Karnataka Bank Credit Card – A Complete Guide to Benefits & Application

Divyam Reddy had always wanted to study overseas, but handling money was difficult. The prices were prohibitive, ranging from everyday necessities to university fees. At that point, the credit card from Karnataka Bank, which offers flexible EMI plans, emergency cash withdrawal options, and worldwide acceptance, became his reliable companion.

One of the most significant advantages was the convert-to-EMI option, which enabled him to purchase a powerful laptop valued at ₹1,50,000. He changed it from an upfront payment to a 12-month EMI with an annual interest of 13%.

EMI Calculation:

Loan Amount (P): ₹1,50,000

Amount Interest Rate: 13% (or 1.083% per month).

Tenure: 12 months

Total Amount Paid: ₹1,60,776

Extra Interest Paid: ₹10,776

Additionally, he used his Karnataka Bank credit card for travel and living expenses, earning reward points that helped him get discounts on flight tickets.

Thanks to this financial flexibility, Divyam completed his education smoothly. Today, with a successful career 

Key Highlights of Karnataka Bank Credit Card

Karnataka Bank, in collaboration with SBI Card, offers co-branded credit cards made to improve your shopping and travel experiences. These cards come in two variants:

1. Karnataka Bank SBI Card PRIME: Made for premium customers, this card offers a range of exclusive benefits.

2. Karnataka Bank SimplySAVE SBI Card: Designed for everyday use, this card provides rewards on regular spending.

    

Key Highlights:

• Global Acceptance: Use your card at over 24 million outlets worldwide, including 325,000 outlets in India.
• Reward Points: Earn points on various purchases, which can be redeemed for gifts or used against outstanding payments.
• Fuel Surcharge Waiver: Enjoy a 1% waiver on fuel surcharge for transactions between ₹500 and ₹4,000, with a maximum waiver of ₹250 per month.
• Contactless Payment: Make secure and convenient payments with Visa payWave/RuPay Contactless technology, reducing the risk of card loss and fraud.
• Add-on Cards: Share the benefits by applying for add-on cards for your family members, including parents, spouse, siblings, and children above 18 years.
• Balance Transfer Facility: Transfer outstanding dues from other credit cards to your Karnataka Bank credit card at lower interest rates and repay in easy EMIs.

• Auto Bill Pay: Set up standing instructions for automatic payment of utility bills, ensuring timely payments without manual intervention.
  E-Smart Facility: Access instant account summaries and usage details through e-statements delivered directly to your registered email, eliminating postal delays.

   

For more details or to apply, visit the Karnataka Bank credit cards page.

Features of Karnataka Bank Credit Card

Here are the features of the Karnataka Bank SBI Card PRIME to consider:

Exclusive Features:

Milestone Benefits: Get an e-gift voucher worth ₹7,000 annually on reaching an annual spend of ₹5 lakh.

• Airport Lounge Access: Enjoy 4 complimentary domestic lounge visits per year (1 per quarter).

• Priority Pass Membership: Complementary Priority Pass membership with $99 for privileged access to international airport lounges.

   

Insurance Coverage:

• Air accident cover of ₹50 lakh.

• Fraud liability cover of ₹1 lakh.

   

• Lower Foreign Currency Markup: Enjoy a lower 3.5% markup on international transactions.

• EMI Facility: Convert high-value purchases into easy EMIs for better financial management.

   

For more details, visit the official Karnataka Bank Credit Card.

Karnataka Bank Credit Card Cashback and Rewards

Karnataka Bank SBI Card PRIME:

Welcome Gift: Receive an e-gift voucher worth ₹3,000 upon payment of the annual fee.

Reward Points:

• Earn 20 reward points per ₹100 spent on your birthday.
• Earn 10 reward points per ₹100 on dining, groceries, departmental stores, and movies.

• Earn 2 reward points per ₹100 on all other retail spends.

   

Milestone Benefits:

• E-gift voucher worth ₹1,000 from Pizza Hut on achieving quarterly retail spends of ₹50,000.

• E-gift voucher worth ₹7,000 from Yatra.com or Pantaloons on achieving annual retail spends of ₹5 lakh.

   

Annual Fee Waiver: The renewal fee of ₹2,999 is waived on spending ₹3 lakh or more in the previous year.

Karnataka Bank Simply SAVE SBI Card:

• Reward Points:

  
  

  • Earn 10 reward points per ₹100 spent on dining, movies, grocery, and department store purchases.

  • Earn 1 reward point per ₹150 spent on all other categories.

     

• Cashback Offer: Get ₹100 cashback on your first ATM cash withdrawal made within 30 days of card issuance.
  

• Annual Fee Waiver: The renewal fee of ₹499 is waived on spending ₹1 lakh or more in the previous year.

   

For more detailed information and to apply, visit the Karnataka Bank credit cards page.

Karnataka Bank Credit Card Fees and Other Charges

Late Payment Charges (Example):

• Outstanding Balance ≤ ₹500: No late fee.
• Outstanding Balance ₹501 - ₹1,000: ₹400 late fee.
• Outstanding Balance ₹1,001 - ₹10,000: ₹750 late fee.
• Outstanding Balance ₹10,001 - ₹25,000: ₹950 late fee.
• Outstanding Balance ₹25,001 - ₹50,000: ₹1,100 late fee.

• Outstanding Balance > ₹50,000: ₹1,300 late fee.

   

For instance, if you miss a payment and your outstanding balance is ₹12,000, the late fee would be ₹950 (as it falls between ₹10,001 and ₹25,000).

Karnataka Bank Credit Card Pros and Cons

Here are the pros and cons of the Karnataka Bank Credit Card to consider for making a better choice:

Pros:

• Diverse Card Options: Customers can choose between the Karnataka Bank SBI Card PRIME and the Karnataka Bank SimplySAVE SBI Card, depending on their spending habits and preferences.
  
  
• Reward Programs: Both cards offer reward points on various spending categories, which can be redeemed for gifts, and vouchers, or used to offset outstanding balances.
  
  
• Global Acceptance: The cards are accepted at millions of outlets worldwide, providing convenience for international travellers.
  
  

• Additional Benefits: Cardholders can enjoy perks such as fuel surcharge waivers, cashback offers, and milestone benefits, enhancing the overall value proposition.

   

Cons:

• Annual Fees: The Karnataka Bank SBI Card PRIME has a significant annual fee of ₹2,999, which might be a consideration for cost-conscious users.
  
  
• Interest Rates: Finance charges can be as high as 3.35% per month (40.2% per annum) on outstanding amounts, which is considerable for those who carry a balance.
  
  

• Limited Bank Presence: While Karnataka Bank has a strong presence in certain regions, its branch network is not as extensive nationwide, which might affect in-person customer service accessibility.

   

Eligibility Criteria for Karnataka Bank Credit Card

Required Documents to Apply for Karnataka Bank Credit Card

To apply for a Karnataka Bank credit card, you need to provide the following documents:

How to Apply for Karnataka Bank Credit Card

Here is a step-by-step guide for you to follow to apply for Karnataka Bank Credit card:

Karnataka Bank PRIME SBI Credit Card:

Step 1: Click on the link to access Karnataka Bank Prime SBI Credit Card.

Step 2: Click on Apply Now.

Step 3: You will be redirected to a new page and here you will have to enter the details.

Step 4: Enter your name, your mobile number, enter your email ID, Interested product/service, and Type your message. Click on Apply now at the bottom.

Karnataka Bank SimplySave SBI Credit Card:

Step 1: Click on the link to access the page Karnataka Bank Prime SBI Credit Card.

Step 2: Click on the Apply now option.

Step 3: You will be redirected to a new page and here you will have to enter the details.

Step 4: Enter your name, your mobile number, your email ID, Interested product/service, and Type your message. Click on Apply now at the bottom.

Karnataka Bank Credit Card Customer Care

You can contact Karnataka Bank customer service using the following methods if you have questions or need help with your credit card: 

Customer Care Numbers:

• Toll-Free: 1800 425 1444

• Alternate Number: 080-2202 1500

   

These lines are available between 10:00 a.m. and 5:00 p.m. IST.

Email Support:

For written correspondence, you can email your queries or concerns to:

• General Inquiries: info@ktkbank.com 

• Credit Card Specific Inquiries: card@ktkbank.com 

   

Reporting Lost or Stolen Cards:

In case your credit card is lost or stolen, it's crucial to report it immediately. You can do so by calling the customer care numbers mentioned above. Additionally, if you're a registered SMS banking user, you can block your card by sending an SMS:

• Type BLOCK [last 4 digits of your card] and send it to 5676791.

   

International Helpline:

For customers travelling abroad or residing overseas, Karnataka Bank offers assistance through its international division. You can reach out via:

• Phone: +91 80 2202 1500
• Email: intldiv@ktkbank.com 

Please note that international call charges may apply.

Grievance Redressal:

If your concerns are not addressed satisfactorily through customer care, you can escalate the issue by contacting the branch head of your home branch. For further escalation, refer to the grievance redressal mechanism provided on the official Karnataka Bank website.

Conclusion

Karnataka Bank and SBI Card have partnered to offer co-branded credit cards that are intended to improve your financial experience. Rewards programs, worldwide acceptance, and extra benefits like fuel surcharge waivers and milestone benefits are just a few of the advantages that these cards offer. To make sure they fit with your financial objectives, it's crucial to take into account related charges, such as interest rates and annual fees.

Frequently Asked Question

Q. What is the annual fee for this card?

Spending more than ₹3,00,000 in the previous year can result in an annual charge of ₹2,999 plus taxes being waived.

Q. What should I do if my credit card is lost or stolen?

To guarantee the security of your account, you should notify Karnataka Bank right away if your debit or credit card is lost or stolen. You can email a detailed description of the incident to info@ktkbank.com. You can also reach us by phone at 1800 425 1444 or 1800 572 8031, which are our toll-free client numbers. Reporting issues as soon as possible is essential to protecting your account and stopping any illegal transactions.

Q. Can I use my credit card at any ATM?

The majority of ATMs do accept credit cards for cash advances. However, keep in mind that cash advances usually have hefty fees and interest rates that start to accrue right away and don't have a grace period.

Q. How does SMS banking work with credit cards?

Credit card SMS banking operates by notifying you via text of your transactions. These alerts, which assist you in monitoring your spending and card security, may include reminders for purchases, payments, and approaching credit limits.

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