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

Canara MasterCard Standard Credit Card

Introduction

The Canara MasterCard Standard Credit Card offers a convenient banking experience with up to 50 days of interest-free credit and zero annual, joining, and enrolment fees. It provides rewards points on all Point of Sale (PoS) and e-commerce transactions, along with domestic and international acceptance. The card also features easy EMI conversion and various insurance covers, making it a well-rounded option for everyday spending.

Fees

• Enrollment Fee: NIL
• Annual Fee: NIL
• Card Inactivity Fee: ₹100/- (applicable only if the card turnover during the card year is less than ₹12,000/-)
• Free Credit Period: Minimum 20 days to maximum 50 days.
• Charges on Revolved Amount (Interest Rate): 2.50% per month (Annualized Percentage Rate 30%) on the outstanding amount.
• Minimum Repayment on Revolving Credit (Minimum Amount Due - MAD): 5% of the total outstanding amount (minimum ₹100) + all applicable charges/fees/taxes + EMI (if availed) + over-limit amount (if any).
• Card Replacement Fee: ₹300/- per card (applicable for both primary and add-on cards).
• Foreign Currency Markup: Up to 3% of the transaction amount.
• 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 the outstanding principal.
• Surcharges:
  • Railway Tickets (Railway Counters): ₹30 + 2.5% of the transaction amount.
  • Railway Tickets (www.irctc.co.in): 1% of the 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 if:
    • The card has been used for a minimum amount of ₹2500/- for purchase transactions during the billing month.
    • The minimum purchase of petrol & petroleum products per occasion (ticket size) for reckoning under this scheme is ₹400/-.
• Transaction Fee for Cash Withdrawal (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): 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 listed charges exclude GST, and 18% GST will be charged extra.
• All other out-of-pocket expenses incurred for any services rendered will be collected in addition to the fees/charges mentioned above.

Rewards

• Earn 2 Reward Points for every ₹100/- spent on Point of Sale (PoS) and E-Commerce transactions.
• Seasonal offers are available on Canara Cards, including current GoIbibo discount offers:
  • 12% off on Domestic flight Bookings.
  • 15% off on Hotel Bookings.
  • 9% off on Bus Bookings.
  • 10% off on Outstation Cabs.

Rewards Redemption Guide

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

Card Eligibility Criteria

• For Individuals: Independent income with a minimum of ₹1 lakh gross per annum.
• For Staff Members: Minimum annual gross income of ₹60,000/- and a minimum net take-home salary of not less than ₹4,000/- per month.

Card Review

The Canara MasterCard Standard Credit Card stands out with its zero annual, joining, and enrolment fees, making it an accessible option for many. It offers a generous interest-free period of up to 50 days and decent rewards on everyday spending (2 points per ₹100). The comprehensive insurance coverage, including fraudulent charge cover, baggage insurance, purchase protection, and accident covers (air and non-air), adds significant value and security. The competitive forex markup of 3% is a plus for international usage. However, a notable drawback is the absence of lounge access, which might deter frequent travelers. It's a suitable card for individuals looking for a no-frills, secure, and rewarding credit card for daily transactions, especially those who can meet the annual turnover to avoid inactivity fees and take advantage of seasonal offers.

Important Product Details

• Up to 50 days of interest-free credit.
• Zero Annual, Joining, and Enrolment Fee.
• Maximum Credit Limit: ₹5,00,000.
• Cash Withdrawal Limit: 50% of Credit Limit or ₹50,000/-, whichever is lower.
• No Lounge Access facility.
• Foreign Currency Markup: 3% on Forex transactions.
• Rewards: 2 points per ₹100 spent on PoS/E-commerce.
• Expected minimum Annual Turnover: ₹12,000/- to avoid the inactivity fee.
• Insurance & Protection Covers:
  • Fraudulent Charge Cover: ₹2,00,000/-.
  • Baggage Insurance: Up to ₹25,000.
  • Purchase Protection Cover: Up to ₹25,000.
  • Air Accident Cover: ₹4.00 lakhs for self, ₹2.00 lakhs for spouse.
  • Other Accident Cover: ₹2.00 lakhs for self, ₹1.00 lakh for spouse.
• Easy EMI Conversion available via the Canara ai1 app.

Other Details

• The card offers domestic and international acceptance. International/global usage can be activated through net banking, mobile banking, or by visiting the base branch.
• All transaction types (ATM Cash Withdrawal, Point of Sale, E-Commerce) are allowed. Users have the option to enable/disable these transactions or set limits through net banking, mobile banking, or by visiting the base branch.
• EMI Conversion Charges: Minimum ₹100/-, 2% of Transaction Value, Maximum ₹200/-.
• All fees/charges are subject to change at the discretion of the Bank. Changes in fees/charges and their effective date will be indicated in bills, Most Important Terms & Conditions (MITC), the Bank's website, SMS, or emails. Intimation on any such modification will be sent to the customer through SMS/emails.
• A bill/statement will be generated only when there is a billable transaction for the billing month.
• Links to important documents such as the User Manual, Most Important Terms & Conditions (MITC) for Canara Credit Card, Credit Card Policy 2023-24, and Credit Card Application forms (English/Hindi) are available.
• Further details about Reward Points can be found on credit.canararewardz.com.