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

Introduction

The Canara Bank Mastercard Platinum Credit Card, issued by Canara Bank, is positioned as a lifetime-free credit card, making it an accessible option for a wide range of users. It primarily differentiates itself by offering rewards on e-commerce and PoS transactions, complimentary domestic airport lounge access, and comprehensive insurance benefits, catering to frequent online shoppers and travelers.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Enrolment Fee: Nil
• Card Inactivity Fee: ₹200/- if the card turnover during the card year is less than ₹50,000/-
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: Upto 3% of transaction amount on Forex Transactions
• Interest Rates:
  • Upto 50 days of interest-free credit.
  • Beyond the interest-free period or on revolved amount: 2.5% Per Month (Annualized Percentage Rate 30%) of the outstanding amount for Unsecured Credit Cards.
• Fuel Surcharge:
  • 1% of transaction value with a minimum fee of ₹10 + applicable taxes.
  • Maximum of ₹100/- for the billing month would be reimbursed if the card has been used for a minimum of ₹2500/- for purchase transactions during the billing month, and the minimum purchase of petrol & petroleum products per occasion is ₹400/-.
• Cash Advance Charges:
  • ₹30/- Per ₹1000/- withdrawn (Input 1).
  • 3% of transaction amount subject to a minimum of ₹150/- per transaction, plus finance charges from the date of withdrawal till the date of payment (Input 1).
  • 3% of the advance, minimum ₹30 per ₹1,000 (Input 2).
• Card Replacement Fee: ₹300/- per card (applicable for both primary and add-on card)
• 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/-
• EMI Pre-Closure Penal Charges: 2% of outstanding principle
• Surcharges on 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 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

• Reward Points: Earn 2 Reward Points for every ₹100/- spent on PoS / E-Commerce transactions.
• Domestic Lounge Access:
  • 2 complimentary domestic lounge visits every quarter.
  • Allows 2 self + 1 guest per quarter.
• International Lounge Access: Not available.
• 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.
• EMI Conversion:
  • Easy EMI Conversion through Canara ai1 app.
  • EMI Rate: 13% p.a. for below 1 Year (3, 6, 9 months), 14% p.a. for 1 Year & Above (12, 18, 24 months).
• Other Offers: Seasonal offers are available on Canara Cards.

Rewards Redemption Guide

• Reward Points can be redeemed for cashback or goods purchase.
• To redeem Reward Points, cardholders need to visit www.canararewardz.com.
• The value of 1 Reward Point is ₹0.25.

Card Eligibility Criteria

• Age: The applicant should be 21 years old or older.
• Income:
  • For individuals: Independent income with a minimum of ₹3 Lakh gross per annum.
  • For staff members: Minimum net take-home salary should be at least ₹4,000 per month, and annual gross income should be ₹60,000.
• Credit History: 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 a suitable option for individuals who frequently shop online and value travel perks without incurring annual fees. It offers a lifetime-free experience with rewarding points on PoS and e-commerce transactions, along with complimentary domestic airport lounge access. The card also provides comprehensive insurance coverage, adding a layer of security. However, potential applicants should be aware of the high foreign currency markup charges and the absence of specific welcome benefits or dedicated dining/entertainment perks. Overall, it presents good value for its target audience, balancing rewards and essential benefits.

Important Product Details

• This is a lifetime-free credit card with zero annual, joining, and enrolment fees.
• Users receive 2 complimentary domestic lounge access quarterly, including an option for a guest.
• Comprehensive insurance coverage is included, protecting against fraud, baggage loss, purchase damage, and accidents (air and non-air).
• The interest rate on revolved amounts is competitive at 2.5% monthly (30% annually).
• A 1% fuel surcharge waiver is provided to cardholders, subject to specific transaction conditions.
• The card has a high foreign currency markup of 3%.
• No welcome benefits are included with this card.

Other Details

• Upto 50 days of interest-free credit is available.
• Easy EMI Conversion is possible through the Canara ai1 app.
• The card supports ATM Cash Withdrawal and other non-financial services.
• It can be used for shopping at PoS at Merchant Outlets and online, with potential discounts.
• The card offers Domestic & International Acceptance.
• International / Global usage can be activated through net banking / mobile banking or by visiting the base branch.
• All types of transactions are allowed, including ATM Cash Withdrawal, Point of Sale, and E-Commerce. Transaction types can be made On/Off or limits can be set through net banking / mobile banking or by visiting the base branch.
• Maximum Credit Limit Per Month: ₹50,00,000.
• Cash-Withdrawal Limit: 50% of Credit Limit or ₹50,000/-, whichever is lower.
• Expected minimum Annual Turnover on Card: ₹50,000/-.
• 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 (Min. ₹100) + all applicable charges/fees/taxes + EMI (in cases of EMI availed by card holder) + over the limit amount (if any).
• 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.
• Bill/statement will be generated only when there is a billable transaction for the billing month.
• The webpage contains links to various legal disclaimers and terms & conditions documents.