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

Canara Bank RuPay Platinum Credit Card

Introduction

The Canara Bank RuPay Platinum Credit Card is an entry-level offering that provides convenience and value with zero joining and annual fees. Cardholders can enjoy an interest-free credit period of up to 50 days and the flexibility of domestic and international acceptance. It rewards users with 2 points for every Rs. 100 spent on Point of Sale (PoS) and e-commerce transactions, which translates to a 0.5% reward rate. The card also features complimentary airport lounge access and comprehensive insurance benefits, including a personal air accident cover of up to Rs. 8 lakhs.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Card Inactivity Fee: ₹. 200/- (Applicable if the card turnover during the card year is less than ₹. 50,000/-)
• Rewards Redemption Fee: Nil
• Foreign Currency Markup:
  • 3% on Forex Transactions
  • Upto 3.5% + taxes
• Interest Rate beyond Credit Period (on Revolved Amount): 2.5% per month (Annualized Percentage Rate 30%)
• Minimum Repayment on Revolving Credit (Minimum Amount Due - MAD): 5% of Total outstanding amount (Min. ₹. 100) + all applicable charges/fees/taxes + EMI (if availed by cardholder) + over the limit amount (if any)
• Cash Advance Charges:
  • 3% of the transaction amount.
  • Subject to a minimum of ₹. 30/- for every ₹. 1000/- or part thereof withdrawn.
• Fuel Surcharge:
  • 1% of transaction value with a minimum fee of ₹. 10/- + applicable taxes.
  • Maximum of Rs 100/- for the billing month would be reimbursed in the upcoming billing month under the following conditions:
    • Card must have been used for a minimum amount 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/-.
• Card Replacement Fee: ₹. 300/- per card (applicable for both primary and add-on 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/-
• 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 outstanding principle
• 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 Charge 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 with overdues: ₹. 50/- per notice.
• Services Charges for Delayed payment beyond due date (Late Payment Fee): Rs 250/- + GST will be charged, in addition to existing service charges (2.5% p.m. i.e. 30% per Annum) on carried over balance.
• GST: All listed charges are exclusive of GST, and 18% GST will be charged extra.

Rewards

• Reward Points: Earn 2 reward points on every ₹. 100/- spent on PoS and e-commerce transactions, equivalent to a 0.5% reward rate.
• Domestic Airport Lounge Access: 2 complimentary accesses per Quarter for Self at selected lounges.
• International Airport Lounge Access: 2 complimentary accesses per Year for Self at selected lounges.
• Fraudulent Charge Cover: Up to ₹. 5,00,000/-
• Baggage Insurance: Up to ₹. 25,000/-
• Purchase Protection Cover: 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: Seasonal offers are available on Canara Cards.
• Movie & Dining Benefits: Not provided with this card.
• Golf Benefits: Not provided with this card.

Rewards Redemption Guide

• Redemption Options: Reward points can be redeemed for cashback or for purchasing goods and services.
• Redemption Portal: Points can be redeemed through www.canararewardz.com.
• Reward Point Value: 1 reward point is equivalent to Rs. 0.25.
• Minimum Redemption Limit for Cashback: 1000 reward points.
• Minimum Redemption Limit for Purchase of Goods and Services: 100 reward points.
• Validity of Reward Points: Accumulated reward points are valid for 3 years from the date of accrual.

Card Eligibility Criteria

• For Individuals: Must have an independent income with a minimum gross income of ₹. 2 lakh per annum.
• For Staff Members: Minimum annual gross income of ₹. 60000/- and a minimum net take-home salary of not less than ₹. 4000/- per month.

Card Review

The Canara Bank RuPay Platinum Credit Card is considered an entry-level card with a rating of 3.5/5. It is best suited for individuals primarily looking for a credit card for shopping and to build a strong credit profile. While it may not offer premium benefits like golf privileges or Priority Pass membership, its 0.5% reward rate is fair. A significant advantage is the inclusion of air travel-related insurance benefits, which are often not found in other entry-level cards, making it a decent unsecured alternative to secured credit builder cards.

Important Product Details

• Zero joining and annual fees.
• Earn 2 reward points for every Rs. 100 spent on all PoS and e-commerce transactions.
• Comprehensive travel insurance up to Rs. 8 lakhs.
• Interest-free credit period of up to 50 days.
• Easy EMI conversion facility through the Canara ai1 app.
• Complimentary domestic and international airport lounge access for self.
• Accepted domestically and internationally.
• Includes fraudulent charge cover up to Rs. 5,00,000.
• Baggage insurance and purchase protection cover each up to Rs. 25,000.

Other Details

• Maximum Credit Limit Per Month: Rs. 50,00,000/-
• Minimum Credit Limit: Rs 50,000/-
• Cash-Withdrawal Limit: 50% of the Credit Limit or ₹. 50,000/-, whichever is lower.
• All transaction types (ATM Cash Withdrawal, Point of Sale, E-Commerce) are allowed.
• International / Global usage can be activated through net banking / mobile banking or by visiting the base branch.
• Transaction limits can be set On/Off or adjusted through net banking / mobile banking or by visiting the base branch.
• Expected minimum annual turnover on the card is ₹. 50,000/- to avoid the inactivity fee.
• All other out-of-pocket expenses incurred for any services rendered will be collected in addition to the mentioned fees/charges.
• All fees and charges are subject to change at the discretion of the Bank. Any changes and their effective dates will be communicated through bills, Most Important Terms & Conditions (MITC), Bank site, SMS, or emails.
• A bill/statement will be generated only when there is a billable transaction for the billing month.
• Further details regarding User Manuals, Most Important Terms & Conditions (MITC), Credit Card Policy, Reward Points, and Credit Card Application forms are available from the bank.