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

Canara Bank Mastercard Platinum Credit Card

The Canara Bank Mastercard Platinum Credit Card is a lifetime-free card designed to reward cardholders for their everyday spending, particularly on e-commerce transactions. With zero joining and annual fees, it offers significant value through its reward program, providing 2 Reward Points for every ₹100 spent on Point of Sale (PoS) and e-commerce transactions, which can be redeemed for cashback or goods. The card also enhances the travel experience with complimentary domestic airport lounge access for the cardholder and a guest, and provides robust insurance benefits covering fraudulent charges, baggage loss, purchase protection, and accidental injuries. It also offers up to 50 days of interest-free credit and easy EMI conversion options.

Welcome Benefits

• No specific welcome benefits are included with this card.

Fees

• Enrollment Fee: Nil
• Joining Fee: Nil
• Annual Fee: Nil
• Card Inactivity Fee: ₹200/- (Applicable only if the card turnover during the card year is less than ₹50,000/-)
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3% on Forex transactions.
• Interest Rates: 2.5% Per Month or 30% Per Annum of the outstanding amount for unsecured credit cards, applicable beyond the interest-free credit period.
• Fuel Surcharge:
  • 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 under specific conditions:
    • Card must be 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/-.
• Cash Advance Charges: 3% of the transaction amount, subject to a minimum of ₹30/- for every ₹1,000/- withdrawn or part thereof.
• 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.
• 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 for Railway Tickets:
  • Railway Counters: ₹30 + 2.5% of transaction amount.
  • www.irctc.co.in: 1% of transaction amount + all applicable taxes.
• 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 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: 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.
• Note: All listed charges exclude GST, and 18% GST will be charged extra.

Rewards

• Reward Points Earning: Earn 2 Reward Points for every ₹100/- spent on PoS (Point of Sale) and E-Commerce transactions.
• Domestic Airport Lounge Access:
  • Receive 2 complimentary lounge visits per quarter for self.
  • Additionally, enjoy 1 complimentary guest visit per quarter at domestic airport lounges.
• Insurance Benefits:
  • Fraudulent Charge Cover: Protection against unauthorized transactions up to ₹5,00,000.
  • Baggage Insurance: Coverage for lost or delayed baggage, providing up to ₹25,000 for your belongings.
  • Purchase Protection Cover: Safeguards your purchases against theft or accidental damage, with coverage up to ₹25,000.
  • Accident Cover (Air Accident):
    • ₹8,00,000 for the cardholder.
    • ₹4,00,000 for the spouse.
  • Accident Cover (Other than Air Accident):
    • ₹4,00,000 for the cardholder.
    • ₹2,00,000 for the spouse.
• Other Offers: Seasonal offers are available on Canara Cards.
• Movies, Dining, Travel, International Lounge, Golf: No specific benefits are mentioned for these categories.

Rewards Redemption Guide

• Redemption Options: Reward Points earned can be redeemed for cashback or for purchasing goods.
• Redemption Platform: Cardholders need to visit www.canararewardz.com to redeem their Reward Points.
• Reward Point Value: 1 Reward Point is equivalent to ₹0.25.

Card Eligibility Criteria

Eligibility Rules

• Applicant should be 21 years old or older.
• Independent income with a minimum of ₹2 Lakh gross per annum for individuals.
• For staff members: Minimum annual gross income of ₹60,000/- and minimum net take-home salary of not less than ₹4,000/- p.m.
• The applicant should have a decent credit history.

Documents Required

• Identity Proof: PAN Card, Aadhaar Card, Voter ID, Passport, or Driving Licence.
• Address Proof: Aadhaar Card, Voter ID, Passport, Driving Licence, Rent agreement, Utility bills, Municipal or property tax receipt, House allotment letter issued by central or state government.
• Income Proof:
  • For salaried employees: Salary slip of last two months & bank statement showing salary credits.
  • For self-employed individuals: Latest ITR (Income Tax Return).

Card Review

The Canara Bank Mastercard Platinum Credit Card is an excellent choice for individuals who frequently shop online and value a lifetime-free card. Its primary strength lies in its zero joining and renewal fees, making it a cost-effective option for long-term use. The card offers a decent reward rate of 2 Reward Points for every ₹100 spent on PoS and e-commerce, with a favorable redemption value of ₹0.25 per point, allowing cardholders to easily convert points into cashback or goods.

Travelers will appreciate the complimentary domestic airport lounge access, which includes 2 visits for the cardholder and 1 guest visit per quarter, significantly enhancing the travel experience. Furthermore, the card provides comprehensive insurance benefits, including coverage for fraudulent charges, baggage, purchase protection, and substantial air and non-air accident coverage for both the cardholder and spouse, adding a layer of security. The 1% fuel surcharge waiver is another practical benefit for daily commuters.

However, the card does have some drawbacks. It lacks welcome benefits, which might be a miss for those looking for initial perks. The foreign currency markup of 3% is relatively high, making it less ideal for frequent international travelers or foreign currency transactions. Additionally, it does not offer specific dining or entertainment perks, which might be a downside for users seeking benefits in these categories.

In conclusion, the Canara Bank Mastercard Platinum Credit Card is highly recommended for frequent online shoppers and domestic travelers who prefer a no-annual-fee card with solid reward earnings and extensive insurance protection. Those engaging in significant international spending or seeking lifestyle benefits in dining and entertainment might find it less appealing.

Important Product Details

• This is a lifetime-free credit card, featuring zero annual, joining, and enrolment fees.
• Offers up to 50 days of interest-free credit.
• Easy EMI Conversion facility is available through the Canara ai1 app.
• Accepted both domestically and internationally.
• International/Global usage can be activated through net banking, mobile banking, or by visiting the base branch.
• All transaction types are allowed, including ATM Cash Withdrawal, Point of Sale, and E-Commerce. Users can enable/disable these transaction types or set limits via net banking, mobile banking, or by visiting the base branch.
• Maximum Credit Limit Per Month is ₹50,00,000.
• Cash-Withdrawal Limit is 50% of the Credit Limit or ₹50,000/-, whichever is lower.
• Expected minimum Annual Turnover on the card is ₹50,000/-.
• Includes complimentary airport lounge access, providing 2 visits for self + 1 guest per quarter at domestic lounges.
• Comprehensive insurance coverage is included, such as Fraudulent Charge Cover, Baggage Insurance, Purchase Protection Cover, and Accident Cover (Air Accident and Other than Air Accident).

Other Details

• Free Credit Period: Minimum of 20 to a maximum of 50 days.
• 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 card holder) + over the limit amount (if any).
• All fees and charges are subject to change at the discretion of the Bank. Changes in fees/charges and their effective dates will be indicated in bills, MITC, Bank website, SMS, or emails. Intimation of such modifications will be sent to customers through SMS or emails.
• A 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.