Product Crack | Kotak Mahindra Bank’s Aqua

Product Crack | Kotak Mahindra Bank’s Aqua

Name of credit card

Kotak Mahindra Bank’s Aqua

What do I get?

The credit card is linked to your fixed deposit (FD), which has a minimum tenure of 181 days and maintains a balance of at least Rs25,000 at all times.

What’s special?

• The card offers a credit limit of up to 80% of the principal in the FD. So, if you have a deposit of Rs1 lakh, your credit limit would be Rs80,000.

• It gives an interest-free period of 48 days. The bank also gives you the same window for cash withdrawals.

• You don’t need to show your income proof while getting the card issued in your name.

• The card offers a surcharge waiver of 2.5% on fuel across all petrol pumps and on offline transactions for railway bookings.

What to watch out for?

• The card charges a credit interest of 2.99% per month, which comes to 35.88% per year.

• The bank automatically renews your FD, so you need to be sure you want to lock that much money for 181 days again.

• The card offers no reward points, unlike most other credit cards.

• If you don’t settle your dues within 90 days of the due date, the amount will automatically get deducted from your FD.

• The card is not offered on tax-saving FDs, deposits you open in the name of other people or minors, and non-individual FDs.

Money Matters Take

You can consider taking it if you don’t have salary slips to show or your credit history is insufficient. If you do not fall into this category, you can steer clear without regrets. We do not recommend this card.