Kotak Mahindra Bank enters credit cards market with four products

17 April 2008

Mid-size  private sector bank Kotak Mahindra Bank has launched a new set of credit cards to support an aggressive market leadership strategy. Despite being a late entrant in the credit card business, the bank says it is confident of becoming one of the top credit issuers in the country in the next three years.

With this launch, the Kotak group now offers a complete range of financial services.

Kotak says its credit cards have been built on three core tenets - relevant benefits that reflect what customers do most; simplified credit that is easy to use and; transparent communication of charges. The range include include two Visa Gold cards - Trump and Fortune, a Visa Platinum card and a Royale Visa Signature card.

Speaking to reporters during the launch,  Kotak Mahindra Bank's executive vice chairman and managing director Uday Kotak said the bank would issue the Trump Visa Gold Card free of cost, while Fortune Visa Gold card,  a life-time free card, will be issued for a transaction fee of Rs199. The other  variants would require a one-time fee.

The bank has also launched a no-charge, three months EMI facility on credit cards, where customers do not have to pay any processing fee, Kotak added.

"The Trump Visa Gold card will enable customers to receive a 10-per cent cash back round the year for expenses in restaurants and movies while Platinum and Signature cards ensure auto-encashment of reward points earned," he said.