Canara Bank Mastercard Gold Credit Card – Benefits, Fees & Eligibility

Mastercard Gold Credit Card

Introduction

The Mastercard Gold Credit Card offers a comprehensive suite of features designed for everyday spending. Cardholders can enjoy up to 50 days of interest-free credit, domestic and international acceptance, and the convenience of EMI conversions via the Canara ai1 app. A key highlight is the absence of joining, annual, and enrolment fees, making it an attractive option for users seeking a no-fee card. It also rewards users with points on PoS and e-commerce transactions and comes with several insurance covers.

Welcome Benefits

• Zero Annual, Joining and Enrolment Fee.

Fees

• Enrollment Fee: NIL
• Annual Fee: NIL
• Card Inactivity Fee: ₹150/- (Applicable only if the card turnover during the card year is less than ₹25,000/-)
• Interest Rate beyond Credit Period / Charges on Revolved Amount: 2.5% Per Month (Annualized Percentage Rate 30%) for all other unsecured credit cards.
• Minimum Repayment on Revolving Credit (Minimum Amount Due - MAD): 5% of Total outstanding amount (minimum ₹100) + all applicable charges/fees/taxes + EMI (in cases of EMI availed by cardholder) + over-the-limit amount (if any).
• Card Replacement Fee: ₹300/- per card (applicable for both primary and add-on card).
• Foreign Currency Markup Fee: Upto 3% of transaction Amount (stated as lowest among Peer Banks).
• Duplicate Statement: ₹10 per page.
• Cheque Dishonor Charges or Unsuccessful Payment Instructions: ₹50.
• EMI Processing Fee: 2% of transaction amount with a minimum of ₹100/- and a maximum of ₹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 principal.
• Surcharges:
  • Railway Tickets - Railway Counters: ₹30 + 2.5% of transaction amount.
  • Railway Tickets - www.irctc.co.in: 1% of transaction amount + all applicable taxes.
• Fuel Surcharges: 1% of transaction value with a minimum fee of ₹10 + applicable taxes.
  • Maximum of ₹100/- for the billing month would be reimbursed in the upcoming billing month in the following cases:
    • Card should have been used for a minimum amount of ₹2,500/- for purchase transactions during the billing month.
    • Minimum purchase of petrol & petroleum products per occasion (ticket size) for reckoning under this scheme is ₹400/-.
• Transaction Fee for Cash Withdrawal through Credit Card at Canara Bank ATMs: 3% of the transaction amount subject to a minimum of ₹30/- for every ₹1000 or part thereof (per transaction).
• Copy of Charge Slip:
  • Domestic: ₹100/-
  • International: US $10/- or equivalent.
• Original Charge Slip:
  • If processed by Canara Bank: USD 2.00 (Approximate rupee equivalent is charged).
  • If procured from other Bank: USD 6.00 (Approximate rupee equivalent is charged).
• Collection Charges for Outstation Cheques: ₹100 per instrument + other banks charges, if any.
• Charges in respect of notices/reminders sent to cardholders having overdues: ₹50/- per notice.
• Services Charges for Delayed payment beyond due date (For Revolver and Non-revolver): Late payment fee of ₹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.
• GST: All the above listed charges exclude GST, and 18% GST will be charged extra.
• Other Expenses: All other out of pocket expenses incurred for any services rendered will be collected in addition to the fees/charges mentioned above.
• Fee Changes: All fees/charges are subject to change and at the discretion of the Bank. The changes in fees/charges and the effective date will be indicated in the bills/MITC/Bank site/SMS/emails etc. Intimation on any such modification in fee/charges will be intimated to customer through SMS/emails etc.
• Statement Generation: Bill/statement will be generated only when there is a billable transaction for the billing month.

Rewards

• Reward Points: 2 Points per every ₹100/- spent on PoS/E-Commerce transactions.
• Interest Free Credit Period: Upto 50 days of interest-free credit till the next Payment Due Date (minimum of 20 days to maximum of 50 days).
• EMI Conversion: Easy EMI Conversion through Canara ai1 app.
• Insurance Benefits:
  • Fraudulent Charge Cover: ₹5,00,000/-
  • Baggage Insurance: Upto ₹25,000.
  • Purchase Protection Cover: Upto ₹25,000.
  • Accident Cover (Air Accident):
    • ₹8.00 lakhs for self.
    • ₹4.00 lakhs for spouse.
  • Accident Cover (Other than Air Accident):
    • ₹4.00 lakhs for self.
    • ₹2.00 lakh for spouse.
• Other Offers: Seasonal offers are available on Canara Cards.
• Shopping & Acceptance:
  • Shop at PoS at Merchant Outlets.
  • Shop online & enjoy discounts.
  • Domestic & International Acceptance.

Rewards Redemption Guide

• Reward Points can be redeemed for Cashback or Goods Purchase through www.canararewardz.com.

Card Eligibility Criteria

• For Individuals: Independent income with a minimum of ₹2 Lakh gross per annum.
• For Staff Members: Minimum annual gross income of ₹60,000/- and minimum net take home salary of not less than ₹4,000/- p.m.

Important Product Details

• Positive Highlights:
  • Zero Joining, Annual, and Enrolment Fees.
  • Up to 50 days of interest-free credit.
  • Earns 2 Reward Points for every ₹100 spent on PoS/E-Commerce transactions.
  • Comprehensive insurance covers including Fraudulent Charge, Baggage, Purchase Protection, and Accident covers (Air and Other).
  • Easy EMI conversion facility via Canara ai1 app with competitive interest rates.
  • Widely accepted domestically and internationally.
  • Offers seasonal discounts for online shopping.
  • Option to activate international usage and control transactions (On/Off, limit setting) via net banking or mobile banking.
  • Lowest forex markup among peer banks (3%).
• Negative Highlights:
  • An inactivity fee of ₹150/- is charged if the annual card turnover is less than ₹25,000/-.
  • High interest rate of 30% per annum on revolved amounts.
  • Significant cash withdrawal charges (3% of transaction amount, minimum ₹30 for every ₹1000).
  • Various other fees apply for services like card replacement, duplicate statements, cheque dishonor, late payments, and EMI pre-closure.
  • Fuel surcharge waiver is capped at ₹100 per month and has specific usage conditions (minimum ₹2,500 monthly purchase, minimum ₹400 per fuel transaction).

Other Details

• Type of Transactions Available: All Transactions are allowed, including ATM Cash Withdrawal, Point of Sale, and E-Commerce.
• Transaction Controls: Transaction types can be made On/Off or limits can be set through net banking/mobile banking or by visiting the base branch.
• International Usage Activation: International/Global usage can be activated through net banking/mobile banking or by visiting the base branch.
• Maximum Credit Limit Per Month: ₹25,00,000/-.
• Cash-Withdrawal Limit: 50% of Credit Limit or ₹50,000/-, whichever is lower.
• Expected Minimum Annual Turnover on Card: ₹25,000/-.
• ATM Services: ATM Cash Withdrawal & other non-financial services available.