What is the late payment fee for Kotak credit cards?

Credit Cards Kotak
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1

I’m considering applying for a Kotak credit card, and before I proceed, I want to make sure I understand all the fees involved, especially the late payment fee. I’ve heard that missing a payment can lead to some pretty hefty charges, and I don’t want to get caught off guard.

Could anyone share the exact late payment fee for Kotak credit cards? I know it might vary depending on the outstanding balance, but I’m not sure how much the penalty would be if I’m just a little late on a payment.

2

From what I found, the late payment fee for Kotak cards can vary depending on your outstanding balance. Here’s the general breakdown based on my experience:

  • If your outstanding balance is less than ₹500, the late fee is ₹100.
  • If it’s between ₹500 to ₹5,000, the fee increases to ₹500.
  • For amounts over ₹5,000, the late fee can be up to ₹1,100.

This fee is added to your bill when you miss the due date for payment, so it’s definitely something to avoid. It’s always a good idea to set reminders or automate payments to avoid any late fees.

Also, keep in mind that not paying on time can lead to interest charges on the outstanding amount, which is usually around 3.5% per month (depending on the card). If you keep missing payments, your credit score can also take a hit, and that can impact your future credit applications.

If you want to double-check the exact fee for your card, I’d recommend giving Kotak’s customer service a call at 1860 266 2666, just to make sure you have the latest details.