Kotak Bank Essentia Platinum Credit Card Review

kotak bank essentia platinum credit card

Review Summary

Kotak Bank Essentia Platinum Credit Card is a great credit card for department store and grocery spends. You can earn as much as 10 savings points for every Rs. 100 spent. The reward rate of the card is 10%. The card also comes with special Kotak Bank offers and KASSIST customer service facility.

Joining Fee: Rs. 1499
Annual Fee: Rs. 749
Reward rate: 10%

In this review

Card Rating
Pros and Cons of the card
Features and details
Kotak Essentia Platinum Credit Card Benefits
Where the Kotak Essentia Platinum Credit Card falls short
How to use the card to maximize benefits
Fees and charges
Reasons to sign up for the card
Similar cards: In case Kotak Essentia Platinum Credit Card doesn’t impress you
Final Word

Kotak Bank Essentia Platinum

Info

Pros
  • Excellent rewards program
  • Milestone benefits
  • KASSIST customer service
Cons
  • Slightly high interest rate
  • No additional features

Additional

  • You get 10 saving points for every Rs. 100 spent at department and grocery stores. The minimum and maximum transaction size should be Rs. 1500 and Rs. 4000 respectively.
  • or every Rs. 250 spent on all other categories you earn 1 savings point.
  • Spend Rs. 1.25 lacs every six months and earn 6 PVR tickets or 1200 reward points.
  • With KASSIST, you don’t need to call and wait for the customer service representative to pick up.
  • With this card, you get numerous offers which give you discounts and cash back at various stores, hotels, restaurants, movie tickets and much more.

Card Rating

MeasureRating (Out of 5)
Annual fee3
Rewards4
Features 2
Interest rate 2
Joining Bonus 0

Pros and Cons of the card

ProsCons
Excellent rewards program Slightly high interest rate
Milestone benefitsNo additional features
KASSIST customer service

Kotak Bank Essentia Platinum Credit Card Features and details

Joining FeesRs. 1499
Annual FeesRs. 749
Rewards10 points on every Rs. 100 on department and grocery stores
1 point on every Rs. 250 on all other spends
Reward rate0.4%-10%
Interest rate3.40% per month (40.80% annually)
Foreign currency mark up3.50%
Cash Withdrawal (per Rs. 300) Rs. 300
Late payment chargesRs. 100 - Rs. 500: Rs. 100
Rs. 501 - Rs. 10000: Rs. 500
Rs. 10001 and above: Rs. 700

Kotak Bank Essentia Platinum Credit Card Benefits

Kotak Essentia Platinum Reward Program

You get 10 saving points for every Rs. 100 spent at department and grocery stores. The minimum and maximum transaction size should be Rs. 1500 and Rs. 4000 respectively. Also, for every Rs. 250 spent on all other categories you earn 1 savings point.

The saving points can be redeemed at the rate of 1 saving point = Rs. 1. The reward rate comes out to 10%. 

Note: The maximum saving points you can earn in a month is 500.

Kotak Essentia Platinum Card Special Offers

With this card, you get numerous offers which give you discounts and cash back at various stores, hotels, restaurants, movie tickets and much more.

Milestone benefits

Spend Rs. 1.25 lacs every six months and earn 6 PVR tickets or 1200 reward points. There are two redemption options as follows:

  1. PVR Tickets: You can get up to 12 free PVR tickets. You can redeem the tickets at www.pvrcinemas.com within 3 months after the program period gets over. The best part is that the tickets can be used for any day any show and are transferable. If the price of the ticket is more than Rs. 400, the difference amount shall be paid by the cardholder along with booking/convenience fees.
  2. Reward Points: You can earn up to 2400 reward points in a year. Reward points can be used for a host of redemption options like Mobile Recharge / Branded Merchandise, Air tickets, Air miles, Movie Tickets.

KASSIST Customer Service facility

With KASSIST, you don’t need to call and wait for the customer service representative to pick up. All you need to do is send an SMS ‘KASSIST’ to 5676788, and the bank will give you a call back within 30 minutes.

Note: The bank will give you a call back only if the SMS is received between 10 am to 6 pm from Monday to Saturday.

Where the Kotak Bank Essentia Platinum Credit Card falls short

Slightly higher interest rate

The interest rate charged on this card is 3.40% per month which is slightly higher as compared to some other similar cards.

No cash back opportunity

The card does not provide any opportunity for cash back in any category. There are some cards that offer cash back as well as a reward program.

How to use the card to maximize benefits

Use the card for department and grocery spends

The reward rate in these categories is 10%. So, you should definitely use the card for these categories.

Spend Rs. 1.25 lacs every six months

Spending Rs. 1.25 lacs every six months will give you 6 free PVR tickets or 1200 reward points.

Kotak Bank Essentia Platinum Card Fees and charges

Annual Fee and Joining Fee

The annual fee of the card is Rs. 749 from 2nd year onwards. The joining fee of the card is Rs. 1499 (one time).

Interest rate

If you don’t make your payments on time as per the last credit card statement by the payment due date, the interest charged is 3.40% per month (annualized 40.8%). 

Late Payment Charges

If you are not able to pay your outstanding balance in full, you will incur late payment charges. These charges depend on your balance statement and are described in the table below:

Amount DueCharges(in INR)
0-100Nil
100-500100
501-10000500
Above 10000700

Cash Advance charges

Withdrawing cash from your credit card should be your last resort. The reason being that interest starts accruing on your transaction as soon as you make the withdrawal. The interest rate charged is 3.40% per month. Also, a cash withdrawal fee of Rs. 300 is charged (per Rs. 10000 or part thereof)

Overseas transaction

You have the option of using your card for foreign currency transactions. However, you will be charged a foreign transaction fee for the same. For international transactions in US Dollars, you will be charged 3.5% of the INR equivalent of the US Dollar amount. If the transaction takes place in some other currency than US Dollars, then the transaction would be converted to US Dollars first, and then 3.5% charge would be levied on the INR equivalent of the US Dollars.

Other fees and charges

Over-limit charge: Rs. 500

Cheque Bounce Payment: Rs. 500

Add-on card: Rs. 200

Cash payment at the branch: Rs. 100

Card Replacement: Rs. 100

Reasons to sign up for the card

  1. Excellent reward program with savings of 10%
  2. Spend milestone benefits
  3. Special offers by Kotak Bank

Similar cards: In case Kotak Bank Essentia Platinum Credit Card doesn’t impress you

Kotak Essentia Platinum Vs SC Manhattan Platinum

The Standard Chartered Manhattan Platinum card has a similar annual fee to the Kotak Essentia card.

Same savings per month with both cards on grocery

Although Kotak Essentia has a saving of 10% and SC Manhattan has a saving of 5%, the maximum monthly savings for both is Rs. 500.

More and better reward categories with SC Manhattan

SC Manhattan lets you earn 3 reward points for every Rs. 150 spent on hotels, dining, fuel, airline ticket reservation.

Kotak Essentia Platinum Vs SBI SimplySAVE

SBI SimplySAVE card can be best used for department stores and grocery spends.

Better reward rate with Kotak Essentia

Kotak Essentia has a reward rate of 10% whereas the SBI SimplSAVE card has a reward rate of 2.5%.

Lower annual fee with SBI SimplySAVE

SBI SimplySAVE has an annual fee of just Rs. 499 whereas Kotak Essentia has an annual fee of Rs. 749.

Welcome gift with SBI SimplySAVE

You get 2000 bonus reward points if you spend Rs 2000 and more within 60 days of card issuance.

Kotak Essentia Platinum Vs Best Grocery Credit Cards

Kotak Essentia Platinum card is one of the best grocery credit cards in India. There are four other credit cards that are best for department store and grocery spends. You can earn up to Rs. 6000 with these cards.

Here is the list of 5 Best Grocery Credit cards in India:

  1. Standard Chartered Manhattan Platinum Credit Card
  2. Kotak Essentia Platinum Credit Card
  3. SBI SimplySAVE Credit Card
  4. Yes Prosperity Cashback Credit Card
  5. Axis Bank My Choice Credit Card

For more details, read our Best Grocery Credit Cards in India Full Review.

Final Word

This review must have helped you in evaluating the Kotak Bank Essentia Platinum Credit Card. This card is best used for grocery spends as you can save up to 10%. The annual fee for the card looks slightly high when you browse through the features and benefits of the card and compare it to other similar cards.

Author: Himank Mishra

Himank is a highly motivated and dedicated person. He graduated from Ball State University, United States with an MBA in Finance. Himank has a passion for Financial Markets. He wants to help everyone achieve Financial Freedom!