Canara Bank Visa Corporate Credit Card – Benefits, Fees & Eligibility

Canara Bank Visa Corporate Credit Card

The Canara Bank Visa Corporate Credit Card is designed to help businesses manage their expenses effectively, offering a robust financial tool for corporate spending. This card provides an interest-free credit period of up to 50 days and supports various transaction types including ATM cash withdrawals, Point of Sale (PoS) purchases, and e-commerce transactions, both domestically and internationally. It comes with important benefits like comprehensive insurance coverage for air accidents, baggage, fraudulent charges, and purchase protection, along with seasonal offers to save on travel and other expenses. While it focuses on essential business features and insurance, it does not offer a rewards program.

Fees

• Joining Fee (Main Card): ₹250 + GST
• Renewal Fee (Main Card): ₹250 + GST
• Annual Fee (Only for Add-on Cards): ₹400
• Spend-Based Waiver: Not applicable
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3% of the transaction amount. This is considered high.
• Interest Rates (beyond Credit Period): 2.50% per month, or an Annualized Percentage Rate (APR) of 30% on the outstanding amount.
• Cash Advance Charges: 3% of the transaction amount, subject to a minimum of ₹30 for every ₹1000 withdrawn or part thereof. Use of other bank ATMs attracts extra charges levied by respective banks.
• Fuel Surcharge: 1% of transaction value with a minimum fee of ₹10 + applicable taxes. A maximum of ₹100 per billing month will be reimbursed if:
  • The card has been used for a minimum of ₹2,500 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.
• Card Inactivity Fee (Main & Add-on): Nil
• Free Credit Period: Minimum of 20 days to a maximum of 50 days.
• 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.
• 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 Charges Slip:
  • If processed by the bank: USD 2.00 (approximate rupee equivalent charged).
  • If procured from other bank: USD 6.00 (approximate rupee equivalent 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, in addition to existing service charges (2.5% p.m. i.e. 30% per Annum) on carried over balance.
• Taxes: All listed charges exclude GST, and 18% GST will be charged extra.
• Other Expenses: All other out-of-pocket expenses incurred for any services rendered will be collected in addition to the fees/charges mentioned above.
• Changes to Fees: All fees/charges are subject to change at the discretion of the Bank. Changes will be indicated in bills/MITC/Bank site/SMS/emails.

Rewards

• Reward Points: Not Applicable / No Reward Points are provided on this card.
• Movies & Dining: Not applicable.
• Travel: Not applicable for general rewards, but seasonal offers are available.
• Domestic Lounge Access: Not available.
• International Lounge Access: Not available.
• Golf: Not applicable.
• Insurance Benefits:
  • Fraudulent Charge Cover: ₹2,00,000/-
  • Baggage Insurance: Up to ₹25,000
  • Purchase Protection Cover: Up to ₹25,000
  • Air Accident Cover:
    • ₹4,00,000 for self
    • ₹2,00,000 for spouse
  • Accident Cover (Other than Air Accident):
    • ₹2,00,000 for self
    • ₹1,00,000 for spouse
• Lifestyle: Seasonal Offers are available on Canara Cards.
• Current Seasonal Offers (Goibibo Discount Offer):
  • 12% discount on Domestic flight Bookings.
  • 15% discount on Hotel Bookings.
  • 9% discount on Bus Bookings.
  • 10% discount on Outstation Cabs.

Rewards Redemption Guide

• No reward points are provided with the Canara Bank Visa Corporate Credit Card; therefore, there is no specific rewards redemption guide for this card.

Card Eligibility Criteria

• Age: Applicant must be at least 21 years old and live in India.
• Firm's Annual Income: Minimum gross annual income of the firm should be ₹2 lakhs per annum.
• Add-on Cards: Corporate credit cards can be issued with at least one add-on card.
• Credit Limit:
  • Minimum limit: ₹50,000.
  • Maximum limit: ₹2,00,00,000 (₹2 crore).
  • The credit card limit shall be restricted to a maximum of 30% of the Gross annual Income of the firm.
  • Maximum cash limit per Add-on card is ₹25,000.
• Credit History: A good credit history is required to qualify.
• Documents Required: Proof of identity and proof of income must be provided with the application.

Card Review

The Canara Bank Visa Corporate Credit Card is a practical choice for businesses aiming to manage their financial expenses effectively. It offers a structured approach to corporate spending with a joining fee of ₹250 + taxes and a renewal fee of ₹250 + taxes for the main card, and ₹400 annual fee for add-on cards. A significant advantage of this card is its comprehensive insurance benefits, including coverage for air accidents for both the cardholder and spouse, baggage insurance, purchase protection, and fraudulent charge cover. Cardholders also benefit from a 1% fuel surcharge waiver on transactions, subject to specific monthly spending and per-transaction limits, and seasonal travel offers through partners like Goibibo. However, a notable drawback is the absence of a rewards program, which might be a deal-breaker for businesses seeking to earn points or cashback on their expenses. Additionally, the 3% foreign currency markup fee is on the higher side, making it less ideal for businesses with frequent international transactions. Overall, it provides essential features and valuable insurance protection for day-to-day business operations but falls short on international travel benefits and reward earning potential.

Important Product Details

• Up to 50 days of interest-free credit period.
• Acceptance for domestic and international transactions at ATMs, PoS terminals, and e-commerce platforms.
• International/Global usage can be activated through net banking, mobile banking, or by visiting the base branch.
• All transaction types (ATM Cash Withdrawal, Point of Sale, E-Commerce) are allowed, with options to manage on/off status or set limits via net banking, mobile banking, or the base branch.
• Maximum credit limit per month can be up to ₹2,00,00,000.
• Cash withdrawal limit is 50% of the credit limit, with a maximum overall limit of ₹5.00 lakhs. Maximum cash limit per add-on card is ₹25,000.
• No reward points are offered on this card.
• Comes with robust insurance benefits including fraudulent charge cover (₹2 lakhs), baggage insurance (up to ₹25,000), purchase protection cover (up to ₹25,000), and accident covers (air accident: ₹4 lakhs for self, ₹2 lakhs for spouse; non-air accident: ₹2 lakhs for self, ₹1 lakh for spouse).
• Seasonal offers are available, such as discounts on domestic flights (12%), hotel bookings (15%), bus bookings (9%), and outstation cabs (10%) via Goibibo.
• A 1% fuel surcharge waiver is provided, with a maximum reimbursement of ₹100 per month under specific spending conditions.
• The foreign currency markup fee is 3%, which is considered high.

Other Details

• Bill/statement will be generated only when there is a billable transaction for the billing month.
• Intimation on any modification in fees/charges will be communicated to the customer through SMS/emails etc.