Canara Bank RuPay Classic Credit Card – Benefits, Fees & Eligibility

Canara Bank RuPay Classic Credit Card

The Canara Bank RuPay Classic Credit Card is designed for individuals seeking a simple and accessible way to manage their finances. This card is lifetime-free, featuring zero joining and annual fees, making it a cost-effective choice. Cardholders can benefit from an interest-free credit period of up to 50 days and the convenience of converting purchases into easy EMIs through the Canara ai1 app. It offers widespread acceptance for both domestic and international transactions, including ATM cash withdrawals, PoS purchases, and online shopping, often accompanied by discounts. Every transaction also accrues Reward Points, enhancing the overall value proposition of the card.

Welcome Benefits

• N/A

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Card Inactivity Fee: ₹100, applicable only if the card turnover during the card year is less than ₹12,000.
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3% on Forex Transactions.
• Interest Rates:
  • Interest Rate beyond Credit Period: 2.5% Per Month or 30% Per Annum of the outstanding Amount for Unsecured Credit Cards.
  • 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.
  • Charges on Revolved Amount: 2.50% p.m. (Annualized Percentage Rate 30%) for all other credit cards.
• Fuel Surcharge: 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 in the following cases:
  • Card should have been 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 or part thereof, for cash withdrawals through Credit Card at Canara Bank ATMs. Use of other Bank ATMs attracts extra charges levied by the respective banks.
• 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 principal.
• 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).
• Card Replacement Fee: ₹300 per card (applicable for both primary and addon card).
• Duplicate Statement: ₹10 per page.
• Cheque Dishonor Charges or Unsuccessful Payment Instructions: ₹50.
• Surcharges:
  • Railway Tickets - Railway Counters: ₹30 + 2.5% of transaction amount.
  • Railway Tickets - 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 (For Revolver and Non-revolver): 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.
• All the above listed charges excluding GST and 18% GST will be charged extra.

Rewards

• Rewards Rate: 2 Reward Points per every ₹100 spent on PoS/ E-Commerce transactions.
• Movies & Dining: N/A
• Travel: N/A
• Domestic Lounge Access: Available at Selected Lounges.
• International Lounge Access: N/A
• Golf: N/A
• Insurance Benefits: The card provides security to its cardholders through several insurance benefits:
  • Fraudulent Charge Cover: Up to ₹2,00,000.
  • Baggage Insurance: Up to ₹25,000.
  • Purchase Protection Cover: Up to ₹25,000 for items bought with the card.
  • Accident Cover (Air Accident): ₹4.00 lakhs for self, ₹2.00 lakhs for spouse.
  • Accident Cover (Other than Air Accident): ₹2.00 lakhs for self, ₹1.00 lakh for spouse.
• Lifestyle: Seasonal Offers are available on Canara Cards.
• EMI Conversion: Easy EMI Conversion through Canara ai1 app.
• Best Suited For: Shopping.

Rewards Redemption Guide

• Value: The value of 1 Reward Point = ₹0.25.
• Options: Reward Points earned can be redeemed for cashback or goods purchases.
• Platform: Redemption can be done through www.canararewardz.com.

Card Eligibility Criteria

• Age: Applicant must be 21 years or older.
• Income (Individuals): Independent income with a minimum of ₹1 Lakh gross per annum.
• Income (Staff Member): Minimum annual gross income of ₹60,000 and minimum net take home salary of not less than ₹4,000 per month.
• Income Source: A stable source of monthly income is required, whether you are salaried or self-employed.
• Credit History: A decent credit history is required to qualify for the card.
• Residency: Applicant must be a resident of India.
• Documents Required: Necessary documents to support your application, such as proof of identity and proof of income.

How to Apply for the Canara Bank RuPay Classic Credit Card?

To apply for the Canara Bank RuPay Classic Credit Card, you can either visit the nearest branch or fill out the form online by following these steps:

• Visit the official website of Canara Bank.
• Under the ‘Digital Products’ section, click on ‘Cards’ and then select ‘Credit Cards.’
• Look for the ‘Application Forms’ and click on it.
• Download the application form and print it out.
• Fill in the application form completely.
• Attach all the required documents and submit them to your nearest branch.

Card Review

The Canara Bank RuPay Classic Credit Card is an ideal choice for individuals seeking a straightforward and budget-friendly credit card. Its lifetime-free status, with no joining or annual fees, makes it particularly attractive for those looking to manage expenses without additional charges. The card offers a decent value proposition by providing up to 50 days of interest-free credit and earning Reward Points on every purchase, which can be redeemed for cashback or goods. While it is excellent for basic credit needs and building credit scores, especially for first-time credit card applicants, it lacks specific premium perks like dining discounts, entertainment benefits, or extensive travel benefits. The included insurance coverage, however, adds a layer of security. This card is a perfect choice for first-time credit card appliers who are focusing on building their credit score.

Pros

• Users get up to 50 days of interest-free credit period.
• Lifetime-free card with zero joining and annual fees.
• Provides comprehensive insurance coverage including fraudulent charges, baggage, purchase protection, and accident cover.
• Easy EMI conversion through the Canara ai1 app.
• Offers Domestic & International Acceptance.

Cons

• This card primarily offers basic benefits and does not provide discounts on dining, entertainment, or any welcome perks.
• An inactivity fee of ₹100 is charged if annual turnover is less than ₹12,000.

Important Product Details

• Lifetime-Free Card: Comes with zero Joining, Annual, and Enrolment Fees.
• Interest-Free Credit: Enjoy up to 50 days of interest-free credit.
• Rewards: Earn 2 Reward Points for every ₹100 spent on PoS/E-Commerce transactions.
• Rewards Redemption Value: 1 Reward Point equals ₹0.25, redeemable for cashback or goods via Canararewardz.com.
• Lounge Access: Available at selected domestic lounges.
• Insurance Coverage: Includes Fraudulent Charge Cover (₹2,00,000), Baggage Insurance (₹25,000), Purchase Protection (₹25,000), Air Accident Cover (₹4 lakhs for self, ₹2 lakhs for spouse), and Other Accident Cover (₹2 lakhs for self, ₹1 lakh for spouse).
• EMI Conversion: Easy EMI conversion facility available through the Canara ai1 app.
• Acceptance: Accepted domestically and internationally, with international usage activation options via net banking/mobile banking or base branch.
• Inactivity Fee: A ₹100 fee is levied if the annual card turnover is less than ₹12,000.
• Foreign Currency Markup: 3% on foreign currency transactions.
• Interest Rate: 2.5% per month (30% p.a.) on outstanding amounts beyond the interest-free period.
• Cash Withdrawal Charges: 3% of the transaction amount with a minimum of ₹30 per ₹1000 withdrawn.
• Limited Perks: Does not offer specific discounts for dining, entertainment, or travel benefits beyond basic rewards.

Other Details

• Maximum Credit Limit Per Month: ₹500,000.
• Cash-Withdrawal Limit: 50% of Credit Limit or ₹50,000, whichever is lower.
• Expected Minimum Annual Turnover on Card: ₹12,000.
• International/Global Usage: Can be activated through net banking/mobile banking or by visiting the base branch.
• Transaction Controls: All transaction types are allowed, including ATM Cash Withdrawal, Point of Sale, and E-Commerce. These can be made On/Off or limits can be set through net banking/mobile banking or by visiting the base branch.
• Seasonal Offers: Seasonal offers are available on Canara Cards.
• GST Application: All the above listed charges are excluding GST, and 18% GST will be charged extra.
• Out of Pocket Expenses: All other out of pocket expenses incurred for any services rendered will be collected in addition to the fees/charges mentioned.
• Fee/Charge Modifications: 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.
• Statement Generation: Bill/statement will be generated only when there is a billable transaction for the billing month.