PNB Kiwi
Keep1.5% on every QR code you scan, paid in 25-paise coins — PNB's first fintech co-brand, free to get and ₹750 a year to keep.
a year at ₹40,000 a month, after the fee
Skip the arithmetic — the board, ranked → · nothing to sign up for
What it's worth to you, after the fee
Priced on the everyday mix — 30% groceries · 10% utilities · 20% travel · 6% fuel · 34% everything else — with this card's published category rules applied. Plus milestones, minus the fee. No accelerator credit — the ranking model on /compare adds ~20% of spend at the card's best accelerator, so its ₹ for this card reads higher.
How these numbers are computed — and why the rankings show a bigger one →
Spend tiers, milestones and fee waivers included, at our house ₹/point. Portal and category multipliers can push higher — run your exact number →
Breaks even only by erasing its fee at ₹13,000 a month
At ₹13,000 a month — ₹1,56,000 a year — on the everyday mix this card returns ₹800 gross (earn ₹800) against a fee of ₹0 — the ₹750 is waived, the spend having cleared ₹1,50,000 a year = ₹800 net — the first rung at or above ₹0. The ladder runs in ₹1,000 steps to ₹1,00,000 a month and ₹10,000 steps to ₹5,00,000; figures are rounded to the hundred, and the accelerator is never credited.
3 notes on the card itself: how it is issued · the network variants · why it ranks #509
Why #509 Priced now that KIWIS are marked: an honest 0.5% online and 1.5% on the QR codes the card exists for — against a ₹750 annual fee PNB's MITC charges on the virtual card too, which needs ₹1.5 lakh of spend to wash out. It ranks where a UPI cashback card with no lounge, no transfer route and no published forex concession belongs — held down further by a ten-category exclusion list and a monthly ceiling pinned to your credit limit.
Gokiwi's published rewards policy fixes it: "Each 'Kiwis' will be currently worth Rs 0.25/-", and the same document shows the arithmetic working — a ₹100 online transaction earns 2 KIWIS, which is the 50 paise its "0.5% cashback" heading promises. KIWIS are redeemed "into their 'goaxb' UPI ID linked account at any time", so this is a scrip that settles to money, not a catalogue point — but it is Gokiwi's unit and not the bank's, which is why it is not `inr-cashback`.
The take
Kiwi is a distributor, not a bank, and most of what it sells is somebody else's card under somebody else's name — the AU KOSMO, the YES Bank Klick. This one is different: PNB's own credit-card portal carries a page headed "KIWI Co-Branded Credit Card", on PNB's licence, in the RuPay Select variant, and that makes it a card rather than a wrapper. It is also PNB's first tie-up with a fintech and the first public-sector bank Kiwi got onto its rails. What you are being handed is a virtual RuPay credit card, issued inside the Kiwi app, linked to UPI so a shop's QR code draws on a credit line instead of your balance. The virtual card is free to GET — PNB's MITC prints "Virtual Card- Nil" on the joining line, and the plastic costs ₹500 there instead. What it is not is free to keep. The same MITC row prints "Rs 750/- (For both virtual and physical card)" on the ANNUAL line, in that parenthesis, and waives it only above ₹1.5 lakh of spend in the preceding year. PNB's own product page still says "Nil for Virtual card" against the annual fee; the regulatory document wins, and the page argues against itself anyway by attaching a spend-waiver to a fee it calls Nil. Budget ₹750 a year unless you are putting ₹12,500 a month through it. Add-on cards are free. The reward is worth checking the arithmetic on, because PNB writes it as a percentage and the unit is not a rupee. It pays in KIWIS, Gokiwi's own scrip, worth 25 paise apiece by Kiwi's published policy and redeemable into the UPI-linked account behind the card. The good news is that the percentages are honest: Kiwi's own worked example gives 2 KIWIS on a ₹100 online transaction and 6 on a ₹100 scan-and-pay, which at 25 paise is exactly the 0.5% and 1.5% advertised. The catch is underneath — since June 2025 KIWIS are awarded only on ₹100 multiples, so a ₹150 payment earns what a ₹100 one earns, and on the small tickets a UPI card actually sees that is a real bite out of the headline. Two more things to read before applying: the reward is capped at 1% of your total credit limit per month, no matter how much you spend; and PNB's Annexure-I strikes ten whole categories off the earn table, including fuel, utilities, insurance, education, government payments and tolls. Income bar is low — ₹2.5 lakh gross a year — and the onboarding is entirely in-app.
Your renewal — keep, downgrade or cancel
This card reaches break-even by ERASING its fee, not by out-earning it: the waiver is the decision.
Keep, downgrade or cancel
₹750/yr at stake · 5 spend bands
The charge ₹0 joining, then ₹750/yr
The waiver ₹1,50,000 of spend in the year before renewal — about ₹12,500 a month — and the renewal fee is not charged.
Break-even ₹13,000 a month — ₹1,56,000 a year — is where this card's value crosses its fee, and it gets there by erasing the fee at the waiver rather than out-earning it.
At your spend
₹1,500 a year, net of the fee, at ₹3,00,000 of annual spend — this clears the waiver, so no fee is charged
₹3,000 a year, net of the fee, at ₹6,00,000 of annual spend — this clears the waiver, so no fee is charged
₹6,000 a year, net of the fee, at ₹12,00,000 of annual spend — this clears the waiver, so no fee is charged
₹18,000 a year, net of the fee, at ₹36,00,000 of annual spend — this clears the waiver, so no fee is charged
₹30,000 a year, net of the fee, at ₹60,00,000 of annual spend — this clears the waiver, so no fee is charged
Everyday earn plus milestones, minus the fee — the same model as the value panel above, so the two cannot disagree. run your exact spend →
Your copy of this card
You hold this card.
Kept on this device, in your browser. It is never sent to us, never synced, and nothing else on the site reads it yet.
The downgrade
Punjab National Bank publishes no document naming a card you can step down to, so we name none — an invented product change is a phone call you would waste. That leaves keep or cancel, and the numbers above are the whole of it.
If you call to cancel
What the bank offers to keep you is the one fact this desk cannot compute. We are collecting those reports — dated, and only in aggregate — before publishing any: an offer one reader was made is not one you are owed. Called about this card? Tell us what they offered →
The desk publishes subscribable .ics feeds for the dates it knows — offer deadlines, devaluations, expiry audits. Your renewal date is not one of them: only your statement knows it.
What's good
- Free to get in virtual form — PNB's MITC prints "Virtual Card- Nil" against the joining fee, where the plastic costs ₹500
- A RuPay Select credit card that links to UPI, so a merchant QR code draws on the credit line
- Issued inside the Kiwi app, virtual-first: no branch visit and no wait for plastic
- Add-on cards carry no fee of either kind
- Gross annual income of ₹2,50,000 is the whole published bar — one of the lowest on PNB's shelf
- PNB's first fintech co-brand, and the first public-sector bank on Kiwi's rails
Watch out
- The reward is paid in KIWIS, Gokiwi's own scrip — its published policy values one at 25 paise and settles them into your UPI-linked account, so the balance sits with the app's operator rather than on your PNB statement
- Whatever you spend, the monthly reward is capped at 1% of your total credit limit
- PNB's Annexure-I removes ten categories from the earn table outright — fuel, utilities, insurance, education, government payments, tolls, jewellery, financial institutions, agriculture and marketing services
- Kiwis are awarded only on transaction amounts in multiples of ₹100 since 1 June 2025, and Kiwi's own table shows the bite: a ₹150 payment earns exactly what a ₹100 one earns. Both rates on this page are quoted GROSS of that truncation, because the size of the loss depends on your ticket sizes and nobody publishes those
- ₹750 a year, and PNB's MITC says that applies to the virtual card too — the row reads "Rs 750/- (For both virtual and physical card)", waived only on ₹1.5 lakh of preceding-year spend. The plastic adds ₹500 at issuance on top
- PNB's own documents disagree about this: the product page prints "Annual Fee : Nil for Virtual card Rs. 750 for Physical card" while the MITC applies the ₹750 to both forms. We follow the MITC — it is the regulatory document, and the page undercuts itself by waiving on ₹1.5 lakh of spend a fee it has just called Nil. If PNB is billing you nothing on a virtual card, that is the page being right, not us
- PNB's MITC reserves the right to change any of this: "The Bank retains the right to alter any charges or fees or terms from time to time … with due intimation of at least one month to the customer"
- PNB publishes no lounge quota, no lounge network and no forex markup for this card, so we claim none
- The 5%–15% merchant offers on the marketing page are Kiwi's, dynamic by PNB's own wording, and can change month to month
What these points actually fly
No live transfer route takes KIWIS into a programme that publishes an award chart. These points buy catalogue and portal redemptions, not award seats — so this page has no flight to show you, and will not invent one.
what the cards that DO reach a chart can fly — 2,196 corridors priced →
Does your spend count toward the fee waiver?
not published — and we say which
₹1,50,000 a year is the bar that waives the ₹750 fee. A different question from the one above — earning points and counting toward a threshold are separate rules, and issuers write them separately.
Not published. Punjab National Bank states what the PNB Kiwi earns, but has not published which spend categories count toward the fee waiver — the ₹1,50,000 bar. We won't guess it from the earn table or from a sibling card: Axis published three cards' rules on one day and all three lists differed. If you hold this card and have it in writing from the issuer, send us the document and we'll source it.
Lounge access
0 of 793 tracked doors
No lounge access. This card opens exactly 0 of 793 tracked lounge doors — board with the crowd, or find a card that doesn't →
Can you get it?
income, age and the route in
The cutoffs and the actual route in — not the "apply now" button, the door that opens.
Direct application — no invite list, no banking relationship required.
Through the Kiwi app, not a PNB branch. Kiwi's own site sends the applicant to "View details on Bank website" and PNB's credit-card portal carries the product page, but the onboarding is digital end to end and the card arrives as a virtual RuPay credential linked to a UPI handle. Ask for the plastic only if you actually want it — it is a further ₹500 at issuance, though the ₹750 a year lands either way. Note what Kiwi is in this arrangement: a distributor. The licence, the credit limit, the MITC and the grievance route are all PNB's, which is why this card is on the board and the AU KOSMO and YES Klick cards Kiwi also sells are carried under their own banks' names.
per the official Punjab National Bank MITC — figures marked (community) aren't in the PDF; the issuer won't say · filter the board by what you can get →
The fine print
6 of 7 MITC rows published
What the MITC actually says — the rates, fees and cutoffs the brochure skips.
CORRECTED 2026-08-23: only the JOINING fee splits by the form of the card. PNB's retail MITC (creditcard.pnb.bank.in/PDF/MITC.PDF, ModDate 18 May 2026), section A table 1, row "PNB KIWI CO BRAND- RUPAY SELECT", reads across the JOINING FEE / ANNUAL FEE / WAIVER columns: "Virtual Card- Nil Physical Card- Rs 500/-" / "Rs 750/- (For both virtual and physical card)" / "Annual fee waived on spends of ₹1.50 lakh in the previous year." PNB's product page disagrees — "Annual Fee : Nil for Virtual card Rs. 750 for Physical card" — and the MITC governs; the page also undercuts itself by waiving on ₹1.5 lakh a fee it calls Nil. So the virtual card is free to get and ₹750 a year to keep. Variant is RuPay Select. Rewards are paid in KIWIS, Gokiwi's own scrip rather than PNB's money — PNB states "Online Transactions - 0.5% cashback as KIWIS" and "Scan & pay Transactions - 1.5% Cashback as KIWIS", with a hard ceiling of "1% of the total credit limit on the card" per month and ten whole merchant categories struck out by Annexure-I. Kiwi's own rewards policy prices a KIWI at ₹0.25 and awards them only on transaction amounts in multiples of ₹100 since 1 Jun 2025, which is why this card carries no modelled earn. The bank-wide charges above are read off PNB's MITC at https://pnbcard.in/PDF/MITC.PDF; the card's own page states none of them.
per the official Punjab National Bank MITC · reviewed 10 Jul 2026
What's changed for this card
nothing tracked yet — which is itself a fact
No tracked devaluations or changes yet — this card's history starts here.
Verified against Punjab National Bank's own documents on · the net-annual-value engine, at our house ₹/point
Every document behind this page — 5 of them, each with the day we read it
- official PNB's Most Important Terms and Conditions for retail credit cards — the Kiwi co-brand's own fee row, where the annual fee applies to the virtual card as well as the plastic
- official PNB's own product page for the KIWI co-brand — the RuPay Select variant, the ₹2.5 lakh income bar and the reward cap; its annual-fee line is overruled by the MITC
- official PNB's Annexure-I — the ten merchant categories struck out of this card's reward structure, by MCC
- community Kiwi's own rewards policy — what a KIWI is worth, and the ₹100-multiple rule that governs when one is awarded
- community Kiwi's own page for the card — the marketing surface, which sends the applicant to the bank's site for the terms