By: OurMoneyGuide || Last updated on: April 26, 2024

Kotak Mahindra Bank Kotak Bank #811 Dream Different Credit Card is one of the best beginner cards for building credit history, since it can be issued against a fixed deposit.

It is also a lifetime free credit card, with no annual fee. Free cards are simple to understand since you do not have to analyse whether the benefits of the card justify the annual fee of the card.

With the help of milestone benefit, you can earn over 1% rewards, on online spends. The card also offers a unique railway surcharge waiver. Read on for more details.

Pros & Cons of Kotak Bank #811 Dream Different Credit Card

Pros

  • The card is lifetime free
  • It is issued against a fixed deposit (secured card) and helps building credit history. Hence it is an ideal card for those with no credit history or those whose credit history is not very good. And is also ideal for those who do not meet the income criteria for other cards. Like students, housewives etc.
  • In addition to fuel surcharge waiver, cardholders also get railway surcharge waivers ranging between 1.8% (on the IRCTC website) and 2.5% (on Indian railway booking counters)

Cons

  • Benefits on secured cards can be lower compared to good rewards cards available in the market

Kotak Bank #811 Dream Different Credit Card Fees and Charges


Fee
Annual feeNil (lifetime free card)

Late payment fee – depends on the bill amount due

Total bill amount dueLate payment charges
Less than ₹100Nil
₹100 – ₹500₹100
₹500 – ₹1000₹500
₹1000 – ₹5000₹500
₹5000 – ₹10000₹600
₹10000 – ₹25000₹800
₹25000 – ₹50000₹1000
More than ₹50,000₹1200


Foreign transaction fee : 3.50% of transaction amount

Important note

– GST/ other applicable taxes as per current laws, will be applicable on all fees and charges
– To view all/updated fees & charges on this card, please click here – Kotak Bank #811 Dream Different Credit Card Fees & Charges


Conclusion

Conclusion

Kotak Mahindra Bank #811 Dream Different Credit Card is a good beginner card. It can help build credit history, which will help you get better credit products in the future. It is also a lifetime free card, hence no cost-benefit analysis needs to be done, while you build up your credit history.

With the milestone benefit feature , you can make over 1% rewards on online spends, which is a decent reward rate for a beginner lifetime free card. And it also offers a unique railway surcharge waiver, and also fuel surcharge waiver.

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