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

Introduction

The Canara RuPay Classic Credit Card, issued by Canara Bank, is positioned as a simple and affordable entry-level credit card. It stands out for being a lifetime-free card with zero joining and annual fees, making it highly accessible. Cardholders can benefit from an interest-free credit period of up to 50 days and earn reward points on all PoS and e-commerce transactions. Additionally, it offers various insurance benefits, providing an added layer of security.

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.
• Interest Rate beyond Credit Period (on Revolved Amount): 2.5% per month (Annualized Percentage Rate 30%) of the outstanding amount for unsecured credit cards.
• Interest Rate 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.
• Foreign Currency Markup: Up to 3% of the transaction amount on Forex Transactions.
• Cash Advance Charges:
  • ₹30 per ₹1000 withdrawn.
  • 3% of transaction amount, subject to a minimum of ₹150, plus finance charges from the date of withdrawal until the date of payment for cash withdrawals at Canara Bank ATMs. Use of other bank ATMs attracts extra charges levied by respective banks.
• Rewards Redemption Fee: Nil
• 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 if the card has been used for a minimum amount of ₹2500 for purchase transactions during the billing month, and the minimum purchase of petrol & petroleum products per occasion (ticket size) is ₹400.
• 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.
• 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.
• 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 points for every ₹100 spent on PoS/E-Commerce transactions.
• Movies & Dining: Not specifically mentioned as a benefit.
• Travel: Not specifically mentioned as a benefit.
• Domestic Lounge Access: Available at Selected Lounges.
• International Lounge Access: Not available.
• Golf: Not specifically mentioned as a benefit.
• Insurance Benefits:
  • Fraudulent Charge Cover: Up to ₹2,00,000.
  • Baggage Insurance: Up to ₹25,000.
  • Purchase Protection Cover: Up to ₹25,000.
  • 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:
  • Easy EMI Conversion through Canara ai1 app.
  • Seasonal offers are available on Canara Cards.

Rewards Redemption Guide

• Reward Point Value: 1 Reward Point = ₹0.25.
• Redemption Options: Reward Points can be redeemed for cashback or goods purchase through www.canararewardz.com.

Card Eligibility Criteria

• Age: Must be 21 years or older to apply.
• Income:
  • Independent income with a minimum of ₹2 Lakh gross per annum for individuals.
  • Should have an independent income of at least ₹1 Lakh gross per year.
• Staff Members: Minimum net take-home salary should be at least ₹4,000 per month.
• Income Source: Need to have a stable source of monthly income, whether salaried or self-employed.
• Credit History: A decent credit history is required to qualify for the card.
• Residency: Must be a resident of India.
• Documents Required: Necessary documents to support the application, such as proof of identity and proof of income.

Card Review

The Canara RuPay Classic Credit Card is a suitable option for individuals seeking a straightforward and cost-effective credit card. It is a lifetime-free card with no joining or annual fees, making it an excellent choice for budget-conscious users and first-time credit card applicants aiming to build their credit score. While it provides essential credit features like an interest-free period of up to 50 days and reward points on transactions, it lacks specific benefits such as dining discounts, entertainment offers, or welcome perks. However, the inclusion of various insurance coverages adds a valuable layer of security for cardholders. If the primary goal is basic credit functionality and responsible spending management, this card presents a viable solution.

Important Product Details

• Lifetime-Free Card: No joining or annual fees.
• Interest-Free Credit Period: Up to 50 days until the next Payment Due Date.
• EMI Conversion: Easy EMI Conversion through the Canara ai1 app.
• Transaction Types: All transactions are allowed, including ATM Cash Withdrawal, Point of Sale (PoS), 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.
• Acceptance: Domestic & International Acceptance. International/Global usage can be activated through net banking/mobile banking or by visiting the base branch.
• 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.
• Lounge Access: Available at Selected Lounges.
• Insurance Coverage: Includes fraudulent charge cover, baggage insurance, purchase protection, and accident cover (air and non-air).

Other Details

• 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 their effective date will be indicated in bills/MITC/Bank site/SMS/emails, etc. Intimation on any such modification will be provided to the customer through SMS/emails, etc.
• A bill/statement will be generated only when there is a billable transaction for the billing month.
• Minimum repayment on Revolving Credit (Minimum Amount Due - MAD) is 5% of the Total outstanding amount (minimum ₹100) + all applicable charges/fees/taxes + EMI (in cases of EMI availed by cardholder) + over the limit amount (if any).
• Credit Card Application forms are available in English and Hindi.
• General Terms & Conditions and other legal disclaimers apply, as detailed in the bank's official documents.