Myntra Kotak Credit Card

Kotak Mahindra Bank is a financial institution in India which has a good reputation in the country. This bank has earned the trust of their customers with their commitment to provide quality financial services. The Kotak Mahindra Bank is originally headquartered in the city of Mumbai in Maharashtra.

The Myntra Kotak Credit Card is a card that provides its customers with features like unlimited cashback rewards, instant discount offers, shipping that are free of cost, early bird access to exclusive and exciting sales, and many other offers. The tagline of the Myntra Kotak Credit Card is that it will dig out the fashionista in their customers.

The Myntra Kotak Credit Card is created for people who want to develop their wardrobe status to a glamorous class. This credit card is a merger product of Kotak and Myntra, and hence, helps its customers to explore the fashionable journey.

Myntra Kotak Credit Card Details

• The Myntra Kotak Credit Card offers its customers exciting welcome rewards worth INR 500 as a welcome benefit. The welcome gifts do not end here as customers or users of Myntra Kotak Credit Card will be able to unlock another Myntra voucher worth INR 500 when the customers pay for the first time using the Myntra Kotak Credit Card.
• The Myntra Kotak Credit Card is filled with many cash-back rewards as well for customers who frequently use their credit card to pay while shopping. The users of Myntra Kotak Credit Card will get 5% cashback on Swiggy, PVR, Clear Trip, Urban Company, Swiggy Instamart, and many more. These are some services which the people of India are engaged with everyday. This credit card helps people get cashback from making payments to the daily services. Customers will get a 1.25% cashback on spends other than the ones mentioned above. The rate of cashback with the Myntra Kotak Credit Card is up to 7.5%.
• New customers of the Myntra Kotak Credit Card will get 7.5% cashback on all Myntra stores, that too instantly. Also, customers having the Myntra Kotak Credit Card will get a membership in the Myntra Insider Program.
• When the customers with the Myntra Kotak Credit Card spend an amount of INR 50,000 every 3 months, they will receive a reward of movie tickets free of cost which will be worth INR 250. If the customer spends an amount of INR 2,00,000 in a particular year, he or she will get the benefit of the annual fee being waived off.
• Users with the Myntra Kotak Credit Card will receive a reward of 1% fuel surcharge waiver; however, the limit of this feature is up to INR 300 every month.
• The Myntra Kotak Credit Card offers its customers complimentary domestic lounge access every 3 months.

Advantages and Disadvantages of Myntra Kotak Credit Card

Advantages	Disadvantages
The first and foremost advantage of the Myntra Kotak Credit Card is that the new customers get instant 7.5% discounts on all the payments that are carried out in Myntra.	The first disadvantage of the Myntra Kotak Credit Card is that the interest rate on this credit card is a bit high, which is 3.7% per month.
Cashbacks are the speciality of the Myntra Kotak Credit Card as this credit card provides the customers with 5% cashback on payments done in the Preferred Partners.	The next disadvantage of the Myntra Kotak Credit Card is that there are no rewards or cashbacks on rent payments, fuel payments, and payments done for EMIs.
Moreover, users of the Myntra Kotak Credit Card will be able to get 1.25% cashback on payments done in all the other categories. This feature is really attractive to customers as this reward is unlimited.	There are many cashbacks involved with the Myntra Kotak Credit Card but there is a limit of INR 1,000 per month, which means that customers can get cashback on only INR 1,000 in a single month.
The Myntra Kotak Credit Card provides a warm welcome to its new users with a welcome reward of INR 500 Myntra voucher. Customers can buy anything from Myntra using this welcome gift voucher.	There is also an add-on card fee which is INR 299.

Myntra Kotak Credit Card Reward Offer

The Myntra Kotak Credit Card provides its customers with a good number of reward offers, especially revolving around the stores in Myntra.

• The customers with Myntra Kotak Credit Card get an instant 7.5% cashback on all spends done on Myntra. There is a limit to this feature which is INR 750 per every transaction done on Myntra.
• When the users of the Myntra Kotak Credit Card spend an amount of INR 50,000 in a time period of 3 months, they will receive movie tickets which will be free of cost. The tickets will have to be in the threshold of INR 250.
• The annual fee of the Myntra Kotak Credit Card will be waived off if the particular customer has spent an amount of INR 2,00,000 or more in the previous year.

Welcome Benefits of Myntra Kotak Credit Card

When the customers of the Kotak Mahindra Bank will get their Myntra Kotak Credit Card activated for the first time, they will get a welcome gift of INR 500 Myntra Voucher which they can use to buy anything on the stores of Myntra. The users of Myntra Kotak Credit Card will get another INR 500 voucher when they make their first payment of INR 500 or more.

Travel Benefits of Myntra Kotak Credit Card

There are no travel benefits involved with the Myntra Kotak Credit Card as this credit card is especially designed for individuals or customers who frequently do online shopping on Myntra. The Myntra Kotak Credit Card helps customers to upgrade their wardrobe with unlimited cashbacks, exciting discounts, and many more. 

Myntra Kotak Credit Card vs Axis Bank ACE Credit Card

Reward Structure

Myntra Kotak Credit Card	Axis Bank ACE Credit Card
The Myntra Kotak Credit Card offers its customers an instant 5% discount on all the expenses done on Myntra.	The Axis Bank ACE Credit Card provides its customers with 5% cashback on all the utility bill spends that can be done with the help of GPay.

Reward Rate With Partners

Myntra Kotak Credit Card	Axis Bank ACE Credit Card
The Myntra Kotak Credit Card lets the customers get unlimited cashbacks of 1.25% on all the payments done on online transactions.	The Axis Bank ACE Credit Card lets the users receive 4% cashback on payments done on Zomato, Swiggy, and Ola.

Joining Fees

Myntra Kotak Credit Card	Axis Bank ACE Credit Card
The joining fee related to the Myntra Kotak Credit Card is about INR 500 plus GST charges.	The Axis Bank ACE Credit Card joining fee is about INR 499 plus GST charges.

Interest Rate

Myntra Kotak Credit Card	Axis Bank ACE Credit Card
The interest rate involved with the Myntra Kotak Credit Card is 3.7% monthly, and the annual interest rate involved with this credit card is about 44.4%.	The interest rate involved with the Axis Bank ACE Credit Card is 3.6% per every month and 52.86% per every year.

Why Choose the Myntra Kotak Credit Card?

Welcome Benefits

The Myntra Kotak Credit Card is a credit card which welcomes all its new users with a gift voucher of Myntra worth INR 500. Users of Myntra Kotak Credit Card can use this amount to purchase anything on Myntra and its stores. Moreover, the customers can get another gift voucher of Myntra worth INR 500 when they carry out their first payment with the help of the Myntra Kotak Credit Card. With all these features

Reward Benefits

When customers of Kotak Mahindra Bank activate their Myntra Kotak Credit Card for the first time, they instantly begin to receive 5% discounts on all the purchases that are done on Myntra and its store. This is quite beneficial for individuals who frequently shop various items on the website or application of Myntra. When customers start using the Myntra Kotak Credit Card, they can start saving a lot of money without lowering the amount of shopping they do on Myntra.

Milestone Benefits

The milestone benefits are those rewards which are offered to the customers when they reach or complete a certain criterion of the financial institution. The Myntra Kotak Credit Card provides its customers with free of cost movie tickets worth INR 250 when the customers are able to spend an amount of INR 50,000 or more in the last 3-month time period. Moreover, the annual fee is waived off if the customers are able to spend an amount of INR 2,00,000 in the last year. These milestone benefits help the customers to earn rewards and cashbacks for spending money on things and products that they love to buy.

Travel Benefits

As mentioned earlier, this card does not offer any kind of special travel benefit or reward to its customers; however, it does provide access to some complimentary lounges. This card is especially made for individuals who love to shop on Myntra and frequently indulge themselves in buying clothes, shoes, and many more. The Myntra Kotak Credit Card helps the customers to upgrade their wardrobe with the help of its unlimited cashbacks, reward offers, discounts, and many more exciting features.

Fuel Benefits

In terms of fuel benefits as well, the Myntra Kotak Credit Card does not lack any points as it provides its customer with 1% fuel surcharge waiver when the customer spends an amount of INR 500 or 3,000 at the max on fuel payments. This feature of fuel surcharge waiver is applicable up to INR 3,500 in every single year.

Updated Terms & Conditions of Myntra Kotak Credit Card

Let us see the updated terms and conditions that are related to the Myntra Kotak Credit Card:

• All the cashback reward points that the customers earn by doing payments during the current billing gets credited within the 30-day period which is counted from the day of the transaction settlement.
• Cashbacks earned by the customers using the Myntra Kotak Credit Card will be calculated based on the payments done during the statement period and subtracting all the returns or refunds done within that same time period.
• In situations where the payment or transaction is returned or cancelled or reversed after the statement generation date, in that case, the cashback regarding such transactions will be reversed.
• Cashbacks are not allowed on payments like rent payments, fuel payments, EMI payments, EMI loading payments. These transactions do not help the customers with Myntra Kotak Credit Card earn cashbacks.
• As mentioned earlier, the 5% cashback feature on the Preferred Partners has a higher limit of INR 1,000 per every statement cycle, which means that the customers can only get a cashback total of INR 1,000 per statement cycle. However, there is no limit on the 1.25% cashback feature on all kinds of expenditures (excluding those mentioned above).

Who Can Apply for the Myntra Kotak Credit Card?

• Age requirement: An individual or customer who is wanting to apply for a Myntra Kotak Credit Card should be at least 21 years of age and 65 years of age at the maximum. This age limit is set by the banks and other financial institutions to ensure that no underage or old-age person is applying for the Myntra Kotak Credit Card. However, the limit of age covers a wide range of people who can apply for the Myntra Kotak Credit Card.
• Minimum Income Requirement: The Myntra Kotak Credit Card is available for salaried and non-salaried individuals. If the applicant is a salaried employee, he or she must possess a monthly income of INR 30,000 at the minimum to be eligible to apply for the Myntra Kotak Credit Card. If the applicant is a non-salaried individual, he or she has to possess an income of INR 6,00,000 with ITR.
• Nationality: The applicant must be an Indian legally which means that no applicant who is a resident of a country other than India will not be eligible to apply for the Myntra Kotak Credit Card. This criterion is necessary as it makes sure that people who are not citizens of the country do not get the features or bonuses that the financial institutions have created for individuals who actually need it.
• Add-on Card Holder Requirement: If the customer wants to opt for an add-on card for family or friends, there are some criteria to be fulfilled by the applicant. The minimum age of the applicant of the Myntra Kotak Credit Card must be at least 18 years of age. This is necessary because the user of this credit card must possess enough knowledge of the usage of the credit card. This feature lets the customers extend the rewards and benefits and offers to others, without losing the control over the payments.

Documentation Required for the Myntra Kotak Credit Card Approval

Documents which are required for the approval of the Myntra Kotak Credit Card are listed below:

• Proof of identity: This is one of the first and foremost required documents which ensures that you are exactly the same person which you are declaring to be. For this criterion, customers can submit documents such as PAN Card, Aadhaar card, Driver’s License, Passport, Voter’s ID Card, etc.
• Proof of Address: Next, the applicant will have to produce a document that will prove the details of his or her residence. For this point, the applicant can submit documents like Aadhaar card, Driver’s License, Passport, Utility Bill not more than 3 months old, Ration Card, Property Registration Document, etc.
• Proof of Income: If you are applying for the Myntra Kotak Credit Card as a salaried employee, you will have to submit documents such as latest one or two salary slips (not greater than 3 months old), latest Form 16, and the last 3 months’ bank statement.
• Photographs: Lastly, the applicants will have to submit their recent photographs, which are used to validate the identification of the applicant.

Application Process for the Myntra Kotak Credit Card

If a customer of the Kotak Mahindra Bank wants to apply for the Myntra Kotak Credit, he or she can follow the below step:

• Step 1: First, customers have to visit the link https://www.kotak.com.
• Step 2: Next, customers have to go to the ‘Cards & Fastag’ section and choose ‘Myntra Kotak Credit Card’ from the list of Credit Cards.
• Step 3: Then, click on the ‘Apply Now’ and next, click on the ‘Get Your Card Now’ button.
• Step 4: Lastly, customers can provide their mobile number and complete the KYC process.

FAQs