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

Canara Bank Mastercard World Credit Card

Introduction

The Canara Bank Mastercard World Credit Card is designed for individuals who enjoy shopping and traveling and seek a cost-effective solution with no joining or renewal fees. This card provides an interest-free credit period of up to 50 days and allows for easy EMI conversion through the Canara ai1 app. Cardholders can perform ATM cash withdrawals, utilize Point of Sale (PoS) terminals at merchant outlets, and shop online while enjoying various discounts. It offers both domestic and international acceptance. A key highlight is the earning of 2 Reward Points for every ₹100 spent on PoS and e-commerce transactions. Travel enthusiasts benefit from complimentary access to domestic airport lounges (3 times per quarter for self + 2 guests) and international airport lounges (2 times per year for self + 2 guests). Additionally, the card provides comprehensive insurance benefits, including coverage for fraudulent charges, baggage loss, and accidents.

Welcome Benefits

• N/A

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Enrollment Fee: Nil
• Spend-Based Waiver: The annual fee is Nil, so no spend-based waiver is applicable for it.
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3% on Forex Transactions
• Interest Rates: 2.5% per month (Annualized Percentage Rate 30%) on the outstanding amount for unsecured credit cards. This applies beyond the interest-free credit period.
• Fuel Surcharge:
  • 1% of transaction value with a minimum fee of ₹10 plus applicable taxes.
  • Maximum of ₹100 per billing month would be reimbursed in the upcoming billing month.
  • To qualify for reimbursement, the card must be used for a minimum 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 or part thereof, for cash withdrawals through Canara Bank ATMs.
  • Use of other Bank ATMs attracts extra charges levied by the respective banks.
• Card Inactivity Fee: ₹300, applicable only if the card turnover during the card year is less than ₹1 Lakh.
• 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 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 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 bank charges, if any.
• Charges for 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.
• GST: All listed charges exclude GST, and 18% GST will be charged extra.

Rewards

• Rewards Rate:
  • 2 Reward Points for every ₹100 spent on PoS / E-Commerce transactions.
• Movies & Dining:
  • N/A (No specific benefits on dining or entertainment).
• Travel:
  • Domestic Airport Lounge Access: 3 complimentary lounge accesses for self + 2 guests per quarter.
  • International Airport Lounge Access: 2 complimentary lounge accesses for self + 2 guests per year.
• Golf:
  • N/A
• 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 lakh for self, ₹4 lakh for spouse.
  • Accident Cover (Other than Air Accident): ₹4 lakh for self, ₹2 lakh for spouse.
• Lifestyle:
  • Easy EMI Conversion through Canara ai1 app.
  • Interest-free credit period of up to 50 days.
  • Shop online & enjoy discounts.
  • Seasonal Offers are available on Canara Cards.
  • Current Seasonal Offer: GoIbibo Discount Offer
    • 12% discount on Domestic flight Bookings.
    • 15% discount on Hotel Bookings.
    • 9% discount on Bus Bookings.
    • 10% discount on Outstation Cabs.

Rewards Redemption Guide

• Reward Point Value: 1 Reward Point = ₹0.25.
• Redemption Options: Reward Points can be redeemed for cashback or goods purchases.
• Redemption Process: To redeem Reward Points, users need to visit www.canararewardz.com.

Card Eligibility Criteria

• For Individuals: Independent income with a minimum of ₹10 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 Bank Mastercard World Credit Card is a suitable choice for individuals who frequently shop online and travel, as it is a lifetime-free credit card with no joining or renewal fees. Cardholders earn reward points on PoS and e-commerce transactions and benefit from complimentary domestic and international airport lounge access, including provisions for add-on guests. The card also offers comprehensive insurance protections, enhancing security for purchases, baggage, and accidents.

However, a notable drawback is the high foreign currency markup fee of 3%. Additionally, the card does not provide any specific extra benefits for dining, entertainment, or golf, which might be a disadvantage for those seeking rewards in these categories. Despite these cons, the card offers good overall value through cost savings, rewards, and travel benefits, making it a practical option. It is particularly recommended for those who prioritize online shopping convenience and travel comfort.

Important Product Details

• Key Positive Highlights:
  • Lifetime-free credit card with Zero Joining, Annual, and Enrolment Fees.
  • Up to 50 days of interest-free credit.
  • Earn 2 Reward Points for every ₹100 spent on PoS / E-Commerce transactions.
  • Complimentary Domestic Airport Lounge Access: 3 accesses for self + 2 guests per quarter.
  • Complimentary International Airport Lounge Access: 2 accesses for self + 2 guests per year.
  • Comprehensive insurance benefits covering fraudulent charges, purchase protection, baggage, and accidents (air and non-air).
  • Easy EMI conversion option available through the Canara ai1 app.
  • Domestic and International Acceptance, with global usage activation options via net banking/mobile banking.
  • Provides a fuel surcharge waiver (with specific conditions).
  • Access to seasonal offers, such as GoIbibo discounts on flights, hotels, buses, and cabs.
  • Low monthly interest rate on revolved amounts compared to some peers.
• Key Negative Highlights:
  • High Foreign Currency Markup Fee of 3%.
  • No specific extra benefits for dining, entertainment, or golf.
  • An Inactivity Fee of ₹300 is charged if the annual card turnover is less than ₹1 Lakh.
  • Cash advance transactions incur a charge of 3% (minimum ₹30 per ₹1000).

Other Details

• 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: ₹1,00,000 (below which an inactivity fee applies).
• Activation of International Usage: International / Global usage can be activated through net banking / mobile banking or by visiting the base branch.
• Type of Transactions Available: All transactions are allowed, including ATM Cash Withdrawal, Point of Sale, and E-Commerce. Transactions can be made On/Off or limits can be set through net banking / mobile banking or by visiting the base branch.
• 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 cardholder) + over-the-limit amount (if any).
• General Disclaimer on Charges: 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. Changes in fees/charges and effective dates will be indicated in bills / MITC / Bank site / SMS / emails, etc. Intimation of any such modification will be provided through SMS/emails, etc. A bill/statement will be generated only when there is a billable transaction for the billing month.