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

Canara VISA Gold Credit Card

Introduction

The Canara VISA Gold Credit Card is a versatile card offering a host of features including an interest-free credit period of up to 50 days, global acceptance, and the convenience of EMI conversion via the Canara ai1 app. It stands out with zero annual, joining, and enrolment fees, making it an accessible option for many. Cardholders can earn reward points on every PoS and e-commerce transaction and benefit from various insurance covers.

Fees

• Enrollment Fee: NIL
• Annual Fee: NIL
• Card Inactivity Fee: ₹150/- (Applicable only if the card turnover during the card year is less than ₹25,000/-)
• Free Credit Period: Minimum of 20 to a maximum of 50 days.
• Interest Rate beyond Credit Period / Charges on Revolved Amount: 2.50% per month (Annualized Percentage Rate 30%) for all outstanding amounts.
• Minimum Repayment on Revolving Credit (Minimum Amount Due - MAD): 5% of Total outstanding amount (Min. ₹100) + all applicable charges/fees/taxes + EMI (in cases of EMI availed by card holder) + over the limit amount (if any).
• Card Replacement Fee: ₹300/- per card (applicable for both primary and addon card).
• Foreign Currency Markup Fee: Up to 3% of the transaction amount (stated as lowest among Peer Banks).
• 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% 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 outstanding principle.
• 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.
  • Maximum reimbursement of ₹100/- for the billing month, applicable in the upcoming billing month if:
    • Card has 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 / 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 ₹1,000/- withdrawn 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 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% p.m. i.e. 30% per Annum) on 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.
• 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 Points Earning: 2 Points for every ₹100/- spent on PoS (Point of Sale) / E-Commerce transactions.
• Discounts and Offers:
  • Shop online and enjoy discounts.
  • Seasonal offers are available on Canara Cards.
  • Current Offers include GoIbibo discounts: 12% on Domestic flight bookings, 15% on Hotel bookings, 9% on Bus bookings, and 10% on Outstation Cabs.
• Insurance Benefits:
  • Fraudulent Charge Cover: ₹5,00,000/-.
  • Baggage Insurance: Up to ₹25,000.
  • Purchase Protection Cover: Up to ₹25,000.
  • Accident Cover (Air Accident): ₹8.00 lakhs for self and ₹4.00 lakhs for spouse.
  • Accident Cover (Other than Air Accident): ₹4.00 lakhs for self and ₹2.00 lakhs for spouse.

Rewards Redemption Guide

• Reward points can be redeemed as cashback or for goods purchased through www.canararewardz.com.

Card Eligibility Criteria

• Individuals: Must have an independent income with a minimum gross annual income of ₹2 lakh.
• Staff Members: Minimum annual gross income of ₹60,000/- and minimum net take-home salary of not less than ₹4,000/- per month.

Card Review

The Canara VISA Gold Credit Card is a solid option for individuals seeking a straightforward credit card with zero annual or joining fees and a significant interest-free credit period of up to 50 days. It offers universal acceptance and basic reward points on spending, making it suitable for everyday transactions. While it lacks premium benefits like lounge access, it provides substantial insurance coverage for fraudulent charges, baggage, purchase protection, and accidents, adding significant value. The card's low foreign currency markup is a plus for international travelers. However, users should be mindful of the inactivity fee if annual spending falls below ₹25,000 and the partial fuel surcharge waiver. This card is ideal for Canara Bank customers or individuals looking for a no-frills, secure, and globally accepted card with good insurance benefits and flexible EMI options for managing expenses.

Important Product Details

• Zero Annual, Joining, and Enrolment Fees.
• Interest-free credit period of up to 50 days.
• Offers easy EMI conversion via the Canara ai1 app.
• Globally accepted for various transaction types including ATM cash withdrawal, PoS, and e-commerce.
• Provides comprehensive insurance covers including fraudulent charge, baggage, purchase protection, and accident covers (air and non-air).
• Earns 2 reward points for every ₹100 spent on PoS/E-Commerce.
• Lowest forex markup fee among peer banks (3%).
• No lounge access benefit.
• An inactivity fee of ₹150/- is charged if annual turnover is less than ₹25,000/-.
• Fuel surcharge is applicable with a partial reimbursement cap.

Other Details

• Acceptance: Domestic & International acceptance.
• International/Global Usage Activation: Can be activated through net banking / mobile banking or by visiting the base branch.
• Transaction Control: All transaction types (ATM Cash Withdrawal/ Point of Sale / E-Commerce) can be made On/Off or limits can be set through net banking / mobile banking or by visiting the base branch.
• Maximum Credit Limit Per Month: ₹25,00,000.
• Cash-Withdrawal Limit: 50% of Credit Limit or ₹50,000/-, whichever is lower.
• Bill/statement will be generated only when there is a billable transaction for the billing month.