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

VISA Gold Secured Credit Card

Introduction

The VISA Gold Secured Credit Card offers a convenient banking experience with up to 50 days of interest-free credit and the flexibility of easy EMI conversion through the Canara ai1 app. It comes with zero annual, joining, and enrollment fees, making it an accessible option. Cardholders earn reward points on all Point of Sale (PoS) and e-commerce transactions and can enjoy domestic and international acceptance. The card also provides comprehensive insurance covers for fraudulent charges, baggage, purchase protection, and accidents.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Enrollment Fee: Nil
• Card Inactivity Fee: ₹150, applicable if the card turnover during the card year is less than ₹25,000.
• Interest Rate beyond Credit Period (for Secured Credit Cards): 2% per month or 24% per annum of the outstanding amount.
• Charges on Revolved Amount: 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: Up to 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 (minimum ₹10 + applicable taxes).
  • Maximum reimbursement of ₹100 for the billing month.
  • Reimbursement conditions: Card must be used for a minimum of ₹2,500 for purchase transactions during the billing month, and the minimum purchase of petrol & petroleum products per occasion (ticket size) must be ₹400.
• Transaction Fee for Cash Withdrawal (Canara Bank ATMs): 3% of the transaction amount, subject to a minimum of ₹30 for every ₹1,000 or part thereof.
• 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 for Overdues: ₹50 per notice.
• Services Charges for Delayed Payment (Late Payment Fee): ₹250 + GST. This is in addition to existing service charges (2.5% p.m. i.e., 30% per annum) on the carried over balance.
• General Fee Information:
  • 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 mentioned fees/charges.
  • All fees/charges are subject to change at the discretion of the Bank. Changes will be intimated via bills/MITC/Bank site/SMS/emails.

Rewards

• Reward Points: Earn 2 points for every ₹100 spent on Point of Sale (PoS) and e-commerce transactions.
• Other Offers: Seasonal offers are available on Canara Cards.
  • Current 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

• Reward points can be redeemed for cashback or goods purchases through the website www.canararewardz.com.

Important Product Details

• Positive Highlights:
  • Zero annual, joining, and enrollment fees.
  • Up to 50 days of interest-free credit.
  • Rewards points on all PoS/e-commerce transactions.
  • Domestic and International Acceptance.
  • Easy EMI conversion facility via the Canara ai1 app.
  • Competitive foreign currency markup fee of up to 3%.
  • Comprehensive insurance covers:
    • 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.
• Negative Highlights:
  • Lounge access is not available.
  • Cash withdrawal limit is 50% of the credit limit or ₹50,000, whichever is lower.
  • An inactivity fee of ₹150 is charged if the annual card turnover is less than ₹25,000.
  • High interest rates on revolved amounts and late payment fees apply for delayed payments.

Other Details

• Maximum Credit Limit Per Month: ₹25,00,000.
• Type of Transactions Available: ATM Cash Withdrawal, Point of Sale, and E-Commerce.
• Transaction Control: All transaction types (ATM Cash Withdrawal, PoS, E-Commerce) can be enabled/disabled or limits can be set through net banking / mobile banking or by visiting the base branch.
• International Usage Activation: International/Global usage can be activated through net banking / mobile banking or by visiting the base branch.
• ATM Cash Withdrawal & Other Non-Financial Services: Available.
• Expected Minimum Annual Turnover on Card: ₹25,000.
• Statement Generation: Bill/statement will be generated only when there is a billable transaction for the billing month.