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

Introduction

The Canara Bank Mastercard World Credit Card, issued by Canara Bank, is positioned as a cost-effective and lifetime-free credit card designed for individuals who enjoy shopping and traveling without the burden of annual fees. Its key differentiating benefits include zero annual and joining fees, a rewarding points system for e-commerce and PoS transactions, and complimentary access to both domestic and international airport lounges, along with comprehensive insurance coverage.

Welcome Benefits

• There are no specific welcome benefits mentioned for this card.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Card Inactivity Fee: ₹300/- if the card turnover during the card year is less than ₹1 Lakh.
• Interest Free Credit Period: Up to 50 days until the next Payment Due Date (minimum 20 days, maximum 50 days).
• 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) + over the limit amount (if any).
• Card Replacement Fee: ₹300/- per card (applicable for both primary and add-on cards).
• Foreign Currency Markup Fee: Up to 3% of the transaction amount (stated as lowest among peer banks).
• Duplicate Statement Fee: ₹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 transaction amount.
  • Railway Tickets - www.irctc.co.in: 1% of transaction amount + all applicable taxes.
• Fuel Surcharge Waiver: 1% waiver on transaction value with a minimum fee of ₹10 + applicable taxes.
  • Maximum reimbursement of ₹100 for the billing month.
  • To qualify, the card must be used for a minimum 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.
• Cash Withdrawal Charges:
  • ₹30/- Per ₹1000/- withdrawn (as per Features table).
  • 3% of transaction amount subject to a minimum of ₹150/- and finance charges from date of withdrawal till date of payment (for Canara Bank ATMs, use of other bank ATMs attracts extra charges).
• Copy of Charge Slip:
  • Domestic: ₹100/-
  • International: US $10/- or equivalent.
• Original Charge Slip:
  • If processed by Canara Bank: USD 2.00 (approximate rupee equivalent charged).
  • If procured from other Bank: USD 6.00 (approximate rupee equivalent 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 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.
• All fees/charges are subject to change at the discretion of the Bank.

Rewards

• Reward Points: Earn 2 Reward Points for every ₹100 spent on PoS (Point of Sale) and E-Commerce transactions.
• Domestic Lounge Access: 3 complimentary lounge access per quarter for self + 2 guests.
• International Lounge Access: 2 complimentary lounge access per year for self + 2 guests.
• Insurance Benefits:
  • Fraudulent Charge Cover: ₹5,00,000.
  • Purchase Protection Cover: Up to ₹25,000.
  • Baggage Insurance: 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.
• Seasonal Offers (GoIbibo Discount):
  • 12% discount on Domestic Flight Bookings.
  • 15% discount on Hotel Bookings.
  • 9% discount on Bus Bookings.
  • 10% discount on Outstation Cab Bookings.

Rewards Redemption Guide

• Reward Point Value: 1 Reward Point = ₹0.25.
• Redemption Options: Reward Points can be redeemed for cashback or goods purchase.
• Redemption Platform: To redeem Reward Points, users need to visit the Canararewardz website (www.canararewardz.com).

Card Eligibility Criteria

• Income Requirement: Independent income with a minimum of ₹10 lakh gross per annum for individuals.

Card Review

The Canara Bank Mastercard World Credit Card is a practical choice for individuals seeking a credit card without annual or joining fees, offering good value through its rewards and benefits. It is particularly well-suited for frequent shoppers and travelers who prioritize cost savings and comfort.

Pros

• This is a lifetime-free credit card with no joining or annual fees.
• Includes add-on guests for both domestic and international airport lounge access.
• Offers a low interest fee on revolved amounts (2.5% monthly).
• Provides comprehensive insurance benefits, including fraudulent charge cover, purchase protection, baggage insurance, and accident cover.
• Easy EMI conversion through the Canara ai1 app.

Cons

• Comes with a relatively high Forex markup fee of 3%.
• Does not offer specific extra benefits on dining, entertainment, or golf.

Important Product Details

• Lifetime-free credit card with zero annual, joining, and enrolment fees.
• Earns 2 Reward Points for every ₹100 spent on PoS and E-Commerce transactions.
• Complimentary airport lounge access: 3 domestic lounge accesses (self + 2 guests) per quarter and 2 international lounge accesses (self + 2 guests) per year.
• Comprehensive insurance benefits including fraudulent charge cover (₹5 lakh), purchase protection (up to ₹25,000), baggage insurance (up to ₹25,000), and accident cover (up to ₹8 lakh for self).
• Interest rate beyond the credit period is 2.5% per month (30% annually).
• Foreign currency markup fee is 3%.
• Fuel surcharge waiver of 1% (maximum ₹100 reimbursement per month, subject to conditions).
• Easy EMI conversion facility available via the Canara ai1 app with processing fees and interest rates.
• Maximum credit limit per month is ₹50,00,000.
• Cash withdrawal limit is 50% of the credit limit or ₹50,000, whichever is lower.
• International/Global usage can be activated through net banking, mobile banking, or by visiting the base branch.

Other Details

• Upto 50 days of interest-free credit.
• ATM Cash Withdrawal & other non-financial services are available.
• Shop at PoS at Merchant Outlets and online.
• Domestic & International Acceptance is available.
• All transactions (ATM Cash Withdrawal/Point of Sale/E-Commerce) are allowed and can be made On/Off or limits can be set through net banking/mobile banking or by visiting the base branch.
• All fees/charges are subject to change and at the discretion of the Bank. Changes will be indicated in bills/MITC/Bank site/SMS/emails.
• Bill/statement will be generated only when there is a billable transaction for the billing month.
• Information regarding Credit Card Manual, Most Important Terms and Conditions (MITC), Credit Card Policy, and application forms (English/Hindi) are available.
• General legal disclaimers and terms & conditions apply to the card usage and services.