and Benefits

Type of Rewards: Reward Points

Welcome Offers: Complimentary IHO membership worth Rs. 8,500 on spending Rs. 500 within the first 30 days of card issuance.

Entertainment and Dining: NA

Shopping Perks: 3 Reward Points on every spend of Rs. 200, and 3x Reward Points on movies, dining, and departmental stores.

Travel Benefits: Complimentary access to domestic airport lounges

Domestic Lounge Access: 2 complimentary domestic airport lounge access every quarter

International Lounge Access: NA

Golf Benefits: NA

Insurance Coverage: Insurance cover worth Rs. 2.5 lakhs against unauthorized transactions on a lost/stolen card

Fees and Charges

Waiver on Spend: On spending Rs. 1,00,000 on retail purchases, the annual fee for the next year is waived.

Redemption Fee: NA

Foreign Transaction Fee: 3.5

Interest Rate: 3.5% per month (42% annually)

Fuel Surcharge Waiver: 1% fuel surcharge waiver across all petrol pumps (capped at Rs. 3500 annually)

Cash Advance Fee: Rs. 300 per withdrawal of Rs. 10,000.

Summary

Avail a complimentary IHO membership valued at Rs. 8,500 as a welcome bonus when you spend Rs. 500 within the first 30 days. Earn 9 reward points for every Rs. 200 spent on movies, dining, grocery, and departmental stores, and 3 reward points for every Rs. 200 spent in all other categories. Receive 8 complimentary domestic airport lounge access per year, with a limit of 2 per quarter. Benefit from an annual fee waiver by spending Rs. 1,00,000. Enjoy a 1% fuel surcharge waiver at all fuel stations, capped at Rs. 3500 per year. Get a 1.8% railway surcharge waiver when booking on the IRCTC website, and 2.5% for transactions at Indian Railway Booking Counters.

The Kotak Veer Select Credit Card is a suitable option for individuals who enjoy shopping and want to maximize their rewards.

With a joining fee of Nil and a renewal fee of Rs. 599 + GST, it offers a cost-effective solution.

One of the standout features of this credit card is the reward type, which is Reward Points.

Cardholders can earn 3 Reward Points on every spend of Rs. 200 and 3x Reward Points on movies, dining, and departmental stores.

This makes it an excellent choice for those who frequently indulge in these activities.

Upon spending Rs. 500 within the first 30 days of card issuance, cardholders are also entitled to a welcome benefit in the form of a complimentary IHO membership worth Rs. 8,500.

This adds further value to the card and provides additional benefits to the cardholder.

While the movie and dining benefits may be lacking, the card does offer complimentary access to domestic airport lounges.

Cardholders can enjoy 2 complimentary domestic airport lounge accesses every quarter, enhancing their travel experience.

In terms of insurance benefits, the Kotak Veer Select Credit Card provides an insurance cover worth Rs. 2.5 lakhs against unauthorized transactions on a lost or stolen card.

This feature ensures peace of mind for the cardholder in case of unfortunate incidents.

The card also offers a spend-based waiver, wherein on spending Rs. 1,00,000 on retail purchases, the annual fee for the next year is waived.

This provides an opportunity for cardholders to enjoy the benefits of the card without any additional financial burden.

In terms of fees and charges, the Kotak Veer Select Credit Card has a foreign currency markup of 0.035 and an interest rate of 3.5% per month (42% annually).

However, it does provide a 1% fuel surcharge waiver across all petrol pumps, capped at Rs. 3500 annually.

Cash advances attract a fee of Rs. 300 per withdrawal of Rs. 10,000.

Overall, the Kotak Veer Select Credit Card is a solid choice for shopping enthusiasts who want to earn rewards on their purchases.

With its complimentary IHO membership, access to domestic airport lounges, and spend-based waiver, it offers added value to cardholders.