Mumbai: Kotak Mahindra Bank will give fewer rewards on many types of spending. For example, users of the Privy League Signature card will not earn any rewards after spending:

Rs 75,000 on utilities

Rs 1 lakh on education

Rs 10,000 on wallet loads

Rs 75,000 on government payments

Rs 1 lakh on insurance

Rs 15,000 on online gaming

There will be no rewards at all for fuel and rent payments.

Other cards like Mojo Platinum, Zen Signature, Delight, Fortune, and 6E Rewards will also have similar or stricter limits.

These spending types also won’t count toward milestone rewards.

Lower Value for Reward Points

The value of reward points will go down. For example:

Royale, League, Urbane cards: From Rs 0.10 to Rs 0.07 per point

Kotak 811: From Rs 0.25 to Rs 0.10 per point

Infinite and NRI Royale Signature: From Rs 1 to Rs 0.70 per point

New 1 per cent Transaction Fee

A 1 per cent fee will apply to these spends:

Rent and education (no matter the amount)

Utility, wallet loads, gaming, and fuel (after a set limit)

For example, Privy League Signature users will pay the fee if they spend:

Over Rs 75,000 on utilities

Over Rs 50,000 on fuel

811 card holders will pay after:

Rs 35,000 on utilities

Rs 25,000 on fuel

Higher Fuel Waiver Limits

Fuel surcharge waiver limits are going up. For example:

White Reserve, Infinite, Privy League Signature: Waiver only up to Rs 7,500 per fuel transaction

White Card: Yearly limit now Rs 4,500 (up from Rs 3,500)

Interest Rates and Other Fees Go Up

Most cards: Interest rate rises to 3.75 per cent per month (45 per cent per year)

Privy League Signature: Jumps from 2.49 per cent to 3.50 per cent per month

Other changes include

Standing instruction failure: 2 per cent fee (min Rs 450, max Rs 5,000)

Minimum due: 1 per cent of total due or 100 per cent of EMIs/charges (min Rs 100)

Dynamic currency fee

2 per cent for premium cards

5 per cent for all others