Kotak Bank Privy League Visa Signature Credit Card Review

Kotak Bank Privy League Visa Signature Credit Card

Review Summary

Kotak Bank Privy League Visa Signature Credit Card is a premium credit card only for priority banking customers of Kotak Bank. You would be eligible for the card if you hold either Optima or Insignia bank accounts of Privy league with Kotak Mahindra. There are two variants of the credit card, one is paid, and other is free. For the paid one, the joining fee is Rs. 7,500 and the annual fee of Rs. 5,000. With this credit card, you get better rewards, surcharge waivers, milestone movie tickets, air lounge access, concierge services and insurance cover up to Rs. 2,50,00 per year. Moreover, you may choose your variant as Traveler’s card or Shopper’s card based on your needs and accelerate your rewards.

Annual fees: Rs.5000, Free variant: Nil

Reward rate: 0.375% to 0.75%

Kotak Bank Privy League Visa Signature

Info

Pros
  • Rewards for all your spends
  • Fuel and railway Surcharge Waiver
  • Milestone Movie Tickets
  • Good for Priority Banking Customers
  • Concierge and Air Lounge Access
Cons
  • Higher Joining and Annual fees
  • Strict Eligibility
  • No Golf Privileges
  • Lower Reward Rate

Additional

  • Must be Insignia or Optima customer of Privy League Savings Accounts.
  • 5X reward points for Rs.100 Spent on all non-fuel retail categories.
  • 10X rewards point for Rs.100 spent at Special Categories
  • Get 4 complimentary PVR movie tickets every quarter (Spend minimum of Rs. 1000 every month to be eligible for 4 movie tickets).
  • From the second year, you get the annual fee waiver if you spend Rs.75,000 annually with this credit card.
  • Categories under Traveler’s Card are: International spends, Airlines, Hotels, Travel agencies, restaurants
  • Categories under Shopper’s Card are: Jewellery, apparels, consumer durables, departmental stores, restaurants
  • You get quarterly complimentary domestic lounge access at select airports in India through Visa Access.
  • You also get Complimentary Priority Pass membership with this credit card.
  • You get surcharge waiver for fuel transactions between Rs. 400 and Rs. 4000 made with Kotak Bank Privy League Signature Credit Card. However, you can save maximum surcharge of Rs.4,500 in a year.
  • With railway surcharge waiver, you can save Rs.500 per year
  • With this credit card, you get Visa Concierge services which can be utilised 24*7, around the world to help you with your lifestyle needs.
  • You also get an insurance cover of Rs.2,50,000 per year for unauthorised transactions made with this card if the card is lost or misused by someone.

In this review

Card Rating
The Good and The Bad
Kotak Bank Privy League Visa Signature Credit Card: Features and Details
Kotak Bank Privy League Visa Signature Credit Card: Benefits
Additional features
Where the Kotak Bank Privy League Visa Signature Credit Card falls short!
How to use the card to maximise benefits
Kotak Bank Privy League Visa Signature Credit Card: Fees and Charges
Why should you Sign-up for this card?
Eligibility
Similar cards: In case Kotak Bank Privy League Visa Signature Credit Card does not impress you
Kotak Bank Privy League Visa Signature Credit Card Vs Standard Chartered Priority Banking Visa Infinite Credit Card
Kotak Bank Privy League Visa Signature Credit Card Vs RBL Bank Insignia Preferred Banking World Card
Final Word

Card Rating

MeasureRating (Out of 5)
Annual Fees1
Rewards4
Features4
Interest Rate 3
Joining Bonus 0

The Good and The Bad

ProsCons
Rewards for all your spendsHigher Joining and Annual fees
Fuel and railway Surcharge WaiverStrict Eligibility
Milestone Movie TicketsNo Golf Privileges
Good for Priority Banking CustomersLower Reward Rate
Concierge and Air Lounge Access

Kotak Bank Privy League Visa Signature Credit Card: Features and Details

Particulars 
Joining FeeRs.7,500,
Free variant : Nil
Annual FeeRs.5,000 (From 1st year)
Free Variant: Nil
Fee Waiver ConditionMinumum retail spends of Rs. 750000 in the year
Variants Available1.) Traveler's Plan
2.) Shopper's Plan
EligibilityMust be Insignia or Optima customer of Privy League Savings Accounts.
Rewards5X reward points for Rs.100 Spent on all non-fuel retail categories.
10X rewards point for Rs.100 spent at Special Categories
Milestone benefitsGet 4 complimentary PVR movie tickets every quarter (Spend minimum of Rs. 1000 every month to be eligible for 4 movie tickets).
Reward Rate0.375% to 0.75%
Fuel Surcharge WaiverMax up to Rs.4500 every year
Railway Surcharge WaiverMax up to Rs.500 every year
Other benefitsAirport Lounge Access - Priority Pass Membership
Concierge Service
Finance Charges2.49% (Annualized 29.88%)
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 Transaction3.5%

Kotak Bank Privy League Visa Signature Credit Card: Benefits

Rewards

With this credit card, you earn 5 reward points for every Rs. 100 spent on non-fuel retail spends. And you also earn accelerated reward points for special category spends. The special categories are defined differently for the two variants of Traveler’s Card and Shopper’s Card.

Categories under Traveler’s Card are: International spends, Airlines, Hotels, Travel agencies, restaurants

Categories under Shopper’s Card are: Jewellery, apparels, consumer
durables, departmental stores, restaurants

Reward Rate

1 Reward Point = 7.5 paise,  The reward rate calculated will be in the range of 0.375% to 0.75%.

Annual Fee Waiver

From the second year, you get the annual fee waiver if you spend Rs.75,000 annually with this credit card. You can avail refund for the first year spends on second year annual fee. But, there is no reversal of joining fee and annual fee. This condition doesn’t apply for the free variant.

Milestone Benefits

Along with annual fee waiver, you also get quarterly 4 free movie tickets from PVR Cinemas as spend-based milestone benefit. For this, you must have minimum monthly spends of Rs.1000 with this card which is easy to maintain.

Visa Air Lounge Access

You get quarterly complimentary domestic lounge access at select airports in India through Visa Access. Along with the free access, you can enjoy benefits such as gourmet meal, comfortable seating, widescreen TV’S, newspaper and magazines, free Wi-Fi. But, this is applicable for primary card holder only. And at additional charges paid, it can be extended to your accompanying family members or friends

You also get Complimentary Priority Pass membership with this credit card. With this membership, you will be eligible for access to 1000 airport lounges worldwide in about 500 cities. Depending on the variant of your membership, you get free access to these lounges.

Fuel Surcharge Waiver

You get surcharge waiver for fuel transactions between Rs. 400 and Rs. 4000 made with Kotak Bank Privy League Signature Credit Card. However, you can save maximum surcharge of Rs.4,500 in a year.

Railway Surcharge Waiver

With Kotak Bank Privy League Signature Credit card, you don’t need to pay an additional surcharge for railway tickets booking made online through IRCTC official website and also for transactions on Indian Railways Booking Counters. Still, you can save a maximum of Rs.500 in a calendar year.

Additional features

Concierge Services

With this credit card, you get Visa Concierge services which can be utilised 24*7, around the world to help you with your lifestyle needs. This exclusive service is designed to assist you with Trip Planning Assistance, Hotel Reservations, Flight Reservations, Restaurant Reservations, Car Rental, Concert Performance Tickets booking as well as Other Requests concerning to your luxury needs.

Insurance Cover

You also get an insurance cover of Rs.2,50,000 per year for unauthorised transactions made with this card if the card is lost or misused by someone.

Where the Kotak Bank Privy League Visa Signature Credit Card falls short!

Only for Privy Customers

First of All, to be eligible for this credit card, you must be a very high-income individual with a minimum average monthly balance of Rs.2,50,000 in your Privy league Saving Accounts. More over, to get the approval of the card, you should be either Insignia or Optima customer of Privy League with an excellent credit history. This eligibility criterion may not be relevant for first-time credit card users with lower income levels.

Costly Card

This Kotak Privy League Visa Signature credit card is costly. The joining fee is Rs.7,500 and annual fee applicable is Rs.5,000. Making it Rs.12,500 for the first year. This fee is not refundable by any condition making this very costly. However, you get a refund from the second year.

Lower Reward Rates

The reward rates are also considered very small in the range of 0.375% to 0.75%. When compared to other premium cards, you get very fewer rewards for your daily spends.

No Complimentary Golf Access

For a premium card with a higher fee, customers expect to get complimentary golf courses and golf lessons. But, this is another missing category of benefits for Privy League Signature Credit card. You don’t get any free golf benefits. But, you get assistance through Visa Concierge, if you want to book any golf course.

How to use the card to maximise benefits

Chose your Variant Wisely

This credit card has two variants. One for Shoppers and other for Travellers. You must decide between the both and apply for the most relevant variant for you based on your lifestyle habits and needs. Because, once you chose the variant, the special category rewards of 10 times will be applicable from that point.

Spend Monthly, Watch Quarterly

With quarterly free PVR movie tickets benefit with this credit card, you must maintain every month a minimum spend of Rs.1,000 for your non-fuel retail spends. Once you spend Rs.3,000 in three months, you get 4 PVR Tickets to enjoy them to watch movies at PVR Cinemas. Don’t forget to redeem them within 3 months of getting them.

Get Refund of your Annual fee

You get back your paid annual fee for this card in the next year if you spend Rs. 75,000 in the present year. Once, you take this card maintain your annual purchases up to a minimum of Rs.75,000 to get back the paid annual fee of Rs.5000. But, for free variant don’t expect this benefit.

Plan your Fuel Expenses

Kotak Bank Privy League Visa Signature Credit card provides you fuel surcharge up to a maximum of Rs.4,500 per year. So, you must plan your fuel transaction to be minimum Rs. 400 to a maximum Rs.4,000. For transactions other than this range, you will have to pay the surcharge.

 

Kotak Bank Privy League Visa Signature Credit Card: Fees and Charges

Joining and Annual Fees

The joining fee for one variant of the credit card is Rs.7,500 and annual fee applicable for the first year is Rs.5,000. Making the initial cost of the card as Rs.12,500. And the annual fee from the second year is also Rs.5000 which can be reversed with annual milestone spends.

Finance Charges

If you don’t pay the outstanding bill by the payment due date, the bank will charge an interest rate of 2.49% (Annualized 29.88%). Paying your bills in full and before the deadline is a great habit. This practice will help you to maintain a good credit score.

Late Payment Charges

If you are not able to pay your outstanding balance of your Kotak Bank Delight Platinum credit card in full, you will incur late payment fees. These charges depend on your balance as on the last date of the billing cycle and are detailed in the table below:

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

Foreign Currency transactions

Foreign transaction charge is similar to other credit cards at 3.5%. You will be charged on all cross-border transactions made in a currency other than Indian Rupees.

Other Fees and Charges

Card replacement costs: Rs.100
Over limit Charge: Rs.500
Cash withdrawal fees: Rs.300
Duplicate Statement Charge: Nil
Outstation Cheque Fee: Rs.100
Cash Payment at Branches:  Rs.100 if you make your bill payment at Kotak Branches through Cash.

Why should you Sign-up for this card?

  1. Reward Points
  2. Visa Air Lounge Access
  3. Fre PVR Tickets every quarter.
  4. Fuel and Railway Surcharge Waiver.
  5. Very High Insurance Cover.
  6. Concierge Services
  7. Free- Addon cards

Eligibility

You must be atleast Insignia or Optima level customer of Privy League Savings Bank Account. As these accounts offer premium privileges with priority banking facilities, the eligibility for these bank accounts is also very high and suitable for high-income individuals with a yearly family income up to Rs. 1,00,00,000 and relationship value of above this value with your bank accounts. Also, you must be above 21 years and below 65 years to be a primary holder.

Similar cards: In case Kotak Bank Privy League Visa Signature Credit Card does not impress you

This Kotak Bank Privy League Visa Signature Credit Card has essential features and rewards which may suit your lifestyle requirements. A comparison is given below with the Kotak Bank Privy league Visa Signature Credit card, to learn more about similar cards in this category.

Kotak Bank Privy League Visa Signature Credit Card Vs Standard Chartered Priority Banking Visa Infinite Credit Card

In priority banking category, these credit cards are mostly preferred by their bank account holders for their spending needs. But there are many benefits with SC Priority Banking Visa Infinite Credit Card.

CategoryKotak Bank Privy League Visa Signature Credit Card Standard Chartered Priority Banking Visa Infinite Credit Card
Annual FeeRs. 5000 or NilNil
Rewards5X reward points for Rs.100 Spent on all non-fuel retail categories.
10X rewards point for Rs.100 spent at Special Categories
5 times reward points for Rs.100 spent on retail fashion, overall spent,hotel booking and at fine dining outlets.
2 reward points on other categories
Reward Rate0.375% to 0.75%1.25%
Airport Lounge ProgramVisa Signature lounge programVisa Infinite lounge program
Other BenefitsQuarterly Free Movie TicketsBonus Points Program
Complimentary Lounge Access
Golf Privileges
Finance Charges2.49% per month3.10% per month
Free Card

This credit card is lifetime free for priority banking customers of Standard Chartered Bank. It has no additional costs attached if you are a priority banking customer with good credit history.

Bonus Reward Points

Other than retail and special category rewards, you have bonus reward points for some special brand spends. You check them in the below table.

CategoryBrandReward Points
Shopping OnlineDominos7 bonus reward points per transaction
Shopping OnlineFuture Bazaarup to 50 bonus points per transaction
TravelJW Marriot Mumbai1.25x reward points on each spend
TravelCox and Kingsearn up to 1x reward points
DiningPark Balluchi3 x reward points
FashionWills Life Style2.5 x reward points
Departmental storesMORE2x reward points on every purchase
Departmental storesSodhi Superstore1x reward points
Visa Infinite Lounge program

With Visa infinite lounge program available with this credit card, you enjoy 4 complimentary domestic airport lounge accesses per quarter, which makes a total of 16 complimentary lounges access per year. This is an excellent benefit with this credit card.Along with the domestic lounge access, you get a complimentary Priority Pass Membership, to enjoy benefits at international lounges worldwide.

Golfing Privileges

With the Standard Chartered Bank Priority Banking Visa Infinite credit card, you get the opportunity to tee off at more than 2000 golf courses globally, including 20 premier golf courses within India. Relax and enjoy golf at leading golf courses worldwide with this card.

Bottom Line

As discussed, Standard Chartered Priority Banking Visa Infinite Credit card is only for priority banking customers without any fees.However, this card makes relevance for many good benefits and rewards for your spends along with luxury benefits of complimentary domestic air lounge and golf course privileges.

To find out more about the card, read our Standard Chartered Priority Banking Visa Infinite Credit Card Review.

Kotak Bank Privy League Visa Signature Credit Card Vs RBL Bank Insignia Preferred Banking World Card

RBL Bank Insignia Preferred banking is a similar card in the same category with same annual fees of Rs. 5,000.

CategoryKotak Bank Privy League Visa Signature Credit Card RBL Bank Insignia Preferred Banking World Card
Annual feeRs. 5,000Rs. 5,000
Welcome GiftNilTravel Voucher Worth Rs. 5000 or 20,000 Reward Points
Rewards5X reward points for Rs.100 Spent on all non-fuel retail categories.
10X rewards point for Rs.100 spent at Special Categories
5 Reward Points for every Rs. 100 spent
Reward Rate0.375% to 0.75%1.25%
EligibilityKotak Privy league Insignia and Optima Level Priority banking CustomerRBL Insignia Preferred Banking CUstomers
Other benefitsVisa Signature Air Lounge Access
Concierge Service
Dedicated Relationship Manager
Complimentary Lounge Access
Complimentary Golf Access
Grander Hotel Stays
Concierge Service
Dedicated Relationship Manager
Finance Charges2.49% per month3.4% per month

Red carpet Entree

You get a welcome gift of a travel voucher worth Rs.5000, with which you can use it for your air travel with this credit card. If you are interested in this benefit, then you get 20,000 reward points equivalent to the same amount. Then, you will have a choice of gifts from RBL rewards page to redeem these points.

Better Rewards

You get 5 reward points for all your non-fuel spends for all purchases for every Rs.100 spent. This gives you a better reward rate of 1.25% by this credit card.

Complimentary Hotel Stays

With this Insignia Preferred Banking Credit card you also get access to premium features of the complimentary upgrade of rooms, extensions of booking, early and late check-ins at select hotels for your stays. These facilities are available with select hotels of the Hotel Program.

Golf Privileges

RBL Insignia Preferred banking credit cards also provides you easy access to 11 premier golf courses across India. Additionally, you get three complimentary golf rounds in a year and one golf lesson each month with a 50% discount on green fees.

Bottom Line

As discussed, in the premium category of credit cards mostly for priority customers, RBL Bank Insignia Preferred Banking Credit Card provides you lots of benefits with an annual fee of Rs.5,000. You also get a welcome gift, surcharge waivers, dedicated relationship manager, luxury hotel stays, domestic air lounge access and golf rounds and lessons with this credit card. You can go for this card if you are RBL Insignia Preferred banking customer and interested in spending Rs.5,000 every year.

To know more about the card, read our RBL Bank Insignia Preferred Banking World Card Review.

Final Word

This review must have helped you in understanding the benefits and drawbacks of Kotak Bank Privy League Visa Signature Credit Card. Mainly this card focuses on very high-income customers and Privy League Insignia and Optima Bank account-holders in particular. With its high initial cost, you can go for free variant and enjoy similar benefits, as provided. You can look for other priority banking cards like Standard Chartered Priority Visa Infinite credit card which is free of cost and has numerous benefits to serve you better.