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

Canara Visa Signature Credit Card

The Canara Visa Signature Credit Card is designed to offer a premium experience with a focus on travel and rewards, without the burden of annual, joining, or enrolment fees. Cardholders can enjoy an interest-free credit period of up to 50 days, earn reward points on all PoS and e-commerce transactions, and benefit from complimentary domestic and international airport lounge access. The card also provides robust insurance coverage and easy EMI conversion options, making it a comprehensive financial tool for managing everyday expenses and special purchases.

Fees

• Enrollment Fee: Nil
• Annual Fee: Nil
• Joining Fee: Nil
• Card Inactivity Fee: ₹1000/- (Applicable if the card turnover during the card year is less than ₹200,000/-)
• Foreign Currency Markup: Up to 3% of the transaction amount on Forex Transactions (noted as lowest among peer banks).
• Interest 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%) of the outstanding amount for Unsecured Credit Cards. This applies where the cardholder has been permitted Revolving Credit facility and only the minimum due amount is paid.
• Cash Advance Charges (Transaction fee for cash withdrawal): 3% of the transaction amount, subject to a minimum of ₹30/- for every ₹1000/- or part thereof, at Canara Bank ATMs. (Use of other Bank ATMs attracts extra charges levied by the respective banks.)
• 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 principle.
• Fuel Surcharges (Petrol & all products/services sold at petrol pumps):
  • 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, provided:
    • The card has 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/-.
• Surcharges for Railway Tickets:
  • Railway Counters: ₹30 + 2.5% of transaction amount.
  • www.irctc.co.in: 1% of transaction amount + all applicable taxes.
• 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.
• 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 carried over balance.
• 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 is charged).
  • If Procured from other Bank: USD 6.00 (Approximate rupee equivalent is charged).
• Goods and Services Tax (GST): All the above listed charges are excluding 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/Charges: All fees/charges are subject to change at the discretion of the Bank. Changes will be intimated to customers through bills, MITC, Bank site, SMS, or emails.

Rewards

• Reward Points: Earn 2 Points for every ₹100/- spent on PoS (Point of Sale) / E-Commerce transactions.
• Airport Lounge Access:
  • Complimentary Domestic Airport Lounge Access: 3 per quarter.
  • Complimentary International Airport Lounge Access: 1 per quarter.
  • Lounge access is available at selected lounges.
• Insurance Coverage:
  • 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 the self and ₹4.00 lakhs for the spouse.
  • Accident Cover (Other than Air Accident): ₹4.00 lakhs for the self and ₹2.00 lakhs for the spouse.
• EMI Conversion Facility:
  • Easy EMI Conversion through the Canara ai1 app.
  • EMI Rate: 13% p.a. for periods below 1 Year (3, 6, 9 months), and 14% p.a. for 1 Year & Above (12, 18, 24 months).
• Other Offers: Seasonal Offers are available on Canara Cards.
• Discounts: Shop online and enjoy discounts.

Rewards Redemption Guide

• Reward points can be redeemed for Cashback or for Goods Purchase through www.canararewardz.com.
• Further details on reward points and redemption options are available at https://credit.canararewardz.com/.

Card Eligibility Criteria

• For Individuals: Must have an independent income with a minimum gross income of ₹10 Lakh per annum.
• For Staff Members: Minimum annual gross income of ₹60,000/- and a minimum net take-home salary of not less than ₹4,000/- per month.

Important Product Details

• Positive Highlights

  • Zero Annual, Joining, and Enrolment Fees.
  • Upto 50 days of interest-free credit period.
  • Complimentary domestic and international airport lounge access.
  • Rewards Points for every ₹100/- spent on PoS/E-commerce transactions.
  • Comprehensive insurance covers including Fraudulent Charge, Baggage, Purchase Protection, and Accident Covers (Air and Other than Air Accident) for self and spouse.
  • Competitive Foreign Currency Markup of 3%, noted as lowest among peer banks.
  • Easy EMI conversion through the Canara ai1 app with flexible interest rates.
  • Domestic & International Acceptance, with options to activate international usage and manage transaction types/limits via net banking, mobile banking, or branch visits.
  • Flexible credit limits ranging from a minimum of ₹150,000 to a maximum of ₹50,00,000.

• Negative Highlights

  • A Card Inactivity Fee of ₹1000/- is charged if the annual turnover is less than ₹200,000/-.
  • Cash withdrawal transactions incur charges (3% of transaction amount, minimum ₹30 per ₹1000).
  • An interest rate of 2.5% per month (30% per annum) is applied to revolved amounts.
  • Various processing fees and penal charges exist for EMI conversion and pre-closure.
  • Fuel surcharge benefit is capped at ₹100 reimbursement per month and is subject to specific spending conditions.
  • High eligibility criteria for individuals with a minimum gross annual income of ₹10 Lakh.
  • Additional surcharges apply for railway ticket bookings.

Other Details

• Transaction Types: All transactions are allowed, including ATM Cash Withdrawal, Point of Sale, and E-Commerce. These can be made On/Off or limits can be set through net banking, mobile banking, or by visiting the base branch.
• International Usage: International / Global usage can be activated through net banking, mobile banking, or by visiting the base branch.
• Minimum Credit Limit: ₹150,000 per month.
• Maximum Credit Limit: ₹50,00,000 per month.
• Cash-Withdrawal Limit: 50% of the Credit Limit or ₹50,000/-, whichever is lower.
• Minimum Repayment on Revolving Credit (Minimum Amount Due - MAD): 5% of the Total outstanding amount (minimum ₹100) + all applicable charges/fees/taxes + EMI (in cases of EMI availed by cardholder) + over-the-limit amount (if any).
• Statement Generation: A bill/statement will be generated only when there is a billable transaction for the billing month.
• Card Acceptance: Domestic & International Acceptance.