You want to build your credit score, but you have no credit history or income. 811 DreamDifferent Credit Card can help you achieve this goal. With zero annual fees and a 0% interest rate on cash withdrawal, it’s a great way to start building your credit score without having to pay anything upfront.
Kotak Bank has recently announced the launch of their DreamDifferent Credit Card. This Kotak credit card is specially designed for customers who have Zero Credit or do not have any other income. The card has NO joining & annual fees and a high credit limit of up to INR 12,00,00/-. It is also backed by a fixed deposit for as low as INR 15,000.
We conducted our study on the features of the DreamDifferent Credit Card from the Kotak Company’s website and other reliable sources.
Table of Contents
Let’s review this secured credit from Kotak Mahindra bank in detail.
Joining and Annual Fees
- Joining Fees: Nil
- Renewal Fees: Nil
- Welcome Gift : 500 bonus reward points on – Activation + Rs. 5000/- spends in the first 45 days of card set up
When you DreamDifferent Credit Card, you don’t have to worry about any joining fees or renewal fees. Plus, you’ll get 500 bonus reward points immediately after activation, plus an additional Rs. 5000 bonus reward points if you spend Rs. 5000 within the first 45 days of card set up.
Fees and Charges of 811 DreamDifferent Credit Card
|Charges Description||811 DreamDifferent Credit Card|
|Addon Card Fees||NIL|
|Interest Charges on outstanding Balances||2.99% (Annuanlized 35.88%)|
|Minimum Amount Due (MAD)||MAD can be 5% or 10% of TAD as decided by the Bank|
|ATM Cash Withdrawal per INR 10,000/-||INR 300|
|Late Payment Charges||INR 100 for statement outstanding less than or equal to INR 500
INR 100 for statement outstanding INR 500 to INR 10,000/-
INR 100 for statement outstanding greater than or equal to INR 500
|Over Limit Charge||INR 500|
|Cheque Bounce Charges||INR 500|
|Foreign Currency Mark Up||3.5%|
|Railway Booking Surcharge||NIL|
|Fee for Cash payment at Bank||INR 100|
|Outstation Cheque Processing Fee||NIL|
|Reissue/ Replacement Card (per issunace)||INR 100
Benefits of Kotak Mahindra bank DreamDifferent Credit Card
Below are the benefits of the Kotak Mahindra bank DreamDifferent Credit Card:
1. Rewards Points
- Online spends: 2 reward points against every Rs. 100
- Other spends: 1 reward point against every Rs.100
- Milestone program: Cashback of Rs. 50 as Milestone program
- One Rewards Point is equal to 0.25ps
You can earn rewards points on all of your spendings. For every Rs. 100 you spend online, you’ll get 2 reward points. For every Rs. 100 you spend in other places, you’ll get 1 reward point. When you reach a spending milestone, you’ll get a cashback bonus of Rs.750.
Each reward point is worth 0.25ps, so you’ll be able to rack up points quickly and use them for great rewards.
Note: When you use your card for fuel and railway spending, you will not receive any reward points. This is because the card also offers surcharge waivers on the same. Additionally, there will be no reward points offered on cash withdrawals.
2. Interest-free cash withdrawal
- Kotak Credit Card can withdraw cash up to 90% of the total Credit Limit.
- But there will be charges of INR 300 Per INR 10,000 as processing charges
- Interest will not be charged up to 48 days on cash advance
The interest-free cash withdrawal facility allows you to withdraw cash up to 90% of the total Credit Limit. However, there will be charges of Rs. 300 Per Rs. 10,000 as processing charges. Interest will not be charged up to 48 days on cash advance.
However, it is not suggested to withdraw cash using this card as you will be charged the processing fee of Rs.300 (i.e), if you withdraw 10,000 INR, you’ll get 9700 back. You are ultimately paying 36% interest on your cash withdrawal. It’s only a trick of credit card companies to get money from their customers.
3. You can do a Balance Transfer on 811 DreamDifferent Credit Card
- But there is a cost as a processing fee of Rs. 349/- per Rs. 10,000/-
- Continued interest-free period on fresh retail purchases
- Easy & Instant – You need to call customer care no to transfer your other credit card balances
You can do a Balance Transfer on a DreamDifferent Credit Card. The processing fee is Rs. 349/- per Rs. 10,000/-, but you’ll get a continued interest-free period on fresh retail purchases. It’s easy & instant – you only need to call customer care no. to transfer your other credit card balances.
4. Insurance Benefits
- DreamDifferent Shield comes with Insurance benefits. There is an INR 50,000/- If your card is lost or stolen and any fraudulent activity happens, you need to report it within 7 days.
- If the card is lost you need immediately call the Customer Contact Centre (1860 266 2666) and get your card deactivated/blocked to prevent misuse and register a claim with the Insurance Company.
If you lose your DreamDifferent Shield card, or it is stolen, you need to report it to the Customer Contact Centre (1860 266 2666) within 7 days. If you don’t report it, you won’t be eligible for the insurance benefits.
5. Fuel & Railway Surcharge waiver
- 1% across all petrol pumps for transactions between Rs. 500/- and Rs. 3000 limited to 3500 year
- 1.8% for transactions on irctc.co.in & 2.5% Indian railway booking counters Limited to Rs. 500 year
You will be happy to know that Kotak Credit has waived the fuel and railway surcharges. This means that you will be able to save 1% on all your petrol pump transactions that are between Rs. 500 and Rs. 3000. The limit for this waiver is set at Rs. 3500 per year.
Additionally, if you make your railway bookings online through irctc.co.in, you will be able to save 1.8%. If you make your bookings at the Indian railway booking counters, you will be able to save 2.5%. However, the limit for this waiver is set at Rs. 500 per year.
6. Add-on Card
- You can order Add on Card free of Cost
- Add on the card have benefits of the original card
- You can set the limit of each add on card
If you want to order an add-on card, it’s free! Add-on cards have the same benefits as the original card. You can set your limit for each add-on card.
Fearures of Kotak 811 Credit Card
Here are the key features of the Kotak 811 Credit Card
- Interest-free Cash Withdrawal: You can withdraw cash up to 90% of your credit limit without incurring interest for up to 48 days.
- No fuel surcharge Charges at all petrol pumps. You will be happy to know that if you make any transactions at all petrol pumps, Kotak Credit has waived the Fuel & Railway Surcharge. This means that you will be able to save 1% on all your petrol pump transactions.
- You can apply online: You can apply for the Kotak 811 Credit Card online. It takes 7 days to process your application, so you’ll have your card in less than a week.
- You can choose a credit limit: You can choose your credit limit up to 80% of Fixed Deposit, for example, you have Rs. 20,000/- in Fixed Deposit so your credit limit can be up to Rs. 16,000/.
- You get free add-on cards: You can add as many add-on cards as you want, and all of them will have the same benefits as the original card.
Who is Eligible for 811 Dream Different Credit Card
- You should be at least age bracket of 18 years to 75 years. Add-on Cardholders should be 18 years and above.
- Minimum Fixed/Term Deposit Amount should be – INR 15,000/-
- Only Individual TDs are allowed
- You should be a resident of India
If you are at least 18 years old and up to 75 years old, you are eligible for this Credit Card. If you are an Add-On Cardholder, you should be at least 18 years old. The minimum Fixed/Term Deposit Amount is INR 15,000/-. Only Individual TDs are allowed. You should be a resident of India to apply for the card.
How to Apply Online
You can apply for this credit card online without any income documents. You can get a credit limit against the fixed deposit (FD) for as low as Rs.15,000. The application process is very simple.
1. To apply for an 811 Dream Different Credit Card you need to visit Kotak Bank’s Official Website or go directly to their website by clicking here.
2. You can also apply for this credit card through their branch, after delivering the application to their branch.
Who can apply for an 811 #Dream Different Credit Card?
The 811 #Dream Different Credit Card is available to Indian residents who are between 18 years and 75 years of age. The age of the add-on cardholder should be above 18 years. The minimum FD amount should be Rs.15,000. Housewives, students, young professionals, and self-employed individuals can easily apply for this credit card.
What documents are required to apply for an 811 DreamDifferent Credit Card?
To apply for an 811 Dream Different Credit Card, you need the following documents:
1. Your Identity Proof– Copy of your Driving License/ Voter ID/ Passport/ Adhaar Card/ PAN Card which can be submitted through the mail.
2. Address Proof– Copy of your Electricity Bill/ Phone Bill or more than 3-month-old Rent Agreement or more than 6-month-old House Lease Agreement.
You do not need to have a credit history to apply for this credit card, as the credit card is approved based on your Fixed Deposit (FD) account.
When you make a fixed deposit for at least 15,000/- in your savings account, the bank provides you with an instant credit limit of 811 Dream Different Credit Card Against FD. You can use this credit limit while shopping or booking railway tickets and even pay for fuel.
How to Apply for Kotak 811 Credit Card
You can apply for the 811 Credit card from Kotak mobile banking application. Here are the steps you need to follow:
Step 1: Open the Kotak Mobile Banking app and select ‘Apply’ from the menu.
Step 2: A new window will appear with all the details of your 811 Credit Card just below a box where you have to enter your details. Enter all the required details and then validate it by clicking on Ok.
Step 3: Review the features of your Credit Card and accept the terms & conditions.
Step 4: Select the credit card delivery address where the card will be delivered.
Step 5: Choose the credit limit of the Credit card, the maximum amount that you can use the card for. However, the credit limit can not be more than 80% of the FD amount.
Step 7: Once you submit your application, a verification OTP will be sent to your registered mobile number which you have to enter to complete the application process.
Step 6: Your card will be delivered to the delivery address you have chosen in 10 working days.
Kotak 811 DreamDifferent Credit Card 2022 Review
We all deserve a chance to build credit and the most important thing is that you have a plan. The 811 DreamDifferent Credit Card from Kotak Mahindra Bank allows customers with no or poor CIBIL Score to do just that.
With an annual reward rate of 1.75% on spending up to Rs 75,000, this card has plenty of features for those who might not be able to get approved for other cards because they don’t meet certain criteria like income requirements or minimum age restrictions. Interest rates are low as well so it won’t cost too much if you’re late paying your bills each month!
However, If you already have another unsecured entry-level credit card like Axis ACE Credit card or Citi bank Paytm Credit card, we do not recommend you to apply for this credit card, these credit cards have better rewards rates.
Note: Kotak Bank has rebranded the Kotak Aqua Gold Credit Card to 811 #DreamDifferent Credit Card starting 15 July 2020. You will get all benefits of the 811 DreamDifferent Credit Card you holding Kotak Aqua Gold Credit Card.
Hope this article helped decide if the 811 DreamDifferent Credit Card is right for you. Please let us know what you think about it in the comments! Until next time, happy shopping!
Here are some FAQs on the 811 Credit Card
What is the 811 Dream different card?
The 811 Dream Different Credit Card is a credit card from Kotak Mahindra Bank that is approved for people who do not have a good credit score. This credit card is mainly aimed at entry-level users, i.e., college students and young professionals.
What are the benefits of the 811 Dream different card?
There are many benefits of having the 811 Dream Different Credit Card. The card is approved for people with no or bad credit history, so you do not need to worry about your previous credit habits while applying for this card.
Is EMI available on Dream different credit cards?
Yes, EMI is available on the Dream Different Credit Card.
What is the Kotak Dream different Credit Card limit?
The credit limit of the 811 Dream Different Credit Card is equal to 80% of your FD, so if your FD is Rs. 1 lakh, then your credit limit will be Rs. 80,000.
How can I increase my credit limit in Kotak dream?
If you want to increase your credit limit, either deposit more funds in FD or repay the balance on your Credit card.
How to check Kotak Dream’s different Credit Card status?
You can check the status of your Dream Different Credit Card application online through the Bank’s official website, through Application Reference Number or Form Number. You may also track the application’s progress by calling the 1800 266 2666 hotline.
What is special about Kotak dream different card?
There are many special things about this credit card. The main benefit of having this credit card is that if you have a bad CIBIL score, then it will be easy for you to obtain this credit card.