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

Introduction

The Canara RuPay Select Secured Credit Card is a feature-rich card offering global acceptance and a substantial interest-free credit period of up to 50 days. Designed to provide comprehensive benefits, it includes extensive insurance coverage for the cardholder and their spouse, complimentary domestic and international airport lounge access, and 24X7 concierge services. Cardholders can also benefit from exclusive merchant offers, a robust rewards program, and cashback on utility bills and dining expenses, making it a versatile choice for a wide range of financial needs.

Welcome Benefits

• ₹500 Gift Voucher from Croma (Infiniti Retail Ltd.).
• Discount Coupon from Apollo Pharmacy.
• Snapdeal Offer: ₹100 off on the first two transactions.

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 days and maximum of 50 days.
• Charges on Revolved Amount: 2.50% per month (Annualized Percentage Rate 30%).
• Minimum Repayment on Revolving Credit (Minimum Amount Due - MAD): 5% of 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 addon card).
• Foreign Currency Markup: Up to 3% of transaction amount.
• 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% per annum for EMI periods of 3, 6, and 9 months.
  • 14% per annum for EMI periods of 12, 18, and 24 months.
• 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.
• Fuel Surcharges: 1% of transaction value with a 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:
  • The card must have been used for a minimum amount of ₹2500/- for purchase transactions during the billing month.
  • The minimum purchase of petrol & petroleum products per occasion (ticket size) for reckoning under this scheme is ₹400/-.
• Transaction Fee for Cash Withdrawal through Credit Card 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 the respective banks).
• 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 Having Overdues: ₹50/- per notice.
• Services Charges for Delayed Payment Beyond Due Date (Late Payment Fee): ₹250/- + GST will be charged, in addition to existing service charges (2.5% per month, i.e., 30% per annum) on carried over balance.
• All listed charges exclude GST; 18% GST will be charged extra.
• All other out-of-pocket expenses incurred for any services rendered will be collected in addition to the mentioned fees/charges.
• All fees/charges are subject to change at the discretion of the Bank. Changes in fees/charges and the effective date will be communicated via bills/MITC/Bank site/SMS/emails.
• A bill/statement will be generated only when there is a billable transaction for the billing month.

Rewards

• Reward Points:
  • Earn 2 points for every ₹100/- transaction for purchases/payments.
  • The value of each point is ₹0.25/-.
• Cash Back Offers (Provided by NPCI for RuPay Select Individual Credit Card):
  • 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, capped at ₹50 per month.
• Lounge Access:
  • Domestic Airport Lounge Access: Two free accesses per quarter for self. Covers 30 Lounges across 11 cities in India.
  • International Airport Lounge Access: Two free accesses per year for self. Covers 500+ Lounges across 300+ cities worldwide.
• Insurance Benefits:
  • Complimentary Insurance Benefits.
  • Insurance Cover for Death due to Personal Accident (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 for RuPay Select Individual Credit Card): ₹10.00 lakhs cover for Death due to Personal Accident and Permanent Disability.
  • Lost Card Liability: Coverage for losses in excess of ₹1000 from the time of reporting of card loss.
  • Baggage Insurance: Up to ₹25,000.
  • Purchase Protection Cover: Up to ₹25,000.
• Concierge Services: 24X7 Assistance including Referral and Reservation Services for Hotel, Dining, Car Rental, and International Travel.
• Merchant Offers: Exclusive Merchant Offers, including offers/discounts at select Online and POS merchants provided by NPCI from time to time.

Rewards Redemption Guide

• Information regarding rewards points can be found at https://credit.canararewardz.com/.

Card Eligibility Criteria

• For Individuals: 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.

Important Product Details

• Credit Card Limit: Ranges from ₹1 lakh to ₹50 lakhs.
• Global Validity: The card is valid globally.
• Revolving Credit Facility: Available.
• Repayment Facility: Available through alternate banking channels.
• International/Global Usage Activation: Can be activated through net banking, mobile banking, or by visiting the base branch.

Other Details

• Easy EMI Conversion is available through the Canara ai1 app.
• ATM Cash Withdrawal and other non-financial services are available.
• Merchant offers, concierge services, and additional features provided by NPCI may vary from time to time.