Terms and Condition For Credit/Cash Limit Increase Program

Terms and Conditions for Credit/Cash Limit Increase Program

Credit Limit means the maximum limit up to which you are authorized to spend on your Credit Card. If you opt for availing international transactions at the time of applying for the Card, the Credit Limit for international transactions will be the same as the maximum limit. The available Credit Limit at the time of generation of each monthly statement is provided as a part of the said statement .The Credit and Cash Withdrawal Limit are communicated to you at the time of delivery of the Card. Cash Limit forms a subset of your Credit Limit. The Kotak Mahindra Bank Ltd (“Bank”) will review your Card Account periodically and may decrease your Credit and Cash Limit based on internal criteria without prior notice to you. If you seek to have your credit limit increased, you can do so by writing to the Bank and providing financial documents declaring your income. If you wish to disable International transactions or increase/decrease the Credit Limit for international transactions then you can contact the Bank's Customer Contact Centre for the same. Basis your specific request for increase in your Credit Limit, the Bank may consider the limit enhancement at its sole discretion

  • Limit Enhancement Offer is sanctioned at the sole discretion of KOTAK Bank Ltd subject to the customer fulfilling all the necessary and sufficient criteria as decided by the bank at the time of processing. Application for limit enhancement/card upgrade would be declined if my card account is not in regular status at the time of processing. KOTAK Bank shall at its sole discretion reserves the right to issue any existing card product in their portfolio.
  • Only select Bank’s credit card Customers (“Cardholders”) are eligible for limit enhancement. Bank reserves the right to decide the eligibility as per internal policy/guidelines. Bank reserves the right to withdraw the offer to the customer at any time as deemed right by the bank.
  • DEFINITIONS
    • “Cash Limit" means the maximum amount of cash or equivalent of cash as defined or prescribed by the Bank, that the Cardholder and the Add-On Cardholder can withdraw on his Card Account. Such limit shall form a subset of the Cardholder's Credit Limit.
    • "Credit Limit" is the maximum limit assigned to the particular Cardholder after an assessment by the Bank and which is attached to the Card Account. If the Cardholder. has 2 or more Bank’s Credit Cards, then the total Credit Limit across all the credit cards will be the higher of the limits assigned individually to each Credit Card. E.g. If one card has ?1 lakh limit and another card has ?1.5 lakh limit then the total Credit Limit would be ?1.5 lakh across both the Credit Cards.
  • CREDIT & CASH WITHDRAWAL LIMITS
    • The Bank has full and final authority to set/ revise or reduce the Credit Limit of the Card as deemed suitable based on but not limited to, the applicant's declaration of personal resources and the Cardholder's spending pattern, without prior notice to the Cardholder and the Bank will notify the Cardholder of any changes in the Credit Limit. The Credit Limit will be applicable on the Card Account and will apply to all Primary Cards and Add-On Cards issued to the Cardholder. If the Cardholder seeks to have his Credit Limit increased, he can do so by writing to the Bank and furnishing requisite financial documents declaring his income as required by the Bank. The Bank, at its sole discretion and based on such new documents, may increase the Credit Limit of the Cardholder.
    • If the Cardholder opts for availing international transactions on his / her Credit Card at the time of applying for the Card, the Credit Limit for international transactions will be the same as the maximum limit assigned to the Cardholder.
    • If the Cardholder wishes to disable International transactions on his / her Credit Card or increase/ decrease the Credit Limit for international transactions on the Credit Card then he / she can contact the Bank's Customer Contact Centre for the same.
    • The Bank will set a separate limit for cash withdrawals which will be lower than the Credit Limit assigned. The Fortune Cardholder may not be able to withdraw cash if his current year's cash spends are more than 40% of the current year’s total spends up to last billing cycle on his Fortune Card. A year shall mean a calendar year.
    • The Cardholder must not exceed his Credit Limit / Cash Limit under any circumstances. However, the Bank at its sole discretion may approve certain transactions attempted by the Cardholder, as a service gesture, which can exceed the credit limit, and accordingly over limit fee/charges as applicable will be levied.
    • In the event, the Cardholder exceeds his Credit Limit / Cash Limit he must immediately make a payment to the Bank in lieu of all amounts in excess of the Credit Limit / Cash Limit, and further, the Bank shall charge a charge/ fee as declared from time to time in the schedule of charges.
    • In addition to these limits, the Bank may have internally prescribed sub - limits applicable per day or per transaction type etc. to reduce instances of fraud.
    • The Cardholder is not entitled to any interest or reward points on credit balances, if any, in his Card Account.
    • On availing the Instalment facility the Credit Limit on the Credit Card will be blocked for the amount of loan availed / which gets converted to EMI at the time the Cardholder's request is processed. The Credit Limit will be released as and when the Instalment amount is billed and paid for in subsequent months.
    • Balance Transfer requests will not be processed for amounts less than ? 2,500/- & greater than 75% of the Credit Limit.
    • Under the Balance Transfer offer the Credit Limit on the Card will be blocked for the amount, which has been transferred.
    • The Cardholder must not exceed his Credit Limit / Cash Limit under any circumstances. The Cardholder shall be intimated about the limit exhaustion via an SMS once the Cardholder exceeds the ninety (90) % of the Credit Limit / Cash Limit, in the event the Cardholder exhausts hundred (100) % of their Credit Limit / Cash Limit then an SMS (“Final SMS”) will be sent to the customer conveying the exhaustions of Credit/Cash limit. If the Cardholder transacts after exhaustions of Credit/Cash limit and the after receipt of Final SMS then it shall treated as deemed acceptance and application to the card over limit feature and deemed acceptance for over limit fee/charges being levied on such transaction after exhaustion of hundred (100) % of their Credit Limit / Cash Limit (“Over Limit Usage”). The Bank at its sole discretion may approve Over Limit Usage by such Cardholder, as a service gesture.
    • In the event that the total outstanding exceeds the Credit Limit, an additional charge will be levied on the total outstanding exceeding the Credit Limit. This charge is disclosed in the schedule of charges and is liable to change without notice and will apply at such rates as the Bank may from time to time decide.
    • The Bank will, at its sole option, set and reset minimum and maximum limits for any Transaction that may be carried out by the Cardholder over Alternate Channels. These limits maybe lower than the overall Credit Limit assigned to the Cardholder. Such limits may be based on parameters as may be prescribed by the Bank from time to time.
    • The onus of ensuring adequate and available Credit Limits is entirely on the Cardholder. In the event any attempt is made to violate the limit the Bank may withdraw the Services through Alternate Channels to the Cardholder or take such other steps as the Bank may deem fit.
  • The Cardholder shall notes that this Terms and Condition is an extract from the accepted Terms and conditions of the MITC. This Terms and Condition forms an integral part of the MITC Terms and Conditions and shall be treated as one.

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