Canara Credit Card 💳 – 9 Key Facts and Important Service Charges

Canara Bank offers a variety of credit cards to suit the needs of different customers. Some of the most popular Canara credit cards include:

• Canara RuPay Platinum Credit Card: This is a lifetime free credit card that offers a variety of benefits, such as reward points on all spends, insurance coverage, and discounts on travel and shopping.
• Canara RuPay Select Credit Card: This is another lifetime free credit card that offers even more benefits than the Platinum card, such as a higher reward rate, complimentary airport lounge access, and travel insurance.
• Canara MasterCard Platinum Credit Card: This credit card offers a variety of benefits for frequent travelers, such as travel insurance, airport lounge access, and discounts on travel bookings.
• Canara MasterCard World Credit Card: This is Canara Bank’s premium credit card, and it offers a wide range of benefits, including travel insurance, airport lounge access, and discounts on travel and shopping.

1. Features and Benefits of Canara Credit Card

• Reward points: Canara credit cardholders earn reward points on all spends, which can be redeemed for travel, merchandise, or statement credits.
• Insurance coverage: Canara credit cardholders are eligible for a variety of insurance coverages, such as travel insurance, accidental death insurance, and purchase protection insurance.
• Discounts and offers: Canara credit cardholders can avail a variety of discounts and offers on travel, shopping, and dining.

To apply for a Canara credit card, you can visit the Canara Bank website or visit a Canara bank branch. You will need to submit an application form and provide your personal and financial information. Your application will be processed and you will be notified of the decision within a few days.

2. Eligibility Criteria for Canara Credit Card:

• You must be a resident of India.
• You must be at least 21 years of age.
• You must have a regular income.
• You must have a good credit history.

If you are eligible for a Canara credit card, you can choose the card that best suits your needs. Canara credit cards offer a variety of features and benefits, so you can be sure to find a card that is right for you.

3. Canara Credit Card Usage

This card is valid for usage globally, however, foreign exchange transactions are not allowed in Nepal and Bhutan as per RBI guidelines. Cardholders are required to use the Canara Credit card strictly as per exchange control regulations and any failure to do so will attract action under Foreign Exchange Management Act. In respect of cards issued to NRI, repayment should come from their NRI/FCNR/NRO accounts only.

For using Canara Credit card internationally customers need to enable international transactions on their global card. The same can be done through:

1. Canara Mobile Banking App
2. Canara Internet Banking (Omni) channel.
3. By visiting the home branch and submitting the request letter.
4. Canara Bank ATM
5. IVRS

a) Purchase to EMI

All Credit Card Holder (except corporate credit cards) can opt for conversion of a specific purchase as EMI.

All purchase transactions POS/ e-commerce (excluding Gold/Jewellery/Ornaments purchases and Cash withdrawals) are eligible for conversion to EMI payment method. The minimum amount of purchase value is Rs.5000/- for opting for EMI option.

EMI Tenure options of 3, 6, 9, 12, 18 and 24 months will be available to choose by the Card holder. GST will be applicable on the interest component for EMI opted transactions along with monthly instalments.

Also Read: How to convert Credit Card Bill to EMI easily through Canara Ai1 App?

b) Reward / Loyalty Points

All Canara Credit Cards (except for corporate credit cards) will be eligible for reward/ loyalty points. Two reward points will be earned on every Rs. 100 spent on credit cards (not applicable on fuel transactions and cash withdrawals). Value of each reward point is Rs. 0.25. Validity of reward points is 3 years from the date of accrual.

Customer can register / login to Canara Rewardz Portal to view/ redeem their reward points. They can also opt for cashback with minimum of 1000 points in multiples of 100, which will be credited to Credit card in the subsequent month statement.

Customer can reach out to Canara Rewardz customer care at 1800 419 3018 through their registered mobile number linked to credit card account for any queries / opt for cashback.

5. Canara Credit Card Limit

Cardholder is assigned with a credit limit along with a cash limit to the canara credit card account. Credit limit is the maximum amount, which can be outstanding against the credit card account at any given time. Transactions beyond this limit will be declined till the credit card account is funded fully or partly. There is also a sub limit under the overall limit, up to which cash can be drawn, if balance is available in the card limit/Cash limit. There are sub limits for different category of transactions as a fraud prevention measure for protecting the interests of Cardholders.

The cardholder may apply for up gradation/modification of his assigned credit limit at any time with a specific written/digital request or application duly providing proof of income to the card issuing branch. Increase or decrease of the credit limit is at the sole discretion of the bank duly assessing the income, usage, payment history and risk associated.

a) Cash Withdrawal/Advance Limit (against credit card account)

All Credit cards except corporate credit cards	50% of the credit Limit with a maximum of Rs 50,000/-
Canara Card Visa corporate	50% of the credit Limit with a maximum over all Limit of Rs 5.00 lac. Maximum cash limit per Add on card is Rs. 25,000

b) Billing Payments of Canara Credit Card

When the canara credit card account has an outstanding balance, Bank will send a monthly itemized statement of account to the registered email address indicating the payments credited and the transactions debited to the cardholder’s account since the last statement.

Normally the bills will be generated on the following days:

Canara Visa (All Variants)/ Corporate Cards: 20th of every month.
Canara MasterCard/Rupay (All variants) : 18th of every month.

The canara credit card statement is sent to the registered email address of the cardholder if any request is made through Internet Banking / Mobile Banking / IVR. Canara Bank credit card holders can also view/download the statement through Canara Saathi App. If the cardholder is finding any difficulty in requesting the statement through any digital modes, they can directly approach the branch for getting the statement. Non-receipt of statements does not absolve the cardholder from his obligations and liabilities.

Revolving Credit facility is an easy way to pay card dues in instalments i.e. the Cardholder, with prior request, has the option to pay the card dues in monthly instalments @ 5% of outstanding amount or Rs. 100 (whichever is greater) plus all applicable taxes and EMI (only in case of EMI based products). Overlimit (OVL) amount shall also be included, in case cash or credit limit is exceeded. Any unpaid minimum amount of the previous statements, if any, shall also be included in the Minimum Amount.

If the Canara Credit card is used beyond the card limit, then excess liability is added to the monthly instalment. The unpaid balance in the card account attracts service charges @ 2.5% per month compounded, (i.e. 30% per annum) or at such modified rates as decided by the Bank from time to time.

There are two types of billing for our Cardholder viz., direct billing, and debit to operative account of the cardholder with our Bank Branches. Cardholder while applying for a card needs to indicate the mode of payment.

Under direct billing, settlement of bills can be made by the cardholder in any of the following modes by tendering:

• NEFT
• Payment through Canara Mobile App
• Payment through Canara Saathi App
• Payment through Canara Bank ATM
• Through Canara Bank Branches

No credit due to transactions converted to EMI will be considered as a payment towards the outstanding of the card.

c) Interest Free (Grace) Period:

Interest free repayment period ranges from minimum of 20 days to a maximum of 50 days (applicable for purchases and cash withdrawal). However, fees /Service charges, as applicable, is payable for cash withdrawal / for usage at petrol bunks, Railways etc.

Example:
If your Canara Credit Card Limit is Rs. 25000.00, a purchase of Rs. 11000.00 was made on 21.5.2022 included in our bill dated 20.6.2022 for which payment due date is 10.7.2022.

Date of Purchase : 21st May 2022
Date of Statement : 20th June 2022
Payment Due Date : 10th July 2022
Interest free Period : 21st May 2022 to 9th July, 2022 i.e., 50 days.

6. Complimentary Insurance Cover of Canara Credit Card

a) Fraudulent Charge Cover

Card Variant	Sum Insured per card (INR)
Classic/ Standard/ Corporate Credit Cards	Rs. 2,00,00
Gold/ World/ Platinum/ Select Credit Cards	Rs. 5,00,000

Special Conditions:

• Losses up to 15 days prior and post will be covered from the date of realization of loss.
• Police intimations up to 48 hours / 2 working days from the date of realization of loss will be considered.
• FIR will not be a mandatory document
• In case of loss on account of cards, customers should intimate Canara Bank within 2 working days from the date of realization of loss. In case if the customer is abroad he may intimate the loss within 7 working days post reaching the country. In respect of NRI customers, the Police complaint/ Intimation /FIR lodge by any branch/Office of Canara Bank to be treated as valid.
• Canara Bank shall share hot-listing proof in the form of switch log explaining details of loss.

b) Death due to Accident / Baggage / Purchase Protection Cover

Classic/ Standard/ Corporate Credit Cards

Accidental Death Cover
Rs. 2,00,000 – Self
Rs. 1,00,000 – Spouse

Air Accident Death Cover
Rs. 4,00,000 – Self
Rs. 2,00,000 – Spouse

Gold/ World/ Platinum/ Select Credit Cards

Accidental Death Cover
Rs. 4,00,000 – Self
Rs. 2,00,000 – Spouse

Air Accident Death Cover
Rs. 8,00,000 – Self
Rs. 4,00,000 – Spouse

Baggage Insurance & Purchase Protection Cover
Rs. 25,000 – Per Card

Coverage Period of Loss
Personal Accident – 60 Days from the Date of Death
Baggage Insurance – 15 days from the date of loss
Purchase Protection – 15 days from the date of loss

c) Dispute Resolution

All activities under a dispute resolution of Visa/Master/RuPay Canara credit Cards are time bound and no leverage would be allowed. If any error in a transaction is noticed, the cardholder should dispute the same within seven days from the date of receipt of statement of account. After the lapse of the time stipulated, it will be construed that all charges are acceptable and in order. In case of any dispute in billing statement please contact our Customer Service Section Immediately.

7. Credit Card Standing Instructions (e-Mandates) 🔥

Be in control of your cards recurring payments by:

• One time Sign Up process to create User ID and Password
• Single view of all your e-Mandates registered on your card/s
• Modify/Cancel your e-Mandate anytime
• View your upcoming recurring payments
• Approve/Stop your upcoming recurring payments

A step towards enhanced security by introducing One time Sign Up process. Please, click below to Sign Up and view/manage your e-mandates:

8. Canara Rewards 🔥

‘Canara Rewardz’ is the loyalty program initiated by Canara Bank for its Debit and Credit Card holders, where they are entitled to earn Reward Points & Cashback every time they use their cards to buy a product or pay for a service. The program awards:

• 1 Reward Point for every Rs. 200 spent using your Debit Card and
• 2 Reward Points for every Rs. 100 spent using your Credit Card.

You can spend towards shopping, dining, watching movies, paying bills and more with your Debit and Credit Cards to earn Reward Points. 

9. Fees and Charges

a) Enrolment Fee & Annual Fee

Enrolment fee will be collected in advance at the beginning of card year as a one-time measure. Annual fee will be collected in advance at the beginning of the card year. These fees may vary depending on the offer which our Canara credit card/s has been issued to the cardholders.

b) Cash Withdrawal Fee:

Canara Credit Card holder/s are permitted to draw cash at any ATM up to stipulated limit. A Cash withdrawal fee at the rate of 3% with a minimum of Rs. 30/, for every Rs. 1000/, or part thereof would be charged on all such transactions and billed to the Principal Cardholder in the monthly statement.

c) Card Inactivity Fee:

This fee is applicable only when the card turnover is below a minimum stipulated amount during a card year as mentioned in the tariff sheet.

Service Charges as (on 01.04.2022)

Fees and Charges, as may be applicable from time to time, are payable by cardholder/s for specific services provided to the Cardholder or for defaults by the cardholder with reference to his/her card account. (GST as applicable extra)

a) Enrolment Fee

Canara Card Visa Classic/Mastercard Standard (Main & Add on)	NIL
Canara Card Gold (Main & Add on)	NIL
Canara Card Visa corporate (Only for Add on cards)	Rs. 400

b) Card Inactivity Fee

Applicable only if the card turnover during the card year is less than minimum card usage for Main & Add on card. Where Card year is the 12 months period from the month of issue of the card viz if the card is issued in May 2021, then card year is” May 2021 to April 2022″.

Card Type	Minimum Card Usage	Fee
Canara Card Visa corporate	–	NIL
Canara Card Classic / Standard	Rs. 12,000/-	Rs. 100
Canara Card Gold	Rs. 25,000/-	Rs. 150
Canara Card Platinum	Rs. 50,000/-	Rs. 200
Canara Card Select/ World	Rs. 1,00,000/-	Rs. 300

Free Credit Period	Up to 50 days
Charges on Revolved Amount	2.00% p.m. (24% p.a.) for secured Credit Card 2.50% p.m. (30% p.a.) for all other credit cards
Minimum repayment on Revolving Credit (Minimum Amount Due – MAD)	5% of Total outstanding amount (Min. Rs. 100) + All applicable charges/fees/taxes + EMI (in cases of EMI availed by card holder)
Card Replacement Fee	Rs. 300/- per card
Mark up (in case of Transaction in foreign currency)	Up to 3% of transaction Amount
Duplicate Statement:	Rs. 10 per page
Cheque dishonor charges or unsuccessful payment instructions:	Rs. 50

c) EMI Charges

EMI Processing fee	2% of transaction amount with minimum of Rs. 100/- and Maximum of Rs. 200/-
Rate of interest on EMI	13% p.a. for EMI period of 3, 6 and 9 months, 14% p.a. for EMI period of 12,18 and 24 months
EMI Pre-closure penal charges	2% of outstanding principle

d) Surcharges

Railway Tickets – Railway Counters	Rs. 30+ 2.5% of transaction amount
Railway Tickets – www.irctc.co.in	1% of transaction value
Petrol & all products/services sold at petrol pumps	1% of transaction value with minimum fee of Rs. 10+

e) Cash Advance charge (against credit card account)

Transaction fee for cash withdrawal through Credit card at Canara Bank ATMs ( per transaction)

3% of the transaction amount subject to a minimum of Rs. 30/- for every Rs. 1000 or part thereof.

Delayed payment beyond due date For Revolver and Non-revolver

Late payment fee of Rs. 250 + GST will be charged, this is in addition to existing service charges (2.5% p.m. i.e. 30% per Annum) on carried over balance

FAQs

Q. What is Eligibility Criteria to avail Canara Bank Credit Card?
You must be a resident of India with at least 21 years of age having a regular income with a good credit history.

Q. What is Canara Rewardz?
Canara Rewardz is the loyalty program initiated by Canara Bank for its Debit and Credit Card holders, where they are entitled to earn Reward Points every time they use their cards to buy a product or pay for a service. The program awards 1 Reward Point for every Rs. 200 spent using your Debit Card and 2 Reward Points for every Rs. 100 spent using your Credit Card.