The Privy League Signature credit card is one of the premium offerings from Kotak Bank. It is issued as an LTF card for Kotak’s Privy League banking customers. The card offers accelerated rewards on select categories and a decent milestone benefit. Here is a review of the premium Kotak Privy League Signature credit card.
Fees and Charges
| Joining Fee | NIL |
| Annual Fee | Rs 2500+GST LTF for Kotak Privy League Optima and Insignia Customers |
| Annual Fee Waiver | Rs 5 Lakhs spend in an anniversary year |
Optima and Insignia are Kotak Bank’s premium banking programs under Privy League. The AMB required for these is upwards of Rs 10 Lakhs. The card is also issued as LTF without any spend or Privy League requirements but that comes with lesser rewards and benefits.
Rewards
The Privy League Signature card earns between 2 to 5 reward points per Rs 100. The card offers two rewards plans – Shoppers’ Plan and Traveller’s Plan.
- Accelerated categories on Shopper’s and Traveller’s Plan: 5 RP/Rs 100 ~2.25%
- All other spends: 2 RP/Rs 100 ~0.5%
As the plans suggest, the first is targeted for online and offline purchases while the second will be good for frequent travelers.
- Accelerated categories on Shopper’s Plan: Apparels, Grocery, Consumer Durable, Multi-brand Online, and Departmental Stores
- Accelerated categories on Traveller’s Plan: Airlines, Hotels, Duty-Free, International Spends, and Travel Agencies
Quarterly Milestone Benefit
- Get 6400 RP every quarter for spending a minimum of Rs 1000 every month. ~Rs 1600 value
- The benefit is applicable only for paid cards
This is a pretty good feature of this card. Rs 1600 worth of RP on spending a minimum of just Rs 3000 is pretty generous. This is a temporary ‘pandemic’ benefit that will soon be replaced with 4 PVR tickets which was the original benefit.
Yearly Milestone Benefit
The yearly milestone benefit does not add much extra value. Considering the spending required, it should have been a minimum of 1% extra return.
| Milestone | Bonus Reward Points | Extra Return |
|---|---|---|
| Spend Rs 3 Lakhs * Only for Paid Cards | 7000 | 0.6% |
| Spend Rs 4 Lakhs * Only for Free Cards | 10000 | 0.6% |
| Spend Rs 8 Lakhs | 30000 | 0.95% |
Rewards Redemption
Accumulated reward points can be redeemed on the Kotak Rewards portal. The value for each reward point is 25 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 Access: 2 complimentary visits/year to Dream Folks lounges in India via Visa card
- International Access: 4 complimentary visits/year via Priority Pass
- The free cards do not get any complimentary access with Priority Pass.
Key Benefits
- Fuel Surcharge Waiver: 1% for transactions between Rs 400 and Rs 4000. The maximum waiver is capped at Rs 4500/calendar year for free cards and Rs 300/month for paid cards. Yes, the free cards have a higher cap on fuel surcharge waiver!
- Railway Surcharge Waiver: Applicable for IRCTC bookings. The maximum waiver is Rs 500 per calendar year.
Final Thoughts
The Privy League Signature is a decent offering from Kotak Bank. While the reward rate is between 0.5% to 2.2%, the quarterly milestone benefit is a nice touch. Both the options for 4 PVR tickets or Rs 1600 worth of reward points are a good return on spend of only Rs 3000 in a quarter.
This is a good card from Kotak Bank that can be useful in our wallets. The only downside is dealing with Kotak Bank customer support can be a problem.
Kotak Privy League Signature Credit Card
