Kotak Mahindra Bank To Discontinue Myntra Credit Card From July 10: What’s Next For Its Users?

Kotak Mahindra Bank has announced that it will discontinue the popular Myntra Kotak Credit Card from July 10. This change is part of the bank’s plan to simplify its credit card range and further unify its rewards system. 

All current users of the Myntra Kotak RuPay Credit Card will be shifted to the Kotak League Platinum or Kotak Zen credit cards. The League Card is designed as a premium lifestyle card. It comes with its own benefits and reward system.

To understand how the the credit card experience will change, here’s quick comparison of the features offered in both cards:

1. 7.5% instant discount on all Myntra platform spends (app/website): Maximum Rs 750 discount per transaction

2. 5% cashback on preferred partner category spends: Capped at Rs 1,000 cashback per statement cycle

3. Unlimited 1.25% cashback on all other online and offline merchant spends: No cashback on rent, wallet, or fuel transactions

4. Complimentary Myntra Insider membership

5. Eligible for UPI on credit card transactions

6. Two free PVR tickets (worth Rs 250 each) on spending over Rs 50,000 per calendar quarter

7. Annual fee of Rs 500 waived on spending Rs 2 lakh in the previous anniversary year.

The Kotak League Platinum Credit Card offers features such as up to 8 reward points for every Rs 150 spent. Cardholders can earn reward points on utility bills up to Rs 35,000 per statement cycle. No reward points are earned on wallet loads, insurance, rent, fuel, government, education or gaming-related spends. 

The card also includes a 1% fuel surcharge waiver on eligible transactions, up to Rs 3,500 annually. It offers a railway surcharge waiver of up to Rs 500 per year. Consumers can also earn 4 free PVR tickets or 10,000 reward points if they spend Rs 1,25,000 every six months, the Kotak Mahindra Bank website states.

The Kotak Zen Credit Card offers rewards and travel benefits for frequent shoppers and travellers. Cardholders earn 10 Zen Points for every Rs 150 spent on shopping categories such as apparel, lifestyle goods, departmental stores and jewellery, and 5 Zen Points per Rs 150 on all other spends. The reward points are capped at 6,500 per billing cycle.

Utility bill payments earn Zen Points up to Rs 50,000 per cycle. Users can also earn 7,500 Zen Points on annual spends of Rs 3,00,000 and an additional 7,500 Zen Points on spends of Rs 6,00,000. The card also offers two domestic airport lounge accesses for the next quarter upon spending Rs 75,000 or more quarterly. Three complimentary international lounge visits are available per year. Features like fuel and railway surcharge waivers also come with this card.

Starting July 10, all users will have the option to choose from Kotak’s alternative credit cards or opt out of Kotak credit card membership. Kotak Mahindra Bank is expected to share more details about the migration soon. 

According to the email sent to its customers, the new Kotak credit cards will carry the same annual fee as the Myntra Kotak Card. For instance, a consumer will be required to pay Rs 499 plus taxes for the Kotak League Platinum Card.

Disclaimer: Check Kotak Mahindra Bank’s official website or contact customer care for the latest and most accurate information.