Kotak Corporate Platinum Credit Card Review

Kotak Corporate Platinum Credit Card

Review Summary

Kotak Corporate Platinum Credit Card is a decent corporate credit card from Kotak Mahindra Bank. You get corporate features of expense management and spends control of your employees. This card also provides fuel surcharge waiver, railway surcharge waiver, air lounge access and dedicated service manager. You also earn high rewards on your spends. However, the earn rate and other details will be provided to you upon card activation.  With consolidated statements and payment option on this credit card, you can manage all expenses in no time.

Annual fees: Rs.999

 

Kotak Corporate Platinum

Info

Pros
  • High Rewards
  • Fuel and Railway Surcharge Waiver
  • Airport Lounge Access
  • Exclusive Corporate features
  • Dedicated Service manager and Program administrator
  • Free replacement card
Cons
  • High Interest rate
  • No cash withdrawal facility
  • No Add on cards
  • Slow card application processing

Additional

  • With Kotak Corporate Platinum credit card, you can earn high reward points. These reward points you can redeem by just calling the customer service desk.
  • You can use Kotak Corporate Platinum Credit card for the fuel expenses and save upto Rs. 3,500 per year
  • With Kotak Bank Corporate Platinum credit card, you can also save railway surcharge upto Rs.500 per year.
  • Kotak Corporate Platinum credit card also provides complimentary air lounge access. With this, you get two domestic air lounge accesses per calendar quarter.
  • The company will pay on these cards on their behalf of employees
  • The corporates can also determine their limits on the credit card.
  • This corporate credit card can be swiped for various business-related spend opportunities.
  • With consolidated payment feature, only the corporate on whom the credit card is issued has the liability to pay.
  • With an exclusive expense management system available on your Kotak Bank Corporate Platinum credit card, you can avail many features.
  • There is a personalised service to all corporate card members from Kotak Bank. You will be assigned a dedicated service manager.
  • If you lose your credit card, then don’t worry. Kotak Bank doesn’t charge you any replacement fees. You must just call and inform the bank about any damage or loss. Free replacement can be done anytime
  • The Kotak Corporate Credit Card has been specially designed for Corporates.

In this review

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

 

Card Rating

MeasuresRating (Out of 5)
Annual Fees4
Rewards-
Features2
Interest Rate2
Joining Bonus0

 

The Good and The Bad

ProsCons
High RewardsHigh Interest rate
Fuel and Railway Surcharge WaiverNo cash withdrawal facility
Airport Lounge AccessNo Add on cards
Exclusive Corporate featuresSlow card application processing
Dedicated Service manager and Program administrator
Free replacement card

Kotak Corporate Platinum Credit Card: Features and Details

Particulars 
Joining FeeNil
Annual FeeRs.999
RewardsAvailable but not specified
Fuel Surcharge WaiverTransaction Amount: Rs.500 and Rs.3,000
Maximum : Rs. 3,500 per year
Railway Surcharge WaiverMaximum of Rs.500 per year
Airport Lounge OfferVISA airport lounge offer- 2 accesses per calendar quarter
Corporate FeaturesSpend Management System
Dedicated Service Manager
Employee Benefits
Consolidated Statements
Program Administrator
Finance Charges3.30% (Annualized 39.6%)
Cash withdrawal facilityNot Available
Late Payment ChargesRs. 100 for statement o/s less than or equal to Rs. 500.
Rs. 400 for statement o/s between Rs. 500.01 to Rs. 5000.
Rs. 500 for statement o/s between Rs. 5001.01 to Rs. 10,000. Rs. 700 for statement o/s greater than Rs. 10,000)
Over Limit ChargeRs.500
Foreign Currency Transaction3.5%

Kotak Corporate Platinum Credit Card: Benefits

Rewards

With Kotak Corporate Platinum credit card, you can earn high reward points. These reward points you can redeem by just calling the customer service desk. You may redeem these points every quarter.

Fuel Surcharge Waiver

You can use Kotak Corporate Platinum Credit card for the fuel expenses also. Further, you can save fuel surcharge levied on the purchase. However, the transactions of fuel charges must be between Rs.500 and Rs.3,000. But, you can earn a maximum surcharge waiver of Rs. 3,500 only every year.

Railway Surcharge Waiver

With Kotak Bank Corporate Platinum credit card, you can also save railway surcharge. You can save for transactions on IRCTC Website and transactions on Indian Railways Booking Counters.  However,  you can avail the maximum railway surcharge waiver of Rs. 500 in a year.

Airport Lounge Offer

Kotak Corporate Platinum credit card also provides complimentary air lounge access. With this, you get two domestic air lounge accesses per calendar quarter.

Employee benefits

The employees of corporates who get this credit card can enjoy happily. The employees do not need to worry about the late payment charges and other payment deadlines. The company will pay on these cards on their behalf.

Corporate Features

The Kotak bank Corporate Platinum credit cards have many corporate features. They help the corporates to monitor the spending patterns of employees and increase the control over all the spends. These features also help corporates in budgeting and saving costs.

Decide your Limits

The corporates can also determine their limits on the credit card. Initially, a company limit is assigned to the corporates on the whole. Then, the corporates can decide the card limits for different employees. These limits can be chosen based on the hierarchy, designation or by the interest of the employee.

Easy Business Expenses

This corporate credit card can be swiped for various business-related spend opportunities. Some of the categories of spends that are eligible are sales meet, business meeting, conferences and other informal events of the company.

Consolidated Payment

With consolidated payment feature, only the corporate on whom the credit card is issued has the liability to pay. The payment for all the multiple cards issued is consolidated in one statement and employees need not pay that directly.

Expense Management

With an exclusive expense management system available on your Kotak Bank Corporate Platinum credit card, you can avail many features. You can filter out spends done by the employees with vendor-wise tracking. Accordingly, you can do budgeting on the spends based on the available statistical data for the analysis of the expenses. This feature also provides you information of each employee spend areas and their accurate amounts.

Dedicated Service Manager

There is a personalised service to all corporate card members from Kotak Bank. You will be assigned a dedicated service manager. The manager will provide you prompt information on the card details, card limits, and service you for your lost cards.

Program Administrator

There is another feature of Program Administrator who acts as a middleman between Kotak Bank and your Company. This person serves as a single contact for any queries related to your payment due date, total amount due, damaged card and lost cardReal Time Alerts

Additional Features

Globally Accepted

The Kotak Corporate Platinum is an International Credit Card. Over 10 million merchants globally accept this credit card. This card acts as a digital currency to consumers, businesses, banks and government.

Free Card Replacement

If you lose your credit card, then don’t worry. Kotak Bank doesn’t charge you any replacement fees. You must just call and inform the bank about any damage or loss. Free replacement can be done anytime

Eligibility

The Kotak Corporate Credit Card has been specially designed for Corporates.

Where the Kotak Corporate Platinum Credit Card falls short!

High-Interest rate

The finance charges are 3.30% (Annualized 39.6%) which is higher when compared to other corporate credit cards which offer lower interest rates for corporate customers.

No cash withdrawal facility

You cannot use this credit card for cash expenses. This credit card does not support any cash advance and cash withdrawal features. This is a major drawback of this credit card.

Slow card application processing

This credit card application takes minimum 15 days for approval. But other credit card applications are processed within a week. This is a slow credit card.

No dining or luxury benefits

This credit card is not suited for retail benefits. So, there are no dining or luxury benefits attached to this credit card. So, utilise this credit card for more relevant business expenses.

How to use the card to maximise benefits

Use this credit card for business expenses

This corporate credit card has an excellent spend management and control system from Visa. So, confidently use this credit card for all the relevant business expenses.

Save surcharge on fuel and railway spends

This corporate credit card provides you surcharge exemption on fuel expenses and train bookings. So, avail these saving benefits by properly managing your fuel and railway bookings. Thus, overall you can save a net amount of Rs.3000( Rs.3,500+Rs.500- Annual fees) by paying the annual fee of Rs.999. If you don’t pay the annual fee, you can’t avail this benefit.

Kotak Corporate Platinum Credit Card: Fees and Charges

Joining and Annual Fees

There is no joining fee to apply for this credit card. The annual fees on this credit card are Rs.999 from the second year.

Finance Charges

If you don’t pay the outstanding bill by the payment due date, the bank will charge an interest rate of 3.30% per month, 39.6 % annualised. So, 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 the minimum amount due by the payment due date of your Kotak Corporate card, you will incur late payment charges. These charges depend on your consolidated outstanding balance and are described in the table below:

Outstanding amount on statementLate payment Fee in Rs.
Rs.0.01 to Rs.500Rs.100
Rs.500.01 to Rs.5000Rs.400
Rs.5000.01 to Rs.10,000Rs.500
Rs.10000.01 and aboveRs.700

Foreign Currency transactions

Foreign currency charges are 3.5% of the transaction amount. You will be charged on all cross-border transactions made in a currency other than Indian Rupees.

Other Fees and Charges

Card Replacement Charges: Nil

Duplicate Statement Charge: Rs.100 per statement.

Cash Payment at Branches: Rs.100 if you make your bill payment at Bank Branches through Cash.

Why should you Sign-up for these cards?

  1. Good Corporate Card.
  2. Fuel and Railway Surcharge Waiver
  3. Airport Lounge Access
  4. Exclusive Corporate features
  5. Dedicated Service manager and Program administrator
  6. Free replacement card

Similar cards: In case Kotak Corporate Platinum Credit Card do not impress you

The Kotak Corporate Platinum credit has useful features and benefits. But, the information on rewards etc. is not specified. So, if you want to know about similar corporate cards, this section helps you for that.

Kotak Corporate Platinum Credit Card Vs American Express Platinum Corporate Card

CategoryKotak Corporate Platinum Credit CardAmerican Express Platinum Corporate Card
Joining FeeNilNil
Annual FeeRs.999 Rs. 29000
RewardsNot Specified by the BankEarn 1 membership reward point for every Rs. 100 spent on the purchase of insurance, telecommunications, fuel, and other utility services.
Earn 1 membership rewards point for every Rs. 40 spent on all other categories.
Earn up to 20 membership rewards points for every Rs. 100 spent at EXTRA membership rewards program partners.
Finance charges3.3% per monthNo option of revolving credit
Airport Lounge AccessVisa Platinum Lounge AccessComplimentary Priority Pass Prestige membership
BenefitsCorporate features of Expense management
Fuel and railway Surcharge Waiver
Insurance cover up to Rs. 5 crore
24x7 customer and concierge services
Discounts on hotel bookings and car rental
Cash advance facilityNot availableAvailable at all ATMs globally
Attractive rewards

The rewards on the American Express Platinum Corporate credit card are attractive. These are earned as membership reward points. The earn rates are as follows:

  1. You can earn one membership reward point for every Rs. 100 spent on the purchase of insurance, telecommunications, fuel, and other utility services.
  2. While on other categories, you earn one membership rewards point for every Rs. 40 spent
  3. Additionally, Earn up to 20 membership rewards points for every Rs. 100 spent at EXTRA membership rewards program partners.
Priority Pass Prestige membership

This premium corporate credit card also provides you with a complimentary Priority Pass Prestige membership worth $399. No other corporate credit card offers this Prestige membership. With this membership, you get unlimited free visits to airport lounges worldwide.  These visits are valid for almost all airport lounges covered globally and in India.

Insurance cover

American Express Platinum Corporate card also provides you with the highest air accident insurance cover up to Rs. 5 crores and insurance cover on medical expenses upto $50000 when you travel abroad.

Discounts on hotel bookings and car rental

You get special facilities at leading hotel chains such as The Leela Palaces, Hotels & Resorts, Taj Hotels Palaces Resorts Safaris, and Oberoi Hotels & Resorts.With American express corporate platinum card, get discounts upto 40% on OYO Business bookings. Moreover, enjoy exclusive benefits and discounts with car rental companies like Hertz, Carzonrent, Uber etc. With Uber for Business, you can save up to 60% on car rental booking

Bottom Line

As discussed, American Express Platinum Corporate Card is a super premium corporate credit card with an annual fee of Rs. 29,999. This credit card doesn’t compromise you in its features and benefits. You get exclusive rewards, Prestige priority Pass membership, discounts on hotels and car rentals, insurance cover and many other advantages. However, there are no MIS and expense management features on this costly corporate card.

To find out more about the card, read our American Express Platinum Corporate Card Review.

Kotak Corporate Platinum Credit Card Vs SBI Platinum Corporate Credit Card

CategoryKotak Corporate Platinum Credit Card SBI Platinum Corporate Credit Card
Joining feeNilNil
Annual FeeRs.999Nil
Rewards Available but not specifiedNot available
Corporate FeaturesExpense management system and Dedicated service managerExpense management system
Surcharge waiverApplicable on Fuel and RailwayNot available
Airport Lounge AccessComplimentary visa platinum accessPriority Pass membership and Airport Lounge Access
Insurance CoverNot availableTravel and fraud related insurance
Finance Charges3.3% per month (annualized 39.6%)3.35% per month (annualized 40.2%)
Free Corporate Card

The State bank of India, Platinum corporate card is free of cost. You get a corporate card with excellent expense management system and MIS reporting without any additional charges. While for Kotak bank Corporate Platinum, you have to pay Rs.999 to get eligibility for fuel and railway surcharge waivers.

Priority Pass membership

The best part of this free corporate credit card is you get a complimentary Priority Pass membership worth $99 for all the cardholders. But, with Kotak Corporate Platinum even after paying an annual fee of Rs.999, you don’t get this free membership.

Travel and fraud related insurance

With the SBI Platinum Corporate Credit Card, you get both travel and fraud related insurance to its customers. The travel insurance includes a personal accident cover upto Rs.50 lakhs. And other travel insurance on baggage, passport loss and delay of flights are also provided. The fraud related insurance is covered up to the credit limit of the individual assigned up to a maximum of Rs. 2 lakhs. At a corporate level, the total cover is upto Rs.60 lakhs. One of the both can be availed at a time.

Bottom Line

As discussed, SBI Platinum Corporate Credit Card is a free corporate credit card without any rewards. You get exclusive benefits of expense management system, Priority Pass membership, Insurance cover. If you want a decent corporate credit card without rewards and luxury privileges, you can signup for this credit card.

To know more about the card, read our SBI Platinum Corporate Credit Card Review.

Final Word

This review must have helped you in understanding the benefits and drawbacks of Kotak Corporate Platinum Credit Card. You get benefits of fuel surcharge and railway surcharge waivers, airport lounge access and rewards program. Mostly, the corporate features are decent to control and manage the business expenses. if you want a luxury credit card for your clients and employees then check the premium version Corporate Wealth Signature Card of the Kotak bank