Kotak 811 Dream Different Credit Card Fraud. Today I’ll share my experience. How Kotak 811 Dream Different Credit Card sales team cheats their customer to make money. Moreover, I’ll share my 5 months of experience with 811 credit card.
What is Kotak 811 Dream Different Credit Card?
Kotak 811 Dream Different Credit Card is a credit card offered by Kotak Mahindra Bank. There are no annual charges, no joining fees, zero charges on add-on cards, and no charges on this card. It can also be called an initiative by Kotak Mahindra Bank. So that every individual can have their own credit card. Read more about the card and its charges on the official Kotak website.
My Experience with Kotak 811 Dream Different Credit Card
How Kotak 811 Credit Card Sales Team Cheated Me Part 1?
I received a call from Kotak 811 Dream Different Credit Card Sales Girl. She explained to me about their card and its features. I showed interest in their card. The salesgirl told me you’ve to book a Fixed Deposit for a minimum of 7 days tenure to get your card. I accepted the offer and decided to deposit Rs 50000 to get my credit card of Rs 40000 limit.
Seven days passed now I was on my way to redeem my fixed deposit But I wasn’t able to redeem it. I immediately contacted the credit card support team and they said, “we are sorry for the wrong information provided you’ve to book a minimum of 6 months FD to get your card”.
Now I wanted my Rs 50000 back as I couldn’t trust this business person who lies to their customer. And now the only way of getting my money back was to close my credit card. It took me 7 days to waiting for my FD to mature + another 7 days to get my money back safely into my account. So I closed my credit card.
How Kotak 811 Credit Card Sales Team Cheated Me Part 2?
I needed a credit card and I was looking for a free credit card with nil charges. So one fine day again I received a call from another Kotak 811 Dream Different Credit Card Sales member. She explained to me about the charges and 6 months FD tenure. I thought of trusting Kotak once again and give them another chance. So this time I booked an FD of Rs 15000 for 6 months tenure. And I got my credit card with Rs 12000 limit.
One fine day I thought of buying a new mobile phone worth Rs 8799 on EMI with my Kotak 811 Dream Different Credit Card. So I opted for an EMI so to go for EMI firstly you should have an unspent balance of Rs 8799 which is the price of the mobile phone then only you can opt for EMI. Secondly, when you go for EMI your Rs 8799 will be freeze you can’t use this amount. Additionally, you’ve to pay your EMI amount with interest. Which is indirectly you’ve paid the entire amount via your credit card plus you are paying EMI and its interest as well. Also, read Important Things To Keep In Mind Before opening 811 Account by Kotak Mahindra 2021 Review. Thirdly, you’ve to book a lifetime FD to get your card. If you close your FD your card will also be closed.
Why You Should Not Take Kotak 811 Dream Different Credit Card?
- You’ve to book an FD for lifetime to get your card.
- You’ll get 80% amount of FD as credit card limit as 80% of 15000 is 12000 credit limit.
- If you close your FD your credit card will also be closed.
- Never ever in your life go for EMI on your Kotak credit card as the interest rates are 42% per anum.
- If you can pay your entire bill from time to time then only go for a credit card.
- There are other charges such as late fees charges which you’ve to pay if you don’t want pay your bills on time.
- You can’t even buy a good mobile phone worth Rs 15000 on EMI with 12000 credit limit.
Don’t get fooled by the offers provided by Credit card companies. They are there to loot your hard-earned money.