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

Introduction

The Canara Bank RuPay Select Credit Card, issued by Canara Bank, is positioned as a lifetime free credit card, making it an attractive option for individuals starting their credit journey or those seeking a card primarily for shopping. Its key differentiating benefits include complimentary domestic and international airport lounge access, comprehensive insurance coverage, cashback offers on utility bills and dining, and a competitive interest rate.

Fees

• Enrollment Fee: NIL
• Annual Fee: NIL
• Card Inactivity Fee: ₹300/- per annum, applicable if the card turnover during the card year is less than ₹1,00,000/-.
• Free Credit Period: Minimum of 20 to a maximum of 50 days.
• Charges on Revolved Amount (Interest Rate): 2.50% per month (Annualized Percentage Rate 30%).
• Minimum Repayment on Revolving Credit (Minimum Amount Due - MAD): 5% of the total outstanding amount (minimum ₹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 cards).
• Foreign Currency Markup: Upto 3% of the transaction amount.
• 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/-.
• 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 the outstanding principal.
• Surcharges:
  • Railway Tickets - Railway Counters: ₹30 + 2.5% of the transaction amount.
  • Railway Tickets - www.irctc.co.in: 1% of the transaction amount + all applicable taxes.
• Fuel Surcharges: 1% of the transaction value with a minimum fee of ₹10 + applicable taxes.
  • Maximum reimbursement of ₹100/- for the billing month.
  • Reimbursement conditions: Card must be used for a minimum of ₹2500/- for purchase transactions during the billing month, and minimum purchase of petrol & petroleum products per occasion (ticket size) is ₹400/-.
• Cash Withdrawal Facility: Available.
  • Transaction fee for cash withdrawal through Credit Card at Canara Bank ATMs: 3% of the transaction amount, subject to a minimum of ₹150/-, plus finance charges from the date of withdrawal till the date of payment.
  • General Cash Advance Charges: 3% of the advance, with a minimum of ₹30 per ₹1,000.
  • Use of other Bank ATMs attracts extra charges levied by the respective banks.
• 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 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.

Rewards

• Reward Points:
  • Earn 2 points for every ₹100/- transaction for purchases/payments (PoS / e-commerce).
  • The value of each point is ₹0.25/-.
• Cashback Offers (provided by NPCI):
  • Utility Bill Payment Services: 5% Cash back on payment of Utility Bills, applicable for both online and PoS terminals, capped at ₹50 per month.
  • Eating Places & Restaurants: 5% Cash Back Offer on Eating Places & Restaurants, capped at ₹50 per month.
• Complimentary Airport Lounge Access:
  • Domestic Airport Lounge Access: 2 complimentary access per quarter for self. Covers 30 Lounges across 11 cities in India.
  • International Airport Lounge Access: 2 complimentary access per year for self. Covers 500+ Lounges across 300+ cities worldwide.
• Insurance Benefits:
  • Personal Accident Death Cover (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: Zero liability protection for unauthorized transactions in excess of ₹1000 from the time of reporting the loss of the card.
  • Baggage Insurance: Up to ₹25,000.
  • Purchase Protection Cover: Up to ₹25,000.
• Concierge Services: 24X7 Assistance for Referral and Reservation Services including Hotel, Dining, Car Rental, and International Travel.
• Merchant Offers: Exclusive Merchant Offers and Discounts at select Online and POS merchants provided by NPCI from time to time.
• Other Features:
  • Upto 50 days of interest-free credit.
  • Easy EMI Conversion through the Canara ai1 app.
  • ATM Cash Withdrawal & other non-financial services.
  • Global validity and acceptance.
  • International/Global usage can be activated through net banking/mobile banking or by visiting the base branch.
  • Revolving credit facility available.
  • Repayment facility through alternate banking channels.
  • Credit Card Limit: Ranges from ₹1 lac to ₹50 lacs.

Rewards Redemption Guide

• You can redeem your collected Reward Points for purchasing goods and services and for cashback.
• To redeem your Reward Points, log in to Canararewardz.
• 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

• Independent income with a minimum of ₹10 lakh gross per annum for individuals.
• The applicant should be 21 years old or older.
• The applicant should have a stable source of monthly income (salaried and self-employed people 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

The Canara Bank RuPay Select Credit Card is a lifetime free credit card that offers a high reward rate and the flexibility to encash Reward Points against your card's outstanding balance. It is a good pick for individuals who are new to credit cards and primarily intend to use them for shopping.

Pros

• Lifetime free credit card with no joining or annual fee.
• Low interest rate of 2.5% per month.
• Offers a high reward rate on transactions.
• Allows encashment of Reward Points against outstanding balance.
• Provides complimentary domestic and international lounge access.
• Includes comprehensive insurance benefits.

Cons

• Does not offer any specific dining or entertainment benefits beyond general cashback.
• The foreign currency markup fee of up to 3% is relatively high.

Important Product Details

• This is a lifetime free credit card with no joining or annual fee.
• Cardholders receive 2 complimentary domestic airport lounge accesses every quarter.
• Cardholders receive 2 complimentary international airport lounge accesses every year.
• Insurance benefits include air accident cover up to ₹8 lakhs for self, and a RuPay Insurance Program offering ₹10 lakhs cover for death due to personal accident and permanent disability.
• The interest rate for this card is a low 2.5% per month (30% annually).
• Earn 2 Reward Points for every ₹100 spent on transactions, with each point valued at ₹0.25.
• Cashback offers include 5% on utility bill payments and 5% on eating places & restaurants, both capped at ₹50 per month.
• A foreign currency markup fee of up to 3% applies to international transactions.
• An inactivity fee of ₹300 is charged if the annual turnover is less than ₹1,00,000.

Other Details

• Merchant offers, concierge services, and additional features provided by NPCI may vary from time to time.
• Details of NPCI Offers can be referred to on the RuPay website.
• Application forms for the credit card are available in both English and Hindi.
• Most Important Terms & Conditions (MITC) and the Credit Card Policy documents are available for reference.
• A bill/statement will be generated only when there is a billable transaction for the billing month.
• All fees and charges are subject to change at the discretion of the Bank, with intimation provided through bills, MITC, bank website, SMS, or emails.