Kotak 811 has introduced Kotak 811 #DreamDifferent Credit Card, a life-time free credit card that customers can apply online through the Kotak Bank Mobile Banking App without any income proof. The Kotak Aqua Gold Credit Card has been rebranded as 811 #DreamDifferent Credit Card. Hence, card holders will receive the benefits of the earlier card along with new added offers.
Related Article: What is Kotak 811 Credit Card?
Kotak 811 #DreamDifferent Credit Card is a secured credit card that customers can avail after booking an fixed deposit. You can think of the fixed deposit or the collateral as the security deposit that you pay to your landlord. As the security deposit is returned to you after you vacant their house, banks also credit the FD amount to your savings account.
As the Kotak 811 credit card is a credit card against FD, you don’t need to submit any income proof or credit report. These features make the card extremely handy for people without a fixed source of income such as housewives, students etc.
Kotak 811 credit card lets you to fix your credit limit online during the process. The card comes with a high maximum credit limit of Rs. 12 lakhs. The credit limit of the credit card will depend on the FD that you link to your credit card. The maximum credit limit of the card is 80% of the FD amount. This means that you have flexibility to set your credit limit.
E.g., you have created a fixed deposit of Rs. 1 lakh, the maximum credit limit of the secured credit card will be Rs.80,000.
Using credit cards wisely can help to build credit history and repair poor credit score. However, one needs a good credit score and income to apply for regular credit card.
Credit cards like 811 #DreamDifferent helps you to build credit history. You can build a good credit history if you pay your dues on time and keep your credit utilisation low.
Related article: Why Do You Need a Good Credit score?
The online application of Kotak 811 Credit Card helps you to build credit history in a seamless fashion.
In case of a regular credit card application, you may have to visit the bank branch, fill up physical credit card application form and wait for several days to receive your regular credit card. However, the application of 811 credit card is completely paperless and the credit card will arrive at your communication address within a few working days.
Moreover, you don’t have to submit any income proof, bank statement or credit report to apply for Kotak 811 credit card online.
You can apply for the 811 credit card through the mobile banking app in just a few steps.
Step 1: Go to the apply now section in the Kotak bank app. Tap on Apply Credit Card. Tap on the get it now button to apply for Kotak 811 credit card.
Step 2: You will see the different features of 811 Credit Card. Tap on ‘Continue’.
Step 3: Next, you will have to complete 3 steps to get your free credit card. You need to enter your credit card delivery address, choose the credit limit and set up a fixed deposit. The minimum credit limit is Rs. 12,000 and you can open a fixed deposit or choose any existing fixed deposit.
Step 4: Select the card delivery address. You need to enter your current residence and if you want the card to be delivered to your office address, you can add your current residence address. If you are not a director of any bank, check the ‘I am not a director of any bank’. Tap on ‘Confirm’.
Step 5: Choose your credit limit. The maximum credit limit is 80% of fixed deposits. The maximum credit limit is Rs.12 lakhs.
Step 6: Next, set up a fixed deposit. If you have more than one FD, you can choose from one of the existing fixed deposits and tap confirm.
If you don’t have an FD, you can open a new Fixed deposit. Additionally, if you don’t have enough balance in the savings account, you have the option to fund the account through debit card/net banking or NEFT/IMPS etc.
Step 7: Enter details of the account that needs to be funded for the creation of FD.
Step 8: After the account is funded, you need to open a fixed deposit. Enter the details such as the fixed deposit amount, debit from the account, type of deposit, tenure etc. Tap on confirm.
Step 9: Confirm the FD details and accept the terms and conditions page.
And you are done. You will receive the credit card within seven working days.
The online application of Kotak 811 Credit Card is easy and fast. If you have a Kotak 811 Account and have completed the full KYC, you can apply Kotak 811 Credit Card online. The card is also applicable for other eligible customers as well. Students, housewives and others without a fixed salary or income proof can opt for this card easily. The card also helps to build credit history and improve credit score.
Kotak 811 #DreamDifferent Credit Card is a secured credit card. The credit card is offered against a fixed deposit.
Kotak 811 customers who have completed their Full KYC process or have opened the account through video KYC can apply for Kotak 811 Credit Card online through the mobile app.
Eligible non-811 customers can also apply for the credit card.
You can apply for Kotak 811 Credit card online through the Kotak mobile banking app. Tap on ‘Apply Credit Card’ section and fill the online form with necessary details.
You can choose any one of your existing fixed deposit or book a new FD during the account opening journey. The minimum amount of the fixed deposit should be Rs.15,000.
Once you have completed the process, the bank will deliver the credit card at your communication address within a few working days.
-The age of the applicant should be between 18 years to 75 years.
-Minimum Fixed Deposit Amount of Rs. 15,000 is required
-Customers with only Individual Term Deposits are allowed
-Housewives, students etc who don’t have credit score or income proof
-Individuals looking to build credit history or increase credit score
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