Kotak Silk Inspire Platinum Credit Card Review

Kotak Silk Inspire Platinum Credit Card

Review Summary

Kotak Silk Inspire Platinum Credit Card is a good shopping card, especially at apparel stores. It is designed exclusively for women. You can get up to 5% value back at apparel stores. The card offers milestone benefits, fuel surcharge waiver, and special Kotak bank offers (dining, movies, etc.).

Annual Fee: Rs. 599
Reward rate: 5%

In this review

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

Kotak Silk Inspire Platinum

Info

Pros
  • Good reward program
  • Fuel surcharge waiver
  • Milestone benefits
Cons
  • Slightly high interest rate
  • Only for Women
  • Limited to apparel purchases
Fees and Charges
  • The annual fee of the card is Rs. 599 from 2nd year onwards
  • The interest charged is 3.50% per month(Annualized 40.8%) or 2.99% (Annualized 35.88%) for credit card issued against Term Deposit.

Additional

  • Earn 10 reward points for every Rs. 100 spent on apparels
  • Also Earn 1 reward point for every Rs. 200 on other categories
  • Spend Rs. 1.25 lacs every six months and earn 4 PVR tickets or 1000 reward points.
  • With this card, you get numerous offers which give you discounts and cash back at various stores, hotels, restaurants, movie tickets and much more.
  • You get fuel surcharge waiver at all petrol pumps in India for transactions between Rs. 500 – Rs. 3000. The maximum waiver allowed in a year is Rs. 3500.
  • If your credit card gets stolen, you get a cover of Rs. 75000 against any fraudulent usage up to 7 days pre-reporting.
  • The reward rate in apparels category is 5%. So, you should definitely use the card for this categories.

Card Rating

MeasureRating (Out of 5)
Annual Fee4
Rewards3
Features2.5
Interest rate2
Joining Bonus 0

Pros and Cons of the card

ProsCons
Good reward programSlightly high interest rate
Fuel surcharge waiver
Milestone benefits

Kotak Silk Inspire Platinum Credit Card Features and details

Annual FeeRs. 599
Rewards10 reward points for every Rs. 100 spent on apparels
1 reward point for every Rs. 200 on other categories
BenefitsMilestone benefits
Fuel surcharge waiver
Special Kotak Bank offers
Interest rate3.50% per month
Late payment chargesRs. 100 - Rs. 500: Rs. 100
Rs. 501 - Rs. 10000: Rs. 500
Rs. 10001 & more: Rs. 700
Cash advance feeRs. 300
Foreign transaction fee3.50%

Kotak Silk Inspire Platinum Credit Card Benefits

Reward Program

You get 5 reward points for every Rs. 100 spent on Apparels. The minimum retail spends in a billing cycle need to be Rs. 7500. Also, you earn 1 reward point for every Rs. 200 spent on other categories. The rewards can be redeemed at the rate of 1 reward point = Rs. 1. The reward rate comes out to 5%.  

Milestone benefits

Spend Rs. 1.25 lacs every six months and earn 4 PVR tickets or 1000 reward points. There are two redemption options as follows:

  1. PVR Tickets: You can get up to 8 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 2000 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.

Kotak Bank 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.

Fuel surcharge waiver

You get fuel surcharge waiver at all petrol pumps in India for transactions between Rs. 500 – Rs. 3000. The maximum waiver allowed in a year is Rs. 3500.

Silk Inspire Shield

If your credit card gets stolen, you get a cover of Rs. 75000 against any fraudulent usage up to 7 days pre-reporting. You need to call customer centre (1860 266 2666) and get your credit card deactivated/blocked to prevent misuse and register a claim with the Insurance Company.

Where Kotak Silk Inspire Platinum Credit Card falls short

Most of the rewards are limited to apparel purchases

You get most of your reward points only from apparel purchases. On all other categories, you get only 1 reward points for every Rs. 200 spent.

Slightly high-interest rate

The interest rate charged on this card is 3.50% per month which is slightly higher as compared to some other similar cards.

How to use the card to maximise benefits

Use the card for apparel purchases

The reward rate in this category is 5%. So, you should definitely use the card for this categories.

Spend Rs. 1.25 lacs every six months

Spending Rs. 1.25 lacs every six months will give you 4 free PVR tickets or 1000 reward points.

Kotak Silk Inspire Platinum Credit Card Fees and charges

Annual Fee and Joining Fee

The annual fee of the card is Rs. 599 from 2nd year onwards. On spending Rs. 1.25 lacs in the previous year, the annual fee can be waived off. The joining fee of the card is Rs. 599 (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 3.50% per month(Annualized 40.8%) or 2.99% (Annualized 35.88%) for credit card issued against Term Deposit.

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 3.50% 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: Nil

Cash payment at the branch: Rs. 100

Card Replacement: Rs. 100

Reasons to sign up for the card

  1. Savings up to 5% on apparel purchases
  2. Fuel surcharge waiver
  3. Kotak Bank Special offers
  4. Low annual fee with reversal option

Similar cards: In case Kotak Silk Inspire Platinum Credit Card doesn’t impress you

Kotak Silk Inspire Vs HDFC Solitaire card

Like the Kotak Silk Inspire card, HDFC Solitaire card is also designed exclusively for women.

Better reward rate with Kotak Silk Inspire

Kotak Silk Inspire gives you a reward rate of 5% which is better than HDFC Solitaire card.

Movie tickets with Kotak Silk Inspire

You can get up to 8 free PVR movie tickets with the Kotak Silk Inspire card.

Get shopping vouchers with HDFC Solitaire card

You get shopping vouchers worth Rs. 1000 on spends of Rs. 75000 every six months.

Kotak Silk Inspire Vs Citibank Rewards

Citibank Rewards card is a good card for shopping as it is best used at department and apparel stores.

Welcome gift with Citibank Rewards

You get 1500 bonus points for the first time within 30 days of card issuance. Also, you get 1000 bonus points on your first spend of Rs. 1000 (single transaction).

Superior reward rate with Kotak Silk Inspire card

The Kotak Silk Inspire card can fetch you savings up to 5% whereas the Citibank Rewards card gives you a saving of 2.4% on retail and online shopping.

Lower annual fee with Kotak Silk Inspire

Kotak Silk Inspire has an annual fee of Rs. 599 whereas Citibank Rewards has an annual fee of Rs. 1000.

Kotak Silk Inspire Vs SBI SimplySAVE

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

Better reward rate with Kotak Silk Inspire

Kotak Silk Inspire has a reward rate of 5% 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 Silk Inspire has an annual fee of Rs. 599.

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 Silk Inspire Vs SC Landmark Rewards

SC Landmark Rewards card is best used for landmark affiliated stores which include Lifestyle, Max, Spar.

No annual fee with SC Landmark Rewards card

One of the best feature associated with this card is that you don’t have to pay any annual fee.

Superior reward rate with Kotak Silk Inspire card

The Kotak Silk Inspire card can fetch you a reward rate of up to 5% whereas the SC Landmark Rewards card gives you a reward rate of 2.70%. But, you get 5% cashback at SPAR stores.

Welcome gift with SC Landmark card

You get a welcome gift voucher of up to Rs. 2700 upon joining, subject to terms and conditions.

Final Word

This review must have helped you in evaluating Kotak Silk Inspire credit card. This card is good for shopping (apparel) as you get value back up to 5%. It has a decent annual fee with an opportunity for annual fee reversal. For all women who are looking for a shopping credit card, this could be a good fit for you.

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!