Kotak Aqua Gold Credit Card Review

Review Summary

Kotak Aqua Gold Credit Card is a basic card of Kotak bank that is designed for the businessmen. It provides the benefits of fuel surcharge waiver at every petrol pump, railway surcharge waiver and interest-free cash for 48 days. Card charges a joining fee of Rs. 1499, however, no annual fee is required for the card. The Interest rate charged on the card is 2.99% per month, i.e. 35.88% (annually).

Annual Fee: Nil

Kotak Aqua Gold

Info

Pros
  • No annual fee (only one-time joining fee)
  • Free Add-on Card
  • No Interest on Cash Advance
  • Fuel and Railway Surcharge Waiver
  • Aqua Shield
  • Milestone Benefits
  • Choice of Milestone Benefits
Cons
  • No Reward Program
  • No Cash Back Opportunity
  • High Joining Fee

Additional

  • Spend Rs. 1, 50,000 in a year and get 4 free PVR tickets
  • With your Kotak Aqua Gold Credit Card, you get fuel surcharge waiver on the transactions between Rs. 500 and Rs. 3000 (Maximum of Rs. 3500 in a calendar year).
  • You need to pay a cash withdrawal fee of Rs. 300 per Rs. 10,000.
  • With your Kotak Aqua Gold Credit Card, you can spend up to 80% of the term deposit amount. It can provide you up to a credit limit of Rs. 12 Lakhs.
  • If by any chance you have spent more than your card limit then you will be charged Rs. 500.

In this review

Card Rating table
Pros and Cons of the card
Kotak Aqua Gold Credit Card: Features and Details
Kotak Aqua Gold Credit Card: Benefits
Where the Kotak Aqua Gold Credit Card falls short!
How to use the card to maximize benefits?
Kotak Aqua Gold Credit Card Fees and Charges
Reasons to sign up for the card
Eligibility Criteria for the card
Similar cards: In case of Kotak Aqua Gold Credit Card doesn’t impress you!
Kotak Aqua Gold Credit Card Vs Kotak Fortune Gold Credit Card
Kotak Aqua Gold Credit Card Vs IRCTC SBI Platinum Credit Card
Final Word

Card Rating Table

MeasuresRating (Out of 5)
Annual Fee5
Rewards0
Features2
Interest Rate3
Joining Bonus0

Pros and Cons of the card

ProsCons
No annual fee (only one-time joining fee)No Reward Program
Free Add-on CardNo Cash Back Opportunity
No Interest on Cash AdvanceHigh Joining Fee
Fuel and Railway Surcharge Waiver
Aqua Shield
Milestone Benefits

Kotak Aqua Gold Credit Card: Features and Details

Joining FeeRs. 1499
Welcome GiftNA
Annual FeeNil
RewardsNA
Milestone BenefitsSpend Rs. 1, 50,000 in a year and get 4 free PVR tickets
Other BenefitsFuel Surcharge Waiver
Railway Surcharge Waiver
Aqua Shield
Finance Charges2.99% per month (35.88% annually)
Add-on card chargesNil
Over Limit PenaltyRs. 500
Late Payment FeeRs. 0- Rs.100: Nil
Rs.100- Rs.500: Rs.100
Rs.501- Rs.10000: Rs.500
Above 10000: Rs. 700
Cash Advance FeesRs.300 per Rs.10,000 withdrawn
Foreign Currency Transaction3.50%

Kotak Aqua Gold Credit Card: Benefits

Milestone Bonus

With Kotak Aqua Gold Credit Card, on a spend of Rs. 1,50,000 in a year you get 4 PVR tickets or Rs. 750 Cash Back.

For PVR Tickets

  1. Can be used for any show, any day
  2. Transferable
  3. Booking must be made at www.pvrcinemas.com
  4. Valid for three months after the program period gets over

For Cash Back

  1. Will be credited in the next billing cycle
  2. You can claim cash back within three months after the program period gets over

Please Note:

  1. To Claim your benefit, please click here.
  2. For complete terms and conditions, please click here.

Add-on Cards

With your Kotak Aqua Gold Credit Card, you get a free add-on card for your family members.

Please Note:

  1. Add-on card includes all the benefits of the primary card.
  2. You can set the limit on an add-on card.
  3. You can also track the spends on your add-on card.
  4. To apply for an add-on card here.

Fuel Surcharge Waiver

With your Kotak Aqua Gold Credit Card, you get fuel surcharge waiver on the transactions between Rs. 500 and Rs. 3000 (Maximum of Rs. 3500 in a calendar year).

Railway Surcharge Waiver

With your Kotak Aqua Gold Credit Card, you get railway surcharge waiver on all the transactions made on www.irctc.com and on Indian Railways Booking Counters (Maximum of Rs. 500 in a calendar year).

No Interest on Cash Withdrawal

Your Kotak Aqua Gold Credit Card can support you during your Critical financial days. You can withdraw cash without any interest for 48 days. However, you need to pay a cash withdrawal fee of Rs. 300 per Rs. 10,000.

High Credit Limit

With your Kotak Aqua Gold Credit Card, you can spend up to 80% of the term deposit amount. It can provide you up to a credit limit of Rs. 12 Lakhs.

Aqua Shield

If your credit card is stolen, you get a cover of Rs. 50,000 against fraudulent usage up to 7 days pre-reporting.

In the case of lost or stolen of your credit card, you are immediately required to call the customer care centre at 1860 266 2666 to block the card, and you can register a claim with Insurance company.

Where the Kotak Aqua Gold Credit Card falls short!

No Reward Program

Kotak Aqua Gold Credit Card does not provide reward points on any transaction. However, reward points are one of the major attraction points, when signing-up for any credit card.

Very High Joining Fees

Joining Fee for Kotak Aqua Gold Credit Card is very high, that is Rs. 1999.

No Cash Back Opportunity

With your Kotak Aqua Gold Credit Card, you did not get cash back on any transactions.

How to use the card to maximize benefits?

Use the card for fuel

Kotak Aqua Gold Credit Card provides fuel surcharge waiver for all the transactions between Rs. 500 to Rs. 3000. So, you can use this for fuel.

Use the card for railway bookings

Kotak Aqua Gold Credit Card provides railway surcharge waiver for the bookings made on www.irctc.com and railway booking counters. So, you can use this card for railway booking.

Spend Rs. 1,50,000 in a year and get Benefit

If you reach a milestone of Rs. 1,50,000 in a year, you get an option to choose from 4 PVR tickets or Rs. 750 cash back.

Kotak Aqua Gold Credit Card Fees and Charges

Joining and Annual Fees

The joining fee of Rs. 1,499 is applicable for Kotak Aqua Gold Credit Card. This amount will reflect in the first bill of your credit card usage. However, the card does not charge any annual fee from the 2nd year.

Finance charges

If you just pay the minimum amount due and don’t pay the balance in full as per the last card statement by the payment due date, the interest rate charged will be 2.99% per month or 35.88% per annum.

Late Payment Fees

If you are not able to pay the minimum amount due by the payment due date, you will incur late payment charges. Late Payment charges are mentioned in the table given below:

Total Amount DueCharges
Rs. 100 to Rs. 500Rs. 100
Rs. 501 to Rs. 10,000Rs. 500
Above Rs. 10,000Rs. 700

Over Limit Penalty

If by any chance you have spent more than your card limit then you will be charged Rs. 500.

Overseas transactions

You have the option of using your card for foreign transactions. However, you will be charged a foreign transaction fee for this. For all the international transactions in US Dollars, you will be charged 3.50% of the INR equivalent of the US Dollar amount. If the transaction were made in some other currency than US Dollars, then this transaction would be converted to USD first, and then 3.50% Fee will be levied on the INR equivalent of the USD.

Other charges

Duplicate Statement Fee: NA

Charge slip retrieval/Copy Fee: NA

Cheque Return/ Dishonour Fee, Auto Debit reversal- bank account out of funds: Rs. 500

Cash Payment at Branches: Rs. 75

Machine surcharge at ATMs: NA

Balance enquiry at other ATMs: NA

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

Cash payment at Bank: Rs. 100

Reissue/ Replacement Card (per issunace): Rs. 100

Credit Information Report (CIBIL): Rs. 50

Why should you Sign-up for this card?

  1. No annual fee
  2. Fuel surcharge waiver
  3. Railway surcharge waiver
  4. Free Add-on card
  5. Milestone Bonus
  6. Interest-free cash

Eligibility Criteria for the card

  1. Age of the primary card holder must be between 21 to 65 years.
  2. Age of the Add-on card holder must be more than 18 years.
  3. Card holder must be an Indian Resident.
  4. This card is for Businessmen.
  5. Minimum Term deposit amount must be Rs. 25,000.
  6. Only Individual TDs(Term Deposit) are valid.

Similar cards: In case of Kotak Aqua Gold Credit Card doesn’t impress you!

If you are a loyal customer of Kotak bank and prefer to use Kotak credit cards over everything, then you can go for Kotak Fortune Gold Credit Card.

Kotak Aqua Gold Credit Card Vs Kotak Fortune Gold Credit Card

No Joining Fee with Fortune Card

With Kotak Fortune Gold Credit Card, you do not need to pay any joining fee. While joining fee for Aqua card is Rs. 1,999.

Free add-on card with Aqua Card

With Kotak Aqua Gold Credit Card, you get a free add-on card. While with Fortune card, you need to pay Rs. 299 for the add-on card.

Low-Interest rate with Aqua Card

For Kotak Aqua Gold Credit Card, the applicable interest rate is 2.99% per month, i.e. 35.88% per annum. While, with Fortune card, the Interest rate will be 3.50% per month, i.e. 42% per annum.

Kotak Aqua Gold Credit Card Vs IRCTC SBI Platinum Card

Low Joining Fee with IRCTC SBI Platinum Card

With IRCTC SBI Platinum Card, you pay a joining fee of Rs. 500. While joining fee required for Kotak Aqua Card is Rs. 1,999.

No annual Fee with Kotak Aqua Card

With Kotak Aqua Gold Credit Card, you do not need to pay any annual fee. While for IRCTC SBI Platinum Card, the annual fee is Rs. 300.

Welcome gift with IRCTC SBI Platinum Card

With IRCTC SBI Platinum Card, you get 350 bonus reward points on spending Rs. 500 or more within 45 days of card issuance. While with Kotak Aqua card, no welcome gift is provided.

Rewards with IRCTC SBI Platinum Card

With IRCTC SBI Platinum Card, you get 10% cash back for booking tickets through irctc.co.in for AC1, AC2, and AC CC and 1 reward point for every Rs. 125 spent on railway ticket purchases at irctc.co.in and non-fuel retail purchases. While with Kotak Aqua card, this feature is not available.

Low-Interest rate with Kotak Aqua Card

For Kotak Aqua Gold Credit Card, the applicable interest rate is 2.99% per month, i.e. 35.88% per annum. While, with Fortune card, the Interest rate will be 3.35% per month.

For the complete information, please visit IRCTC SBI Platinum Credit Card.

Final Word

This review must have helped you in evaluating this card. This card is good for fuel and railway ticket bookings. The annual fee charged for the card is Nil. However, you are required to pay a high joining fee of Rs. 1,999. It charges a decent interest rate, that is 2.99% per month, i.e. 35.88% per annum.

Author: Monika Choudhary

Monika is a creative content writer with special interest in Financial Products. She has been writing in this space for almost a year. When she is not writing, Monika enjoys spending time reading books and writing poems.

  • Abhishek barad

    Biggest problem is no reward points