The Myntra Kotak Credit Card: A Comprehensive Review
The Myntra Kotak Credit Card, a collaboration between Myntra and Kotak, is making waves in the lifestyle credit card market. As Myntra's first co-branded card, it offers a plethora of benefits to frequent shoppers on the platform. This review will cover the card's features, benefits, reward structure, and more.When I received the Myntra Kotak credit card in the mail last month, I have to admit I was a bit skeptical. Yet another store card to add to the pile, I thought. But after using it for a few weeks, I've been pleasantly surprised at the benefits and rewards it offers, especially for Myntra regulars like me. As someone who shops on Myntra at least once a month, the cashback offers with this card have already saved me a good chunk of change. The best part is how easy it is to redeem rewards without any annoying restrictions or blackout dates. If you're a frequent Myntra shopper, the Myntra Kotak credit card is worth checking out. In this post, I'll give you the details of my experience with the card so far and how you can take advantage of the perks too.
Fee and Welcome Benefits
The Myntra Kotak Credit Card comes with a pretty standard fee structure for a lifestyle credit card. There's an annual fee of INR 500 which is waived off if you spend INR 2 lakhs in the first year. The joining fee is also INR 500.
Personally, I found these fees quite reasonable given the benefits. The interest charges for outstanding balances is 3.7% per month which works out to about 44.4% annually. As long as you pay the minimum due amount each month, the interest charges shouldn't be an issue.
The best part of this card is the cashback program. You get 7.5% cashback on all purchases from Myntra,which during festive period increases to 15%. The cashback is capped at INR 750 per transaction so overall no limit to cashback if you split your purchases into multiple orders.
| Charge Type | Amount |
|---|---|
| Joining Fee | INR 500 + GST |
| Welcome Benefits | INR 500 Myntra Gift Voucher |
| Annual Fee | INR 500 + GST |
| Annual Fee Waiver | Spend INR 2L on your card in a year |
| Add-on Fee | INR 299 + GST |
Reward Structure
As advertised, all transactions I've made on Myntra's website and app qualify for an instant 7.5% discount. This discount is deducted directly from the total cart value at checkout. No need to wait for cashback to be credited - it's instant savings!
Outside of Myntra, I get 1.25% cashback on most other purchases, like dining out, groceries, and even UPI payments over Rs.2000. The cashback from these "all other spends" does get credited to my card statement. However, rent, fuel, EMI payments, wallet reloads, and cash advances are excluded.
Kotak Myntra card is the most rewarding card for Myntra . If you shop there brands frequently, I highly recommend applying for this card to start earning instant discounts and cashback.
The cashbacks are handled like these below:
| Spend Area | Cashback | Capping |
|---|---|---|
| Myntra | 7.5% | Maximum discount of INR 750 per transaction |
| Preferred Partners (Swiggy/Swiggy Instamart, PVR, Cleartrip, Urban Company) | 1.5% | Maximum discount of INR 1,000 per statement cycle |
| Other Spends (Including UPI on Rupay Variant above INR 2,000) | 1.25% | NIL |
Milestone Benefits
The Myntra Kotak Credit Card offers some sweet milestone benefits that make it worth considering.
When I first received the card, I was excited about the complimentary PVR tickets. Once I spend Rs.50,000 in a quarter (3 months), I get received two free movie tickets worth Rs.250 each. That's Rs.500 of free entertainment every few months just for using my card like I normally do! The best part is the tickets never expire, so I can use them whenever I want.
Now, the Rs.50,000 spend does exclude certain categories like rent, wallet, and fuel payments. But between my regular shopping, dining out, and travel, I'm able to hit that target most quarters without really trying. When I do, it's like getting a little surprise gift in the mail. Who doesn't love free movie tickets?
Another thing I like is that Myntra Kotak actually tracks my progress and sends updates so I know how close I am to earning my next milestone benefit. That way, I'm never caught off guard and can make sure I do enough spending in the final month of the quarter if needed.
Overall, the milestone perks of complimentary PVR tickets have been a great additional incentive for me to keep using my Myntra Kotak card. Little rewards like these really do add up over time and make me feel valued as a customer. If earning free movie tickets sounds good to you, too, I highly recommend checking out this card.
Exclusive Benefits
The Myntra Kotak Credit Card comes with some useful features for shoppers. As soon as I received my card, I was automatically enrolled in the Myntra Insider loyalty program at the Select membership level. This gives me free shipping on all orders, early access to sales, and exclusive offers. I've already saved a good amount thanks to the Insider discounts!
The Myntra Kotak Credit Card also comes with complimentary lounge access, fuel surcharge waivers, and a host of other lifestyle benefits like dining and travel discounts. For online shoppers and fashionistas, this card is a great choice with solid rewards and an easy-to-understand fee structure. The next time you're shopping on Myntra or Flipkart, be sure to check if they accept the Myntra Kotak Credit Card - you'll be earning cashback on every purchase!
| Benefit | Details |
|---|---|
| Lounge Access | 1 Complimentary Visit/Quarter via Visa Lounge Access Program/Rupay Network |
| Myntra Insider Membership | Automatic enrolment in the Select Tier of the Myntra Insider Program |
| Fuel Surcharge Waiver | 1% Fuel Surcharge Waiver on transactions of INR 500 – INR 3,000, with a maximum surcharge waiver of INR 3500 in a membership year |
Add on card
Up to 4 add-on cards can be issued to family members who are at least 18 years old. Add-on cardholders will also receive the same benefits, like contactless payments, and EMI options. I haven't added any add-on users yet, but it's good to know I have the option to share the perks with other shoppers in my family.
Overall, the Myntra Kotak Credit Card provides some useful perks and benefits for frequent Myntra customers like me. Between the contactless payments, EMI offers, and Insider program, this card helps me shop conveniently and affordably. I've been really happy with it so far and would recommend it if you shop often on Myntra.
Final Thoughts
The Myntra Kotak card competes directly with cards like idfc select,SBI Cashback, HDFC Millennia, Axis Flipkart, and Standard Chartered Digismart, which also offer significant rewards on Myntra. If your shopping is primarily focused on Myntra and the preferred partners, this card is worth considering. However, if your needs are wider-ranging, other options like the Digismart card, with its 20% instant discount, or the SBI Cashback card, might be more suitable.
Ultimately, the choice of card will depend on your specific spending habits and preferences. The Myntra Kotak card is definitely a strong contender, particularly for those who regularly shop on Myntra and the preferred partners.