Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
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  • Canara VISA Classic / MASTERCARD Standard Credit Cards

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    Canara VISA Classic / MASTERCARD Standard Credit Cards

    Overview:

    Canara Bank offers the VISA Classic / MASTERCARD Standard Credit Card as an entry-level card that caters to a moderate lifestyle. The card has a number of benefits to offer that you can share with your immediate family members by procuring add on cards for them. The card comes in handy when you need extra cash as you can make withdrawals from any ATM. Get complimentary insurance and purchase protection that will put your mind at peace. Use your credit card across the globe at merchant outlets and online. The card can also be used for mail orders, teleshopping and IVRS. Make shopping more enjoyable by buying what you want and paying for them up to 50 days later. Preference is given to existing customers and account holders.

    Benefits:

    • Reward Points:

      Activate the reward point’s scheme on your credit card and earn points on all your transactions. Collect 2 points for every Rs. 100 you spend. You can later redeem your points at Rs. 0.25 per point.

    • Cash Advance:

      Withdraw up to 50% of your credit limit subject to a maximum of Rs. 50000 cash against your credit card account. A fee of 3% will be charged when you use Canara Bank ATMs, or a minimum of Rs. 30 for every Rs. 1000 withdrawn or part thereof. Withdrawals at other bank ATMs will attract the respective bank’s charges.

    • Zero Annual Fees:

      With the VISA Classic / MASTERCARD Standard card, there are no entrance or annual fees attached. Enjoy the benefits of this card without having to pay any subscription charges.

    • Add on cards:

      Avail of add on cards for your family members for free. These cards also do not carry an annual fee. The family member should be above the age of 18 years.

    • Complimentary Accident Insurance:

      Receive complimentary insurance against accidental death due to air crash for Rs. 4 lakhs for yourself, and Rs. 2 lakhs for your spouse. For death for any other reason, get Rs. 2 lakhs cover for yourself and Rs. 1 lakh for your spouse. Insurance will also cover you against lost baggage, lost card, and give you purchase protection.

    • Complimentary Baggage Insurance:

      You will be covered against lost baggage and related incidents for up to Rs. 25,000 to make your travels more peaceful.

    • Special offer on Mediclaim insurance:

      Canara Bank has a tie-up with M/s United India Insurance Company which offers premiums at very competitive rates exclusively to Canara Bank Credit Cardholders. Pay the premium with your credit card and get interest-free period of 20-50 days.

    • Fuel surcharge waiver:

      2.5% fuel surcharge will be waived if you use your card to purchase petrol and petroleum products for Rs. 400 and above. The card should also have been used for at least Rs. 2,500 on petrol transactions for the billing month. A maximum of Rs. 100 will be reimbursed per month.

    Features:

    • Internationally accepted:

      The card is brought to you in association with MasterCard and VISA and is globally accepted. Use your card in India and abroad at ATMs and merchant outlets. The card is also valid for transactions on the Internet, IVRS, Mail order and Teleshopping.

    • Credit limit:

      The minimum credit limit on this card is Rs. 10,000. The maximum credit limit is determined on the basis of your annual income. You can avail up to 30% of your annual income subject to a maximum of Rs. 3 lakhs. This is at the sole discretion of Canara Bank.

    • Interest-free period:

      Get between 20 and 50 days credit periods to make the payment on your credit card.

    • Revolving credit:

      Repay your outstanding balance according to your financial convenience. The minimum payment due is 5% of the billed amount subject to a minimum of Rs. 100. This amount must be paid by the due date, but the remainder can be carry forward on the basis of applicable interest.

    • Purchase Protection:

      With the Canara Bank VISA Classic / MASTERCARD Standard card, you will be covered for up to Rs. 25,000 against any fraudulent products or services.

    • SMS alerts:

      Register for the free SMS alerts to be informed every time you swipe your credit card. This will protect you from fraud and skimming.

    Important Fees and Charges:

    Charge

    Amount

    Joining Fee

    Nil

    Annual Fee

    Nil

    Supplementary Card

    Nil

    Interest on revolving credit

    2.5% per month or 30% per annum

    Minimum due

    5% of the billed amount, subject to Rs. 100 minimum

    Cash advance transaction charge at Canara Bank ATMs

    3% of transaction amount, or a minimum of Rs. 30 for every Rs 1000 crossed

    Cash advance transaction charge at Other Bank ATMs

    As per the respective bank

    Other Fees and Charges:

    Charge

    Amount

    Late payment charges

    2% of the amount due, subject to a minimum of Rs. 10 and a maximum of Rs. 150.

    Card inactivity

    Rs. 400. Waived if you spend Rs. 12,000 or more.

    Add on Card inactivity

    Rs. 300. Waived if you spend Rs. 12,000 or more.

    EMV Card

    Rs. 250 (Regardless if it is for replacement or renewal except in case of card malfunction)

    Dishonoured cheque

    Rs. 50

    Card replacement

    Free

    Chargeslip request processed by Canara Bank

    USD 2

    Chargeslip request processed by any other bank

    USD 6

    Duplicate Statement

    Rs. 10 per page

    Overdue reminder fee

    Rs. 50 per notification

    Fuel surcharge

    2.5 % of the transaction subject to a minimum of Rs. 10.

    Outstation cheque processing charge

    Rs. 100 per cheque (Plus any charges levied by the other bank)

    Foreign currency transactions

    Up to 3% conversion mark up (applicable on cards enabled for global use)

    Eligibility:

    You can be eligible for a Canara Bank VISA Classic / MASTERCARD Standard Credit Card if you satisfy the eligibility requirements.

    • The minimum income required is Rs. 1 lakh per annum.
    • It is preferable that you have a Canara Bank account.
    • You need to have a PAN card.
    • You should have satisfactory dealings with the bank and its particular branch.
    • You need a mobile connection to subscribe for the SMS alerts.
    • You need a good credit history. Canara Bank will enquire into your CIBIL score.

    Canara VISA Classic / MASTERCARD Standard Credit Cards FAQs:

    1. When will my Canara Bank VISA Classic / MASTERCARD Standard credit card dues be billed?

      The VISA Classic card is billed on the 20th of every month, and your payment due date will be the 10th of the following month.

      The MasterCard Standard card is billed on the last day of every month, and the payment due date is the 20th of the next month.

    2. How do I receive my Canara Bank credit card statement?

      Your credit card statement will be sent to you well before the payment due date. You can receive it through regular post or via email. Canara Bank also sends SMS alerts with the amount due and payment due date information.

    3. How do I pay my Canara Bank Credit Card bill?

      You need to designate a Canara Bank account from which the credit card dues will be debited. Ensure that you maintain a sufficient balance to pay your credit card bill. If you fail to maintain the necessary balance, the account will be overdrawn to cover the amount due. The overdrawn amount attracts interest and must be cleared in 15 days.

      You can also use Electronic Fund Transfer (NEFT) facility. You can avail of free Demand Drafts from any Canara Bank branch towards payment of your card dues. You also have to option to remit cash or even cheques at any branches of Canara Bank.

    4. How is the interest-free credit period determined?

      You can get a minimum of 20 days interest free on your purchases and a maximum of 50 days. This depends on the date of your transaction and the billing date. If you clear your bills in full every month and do not carry forward a balance, then your interest-free period will reset and begin again. If you pay the minimum due, or partially, then the outstanding amount will attract interest from the due date. Any subsequent purchases will also attract interest immediately, without an interest-free period.

    5. What is the minimum due on my Canara Bank credit card?

      The minimum due is 5% of the billed amount. A minimum of Rs. 100 will be charged.

    6. What is the penalty for missing a payment?

      Missing a payment attracts a penalty of 2% + service tax on the outstanding amount not paid by the due date. Your card will also be temporarily suspended till you clear your debt in full.

    7. What happens if I cannot pay back my credit card bill?

      Use your card wisely, and don’t spend more than you can pay back. In the event you are unable to pay back your dues, your card will be hotlisted. Your default will be reported to CIBIL and included in the negative list. This will hamper your future credit opportunities. Apart from this, Canara Bank has the right to initiate legal action to recover the amount due.

    8. Why does Canara Bank insist I replace my card after going abroad?

      Canara Bank requests you to replace your card with a new one to avoid fraud. Skimming is a practice where fraudsters steal credit card information to make a duplicate. This practice is prevalent abroad. So upon your return, the bank will replace your card for free as a precautionary measure against skimming, duplication and fraudulent charges.

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