Kotak Mahindra Bank Credit Card Interest Rates

The Kotak Mahindra Bank Credit Card comes with a variety of benefits and features. One of the notable features is the Kotak Mahindra Bank Credit card interest rates, which are quite competitive.

 

 The current Kotak Mahindra Bank Credit Card interest rate is 2.49% per month, approximately 29.88% p.a. However, you can skip this hassle if you pay your outstanding balance within the due date. 

 

Before applying for one, it would be best to know about the prevailing Kotak Mahindra Bank Credit Card interest rates.

The interest rates may vary depending on the type of card you have. The Kotak credit card interest rates of a few top cards are mentioned here.

Disclaimer: The interest rates mentioned above are subject to change at the bank’s discretion. Please check with the lender before applying.

The formula used to calculate the Kotak Mahindra Bank Credit Card interest rate is mentioned below:

 

Credit Card Interest Rate= (Total number of days x transaction amount x annual interest rate) / 365 days

 

Let us consider an example to learn how Kotak credit card interest rates affect the amount you pay.

Note: The above example is for illustrative purposes only. The final amount may differ based on the terms and conditions applicable to your credit card.

1. Interest accumulated from the date of the transaction to the date of partial payment:

(Number of days from date of the transaction to partial payment date x total amount x interest rate per annum)/ days in a year

(25 x ₹20,000 x 42%) ÷ 365 = ₹575.34

2. Interest from partial payment date to statement generation date:

(Number of days from the partial payment date to the next statement generate date x pending amount x interest rate per annum)/ days in a year

(12 x ₹10,000 x 42%) ÷ 365= ₹138.08

 

Total Interest Accumulated: ₹713.42 (₹575.34 + ₹138.08)

 

If the minimum amount due is not cleared within the payment due date, the interest will be calculated on the outstanding balance. The total outstanding balance will attract a late payment fee from the date of the transaction to the repayment date.

Kotak Mahindra Bank offers an interest-free period on transactions made using the bank’s credit cards. This period usually ranges between 18 and 48 days, depending on the transaction date. 

 

During this time, no interest is charged on the amount spent on the card. However, do note that the interest-free period is not applicable to cash advance transactions. You also do not get access to this facility if you fail to clear your outstanding credit card dues.

 

In case you have any issues with the interest rate calculation or credit card payment, you can call up Kotak Bank Credit Card customer care for assistance. If you have made certain big-ticket purchases that you need time to pay off, you can convert them into EMI. 

 

This is because the Kotak credit card EMI interest rate is lower than the usual finance charges.

For any credit card related queries, you can chat with Kotak Mahindra AI Assistant Keya. You can also contact the Kotak Bank Credit Card customer care representative via their toll-free number to solve any grievance or raise concerns.

• 24x7 Toll-free number: 1860-266-2666

• Helpline for NRI customers: +91 22 6204 2001

 

To get a call from the Kotak Bank Credit Card customer care representative, you can provide your details on the DigiSaathi portal. Being aware of the customer care services available can help you resolve all kinds of credit card queries with ease.