Kotak guts Privy League Signature — 20% reward cut

Kotak Mahindra Bank has made significant changes to the Kotak Privy League Signature card. The cash redemption value of points has been cut from ₹0.25 to ₹0.20, a 20% decrease. Additionally, the interest rate has been increased from 2.49%/month to 3.5%/month. The changes also include the introduction of earn caps on certain spend categories, such as education, insurance, utility, government, gaming, and wallet transactions. Furthermore, the free quarterly lounge visits now require a minimum spend of ₹75,000 per quarter. Our take: Existing cardholders will still have access to a lounge pass, but the rewards program is essentially over. With the significant devaluation of points and increased interest rate, it’s likely that cardholders will want to reconsider their usage of the Kotak Privy League Signature card. New applicants are no longer able to apply for the card, which is now closed to new sales.