Kotak Bank Solaris Platinum Credit Card Review

Kotak bank Solaris Credit Card

Review Summary

Kotak Bank Solaris Platinum Credit Card is a credit card by the Kotak Bank, which has been launched for the online shoppers as you will get 5x reward points for a spend of Rs. 150 on all the online transactions. With this card, you get the benefit of fuel surcharge waiver, railway surcharge waiver, welcome bonus, milestone bonus, joining fee reversal opportunity and annual fee reversal opportunity. The interest rate charged for the card is 3.50% monthly, i.e. 42% annually.

Annual Fees: Rs. 500

In this review

Card Rating
The Good and The Bad
Kotak Bank Solaris Platinum Credit Card: Features and Details
Kotak Bank Solaris Platinum Credit Card: Benefits
Additional features
Where the Kotak Bank Solaris Platinum Credit Card falls short!
How to use the card to maximise benefits
Kotak Bank Solaris Platinum Credit Card: Fees and Charges
Why should you Sign-up for this card?
Eligibility
Similar cards: In case Kotak Bank Solaris Platinum Credit Card does not impress you
Kotak Bank Solaris Platinum Credit Card Vs ICICI Bank HPCL Coral American Express Credit Card
Kotak Bank Solaris Platinum Credit Card Vs IndianOil Citi Platinum Credit Card
Final Word

 

Card Rating

MeasureRating (Out of 5)
Annual Fees4
Rewards2
Features3
Interest Rate2
Joining Bonus1

 

The Good and The Bad

ProsCons
Accelerated Reward pointsHigh Interest rate
Fuel surcharge waiverNo golf access
Railway surcharge waiverNo movie benefits
Welcome bonusNo dining benefits
Milestone bonusno cashback offers
Complimentary Add-on card
Lost card liability

Kotak Bank Solaris Platinum Credit Card: Features and Details

Joining FeeRs. 500
Annual FeeRs. 500
Welcome Benefit2500 bonus reward points
Milestone Bonus4000 reward points when you reach an annual spend of Rs. 2,00,000.
10,000 reward points when you reach an annual milestone of Rs. 4,00,000.
Rewards5x reward points on an online spend of Rs. 150
On all other spends, 2x reward points on a spend of Rs. 150
Interest Rate3.50% monthly, i.e. 42% annually
Other BenefitsJoining fee reversal opportunity
Annual fee reversal opportunity
Fuel surcharge waiver
Railway surcharge waiver
Late Payment chargesRs. 100 to Rs. 500- Rs. 100
Rs. 501 to Rs. 10,000- Rs. 500
Above Rs. 10,000- Rs. 700
Foreign currency transaction3.5%

Kotak Bank Solaris Platinum Credit Card: Benefits

Reward Program

With Kotak Bank Solaris Credit Card, you earn 5x reward points on an online spend of Rs. 150 and on all other spends, you earn 2x reward points on spend of Rs. 150.

Please Note

You will not earn reward points for fuel and railway transactions.

Reward Redemption

You can redeem your accumulated reward points for Airline tickets, Air Miles, Movie Tickets, Mobile Recharge and Branded Merchandise. For redemption against Airline tickets / Merchandise / Mobile recharge, Reward Points have to be converted to Easy Points, where 2 Reward Points = 1 Easy Point.

Process

  1. kindly Login to net banking or visit us at www.kotak.com
  2. Log in using your CRN, Password & Dynamic Access Code
  3. Choose Credit Cards
  4. Select Reward Redemption option of your choice.
  5. For any further assistance, please call our customer care (1860 266 2666)

Welcome Bonus

With Kotak Bank Solaris Credit Card, you get 2500 bonus reward points when you use your card for the first transaction within 60 days of card issuance.

Milestone Bonus

With Kotak Bank Solaris Credit Card, you get bonus reward points when you reach a particular spend milestone. The offers are:

  1. You will get 4000 reward points when you reach an annual spend of Rs. 2,00,000.
  2. You will get additional 10,000 reward points when you reach an annual milestone of Rs. 4,00,000.

Please Note

  1. The milestone program is valid for retail transactions only. Cash transactions, Personal Loan on cards & Balance Transfer transactions are not eligible. Transactions which are reversed or cancelled will not be considered.
  2. Customer will be eligible for only one bonus point slab at any given point of time, in case customer achieves higher milestone slab, the customer will receive the bonus point of that slab only and not the previous slab.
  3. Milestone Bonus points are valid for two years from the date of credit.

Fuel Surcharge Waiver

With Kotak Bank Solaris Credit Card, you get fuel surcharge waiver across all petrol pumps in India for the transactions between Rs. 400 and Rs. 3500, up to a maximum of Rs. 100 in a statement cycle.

Railway Surcharge Waiver

With Kotak Bank Solaris Credit Card, you get railway surcharge waiver for the railway booking transactions at railway counters and www.irctc.com. The maximum railway surcharge waiver allowed in a calendar year is Rs. 500.

Complimentary Add-on Card

With Kotak Bank Solaris Credit Card, you get complimentary add-on card, which has all the benefits that you enjoy on your primary card. You can set the limit and track the spends separately for each add-on card.

Lost Card Liability

With Kotak Bank Solaris Credit Card, you get the benefit of lost card liability, where your card is covered with any loss or theft. The protection covers transactions to the extent of Rs. 1,25,000 per annum. The transactions within the previous seven days before your call are covered.

How to Claim?

  1. In case, your card is lost or stolen, you immediately call the Customer Contact Center (1860 266 2666 Local Call Rates Apply) and get your card deactivated/ blocked/ cancelled.
  2. In case of any fraudulent transaction, you are required to register a claim with the bank at 1860 266 2666 or send an email through your internet banking account on www.kotak.com, by using your Kotak Internet Banking user ID for registering the claim.
  3. You will then need to send copies of the Customer Dispute Form and the FIR to us. You can either fax this at 022 – 66466901 or mail a scanned copy at kotakcredit.cardalert@kotak.com and att.cards@kotak.com.

Additional features

Contactless Card

Kotak Bank Solaris Credit Card is a contactless card, where you don’t need to enter the PIN for the transactions. You just need to wave your card and make a payment of up to Rs. 2,000. Payments are supported by multiple layers of security, which ensures that you are safe from fraudulent or unauthorized transactions.

Joining Fee Reversal Opportunity

With Kotak Bank Solaris Credit Card, your joining fee of Rs. 500 will get reverse if your annual spend for the first year reaches the milestone of Rs. 75,000.

Annual Fee Reversal Opportunity

With Kotak Bank Solaris Credit Card, your annual fee of Rs. 500 will get reverse if your annual spend reaches the milestone of Rs. 75,000.

Where the Kotak Bank Solaris Platinum Credit Card falls short!

No Golf privilege

If you love to spend your weekend playing golf, then this card is not for you, as this card is not providing any complimentary golf access to its members. If you want golf access, then you can select SBI Card Prime or SBI Platinum instead of Kotak Bank Solaris Credit Card.

We would like to intimate you that if you want golf access and want to sign up for the suggested cards, then you need to pay some more amount than what you are paying for Kotak Bank Solaris Credit Card. Golf Privilege feature comes under Premium cards, and approximately all the premium cards charge a higher annual fee and renewal fee. Annual fee and renewal fee for these cards vary from Rs. 3000 to Rs. 10000.

High-Interest Rate

The interest rate charged by Kotak Bank Solaris Credit Card is slightly high. Default Interest charged is 3.50% monthly or 42% annually.

If you usually roll over the balance from month to month by making minimum payments, then this could be a problem for you. You could be paying higher payments over time with this slightly higher interest rate. If this is not the case and you make full payments each month, then you can consider this card.

No cash back offers

Kotak Bank Solaris Credit Card lacks in providing some necessary features, one of them is no cash back on the spending. However, other credit cards with same annual fee provide great cash back offers. So, if you are a kind of person, who loves cashback, then you should go for some other credit cards instead of Kotak Bank Solaris Credit Card.

No Dining Offers

With Kotak Bank Solaris Credit Card, you will not get dining offers.

No BookMyShow Offers

With Kotak Bank Solaris Credit Card, you will get offers on movie tickets booking with BookMyShow.

How to use the card to maximise benefits?

Activate your card within 60 days of card issuance

When you make your first transaction within 60 days of the card issuance, you will get 2500 reward points as welcome bonus.

Use this card for fuel

With Kotak Bank Solaris Credit Card, you get fuel surcharge waiver for all the transactions made between Rs. 400 and Rs. 3500. So, to maximize the benefits of this card, use this card for fuel.

Use the card for Railway ticket booking

With Kotak Bank Solaris Credit Card, you get railway surcharge waiver for booking rail tickets at railway counters and www.irctc.com. So, to maximize the benefits of this card, use this card for railway ticket booking.

Spend Rs. 70,000 every year to get annual fee waiver

For this card, you pay an annual fee of Rs. 500. You get a waiver of your annual fee for the next year if you spend Rs. 75,000 every year.

Use this card for online transactions

When you use your Kotak Bank Solaris Credit Card for online transactions, you get 5x reward points. So, for all the online transactions, we recommend you to use this card.

Kotak Bank Solaris Platinum Credit Card: Fees and Charges

Joining Fee

The Joining Fee charged for Kotak Bank Solaris Credit Card is Rs. 500.

Annual Fee

The Kotak Bank Solaris Credit Card charges an annual fee of Rs. 500.

Add-on Card Charges

The Kotak Bank Solaris Credit Card charges a Nil fee for the add-on card.

Default Payment Charges

If you default on your payments. i.e., if you don’t pay the minimum amount due as per the last credit card statement by the payment due date, the interest charged is up to 3.50% per month, i.e. (42% annually). This will be very costly for you if you are someone who defaults on payments regularly. It is a good habit to pay your bills before the due date. This will help in maintaining a good credit score which will, in turn, help you in getting better credit card deals and loans in the future.

Late Payment Charges

If you are not able to pay the minimum amount due by the payment due date, you will incur late payment charges. These charges depend on your balance statement and are described in the table below:

Due as per last statement LPC Charges
Rs. 100- Rs. 500Rs. 100
Rs. 501- Rs. 10,000Rs. 500
More than Rs. 10,000Rs. 700
Foreign Currency transactions

You have the option of using your Solaris card for foreign 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 2% charge would be levied on the INR equivalent of the US Dollars.

One major problem with this is that the transaction fees are billed in Indian Rupees using exchange rates on the date of settlement of transaction and not on the date of the transaction. This means that you may end paying more if the US Dollar appreciates against the Indian Rupee on the date of settlement. Exchange rates keep changing every day so you should think twice before using your card for foreign currency transaction. You should use it only if you have no other option left.

Other Fees and Charges

Minimum Amount Due (MAD) (It will reflect in statement in column of minimum amount due): 5% or 10% of TAD as decided by the Bank

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

Over Limit Charge: Rs. 500

Cheque Bounce Charges: Rs. 500

Railway Booking Surcharge (1.8%/2.5% on transaction amount): Waived

Fuel Surcharge (1% on transaction): Waived

Fee for Cash payment at Bank: Rs. 100

Outstation Cheque Processing Fee: Waived

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

Charge Slip Request: Waived

Machine Surcharge at ATMs: Waived

Balance Enquiry Charges at Non-Parent Bank ATM: Waived

Duplicate Statement Request: Waived

Web Pay Service Fee: Waived

Furnishing a copy of Credit Information Report (CIBIL): Rs. 50

Why should you Sign-up for this card?

  1. Low Joining fee of Rs. 500
  2. Low Annual Fee of Rs. 500
  3. 2500 reward points as a welcome bonus
  4. Milestone bonus
  5. Contactless card
  6. Fuel surcharge waiver
  7. Railway surcharge waiver
  8. Joining fee reversal opportunity
  9. Annual fee reversal opportunity
  10. Lost card liability
  11. Complimentary add-on card

Eligibility

  1. The applicant should be a resident of India.
  2. The age of primary cardholder should be in between 21 years to 65 years.
  3. The minimum age of the add-on cardholder must be 18 years.
  4. The minimum annual income of the applicant must be Rs. 5,00,000.
  5. The eligible locations are Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi (including Gurgaon and Noida), Hyderabad, Kolkata, Mumbai, Navi Mumbai and Pune.

Similar cards: In case Kotak Bank Solaris Platinum Credit Card does not impress you.

Kotak Bank Solaris Platinum Credit Card Vs ICICI Bank Coral Credit Card

BookMyShow offers with ICICI Bank Coral Credit Card

With ICICI Bank Coral Credit Card, you get the advantage of free movie tickets on www.bookmyshow.com.  On booking a movie ticket by using this card, you will get one movie ticket free. However, with Kotak Bank Solaris Credit Card, you will not get these benefits.

Low Joining Fee with Kotak Bank Solaris Credit Card

The joining fee charged by Kotak Bank Solaris Credit Card is Rs. 500. However, with ICICI Bank Coral Credit Card, the joining fee is Rs. 1,000.

Complimentary Airport Lounge access with ICICI Bank Coral Credit Card

With ICICI Bank Coral Credit Card, you get one complimentary lounge access per quarter. However, with Kotak Bank Solaris Credit Card you did not get this benefit of airport lounge access.

Low spend for annual fee reversal with Kotak Bank Solaris Credit Card

With Kotak Bank Solaris Credit Card your annual fee of Rs. 500 will get reverses on an annual send of Rs. 75,000. However, for the annual fee reversal with ICICI Bank Coral Credit Card, the annual spend must be Rs. 1,50,000.

Dining Benefits with ICICI Bank Coral Credit Card

With ICICI Bank Coral Credit Card, you can enjoy 15% discount on all your dining bills. This offer is valid at over 2500 restaurants in 12 major cities. However, with Kotak Bank Solaris Credit Card, you will not get dining benefits.

Welcome Gift with ICICI Bank Coral Credit Card

With ICICI Bank Coral Credit Card, you will get a Provogue tie worth Rs. 999 as a welcome gift. However, with Kotak Bank Solaris Credit Card, you will not get this kind of welcome gift.

Railway Surcharge Waiver with Kotak Bank Solaris Credit Card

With Kotak Bank Solaris Credit Card, you get railway surcharge waiver for all the transactions done at railway counters and www.irctc.com. However, with ICICI Bank Coral Credit Card you did not get railway surcharge waiver.

Better Fuel Surcharge Waiver with Kotak Bank Solaris Credit Card

With Kotak Bank Solaris Credit Card, you get fuel surcharge waiver across all petrol pumps in India. However, with ICICI Bank Coral Credit Card you get fuel surcharge waiver only at HPCL petrol pumps.

Kotak Bank Solaris Platinum Credit Card Vs Kotak Bank Delight Credit Card

Low Joining Fee with Kotak Bank Solaris Credit Card

The joining fee charged for Kotak Bank Solaris Credit Card is Rs. 500. However, the joining fee charged for Kotak Bank Delight Credit Card is Rs. 1,999, which is high in comparison to the former card.

Low Annual Fee with Kotak Bank Delight Credit Card

The annual fee charged for Kotak Bank Delight Credit Card is Rs. 299. However, the annual fee charged for Kotak Bank Solaris Credit Card is Rs. 500.

Monthly Milestone with Kotak Bank Delight Credit Card

With Kotak Bank Delight Credit Card, if the monthly milestones exceed Rs. 10,000, then you will get 10% cash back on movies, and dining spends. However, with Kotak Bank Solaris Credit Card you will not get this benefit.

Low-Interest Rate with Kotak Bank Delight Credit Card

The interest rate charged by Kotak Bank Delight Credit Card is 3.40% per month, i.e. 40.80% annually. However, the interest rate charged by Kotak Bank Solaris Credit Card is 3.50% per month, i.e. 42% annually.

Free Add-on card with Kotak Bank Solaris Credit Card

With Kotak Bank Solaris Credit Card, you will get free add-on card. However, with Kotak Bank Delight Credit Card, you need to pay a fee of Rs. 299 for the add-on card.

Final Word

This review must have helped you in evaluating the Kotak Bank Solaris Credit Card. You must have decided by now, on whether you’ll apply for the card or not. If you are an online shopaholic person, then you should go for this card as you will get accelerated rewards on online transactions. The joining and annual fee charged by the card is decent, in return for the benefits provided. However, the interest rate charged for the card is very high, which is 3.50% monthly, i.e. 42% annually.

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.

  • Vasu Yadav

    Thanks for detailed review. However no where you mentioned 1 reward point =₹?