Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
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    Corporation Bank International Credit Card

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    Corporation Bank International Credit Card

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    Overview:

    The Corp Bank International credit card is your gateway to a new world of outstanding privileges and benefits. Accepted around the globe at over 30 million outlets, this credit card is a one-of-a-kind card which represents a premium lifestyle coupled with a multitude of unparalleled features. As a Visa card, the Corp Bank International credit card offers enhanced protection through Verified by Visa (VbV), when purchases are made online or at PoS terminals. The Corp Bank International Credit Card can be mainly availed by individuals maintaining a good banking relationship with Corporation Bank. Customers can procure the Corp Bank International Credit Card either as a Gold or a Classic card variant, carrying a validity period of three years. Corporation Bank also offers international corporate cards as per the requirements of the customer.

    Features and Benefits of a Corp Bank International Credit Card:

    The Corp Bank International credit card comes with a bouquet of features, catering to the exact needs of customers.

    • Photo Card:
    • Every credit card issued by Corporation Bank will carry the photograph of the card holder and a digital signature to provide additional security while performing transactions.

    • Worldwide Acceptance:
    • The Corp Bank International Credit Card is accepted at over 30 million Visa outlets, worldwide and can also be used to make cash withdrawals at over 10 lakh ATMs across the globe.

    • Add-on Cards:
    • Corporation Bank customers can take up to three add-on cards for their family members inclusive of spouse, parents, siblings and children over the age of 18.

    • Free Credit Period:
    • Corporation Bank also offers a free credit period to up to 50 days for Gold card holders and 45 days for Classic card holders. This free credit period will be provided only if the outstanding amount has been paid in full.

    • Bill Payments:
    • Monthly bills for a Gold card is generated on the 26th and the due date for this card would be the 15th of the next month. For a Classic card, the bill is generated on the 21st of the month, with the due date being the 5th of the next month.

    • Cash Withdrawals:
    • Customers can make cash withdrawals at CorpBank ATMs or at any Visa ATM for an amount up to the available cash limit. A transaction fee along with an interest for the period of usage would be levied on the card account. If cash is withdrawn at Visa ATMs, then an additional Visa charge of Rs. 50 will be imposed. Withdrawals done abroad will attract conversion rates and mark up charges.

    • Revolving Credit:
    • Under the revolving credit facility, customers can enjoy complete flexibility, when it comes to bill payments. They can choose to pay the total outstanding amount or just the minimum amount due. The balance amount will be carried forward as revolving credit into the next month’s billing cycle. Further purchases done will attract additional interest rates, until the card holder pays back the outstanding dues.

    • EMI Payments:
    • Any single retail purchase done for an amount over Rs.2500 using a Corp Bank International credit card can be converted into monthly installments for tenures ranging from 6, 12 to 24 months. The interest rate levied on the monthly installments is 12% per annum. Customers can make EMI conversions only for the entire value of the bill. If a conversion has to be made, then customers have to send a fax or an email to the Credit Card Division within a period of seven days of the purchase transaction. The maximum amount that can be repaid as a monthly installment should be up to 50% of the credit limit.

    • Credit Limit:
    • When a Corp Bank International credit card is availed, a pre-determined credit limit is set by the bank. Corporation Bank offers card holders the flexibility of lowering the assigned credit limit to any amount of their choice. Any purchase transaction done above this limit will not be accepted and this credit limit will also be extended to add-on cards. If a customer places a request to change a credit limit, this will come into effect only from the next billing cycle.

    • One Day Limit:
    • Customers can also choose a “one-day limit” extension at a particular merchant outlet. Card holders can place a request with Corporation Bank for a one day extension and a temporary waiver of the assigned one-day limit.

    • Temporary Enhancement of credit limit:
    • Corporation Bank credit card holders can also increase their credit limits on a temporary basis, with an enhancement of 30% of the pre-determined credit limit. The card account will be assigned the original credit limit from the next billing statement. Additionally, the bank will levy a limit enhancement charge if a customer uses this facility. Credit card holders who have held the Corp Bank International credit card for over a period of one year, having a good credit history and also based on the Branch Manager’s feedback can avail this enhancement facility.

    • Insurance:
    • Primary Corp Bank International Gold and Classic credit card holders can enjoy a personal accident insurance cover offered from Corporation Bank. The insurance cover is Rs. 2, 50,000 for Gold card members and Rs. 5, 00,000 for Classic card holders.

    • Lost Card Liability:
    • Corp Bank credit card customers can also get protection against fraudulent transactions done after their cards have been stolen or are lost. The lost card liability cover is applicable after the report of the loss of card has been made.

    • Purchase Protection:
    • Any purchase done using a Corp Bank International Credit Card for an amount of Rs.5000 or above is protected against loss or damage due to theft or fire. Both Classic and Gold card holders can get an insurance cover of up to Rs. 50,000 with a validity of one year from the purchase transaction date.

    • Credit Shield:
    • Under unfortunate circumstances like the credit card holder’s accidental death, Corporation Bank offers the Credit Card liability insurance for up to Rs. 50,000 under the Credit Shield facility.

    • Visa Mobile Recharge:
    • Prepaid mobile phones can be recharged using the Corp Bank International credit card at certain Visa ATMs.

    • Visa Bill Pay:
    • With the Visa Bill Pay facility, card holders can easily pay utility bills and make payments to 80 billers across fifteen cities in India. This service is offered to card holders by Visa International.

    • Instant Access:
    • Corporation Bank customers can access their credit card bills online and download e-statements. Other activities that can be done on their online card accounts are setting auto-debit instructions, reward points redemptions and EMI conversions.

    • Rewards Program:
    • Every purchase made using a Corp Bank International Credit Card at a merchant outlet can get customers rewards points.

      Gold card members can earn 1 rewards point for every Rs.150 spent.

      Classic card members can earn 1 rewards point for every Rs.200 spent.

      Redemptions can be done when a minimum of 500 rewards points have been accumulated in a year. As on March 31st, if 500 rewards points have been accrued then redemptions have to be done before June 30th. 1 rewards point can be redeemed for a value of Rs.1.

    Documents required:

    1. Fully Filled-in application form
    2. Pan Card
    3. Residence Proof
    4. Income Tax Returns for Self-employed professionals
    5. Proof of Income - Form 16, Salary Certificate, Income Tax Returns, Latest Pay slip
    6. 1 - Passport or Stamp size photograph

    Eligibility:

    The applicant should be an Indian citizen and must not be a minor. Applicants are required to mandatorily hold a PAN card. They must be Corporation Bank customers having any type of account, showing operations for the last three months.

    Income Criteria:

    • The income criteria for salaried employees is decided as the gross salary amount after the deduction of Income Tax, Professional tax and Provident fund.
    • The income criteria for professionals and self-employed businessmen is decided based on the income shown on the income tax returns without tax liabilities.

    Classic card applicants are required to show the following income -

    • Salaried Employees - Greater than Rs. 1, 20,000/-
    • Professionals - Greater than Rs. 1, 20,000/-
    • Self-employed businessmen - Greater than Rs. 1, 50,000/-
    • Senior Citizens (Up to the age of 70) - Greater than Rs. 90,000/-

    Gold card applicants are required to show the following income -

    • Salaried Employees - Greater than Rs. 2, 00,000/-
    • Professionals - Greater than Rs. 2, 00,000/-
    • Self-employed businessmen - Greater than Rs. 3, 00,000/-
    • Senior Citizens (Up to the age of 70) - Greater than Rs. 1, 50,000/-

    Fees & Charges:

    Gold Credit Card Classic Credit Card
    Joining Fees NIL NIL
    Annual Fee NIL NIL
    Add-on Card Joining Fees / Annual Fees NIL NIL
    Cash Advance - Interest Rates 2.25% per month 2.50% per month
    Revolving credit - Interest Rates 2.25% per month 2.50% per month
    Interest-free Credit Period Up to 50 days Up to 45 days
    Late payment fees 30% of the minimum outstanding amount, with the minimum being Rs.100 and up to a maximum of Rs.500.
    Over limit Charges 2.5% of the over limit amount, with the minimum being Rs.100
    Transaction Fees - Cash Advance 2.50%, with the minimum being Rs.150
    Duplicate Statements (For a period of more than three months) Rs. 50
    Return of cheque Rs.100
    Domestic Visa ATM transactions Cash Transactions - Rs. 50

    Non-cash transactions - Rs. 30

    International Visa ATM transactions Cash Transactions - Rs. 110

    Non-cash transactions - Rs. 25

    Duplicate PIN Request Rs.15
    Replacement Card Request Rs.100
    Charge Slip Request Rs.100
    Processing Fees - Balance Transfer 1% of the amount transferred, with the minimum being Rs.100
    Interest Rates - Balance Transfer 1.50% per month for the first 75 days / After that period, regular revolving credit interest rates would apply.
    Limit Enhancement Charges Rs.100
    EMI Conversion Charges

    Interest Rate - 12% per annum

    Processing Fees - 1% of the principal amount, with the minimum being Rs. 100

    Pre-closure Fees - 2% of the outstanding amount

    Fuel Surcharge 2.5%, with a minimum of Rs.10
    International Transaction Fees 3.5% - Markup
    Service Tax 10.31%
    Ticket Bookings

    Airways - As per the airline network guidelines

    Railways - As levied by IRCTC or the railway counter.

    Corp Bank International Credit Card FAQs:

    1. Are new credit card customers required to meet any eligibility criteria to get the personal accident cover from Corporation Bank?
    2. Yes, new Corporation Bank credit card users must fulfill the following conditions to be eligible for the personal accident insurance cover –

      • Classic Card holders - Atleast one or more purchase transaction for a minimum value of Rs. 5000 should be done within the first three months of usage.
      • Gold Card holders - Atleast one or more purchase transaction for a minimum value of Rs. 10,000 should be done within the first three months of usage.
    3. How can redemption requests be made by Corporation Bank customers?
    4. Redemption requests can be made via email or by registering through the Helpline or by using the online portal of Corporation Bank.

    5. What are the modes of bill payments available to Corp Bank credit card customers?
    6. Outstanding bill payments can be done using the following methods -

      • Cash
      • Cheque
      • Draft
      • Auto-Debits
    7. Can Corp Bank International credit card users get their statements on their mobile phones?
    8. Yes, Corporation Bank also provides the facility of sending SMS alerts to the registered mobile number, which would contain the customer’s credit card statement. E-statements can also be got on the registered email address.

    9. What should a customer do in case his Corp Bank International credit card has been stolen or is lost?
    10. The loss of card should be reported to the 24/7 Helpline, for the credit card to be blocked immediately.

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    Corporation Bank International Credit Card Reviews

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