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

Introduction

The Canara Rupay Platinum Credit Card, issued by Canara Bank, is positioned as an entry-level credit card offering a range of benefits without any joining or annual fees. It provides up to 50 days of interest-free credit, rewards points on all Point of Sale (PoS) and e-commerce transactions, and complimentary domestic airport lounge access. This card is designed for individuals looking for a basic yet comprehensive credit solution to build a strong credit profile.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Enrollment Fee: Nil
• Card Inactivity Fee: ₹. 200/- per year, 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 (Input 1 states this is the lowest among peer banks). Input 2 mentions 3.5% + taxes.
• Interest Rate beyond Credit Period (on Revolver 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 (Min. ₹. 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 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.
• Fuel Surcharges: 1% of transaction value with a minimum fee of ₹. 10 + applicable taxes.
  • Maximum reimbursement of Rs 100/- for the billing month, provided:
    • Card has 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/-.
• Cash Withdrawal Charges (at Canara Bank ATMs): 3% of transaction amount subject to a minimum of Rs. 150/- and finance charges from the date of withdrawal till the date of payment.
  • Input 1 also states ₹. 30/- Per ₹. 1000/- withdrawn.
  • Input 2 states 3% of the advance amount and is subject to a minimum of Rs. 30 per Rs. 1000.
• 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 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 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 the above listed charges exclude GST, and 18% GST will be charged extra.

Rewards

• Reward Points: Earn 2 reward points on every ₹. 100/- spent on Point of Sale (PoS) and e-commerce transactions.
• Interest-Free Credit Period: Up to 50 days of interest-free credit until the next Payment Due Date.
• Domestic Airport Lounge Access: 2 complimentary accesses per quarter, with a maximum of 4 per year.
• International Airport Lounge Access: Not available (NIL).
• Insurance Benefits:
  • 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 the primary cardholder and ₹. 4.00 lakhs for the spouse.
  • Accident Cover (Other than Air Accident): ₹. 4.00 lakhs for the primary cardholder and ₹. 2.00 lakhs for the spouse.
• EMI Conversion Facility: Easy EMI Conversion through the Canara ai1 app.
  • EMI Conversion Charges: Minimum ₹. 100/-, 2% of Transaction Value, and Maximum ₹. 200/-.
  • EMI Rate of Interest:
    • 13% p.a. for EMI periods below 1 Year (3, 6, 9 months).
    • 14% p.a. for EMI periods of 1 Year & Above (12, 18, 24 months).
• Other Offers: Seasonal offers are available on Canara Cards.

Rewards Redemption Guide

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

Card Eligibility Criteria

• Income Requirement: Independent income with a minimum of ₹. 3 lakh gross per annum for individuals.

Card Review

The Canara Rupay Platinum Credit Card is an entry-level offering from Canara Bank, suitable for individuals looking to establish or improve their credit profile. Its key strengths include zero joining and annual fees, making it an accessible option. The card offers a fair reward rate of 0.5% (2 reward points on every Rs. 100 spent) on PoS and e-commerce transactions. A significant advantage for an entry-level card is the inclusion of comprehensive insurance benefits, such as air accident cover (up to Rs. 8 lakhs for self), baggage insurance, and purchase protection, which are often not found in similar cards. While it lacks premium benefits like complimentary golf rounds or specific movie/dining offers, its core benefits and low cost make it a decent choice for everyday spending and as an unsecured alternative to secured credit builder cards.

Important Product Details

• Zero Annual, Joining, and Enrolment Fee.
• Up to 50 days of interest-free credit.
• Easy EMI Conversion through the Canara ai1 app.
• Allows ATM Cash Withdrawal and other non-financial services.
• Accepted for shopping at PoS at Merchant Outlets and online.
• Domestic & International Acceptance.
• Rewards Points for every PoS / e-commerce transaction.
• Complimentary Domestic Airport Lounge Access (2 per quarter, max 4 per year).
• Maximum Credit Limit Per Month: Rs. 50,00,000/-.
• Minimum Credit Limit: Rs. 50,000/-.
• Cash-Withdrawal Limit: 50% of Credit Limit or ₹. 50,000/-, whichever is lower.
• Fraudulent Charge Cover: ₹. 5,00,000/-.
• Baggage Insurance: Up to ₹. 25,000.
• Purchase Protection Cover: Up to ₹. 25,000.
• Air Accident Cover: ₹. 8.00 lakhs for self and ₹. 4.00 lakhs for spouse.
• Other Accident Cover: ₹. 4.00 lakhs for self and ₹. 2.00 lakhs for spouse.
• Expected minimum Annual Turnover on Card: ₹. 50,000/- to avoid inactivity fees.

Other Details

• International / Global usage can be activated through net banking / mobile banking or by visiting the base branch.
• All types of transactions 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.
• All fees and charges mentioned are exclusive of GST, and an additional 18% GST will be charged.
• Any other out-of-pocket expenses incurred for services rendered will be collected in addition to the stated fees/charges.
• Fees and charges are subject to change at the discretion of the Bank. Changes will be communicated through bills, Most Important Terms & Conditions (MITC), Bank website, SMS, or emails.
• A bill/statement will only be generated when there is a billable transaction for the billing month.
• Important documents like the User Manual, Most Important Terms & Conditions (MITC), Credit Card Policy, and Credit Card Application forms (English/Hindi) are available for reference.