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

Canara Bank RuPay Select Credit Card

Introduction

The Canara Bank RuPay Select Credit Card is a lifetime free credit card powered by the indigenous RuPay payment network. Designed for everyday spending and shopping, this card offers a low interest rate of 2.5% per month (30% annually) on revolved amounts, which can be particularly beneficial for cardholders. It features a robust rewards program, providing 2 Reward Points for every ₹100 spent, with each point valued at ₹0.25. Cardholders also benefit from significant personal accidental death and permanent disability insurance coverage, along with complimentary domestic and international airport lounge access. The card offers up to 50 days of interest-free credit, easy EMI conversion through the Canara ai1 app, and various cashback offers on utility bills and dining, making it a versatile choice for a broad range of users.

Welcome Benefits

• There are no specific welcome benefits mentioned for this credit card.

Fees

• Joining Fee: Nil (also referred to as Enrollment fee).
• Annual Fee: Nil.
• Card Inactivity Fee: ₹300 per annum, applicable only if the card turnover during the card year is less than ₹1,00,000/-.
• Rewards Redemption Fee: Nil.
• Foreign Currency Markup:
  • Up to 3% of the transaction amount.
  • Mentioned as 3.5% in one review section.
• Interest Rates:
  • Charges on Revolving Amount: 2.50% per month (Annualized Percentage Rate 30%).
  • Rate of Interest on EMI: 13% per annum for EMI periods of 3, 6, and 9 months.
  • Rate of Interest on EMI: 14% per annum for EMI periods of 12, 18, and 24 months.
• Fuel Surcharge:
  • 1% of transaction value with a minimum fee of ₹10 plus applicable taxes.
  • Maximum reimbursement of ₹100 per billing month, subject to the following conditions:
    • 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.
  • Use of other Bank ATMs attracts extra charges levied by the respective banks.
• Card Replacement Fee: ₹300 per card (applicable for both primary and add-on cards).
• Minimum Repayment on Revolving Credit (Minimum Amount Due - MAD): 5% of Total outstanding amount (Minimum ₹100) + all applicable charges/fees/taxes + EMI (in cases of EMI availed by card holder) + over-the-limit amount (if any).
• Duplicate Statement: ₹10 per page.
• Cheque Dishonor Charges or Unsuccessful Payment Instructions: ₹50.
• EMI Processing Fee: 2% of the transaction amount, with a minimum of ₹100 and a maximum of ₹200.
• EMI Pre-closure Penal Charges: 2% of outstanding principal.
• 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 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): Late payment fee of ₹250 + GST will be charged. This is in addition to existing service charges (2.5% per month, i.e., 30% per annum) on the carried-over balance.
• All the above listed charges exclude 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.
• 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.

Rewards

• Reward Rate:
  • Earn 2 Reward Points for every ₹100 transaction on purchases and payments made via PoS / e-commerce.
  • Value of each Reward Point is ₹0.25.
• Movies & Entertainment: No specific movie benefits are mentioned.
• Dining:
  • 5% Cash Back Offer on Eating Places & Restaurants, capped at ₹50 per month.
  • No other specific dining benefits are mentioned.
• Travel:
  • Domestic Airport Lounge Access:
    • 2 complimentary lounge visits per quarter for self.
    • Two free access per quarter, covering 30 lounges across 11 cities in India.
  • International Airport Lounge Access:
    • 2 complimentary lounge visits per year for self.
    • Two free access per year, covering 500+ lounges across 300+ cities worldwide.
• Golf: No golf benefits are currently provided on this card.
• Insurance Benefits:
  • Complementary Insurance Benefits (for card holder and spouse):
    • AIR Accident: ₹8.00 lakhs for self, ₹4.00 lakhs for spouse.
    • Other than Air Accident: ₹4.00 lakhs for self, ₹2.00 lakhs for spouse.
  • RuPay Insurance Program (provided by NPCI): ₹10.00 lacs cover for Death due to Personal Accident and Permanent Disability.
  • Lost Card Liability: Coverage for liability in excess of ₹1,000 from the time of reporting the loss of the Card. Zero liability protection is provided for unauthorized transactions exceeding ₹1,000 post reporting the loss. For transactions made prior to the time of reporting, the liability lies solely with the card member.
  • Baggage Insurance: Up to ₹25,000.
  • Purchase Protection Cover: Up to ₹25,000.
• Lifestyle:
  • Exclusive Merchant Offers.
  • Offers/Discounts at select Online and POS merchants provided by NPCI from time to time.
  • 5% Cash back on payment of Utility Bills applicable for both online and PoS terminals, capped at ₹50 per month.
• Concierge Services:
  • 24x7 Concierge Services.
  • 24x7 Assistance for Referral and Reservation Services covering Hotel, Dining, Car Rental, and International Travel.

Rewards Redemption Guide

• You can redeem your collected Reward Points for purchasing goods and services, as well as for cashback.
• To redeem your Reward Points, log in to the Canararewardz portal (canararewardz.com).
• The value of each Reward Point is ₹0.25.
• The minimum redeemable Reward Point limit for cashback is 1,000 Reward Points.
• The minimum redeemable Reward Point limit for the purchase of goods and services is 100 Reward Points.
• The validity period for redeeming accumulated Reward Points is 3 years from the date of accrual.

Card Eligibility Criteria

• Eligibility Rules:
  • For individuals: Must have an independent income with a minimum of ₹10 lakh gross per annum.
  • For staff members: Minimum annual gross income of ₹60,000 and minimum net take-home salary of not less than ₹4,000 per month.
  • The applicant should be 21 years old or older.
  • The applicant should have a stable source of monthly income (salaried and self-employed individuals are eligible).
  • The applicant should have a decent credit history.
• Documents Required:
  • Identity Proof: PAN Card, Aadhaar Card, Voter ID, Passport, or Driving Licence.
  • Address Proof: Aadhaar Card, Voter ID, Passport, Driving Licence, Rent agreement, Utility bills, Municipal or property tax receipt, House allotment letter issued by central or state government.
  • Income Proof:
    • For salaried employees: Salary slip of the last two months & bank statement showing salary credits.
    • For self-employed individuals: Latest ITR (Income Tax Return).

Card Review

• Overall Verdict: The Canara Bank RuPay Select Credit Card is a suitable choice for individuals new to credit who primarily intend to use their credit card for shopping. It offers a very competitive reward rate and the flexibility to encash Reward Points against the card’s outstanding balance, a feature not commonly found with many other credit cards in the market.
• Pros:
  • The interest rate for this card is low (2.5% per month).
  • It is a lifetime free credit card, with no joining or annual fees.
• Cons:
  • Does not offer any specific dining or entertainment benefits beyond general cashback offers.
  • The Forex markup fee is relatively high (3% to 3.5%).

Important Product Details

• This card comes with zero joining and annual fees, making it a lifetime free credit card.
• Earn 2 Reward Points for every ₹100 spent on transactions, with each point valued at ₹0.25.
• Enjoy 2 complimentary domestic airport lounge accesses every quarter.
• Benefit from 2 complimentary international airport lounge accesses every year.
• Comprehensive insurance benefits include air accident insurance up to ₹8 lakhs for the primary cardholder and ₹4 lakhs for the spouse, along with baggage and purchase protection up to ₹25,000 each. An additional RuPay insurance program offers ₹10 lakhs cover for Death due to Personal Accident and Permanent Disability.
• A low interest rate of 2.5% per month (30% annually) is charged on revolved amounts.
• Cardholders can avail up to 50 days of interest-free credit.
• Receive 5% cashback on utility bill payments and 5% on dining expenses, each capped at ₹50 per month.

Other Details

• Credit Card Limit: Ranges from ₹1 lakh to ₹50 lakhs. The minimum credit limit is ₹1,00,000/-, and the maximum limit is ₹50,00,000/-.
• Free Credit Period: Minimum of 20 days to a maximum of 50 days.
• Acceptance: The card offers Domestic & International Acceptance.
• Global Usage Activation: International/Global usage can be activated through net banking, mobile banking, or by visiting the base branch.
• Easy EMI Conversion: Available through the Canara ai1 app.
• ATM Cash Withdrawal: Available for cash withdrawals and other non-financial services.
• Revolving Credit Facility: Available.
• Repayment Facility: Repayment can be made through alternate banking channels.
• Application Process:
  • You can apply by visiting your nearest Canara Bank branch with all the required documents and filling out the physical application form.
  • Alternatively, download the application form from the bank’s official website (under ‘Personal Banking’ -> ‘Card Services’ -> ‘Credit Cards’ -> ‘Application forms’ section, available in Hindi/English). Fill it, attach all required documents, and submit it to your nearest branch.
• Merchant offers/concierge services/additional features provided by NPCI may vary from time to time.
• Bill/statement will be generated only when there is a billable transaction for the billing month.
• Further details can be found via links to the User Manual, Most Important Terms & Conditions (MITC) for Canara Credit Card, Credit Card Policy 2023-24, and the Rewards Points website.