Canara Bank Rupay Platinum Secured Credit Card – Benefits, Fees & Eligibility

RuPay Platinum Secured Credit Card

The RuPay Platinum Secured Credit Card offers a blend of essential features and benefits, including an interest-free credit period of up to 50 days and widespread domestic and international acceptance. A notable advantage is the waiver of annual, joining, and enrolment fees, making it a cost-effective option for cardholders. It provides rewards points on every PoS and e-commerce transaction, alongside complimentary airport lounge access and comprehensive insurance coverage, enhancing both convenience and security for its users.

Welcome Benefits

• Zero Annual, Joining, and Enrolment Fees.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Enrollment Fee: Nil
• Card Inactivity Fee: ₹. 200/- (applicable if the card turnover during the card year is less than ₹. 50,000/-)
• Interest Rates:
  • Interest Free Credit Period: Upto 50 days (minimum of 20 days)
  • Interest Rate beyond Credit Period (Charges on Revolved Amount): 2.50% p.m. (Annualized Percentage Rate 30%) for outstanding amounts.
  • 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.
• Foreign Currency Markup: Upto 3% of transaction amount.
• Cash Advance Charges (Cash Withdrawal Charges):
  • ₹. 30/- Per ₹. 1000/- withdrawn.
  • Transaction fee for cash withdrawal at Canara Bank ATMs: 3% of the transaction amount, subject to a minimum of ₹. 30/- for every ₹. 1000/- or part thereof.
  • Use of other Bank ATMs attracts extra charges levied by 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.
• Card Replacement Fee: ₹. 300/- per card (applicable for both primary and add-on cards).
• Duplicate Statement Fee: ₹. 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.
  • Fuel Surcharges: 1% of transaction value with minimum fee of ₹. 10 + applicable taxes. A maximum of ₹. 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/-.
• 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 ₹. 250/- + GST will be charged, in addition to existing service charges (2.5% p.m. i.e., 30% per Annum) on carried over balance.
• All the above listed charges are exclusive of GST, and 18% GST will be charged extra.
• All other out-of-pocket expenses incurred for any services rendered will be collected in addition to the fees/charges mentioned above.

Rewards

• Reward Points: Earn 2 Points for every ₹. 100/- spent on PoS / E-Commerce transactions.
• Complimentary Airport Lounge Access:
  • Domestic Airport Lounge Access: 2 per Quarter for Self.
  • International Airport Lounge Access: 2 per Year for Self.
  • Lounge access is available at selected lounges.
• Insurance Benefits:
  • Fraudulent Charge Cover: ₹. 5,00,000/-
  • Baggage Insurance: Upto ₹. 25,000
  • Purchase Protection Cover: Upto ₹. 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
• Other Offers: Seasonal Offers are available on Canara Cards.
• Shop online and enjoy discounts.

Rewards Redemption Guide

• Reward Points can be redeemed for Cashback or Goods Purchase through www.canararewardz.com.

Card Eligibility Criteria

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

Card Review

The RuPay Platinum Secured Credit Card is a solid offering for individuals seeking a secured credit card with no annual or joining fees and a host of essential benefits. Its appeal lies in the complimentary lounge access and comprehensive insurance coverage, which add significant value for everyday use and travel.

Who should apply

• Individuals looking for a credit card with zero annual or joining fees.
• Travelers who can benefit from complimentary domestic and international airport lounge access.
• Customers seeking a card with inherent insurance benefits for fraud, baggage, purchase protection, and accidents.
• Those who prefer a card with domestic and international acceptance and easy EMI conversion options.
• Canara Bank staff members who meet the specific, lower income eligibility criteria.

Pros

• No Annual, Joining, or Enrolment Fees.
• Up to 50 days of interest-free credit.
• Complimentary airport lounge access, including 2 domestic per quarter and 2 international per year.
• Attractive insurance covers: ₹. 5 lakhs fraudulent charge, ₹. 25,000 baggage, ₹. 25,000 purchase protection, and accident cover up to ₹. 8 lakhs (air accident) for self.
• Domestic & International Acceptance, with global usage activation via digital channels or branch visit.
• Easy EMI conversion through the Canara ai1 app.
• Competitive foreign currency markup fee of 3%, stated as "Lowest among Peer Banks".
• Opportunity to earn reward points on all PoS/e-commerce transactions.

Cons

• An inactivity fee of ₹. 200/- is charged if the annual card turnover is less than ₹. 50,000/-.
• High cash withdrawal charges (3% of the transaction amount or ₹. 30 per ₹. 1000).
• Fuel surcharge waiver is capped at ₹. 100/- per month and requires specific minimum transaction amounts and monthly spend.
• Interest rate of 2.5% per month (30% per annum) on revolved amounts.
• The reward rate of 2 points per ₹. 100 spent is standard, but not exceptionally high.

Important Product Details

• Key Highlights:
  • Zero Annual, Joining, and Enrolment Fees.
  • Upto 50 days of interest-free credit period.
  • 2 complimentary domestic airport lounge accesses per quarter for self.
  • 2 complimentary international airport lounge accesses per year for self.
  • Earn 2 Reward Points for every ₹. 100/- spent on PoS / E-Commerce transactions.
  • Extensive insurance benefits including ₹. 5,00,000 fraudulent charge cover, ₹. 25,000 baggage insurance, ₹. 25,000 purchase protection cover, and accident cover up to ₹. 8.00 lakhs for self (air accident).
  • Maximum credit limit of ₹. 50,00,000/- and minimum limit of ₹. 50,000/-.
  • Domestic & International Acceptance, with international/global usage activatable via net banking/mobile banking or base branch.
  • Easy EMI conversion through Canara ai1 app.
• Key Considerations:
  • An inactivity fee of ₹. 200/- is applied if the annual card turnover falls below ₹. 50,000/-.
  • Cash-Withdrawal Limit is 50% of the Credit Limit or ₹. 50,000/-, whichever is lower.
  • Cash withdrawal fees are 3% of the transaction amount (minimum ₹. 30/- for every ₹. 1000 or part thereof).
  • A foreign currency markup fee of 3% applies to forex transactions.
  • Interest rate on outstanding revolved amounts is 2.5% per month (30% per annum).
  • EMI conversion processing fees and pre-closure penal charges are applicable.
  • Fuel surcharge reimbursement is capped at ₹. 100/- per month and requires specific monthly spending and per-transaction minimums.

Other Details

• All transaction types, including ATM Cash Withdrawal, Point of Sale, and E-Commerce, are permitted. These transaction types can be switched On/Off, or limits can be set through net banking / mobile banking or by visiting the base branch.
• The Minimum Amount Due (MAD) on Revolving Credit facility is 5% of the Total outstanding amount (minimum ₹. 100) + all applicable charges/fees/taxes + EMI (if availed) + any over-the-limit amount.
• Easy EMI Conversion is available through the Canara ai1 app.
• Bill/statement will be generated only when there is a billable transaction for the billing month.
• All fees / charges are subject to change at the discretion of the Bank. Modifications in fees/charges and their effective dates will be indicated in bills, Most Important Terms & Conditions (MITC), Bank site, SMS, or emails. Intimation on any such modification will be provided to the customer through SMS/emails.
• All transactions exclude GST, and 18% GST will be charged extra.