For millions of Indians struggling to access credit facilities due to the absence of a credit history, Kotak Mahindra Bank has introduced an innovative financial solution. In partnership with fintech platform super.money, the bank has launched the Kotak811 3-in-1 Account, featuring a secured credit card that requires no prior credit score.
What Is The Kotak811 3-in-1 Account?
This comprehensive financial product represents a strategic collaboration between Kotak Bank and super.money, offering three essential services in a single bundled package. The account combines a zero-balance savings account for everyday banking needs, a fixed deposit facility for earning interest, and a secured credit card to facilitate spending while building credit history.
The credit limit available on the Kotak811 super.money credit card equals 90% of the fixed deposit amount. Customers can start with a minimal fixed deposit of just Rs. 1,000, making it accessible to various income groups. For instance, maintaining a fixed deposit of Rs. 20,000 would provide a credit limit of Rs. 18,000.
Key Features And Benefits Explained
The credit card comes with several attractive features designed specifically for new-to-credit customers. The card is lifetime free provided the fixed deposit amount is Rs. 5,000 or higher. For smaller deposits below this threshold, a one-time joining fee of Rs. 249 plus GST applies if customers opt for a physical card.
Cashback Rewards Structure
The card offers multiple cashback opportunities across different spending categories:
Flipkart Group Purchases: Cardholders can enjoy cashbacks when shopping with Flipkart group companies through non-UPI payment methods. The structure includes 5% cashback on Myntra, 3% on Cleartrip, and 2% on Flipkart, with maximum cashback capped at Rs. 500 per billing cycle.
UPI Transactions: Payments made through the super.money App using UPI fetch 1% cashback, also limited to Rs. 500 per cycle.
Other Expenses: All additional spending except excluded categories earns 1% cashback, with a significantly higher cap of Rs. 10,000 per cycle.
Important to note that transactions must be of Rs. 100 or more to qualify for cashbacks, and the cashback cycle runs from the 1st to the last day of each month.
Excluded Categories
Certain transaction types don't qualify for cashback rewards, including agricultural services, property management, utility bills, insurance premiums, wallet loads, financial institution payments, educational expenses, government services, fuel purchases, and several others. The complete exclusion list is available on Kotak811's official website.
Application Process And Credit Limit Enhancement
Prospective customers can obtain this financial product through a completely digital process. By downloading the super.money App and completing the application journey, users can instantly access their savings account, fixed deposit, and virtual credit card within minutes.
Increasing the credit limit is equally straightforward. Users simply need to log into the super.money App, navigate to the credit card section, select the fixed deposit option, and choose 'Increase Credit Limit'. Adding more funds to the fixed deposit automatically raises the credit limit proportionally at 90% of the enhanced deposit amount.
Important Considerations For Users
A lien mark will be placed on the fixed deposit amount, preventing withdrawals while the credit card remains active. Upon maturity, the fixed deposit automatically renews for the same tenure at prevailing interest rates.
Timely bill payment is crucial. Cardholders should ensure full payment of credit card bills by the due date to avoid late fees and heavy interest charges. Persistent default beyond 60 days may lead to liquidation of the fixed deposit to recover outstanding dues.
Who Should Consider This Card?
This financial product is ideally suited for students, fresh graduates beginning their careers, homemakers, and anyone lacking a credit history. The Kotak811 super.money credit card offers an excellent starting point for building credit scores while providing the triple benefits of saving, earning through fixed deposit interest, and smart spending through cashback rewards.
The zero-balance savings account eliminates the burden of maintaining minimum balances, while the flexible fixed deposit system allows users to start small and gradually increase their credit limits as their financial capacity grows.
