Canara Bank VISA Classic / MASTERCARD Standard Credit Card

Canara Bank VISA Classic/ MASTERCARD Standard Credit Card Features

1. 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.
2. 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.
3. Interest-free period: Get between 20 and 50 days credit periods to make the payment on your credit card.
4. 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.
5. 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.
6. 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.

Other Canara Bank Credit Cards

1. Canara Bank Corporate Credit Card
2. Canara Bank Global Gold Credit Card
3. Canara Bank RuPay Platinum Credit Card
4. Canara Bank RuPay Select Credit Card
5. Canara Bank Kisan Credit Card

Important Fees and Charges

Type of 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

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Other Fees and Charges:

Type of 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
Charge slip request processed by Canara Bank	USD 2
Charge slip 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)

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Canara Bank VISA Classic / MASTERCARD Standard Credit Card Eligibility:

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

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

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Canara VISA Classic / MASTERCARD Standard Credit Cards FAQs:

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.