There is no shortage of entry-level cards in the credit card space. Most banks offer more than one option. Kotak Bank also does the same. Even though it has many other entry-level cards with low rewards, here is one more. In this post, we review the Kotak Mojo Platinum credit card with its rewards and benefits.
Fees and Charges
|Joining Fee||Rs 1000+GST or LTF|
|Joining Fee Waiver||Rs 30000 spend in 90 days|
|Annual Fee||Rs 1000+GST or LTF|
|Annual Fee Waiver||Rs 1 Lakh spend in an anniversary year|
Unlike other card issuers, Kotak ‘tries’ to charge a fee on its entry-level cards. But it is issued LTF if you have a pre-approved offer or if you have a savings account with them.
- Online Spends: 2.5 Mojo points/Rs 100 ~1% Return
- All other spends: 1 Mojo point/Rs 100 ~0.4% Return
The reward rates are below average. 0.4% return on spending is too low when we compare it to other offerings. We have a milestone benefit that is valid only for the first year. Wish this was valid every year. It would have been a great addition to what is a low rewards card.
- 2500 Mojo points every quarter on spending Rs 75000 ~1.33% Return
Accumulated reward points can be redeemed on the Kotak Rewards portal. The value for each Mojo point is 40 paise for all the options. Redemption options include:
- Domestic Flights and Hotels
- Product Catalog
- Mobile Recharge
- Gift Vouchers including Amazon and Flipkart
- Statement Credit
Complimentary Airport Lounge Access
- Domestic and International Terminals: 2 complimentary visits/quarter to Dream Folks lounges in India via Visa card.
- A list of eligible airport lounges for complimentary access on the Mojo Platinum card is available here.
- Fuel Surcharge Waiver: 1% for transactions between Rs 500 and Rs 3000. The maximum waiver is capped at Rs 3500/anniversary year.
- Railway Surcharge Waiver: Applicable for IRCTC bookings. Get a 1.8% waiver for online bookings and a 2.5% waiver for railway counter offline bookings. The maximum waiver is Rs 500 per anniversary year.
The Mojo Platinum offers below-average rewards for an entry-level credit card. We have many LTF cards like Amazon Pay ICICI which offer at least 1% rewards on all spending. In that context, there is not much use for the Mojo Platinum card.
Kotak needs to rework its credit cards and come up with better cards in line with its competitors. Till then, no use of this card unless it is offered LTF and you want to have a Kotak card in your wallet.