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

Mastercard Gold Secured Credit Card

The Mastercard Gold Secured Credit Card offers a convenient and rewarding experience with several key benefits, including an interest-free credit period of up to 50 days and easy EMI conversion options via the Canara ai1 app. It boasts domestic and international acceptance, allowing transactions at PoS terminals, e-commerce platforms, and ATMs. A significant highlight is the absence of annual, joining, and enrolment fees, making it a cost-effective choice. Cardholders also earn reward points on PoS and e-commerce transactions, enhancing its value proposition.

Fees

• Enrollment Fee: NIL
• Annual Fee: NIL
• Card Inactivity Fee: ₹150/- if the card turnover during the card year is less than ₹25,000/-.
• Free Credit Period: Minimum of 20 to a maximum of 50 days.
• Charges on Revolved Amount (Interest Rate): 2.50% per month (Annualized Percentage Rate 30%) 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) + over the limit amount (if any).
• Card Replacement Fee: ₹300/- per card (applicable for both primary and add-on card).
• Markup in case of Transaction in Foreign Currency: Upto 3% of the transaction amount (lowest among peer banks).
• Duplicate Statement: ₹10 per page.
• Cheque Dishonor Charges or Unsuccessful Payment Instructions: ₹50.
• EMI Processing Fee: 2% of the transaction amount, with a minimum of ₹100/- and a maximum of ₹200/-.
• Rate of Interest on EMI:
  • 13% p.a. for EMI periods of 3, 6, and 9 months.
  • 14% p.a. for EMI periods of 12, 18, and 24 months.
• EMI Pre-Closure Penal Charges: 2% of outstanding principle.
• 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. A maximum of ₹100/- for the billing month would be reimbursed in the upcoming billing month under the following conditions:
  • Card must have been used for a minimum amount of ₹2500/- 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. Use of other Bank ATMs attracts extra charges levied by the respective banks.
• Copy of Charge Slip:
  • Domestic: ₹100/-
  • International: US $10/- or equivalent.
• Original Charge Slip:
  • If processed by the 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 bank 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, in addition to existing service charges (2.5% p.m. i.e., 30% per Annum) on the carried over balance.
• GST: All the above listed charges exclude GST, and 18% GST will be charged extra.

Rewards

• Reward Points: Earn 2 points for every ₹100/- spent on PoS / E-Commerce transactions.
• Fraudulent Charge Cover: Up to ₹5,00,000/-.
• Baggage Insurance: Up to ₹25,000.
• Purchase Protection Cover: Up to ₹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 lakhs for spouse.

Rewards Redemption Guide

• Reward points can be redeemed as cashback or for goods purchase through www.canararewardz.com.

Card Eligibility Criteria

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

Important Product Details

• Interest-Free Credit Period: Up to 50 days.
• Easy EMI Conversion: Available through the Canara ai1 app.
  • EMI Conversion Charges: Minimum ₹100/-, 2% of Transaction Value, and Maximum ₹200/-.
  • EMI Rate: 13% p.a. for below 1 year (3, 6, 9 months), 14% p.a. for 1 year & above (12, 18, 24 months).
• Acceptance: Domestic & International acceptance for ATM Cash Withdrawal, Point of Sale (PoS), and E-Commerce transactions.
• International Usage: Can be activated through net banking, mobile banking, or by visiting the base branch.
• Transaction Control: All transaction types can be made On/Off or limits can be set through net banking/mobile banking or by visiting the base branch.
• Zero Fees: No Annual, Joining, or Enrolment Fee.
• Insurance and Protection: Includes Fraudulent Charge Cover, Baggage Insurance, Purchase Protection Cover, and Accident Cover (Air and Non-Air Accident) for self and spouse.
• Foreign Currency Markup: 3% on Forex Transactions.
• Inactivity Fee: ₹150/- if annual turnover is less than ₹25,000/-.

Other Details

• Maximum Credit Limit Per Month: ₹25,00,000/-.
• Cash-Withdrawal Limit: 50% of the Credit Limit or ₹50,000/-, whichever is lower.
• Expected Minimum Annual Turnover on Card: ₹25,000/-.
• Other Offers: Seasonal offers are available on Canara Cards.
• General Charges Disclaimer: All fees/charges are subject to change at the discretion of the Bank. Changes will be indicated in bills, MITC, Bank site, SMS, or emails. Intimation on any such modification will be provided via SMS/emails. Bill/statement will be generated only when there is a billable transaction for the billing month. All other out of pocket expenses incurred for any services rendered will be collected in addition to the fees/charges mentioned.