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.
Kotak Bank Credit Card Type |
Finance Charges/ Interest rate |
Feast Gold, Urbane Gold, PVR Gold, PVR Platinum, Mojo Platinum, League Platinum, Delight Platinum, Essentia Platinum, Silk Inspire Platinum, Fortune Gold, Solaris Platinum, Royale Signature and Zen Signature, 811 #DreamDifferent |
3.50% per month / 42% per annum |
IndiGo Kotak Credit Card, Myntra Kotak Credit Card |
3.70% per month / 44.40% per annum for credit cards issued against term deposits |
Kotak Signature, Infinite, NRI Royale Signature, White Signature |
3.10% per month / 37.20% per annum |
Privy League Signature |
2.49% per month / 29.88% per annum |
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.
Kotak Credit Card Rate of Interest |
3.50% per month / 42% per annum |
Date of Transaction |
October 01, 2023 |
Amount Transaction |
₹20,000 |
Minimum Amount Due |
₹1,000 |
Statement Generation Date |
October 06, 2023 |
Payment Due Date |
October 26, 2023 |
Amount Paid |
₹10,000 |
Payment Date |
October 25, 2023 |
Next Statement Date |
November 06, 2023 |
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.
(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
(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.
If you have paid the minimum amount due on your credit card, you will not have to pay the late payment fees. However, you will not be exempt from paying the interest/ finance charges. The credit card interest rate will vary depending on the card you own and will be charged on the outstanding amount.
Keya, Kotak Mahindra Bank’s AI chatbot, can help you get answers to any of your questions. You can call the 24x7 Kotak Bank Credit Card customer care toll-free number at 1860-266-2666 to resolve your queries.
Kotak credit card interest rates start from 2.49% per month or 29.88% p.a.
Yes. You can withdraw cash from 300 network ATMs and any VISA ATM. Note that the charges for cash withdrawal will be levied depending on the type of credit card. For instance, Kotak 811 Credit Card charges around ₹300 for every transaction equal to ₹10,000.
The minimum amount due on your Kotak Mahindra Bank Credit Card will be approximately 5%-10% of your transaction amount, depending on your credit card type.