kotak mojo platinum credit card 2023-2024 Let’s see Kotak Mahindra Bank card that is kotak mojo platinum card.
Eligibility criteria –
To get this card you have to Indian resident. You must be between 21-65 years of age. Minimum annual income of Rs.4 lakh. Whether you are salaried or self employed, your minimum income should be Rs.4 lakh to get this credit card. The joining fee of this credit card is Rs.1000 per year.
This fee is waived when you spend Rs.30,000 in the first 90 days after card issue. The annual fee for this card is Rs.1000 per year. This fee is waive when you spend RS.1 lakh annually.
benefits of kotak mojo platinum credit card-
1) Fuel surcharge waiver-
1% fuel surcharge waiver on kotak majo platinum credit card on transactions in the range between Rs.500 -Rs.3000. Fuel Waiver of Rs.3500 is available every year.
2) Reward points –
Five mojo points on every Rs.100 that you spent on Kaymall when you spend more than Rs.2000. You can earn maximum 750 mojo points in a month in a billing cycle. Kaymall is a shopping platform specifically designed for kotak mobile app or net banking user. On kay mall platform you can book tickets on goibibo.
You can shop online on Flipkart. You can book a train ticket at IRCTC. Magazine subscription via India max. If you spend more than RS.2000 on online spends using this credit card then you get 2.5 mojo points every Rs.100 that you spent and maximum you can earn 750 mojo points in a month. 1 mojo point on other spends you can earn on every Rs.400 that you spent.
Maximum 750 mojo points you can earn in a billing cycle. In billing cycle maximum 2250 mojo points you earn and the validity of mojo point is 1 year from the date of approval.
How to redeem this mojo points –
kotak mojo platinum credit card 2023-2024 you can use mojo points earned from kotak mojo platinum credit card to clear your out standing balance. In each case one mojo point value is Rs.1. For this you need to contact Kotak bank customer central and trace a service request.
You can then redeem the mojo points to clear the outstanding balance. You must have 2500 mojo points for this redemption. One mojo point value for all other mode’s of redemption is Rs.0.25. After shopping, you can redeem these points on merchant outlets.
3) Milestone Benefits-
These benefits are available in the first year after taking the card. When you spend Rs.1 lakh in a quarter, you get a gift voucher worth Rs.1000. If you can’t spend the amount, you can get this gift voucher through yaper app.
You can make purchases on yaper app Form non credit card holder and yaper app reams amount along with cash reward. With gift vouchers you also get cash reward.
4) Travel Benefits –
kotak mojo platinum credit card through you annually 8 complementary domestic lounge visits in a year, and two lounge visits in a year and two lounge visit per quarter. Reward rate calculation- Let’s calculate the reward rate two examples.
In the first example not considering the milestone benefits and in the second example, we calculate the reward rate with milestone benefits. In these two examples we assume that all transactions are more than Rs.2000 .
1) First case –
so the first example we assume that one quarter less than Rs.1 lakh spend with is like assume around Rs.30,000 in a month. In that Rs.8000 you spend on kaymall and because kaymall not have many shopping options.
So we will assume people not spend more than Rs.8000 on kaymall. RS.12000 per month assume that other online spends. Let’s assume on top of all other spends we spend Rs.10,000 in a month.
So you can earn total mojo points by spending Rs.30,000 in month in all transaction is 800 points in a month. In kaymall 400 mojo points, 300 mojo points on other online spends and 100 mojo points on all other spends. Above 30,000 monthly spends in a full year, that is, over 3,60,000 spends, you can get 9600 mojo points in a yearly. Now let’s assume that through these points you take statement credit.
In which case one mojo points value is RS.1 then your total benefits in a year will be Rs.9600. so the reward rate is 2.67% case-2 – Let’s assume in one quarter Rs.1 lakh more spend that is around Rs.40,000 per month. Out of that RS.10,000 is spent on kaymall. Above Rs.18,000 online spend and Rs.12000 on other spends.
With this transaction you can get total mojo points. 1070 points in a month that is 5000 mojo points from kaymall spend, 450 majo points from online shopping and 120 mojo points on other spends. A total of 12840 mojo points can be earned from Rs.40,000 monthly spend in a year.
Assuming if you make Statement credit to these mojo points then you can get RS.12840 benefit and because of spending more than Rs.1 lakh in one quarter in example, you will get milestone benefit worth Rs.10,00 gift voucher on one quarter.
Which means in one year Four gift voucher you can earn that is milestone benefit worth Rs.4000. The total benefit can be obtained by spending Rs.4,80,000 in the first year is Rs.12840 plus Rs.4000 equals RS.16840. so the reward rate is 3.5% .
Suggestion –
kotak mojo platinum credit card 2023-2024 2.6% or 3.5% Reward rate than benefit – much better benefits you will get on other cards. Such as Axis ace card. Some other cards have to pay more fees in comparison to kotak platinum mojo card but you will get much better benefits than the card. Your fee will also recover easily.
This card is capped at 2-2.5 mojo points in a billing cycle and has a minimum transaction condition of Rs.2000.
Your reward will be less than what you have calculated in the actual real world scenario, because it is not a good proposition for the card holder. So we Suggest don’t use this card or use another card.
The only USP of this card is that you get 1 mojo points equal to Rs.1 Conversion on statement credit. This is very good and you can’t get it on the rest of the card, but you can’t earn this much from this card, so this is also negated.
If Kotak bank had not imposed such a limitation on the number of points you can earn and Kaymall had more options for purchases then you could have collected more points. So this card is better.
