Canara Bank offers credit cards to cater to both the moderate and indulgent lifestyle. You can avail of domestic cards as well as Global usage cards as per your needs. Choose between 6 cards to suit your lifestyle and affordability. In association with VISA, Canara Bank presents the Classic and Gold cards. In association with Mastercard, Canara Bank presents the Classic, Gold and World card. It also issues a Corporate Credit Card designed to meet the needs of the corporate companies and its employees.
With your Canara Bank credit card, you can earn reward points as you spend. You also have easy access to cash when you need. Get free accident and baggage insurance, and even better rates on Mediclaim policies. You also have the benefit of purchase protection which secures you against fraudulent products and sellers.
Canara Bank issues a variety of cards designed to meet your requirements and in turn, requires very little from you. To avail of a credit card from Canara Bank, the minimum income in Rs. 1 lakh per annum. Get generous credit limits, interest-free periods and revolving credit facilities, earn reward points as you spend and cash advances with your Canara Bank credit card.
Get two points for every Rs. 100 you spend. Redeem your points at Rs. 0.25 per point.
M/s United India Insurance Company offers Mediclaim policies for Canara Bank credit cardholders at competitive premiums. Make payments for the premium with your credit card and get interest-free period of 20-50 days.
Get peace of mind while you travel with complimentary insurance coverage against lost baggage for up to Rs. 25,000.
Receive complimentary insurance against accidental death for yourself and your spouse. The insurance coverage depends on the choice of your credit card.
Get cash when you need! With your Canara Bank credit card you can withdraw up to 50% of your credit limit. A maximum of Rs. 50,000 can be withdrawn against your card account at a minimal fee.
Extend the benefits of this credit card to your immediate family members. They should be at least 18 years old.
Enjoy zero annual fees on all the Canara Bank credit cards. Only add on cards for corporate credit cards carry an annual fee of Rs. 400.
Canara Bank issues cards for domestic use. Global cards will be issued upon request. These cards are accepted around the world at merchant outlets and ATMs. You can get VISA or Mastercard credit cards. The credit cards can also be used on the Internet, IVRS, Mail order and Teleshopping.
If the product or service you purchased is fraudulent, stolen and duplicate or damaged, you are protected against paying for it. Report the purchase to Canara Bank as soon as possible to be protected. The bank will not charge the amount to your credit card.
Canara Bank provides SMS alerts free of charge. Be up to date on your balance, billed amount, due dates and transactions.
Spend on your card and avail of 20 and 50 days credit periods to make the payment. Clear your bills in full every month to continue this interest-free cycle. Interest will be charged only when you carry forward a balance.
Pay your bills according to your convenience. The minimum due is calculated as 5% of the billed amount. This is subject to a minimum of Rs. 100 and must be paid by the due date. The remainder can be carried forward with interest.
Get generous credit limits depending on your annual incomes. You can avail of 30% to 50% of your annual income. The maximum credit limit offered is Rs. 25 lakhs. The credit limits are determined at the sole discretion of Canara Bank Card Division.
In case you lose your card, report it immediately to Canara Bank. Your liability will be limited to Rs. 1,000 after reporting.
|Joining Fee||Nil||Rs. 250 for EMV chip and PIN card||Nil||Rs. 250 for EMV chip and PIN card||Rs. 250 for EMV chip and PIN card|
|Annual Fee||Nil||Nil||Nil||Nil||Rs. 400|
|Card inactivity||Rs. 400 if card turnover is less than Rs. 12000 during the year||Rs. 750 if card turnover is less than Rs. 25000 during the year||Rs. 300 if card turnover is less than Rs. 12000 during the year||Rs. 1000 if card turnover is less than Rs. 50000 during the year||NIL|
|Add on Card inactivity||Rs. 300 if card turnover is less than Rs. 12000 during the year||Rs. 750 if card turnover is less than Rs. 25000 during the year||NA||Rs. 1000 if card turnover is less than Rs. 50000 during the year||NA|
|Interest on revolving credit||2.5% per month or 30% per annum + GST as applicable|
|Minimum due||5% of the billed amount, subject to Rs. 100 minimum|
Earn rewards while you spend. Collect 2 reward point for every Rs. 100 spent on your Canara Bank credit card. To register for reward points, you need to log into www.canararewardz.com and active your reward point account. Get your login credentials and then you can view and redeem your points. Earn even more rewards under the Maxgetmore rewards scheme.Redemption:
Each reward point you earn is worth Rs. 0.25. You can redeem your points from an array of options that range across apparels, electronics and more. Get movie tickets and mobile or DTH recharges. You can also redeem your points at select merchant outlets.
Please note that disputed or cancelled transactions, balance transfer, cash withdrawals, foreign currency transactions, interest and card charges are not eligible for reward points.
The eligibility criteria set by Canara Bank to avail of its credit cards differs from card to card. The following is the general criteria for all credit cards offered.Domestic and Global Cards:
To complete the process of applying for a Canara Bank credit card, you need to submit the following documents.
The bank may require more documentation at its own discretion.
VISA Classic Credit Card - A card designed to meet the moderate lifestyle, this card is brought to you in association with VISA. You need a minimum of Rs. 1 lakh to be eligible. It brings comfort and convenience to your everyday life.
Mastercard Standard Credit Card - This card is brought to you in association with Mastercard. Avail of this card to meet the needs of a moderate lifestyle while indulging in rewards and other benefits.
Global Gold Credit Card - The Global Gold card is tailored to meet a high-end lifestyle. It is a card that is targeted at the elite class of society to cater to their needs of convenience, comfort and luxury. You need to show at least Rs. 2 lakh annual income to avail of this card.
Corporate Credit Card - This corporate card is designed for corporate clientele. It is issued to non-individuals such as public and private companies, partnership firms, tax consultants, public sector undertakings firms of chartered accountants, and solicitors of good standing.
You can get upto 50 days interest-free with a Canara Bank credit card. So you have up to 50 days to make payments for your purchases in that billing month. The period will be determined according to the date of your transaction and the billing date. If you clear your bills in full, your interest-free period will continue. If you carry forward a balance, then the interest-free period lapses. Interest will be charged on the revolving amount as well as any subsequent purchases.
Canara Bank charges a minimum of Rs. 100 as the minimum due on any credit card bill. Your minimum due is calculated as 5% of the total billed amount. This must be paid by the due date to avoid penalties and other corrective action.
2% of the missed payment amount will be charged plus GST as applicable. Your card will be temporarily suspended till you clear your bill in full.
Always spend only as much as you can afford on your credit card. Credit cards should not be misused. If you cannot pay back your bill, contact the bank and communicate your case with them. Some banks usually devise EMI schemes for you to pay it back. If you ignore your outstanding credit card dues, Canara Bank will send you reminders to pay the bill. Your outstanding amount will continue to accumulate interest and penalties. Your card will then be hotlisted. You will be reported to CIBIL and be blacklisted. This will affect future credit opportunities such as loans and overdrafts. Canara Bank can also take legal action to recover the amount due.
Canara Bank will send your credit card statement well before the due date through email or post. You can choose which method you would prefer. The bank will also send you SMS alerts regarding the amount due and the payment due date.
The Mastercard credit cards are billed on the last working day of every calendar month. The credit card payment due date will be the 20th of the following month. The VISA credit cards are billed on the 20th of every month. The credit card payment due date will be the 10th of the next month.
Canara Bank has a number of options for you to pay your credit card bill.
*Note: All rates are subject to change, therefore a customer has to keep on checking the latest rates as required from time to time. GST rate of 18% applicable for all financial services effective July 1, 2017
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