Kotak Corporate Wealth Signature Credit Card Review

Kotak Wealth Corporate Signature Credit Card

Review Summary

Kotak Corporate Wealth Signature Credit Card is a Visa Signature Credit Card mainly designed for wealth banking customers of Kotak Mahindra Bank for their company or business. This credit card provides cash back on your spends, fuel surcharge waiver, railway surcharge waiver, airport lounge access, expense management and a dedicated manager. If you are an existing customer of wealth management of Kotak, then you can take this credit card free of cost for you and your employees.

Annual fees: Nil

Kotak Corporate Wealth Signature

Info

Pros
  • Free Credit Card
  • Corporate Features
  • Fuel and railway Surcharge Waiver
  • Airport Lounge Access
  • Dedicated Service manager
  • Customized credit card
Cons
  • Rewards not specified
  • Limited offers
  • Cash cannot be withdrawn
  • No Add on cards
  • Slow card application processing

Additional

  • 2 complimentary air lounge access until offer lasts
  • You can earn high cash backs when you use your Kotak Bank Corporate Wealth Signature Credit Card for daily spends.
  • With Kotak Bank Corporate Wealth Signature Credit card, you can get fuel surcharge waiver up to Rs.3,500 every year.
  • With Kotak Bank Corporate Wealth Signature Credit card, you get Railway surcharge waiver upto Rs.500 every year.
  • With Visa Signature Air Lounge offer, you get 2 complimentary domestic lounge access per calendar quarter.
  • You can use your Kotak Corporate Wealth Signature Credit Card for business-related expenses such as Sales Meets, Association Meetings, Conferences, and Business & Executive Meetings.
  • Your employees can also use this Kotak Corporate Wealth Signature Credit Card. The official purchases of your business will become easier with this credit card.
  • You can also grab opportunities for profits and budgeting by reducing company costs, and enhanced control overspends and monitoring of spending patterns.
  • With an exclusive expenses management system powered by Visa Intellilink, you can estimate your costs according to spends done on corporate cards with vendor-wise tracking done by employees.
  • With Kotak Corporate Wealth Signature Credit Card, you can print your business name on the 4th line embossing.

In this review

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

 

Card Rating

MeasureRating (Out of 5)
Annual Fees5
Rewards-
Features3
Interest Rate 2.5
Joining Bonus 0

 

The Good and The Bad

ProsCons
Free Credit CardRewards not specified
Corporate FeaturesLimited offers
Fuel and railway Surcharge WaiverCash cannot be withdrawn
Airport Lounge AccessNo Add on cards
Dedicated Service managerSlow card application processing
Customized credit card

Kotak Corporate Wealth Signature Credit Card: Features and Details

Particulars 
Annual and Joining FeeNil
EligibilityWealth management Corporate Client
Fuel Surcharge Waivermaximum Rs.3,500 in a year
Railway Surcharge Waivermaximum Rs.500 in a year
Airport Lounge Access2 complimentary air lounge access until offer lasts
Corporate FeaturesPower To Company
Kotak Visa Intellilink
Company Name on Card
Finance Charges3.10% per month, annualised 37.26%.
Late Payment Chargesupto Rs.700
Foreign Currency3.5% markup value

Kotak Corporate Wealth Signature Credit Card: Benefits

Higher Cashback

You can earn high cash backs when you use your Kotak Bank Corporate Wealth Signature Credit Card for daily spends.

Fuel Surcharge Waiver

With Kotak Bank Corporate Wealth Signature Credit card, you can get fuel surcharge waiver up to Rs.3,500 every year. However, the transaction limits must be in the range of Rs.500 and Rs.3000 only.

Railway Surcharge Waiver

With Kotak Bank Corporate Wealth Signature Credit card, you get Railway surcharge waiver upto Rs.500 every year.

Airport Lounge Access

You can also enjoy exclusive access to domestic airport lounges with the Visa Signature Airport Lounge Offer. With this offer, you get 2 complimentary domestic lounge access per calendar quarter. However, this offer is Valid until 30 September 2017.

Business Expenses

You can use your Kotak Corporate Wealth Signature Credit Card for business-related expenses such as Sales Meets, Association Meetings, Conferences, and Business & Executive Meetings.

Employee Spends

Your employees can also use this Kotak Corporate Wealth Signature Credit Card. The official purchases of your business will become easier with this credit card.

Corporate Features

Power To Company

You can also grab opportunities for profits and budgeting by reducing company costs,  and enhanced control overspends and monitoring of spending patterns.

Expense Management with Kotak Visa Intellilink

With an exclusive expenses management system powered by Visa Intellilink, you can estimate your costs according to spends done on corporate cards with vendor-wise tracking done by employees. You can also analyse the amount spent by each employee. This is possible through the statistical data retrieved real-time to check each employee’s expenses.

Company Name

With Kotak Corporate Wealth Signature Credit Card, you can print your business name on the 4th line embossing. This acts as a key differentiator between corporate and personal card.

Additional Features

Credit limit

As this credit card does not have revolving credit limit, you must check the overall credit limit. This credit limit can be distributed among all your employees.

Dedicated Service Manager

With Kotak Corporate Wealth Signature Credit card, you get personalised service as your Dedicated Manager. The service manager delivers you prompt information on card details, card limits and lost/stolen cards.

Eligibility

This credit card has been specifically designed for Wealth clients of Kotak Bank who have their own business/company. The wealthy customers can apply for this card and can also provide the same to their employees who are not wealth clients.

Where the Kotak Corporate Wealth Signature Credit Card falls short!

No Cash Withdrawals

This credit card does not provide any cash withdrawal facility. Also, this credit card is invalid for use at ATMs.

Add-on Cards not available

These corporate cards can be issued for multiple employees. But, there is no facility of add-on cards for their family members on this credit card.

Slow Processing of Card

The processing of the credit card application is prolonged. It takes 15 days for approval of this credit card once you apply for your company.

Limits can’t be crossed

There are no-over limit charges. Thus, making a limitation to spend only upto assigned credit limit. You can’t spend more than the limit at any cost. The program administrator of your company must contact the bank of credit limit enhancement, and then you can spend.

How to use the card to maximise benefits

Use Corporate features

Efficiently use the expense management tools for managing the corporate expenses made through this credit card. With the control facility on the spends, you get a dashboard to visualise the individual spends and data of the clients for next payment schedules.

Use this credit card for all business expenses

It is advisable to use this credit card for all expenses of business activity like travel, purchase, logistics, capital and marketing expenses. You can assign different cards for your employees associated with specific functions according to their designation. This would reduce the paperwork and audit in reimbursement of the valid expenses.

Utilise the available surcharge waivers

When you get an exemption on surcharges paid, you must avail them entirely. Manage your fuel spend transactions between Rs.500 and Rs.3000 to save surcharge on fuel transactions. Similarly, use this credit card for your railway bookings and avoid paying surcharges.

 

Kotak Corporate Wealth Signature Credit Card: Fees and Charges

Joining and Annual Fees

This credit card is free of cost. You can use this credit card up to the life of your company/business without paying any annual fees. But, you need to apply for wealth management account with Kotak bank.

Finance Charges

If you don’t pay the outstanding bill by the payment due date, the bank will charge an interest rate of 3.10% per month, annualised 37.26%. If you can pay your bills in full before the deadline, you shall get a good credit score.

Late Payment Charges

If you are not able to pay your outstanding balance of your Kotak Bank Corporate Wealth Signature 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:

OutstandingLate payment Charges
upto Rs.500Rs.100
Rs.500.01 to Rs.5000Rs.400
Rs.5000.01 to Rs.10,000Rs.500
Above Rs. 10,000Rs.700

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 Fee: Rs.100 per card.
(Lost & Damaged Cards)

Duplicate Statement Charge: Rs.100 per statement.

Cash Payment at Branches: Rs.75 if you make your bill payment at  Kotak Bank Branches through Cash.

Why should you Sign-up for these cards?

  1. Corporate Credit Card
  2. Fuel and Railway Surcharge Waiver
  3. Corporate Features
  4. Airport Lounge Access
  5. Dedicated Service Manager

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

Kotak Corporate Wealth Signature Credit card is a free corporate credit card for its wealth management client. There are similar corporate credit cards of other banks, with more rewards and benefits for corporate customers.

Kotak Corporate Wealth Signature Credit Card Vs HDFC Business Corporate Regalia Credit Card

CategoryKotak Corporate Wealth Signature Credit CardHDFC Business Corporate Regalia Credit Card
Annual feesNilNil
EligibilityWealth management customersRegalia Corporate Customers
RewardsNot specifiedEarn 4 reward points for every Rs.150 spent.
Fuel Surcharge WaiverMaximum Rs.3,500 per yearMaximum Rs.500 per month
Railway Surcharge WaiverMaximum Rs.500 per yearNot Available
Corporate FeaturesExpense management system and other featuresNot Available
Airport LoungeVisa Signature Lounge AccessPriority Pass Membership and Domestic Air Lounge offers
Other PrivilegesNo luxury benefits
Dedicated service manager
Travel Concierge Services
Exclusive Portal for Travel and Entertainment( Regalia)
Club Vistara Silver Membership
Finance Charges3.10% per month3.49% per month
Foreign Transaction Charges3.5% markup on transaction2% markup on transaction
Good rewards

With HDFC Business Corporate Regalia Credit Card, you get good rewards for every Rs.100 spent; you get 4 reward points. But, the rewards of the Kotak Corporate Wealth Signature are not specified.

Preferential Markup Charges

There is a special markup fee on foreign transactions for Regalia Customers. But, the charges are only 2% of the transaction amount which is better than 3.5% of Kotak Corporate Signature card.

Premium Memberships

The Regalia Corporate customers of HDFC Bank also get premium memberships. The premium memberships include Club Vistara for booking flights and Priority pass membership with International lounge access. But, there are no premium memberships for your travel or luxury needs with Kotak Corporate Card.

Travel Concierge Services

You also get travel and entertainment related concierge services from HDFC Regalia. This dedicated portal for Regalia customers will not only help you for rewards redemption but also provides concierge services for booking luxury travel, hotels and other spends.

Insurance Coverage

The corporate customers of HDFc Business Corporate Regalia credit card also get insurance cover for free You get insurance for air accident death, emergency medical expenses abroad and lost card liability. But, there are no such benefits of insurance with Kotak Corporate Credit card.

Bottom Line

As discussed, HDFC Business Corporate Regalia Credit Card is a super premium credit card from HDFC Regalia. This super premium corporate credit card offers exclusive rewards on your spends, fuel surcharge waiver, premium memberships, travel concierge services and Insurance coverage. You can for this credit card, if your company satisfies the eligibility of the Regalia cards requirements.

To find out more about the card, read our HDFC Business Corporate Regalia Credit Card Review.

Kotak Corporate Wealth Signature Credit Card Vs SBI Signature Corporate Credit Card

CategoryKotak Corporate Wealth Signature Credit CardSBI Signature Corporate Credit Card
Annual FeeNilRs.499
RewardsNot Specified but availableNot Available
Cash Withdrawal FacilityNot AvailableAvailable but interest rate is chargeable
Dining OffersNot Available15% discounts on hotels and dining spends
Airport Lounge AccessVisa Air Lounge Access. Limited Period OfferPriority Pass membership and Visa Signature Lounge Access
Insurance coverageNot AvailableCard insurance, Travel and baggage insurance
Corporate featuresExpense management,
Kotak Visa Intellilink
Customised Credit Card
Multi-layer spend control,Customized MIS and reporting:( Visa Intellilink)
Concierge ServicesOnly Dedicated Service managerConcierge services presonalised
Finance Charges3.1% per month3.35% per month
Dining Offers

You get luxury dining benefits with 15% discounts on your hotels and dining spends. This credit card will help you to save your expenses at select restaurants.

Priority Pass membership

With this credit card, you get a complimentary membership worth $99 to the Priority Pass Program. This program provides access to more than 600 international airport lounges worldwide.

Chargeable Cash Withdrawal facility

With SBI Corporate Signature Credit Card, you can withdraw cash at ATMs at the interest rates applicable. But, this service is missing in the Kotak Corporate Wealth Signature Credit Card.

Priority Servicing

SBI Signature Corporate Card provides you with the highest servicing level when compared to other SBI Products. You will be prioritised for all your service requirements. For this, you can connect the bank through emails, phone calls, letters, SMS or at SBI Online portal.

Insurance Cover

The SBI Corporate Credit card provides you with a complimentary travel insurance up to Rs.1 Crore for your employees. Moreover, you get insurance cover for fraudulent transactions by your staff at POS Machines, online and international transactions.

Bottom Line

As discussed, SBI Signature Corporate Credit Card is a premium corporate credit card from SBI cards for corporates with an annual fee of only Rs.499. This credit specifically provides expense management system with Visa IntelliLink for spends and budgeting of expenditure for corporates. Also, the credit card offers dining benefits, priority pass membership, air lounge access, insurance cover. You can signup for this credit card with a corporate account with SBI.

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

Final Word

This corporate credit card review must have helped you in understanding the benefits and drawbacks of Kotak Corporate Wealth Signature Credit Card. This free credit card provides exclusive corporate features for your business expenses along with spend management software and customised card. You can also enjoy fuel surcharge waiver, railway surcharge waiver and airport lounge access. However, this card is not valid for cash transactions anywhere. So, if you decide to adopt a digital payment system in your business without cash, this credit card is the best solution.