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

Introduction

The Mastercard Gold Secured Credit Card, issued by Canara Bank, is an entry to mid-range secured credit card designed to offer essential banking functionalities with added benefits. It stands out with zero annual, joining, and enrolment fees, an interest-free credit period of up to 50 days, and a rewarding points program on all point-of-sale and e-commerce transactions.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Enrolment Fee: Nil
• Card Inactivity Fee: ₹150/- 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%) of the outstanding amount for 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 (if availed by cardholder) + over the limit amount (if any).
• Cash-Withdrawal Charges:
  • ₹30/- Per ₹1000/- withdrawn.
  • 3% of transaction amount subject to a minimum of ₹150/- per transaction at Canara Bank ATMs, plus finance charges from the date of withdrawal until the date of payment. Use of other bank ATMs may incur extra charges levied by respective banks.
• Foreign Currency Markup Fee: Up to 3% of the transaction amount on Forex Transactions.
• EMI Conversion Charges:
  • Processing Fee: 2% of the transaction amount, with a minimum of ₹100/- and a maximum of ₹200/-.
  • EMI Rate: 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 the outstanding principal.
• Railway Surcharges:
  • Railway Counters: ₹30 + 2.5% of the transaction amount.
  • www.irctc.co.in: 1% of the transaction amount + all applicable taxes.
• Fuel Surcharges: 1% of the 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 if the card has been used for a minimum amount of ₹2500/- for purchase transactions during the billing month, and the minimum purchase of petrol & petroleum products per occasion (ticket size) is ₹400/-.
• Card Replacement Fee: ₹300/- per card (applicable for both primary and add-on cards).
• Duplicate Statement: ₹10 per page.
• Cheque Dishonor Charges or Unsuccessful Payment Instructions: ₹50.
• Copy of Charge Slip: Domestic ₹100/-, International US $10/- or equivalent.
• Original Charges 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 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.
• All the above listed charges exclude GST, and 18% GST will be charged extra.

Rewards

• Earn 2 Points for every ₹100/- spent on PoS/E-Commerce transactions.
• Seasonal offers are available on Canara Cards.

Rewards Redemption Guide

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

Card Eligibility Criteria

• The Secured Credit Card is issued to individuals against Deposits (Fixed Deposits) standing in the name of the applicant.
• Joint Deposits with the payment condition “Either or Survivor” in which the applicant is one of the depositors shall also be accepted.
• Add-on Cards can be issued to other joint depositors.
• Eligible credit limit is maximum up to 75% of the principal amount of the FD (Fixed Deposit).
• Eligible credit limit is maximum up to 100% of the principal amount of the FD (Fixed Deposit).
• Minimum credit card limit is ₹25,000.

Important Product Details

• Interest-Free Credit Period: Up to 50 days, till the next Payment Due Date (minimum of 20 to maximum of 50 days).
• EMI Conversion: Easy EMI Conversion is available through the Canara ai1 app.
• Type of Transactions Available: All transactions are allowed, including ATM Cash Withdrawal, Point of Sale (PoS), and E-Commerce. These can be made On/Off or limits can be set through net banking/mobile banking or by visiting the base branch.
• Domestic & International Acceptance: The card is accepted domestically and internationally. 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 the Credit Limit or ₹50,000/-, whichever is lower.
• 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.

Other Details

• Shop online and enjoy discounts.
• ATM Cash Withdrawal and other non-financial services are available.
• Shop at PoS at Merchant Outlets.
• Expected minimum Annual Turnover on Card: ₹25,000/-.
• All other out-of-pocket expenses incurred for any services rendered will be collected in addition to the fees/charges mentioned.
• 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 the customer through SMS/emails etc.
• A bill/statement will be generated only when there is a billable transaction for the billing month.