Canara Bank Credit Card

Given below are the key features of Canara Bank credit cards:

• The Cards issued by default are for domestic and global usage. The Global cards are issued only on customer request.
• The card is offered to resident individuals having a minimum gross income of Rs.1 lakh p.a. only.
• The spending limit on the card will be decided as per the income level of the customer which is up to 30% of the gross annual income. However, this is at the sole discretion of the Bank.
• The cash withdrawal limit on the cards is up to 50% of the card limit or Rs. 50,000 whichever is higher. The charges for cash withdrawal are Rs. 30 per thousand or Rs. 30 whichever is higher.
• The free credit period offered on Canara Bank credit card is 20 days to 50 days.
• Customer may enjoy the Cash withdrawal facility at any Canara Bank ATM or other Bank ATMs.
• For cash withdrawal, no Interest is charged, if the same is paid within the due date.
• Minimum payment amount per bill is only 5% of the total billed amount with a minimum payment of Rs. 100 and customer may carry forward the remaining amount. However, the due payment which is carried over from the previous bill will attract 2.5% p.m. as interest charges.
• The cards come with free accidental Insurance for self and spouse against the perils of accidental death.
• In the event of lost card, the protection liability is limited to Rs. 1,000 only from the time of reporting.
• Nil charges for card replacement in the event of mutilation or loss of card.
• Free SMS alerts on the registered mobile number for all transactions to keep a track on spending and the limit balances.
• Worthwhile Reward points earning in the Canara Bank credit cards.
• Manifold payment options Credit Card due amount.

Canara Bank offers Visa Credit Cards, Mastercard credit card and corporate credit card. The Visa Cards are offered in two variants- Classic and Gold. Cards in association with Mastercard also come in three variants- Standard, Gold and World.

1. Canara Bank Visa Credit Card

Two types of Visa Credit Cards are offered by Canara Bank-

Classic Credit Card

This is a basic level credit card offered with standard facilities to meet the moderate lifestyle needs of a customer. The salient features of a Visa Classic credit card are:

• Available to resident individuals with minimum annual income as Rs 1 lakh.
• The minimum card limit offered is Rs 10,000 but it may be proportionately enhanced as per income of customer as a maximum 30% of the annual income or Rs 3 lakhs whichever is higher.
• Zero enrollment charges
• Free credit period up to 50 days
• Minimum payment due is 5% of the net bill amount
• Cash advance limit is 50% 0f the net credit limit
• Cash withdrawal facilities available at all Canara Bank ATMs
• 2 reward points on every Rs.100 spent. Each reward point carries a value of Rs. 0.25
• Free insurance cover against all risk of death due to accident, loss of baggage while travelling and the liability occurred due to loss of card
• The sum insured for accidental death in air crash is Rs. 4 lakh and 2 lakh for self and spouse respectively
• For accidental death due to other reasons, the sum insured is Rs. 2 lakh and 1 lakh for self and spouse respectively.
• The billing date is 20th of every month and the payment due date is 10th of next month

Gold Credit Card

This a premium class credit card offered to the high-end customers who want to enjoy best-in-class services and luxurious lifestyle needs. The key features of Visa Gold Credit card are:

• Enhanced security features with integrated EMV chip and are PIN-enabled card to meet the international security standards
• One time issuance charges of Rs 250 plus service tax
• The card is offered to resident individuals with a minimum annual income of Rs. 2 lakh
• The default card limit is 50% of the annual income, subject to the discretion of the bank
• Nil enrollment fees
• Free credit period of up to 50 days
• Minimum payment due is 5% of the net bill amount.
• Cash advance limit is 50% of the net credit limit.
• Cash withdrawal facilities available at all Canara Bank ATMs
• 2 reward points on every Rs. 100 spent. Each reward point carries a value of Rs. 0.25
• Free insurance cover against all risk of death due to accident, loss of baggage while travelling and the liability occurred due to loss of card
• The sum insured for accidental death in air crash is Rs. 8 lakh and Rs. 4 lakh for self and spouse respectively
• For accidental death due to other reasons, the sum insured is 4 lakh and 2 lakh for self and spouse respectively
• The billing date is on the 20^th of every month and the payment due date is 10^th of next month

2. Canara Bank Mastercard Credit Cards

Given below are the features of all Mastercard credit cards offered by Canara Bank:

Master Card Standard Credit Card

The Key features of Master Card standard cards are-

• Available to resident individuals with minimum annual income as Rs 1 lakh
• The minimum card limit offered is Rs 10,000. However, it may be proportionately enhanced as per income of customer as a maximum 30% of the annual income or Rs 3 lakhs whichever is higher
• Zero enrollment charges
• Free credit period up to 50 days
• Minimum payment due is 5% of the net bill amount
• Cash advance limit is 50% of the net credit limit
• Cash withdrawal facilities are available at all Canara Bank ATMs
• 2 reward points on every Rs. 100 spent. Each reward point carries a value of Rs. 0.25
• Free insurance cover against all risk of death due to accident, loss of baggage while travelling and any liabilities that occurred due to loss of the credit card
• The sum insured for accidental death in air crash is Rs. 4 lakh and Rs. 2 lakh for self and spouse respectively
• For accidental death due to other reasons, the sum insured is Rs. 2 lakh and Rs. 1 lakh for self and spouse respectively
• The billing date is the last calendar date of every month and the payment due date is 20th of next month

Mastercard Gold Credit Card

This a premium class credit card offered to the high-end customer who wants to enjoy best in class services and luxurious lifestyle needs. The key features of Visa Gold Credit card are:

• Enhanced security features with integrated EMV chip and are PIN-enabled card to meet the international security standard
• One time issuance charges of Rs 250 plus service tax
• The card is offered to resident individuals with a minimum annual income of Rs. 2 lakh
• The by default card limit is 50% of the annual income, however subject to the discretion of the bank
• Nil enrollment fees
• Free credit period up to 50 days
• Minimum payment due is 5% of the net bill amount
• Cash advance limit is 50% 0f the net credit limit
• Cash withdrawal facilities available at all Canara Bank ATMs
• 2 reward points on every Rs. 100 spend. Each reward point carries a value of Rs. 0.25
• Free insurance cover against all risk of death due to accident, loss of baggage while travelling and the liability occurred due to loss of card
• The sum insured for accidental death in air crash is Rs. 8 lakh and 4 lakh for self and spouse respectively
• For accidental death due to other reasons, the sum insured is 4 lakh and 2 lakh for self and spouse respectively
• The billing date is Last calendar date of every month and the payment due date is 20th of next month

Mastercard Global Credit Card

This is a high-end credit card issued on specific request with global usage and rich experience. Some of its features are:

• The card carries enhanced security features with integrated EMV chip and is PIN enabled to meet international security standards
• Option for add-on credit card available on request of existing Canara Bank Credit Card holder for immediate close relatives
• Other features are at par with the Gold credit card

3. Canara Bank Corporate Credit Card

• The corporate credit card is designed to meet the lifestyle needs of the Non Individual corporate patron such as public sector undertakings, partnership firms, chartered accountant firms, Public or private companies
• A separate card is issued to domestic usage and global usage
• The card is issued primarily to corporate who is an existing customer to Canara Bank with credit limits sanctioned as S1 and S2 status
• For companies which don’t have any relationship with Canara Bank, the card is issued on the discretion of the bank and proven track record
• Board Resolution in Bank’s format is mandatory for Pvt. Ltd or Public Ltd. Companies
• Apart from BR, the company’s formation documents such as MOA/ AOA etc are also required
• The limit sanctioned on the card is a consolidated limit which can be duly shared amongst the add-on cardholders
• The limit per card can be in multiples of 5,000, whereas the minimum limit is Rs 50,000/- and maximum Rs 100 lakh
• The billing date is 20th of every month and the payment due date is the 10th date of the succeeding month
• One single bill is created and it is in the company’s name

Canara Bank offers a multitude of payment options to its credit card holders. The payment can be done using either of the modes which include:

• Auto debit mandate in case the card holder has a Canara Bank savings account.
• NEFT or Electronic Fund Transfer facility wherein the card holder have to use the IFSC code as CNRB0001912 and their 16 digit canara bank credit card number as the Account number
• The payment can also be made through Cheque or demand draft for the payment dues. The cardholder can get a free Demand Draft issued from any of the Canara Bank branches for the payment of their card dues.
• Card holder can also clear their credit card dues through cash deposit at any of the Canara Bank branches.
• Every month the card holder receives his/her credit card’s consolidated statement at their registered address and email id well before the payment due date. Card holders may also be informed by SMS Alert about the payment due and due date for canara credit cards
• Any Non Payment of the due amount shall attract a charge of 2% + service tax on the outstanding balance plus service tax applicable.

The following eligibility criteria must be fulfilled by the applicant who wishes to apply for Canara Bank Visa Classic Credit Card or Mastercard Standard Global Credit Card:

• He/she must be a Resident Indian.
• He/she should have a satisfactory credit history and dealings.
• He/she should have a minimum income of Rs 1 Lakh per annum.

Along with a duly filled application form, the applicants should submit proof of identity, address and income.

Corporate credit card applicants need to submit the following documents-

• Board Resolution in the format prescribed by the Bank/Card Division.
• Constitution papers like Partnership deed in case of firms and Memorandum of Association and Articles of Association in case of companies.
• Financial statements of the company/firm for the last three years- profit and loss statement and balance sheet.
• Any other relevant constitution papers / financial papers

You can apply for Canara Bank credit card by visiting the nearest Canara Bank branch. When you visit the bank, make sure that you carry all your relevant documents. The bank does not offer an online application facility as of now.