This article provides a concise overview of the prominent features, eligibility prerequisites, and the application procedure for Canara Bank’s CLASSIC VISA INDIVIDUAL CREDIT CARD.
Features of Canara Bank – CLASSIC VISA INDIVIDUAL CREDIT CARD:
Main features:
- Get an interest-free credit period of up to 50 days.
- Convenient EMI conversion available through Canara Saathi and Canara ai1 app.
- Shop seamlessly at Point of Sale (PoS) in Merchant Outlets.
- Access online shopping with exciting discounts.
- Acceptance at both domestic and international locations.
- No annual, joining, or enrollment fees.
- Earn rewards points for every PoS or e-commerce transaction.
Additional Features:
- Monthly Maximum Credit Limit: ₹5,00,000
- Cash Withdrawal Limit: 50% of Credit Limit or ₹50,000 (whichever is lower)
- Cash Withdrawal Charges: ₹30 per ₹1000 withdrawn
- Interest-Free Credit Period: Up to 50 days until the next Payment Due Date
- Interest Rate Beyond Credit Period: 2.5% per month or 30% per annum on outstanding amounts
- Reward Points: Earn 2 Points for every ₹100 spent on POS/E-commerce
- Markup Fee: 3% on Forex Transactions (Lowest among Peer Banks)
- Reward Points Redemption: Cashback or Goods Purchase via www.canararewardz.com
- Expected Minimum Annual Turnover on Card: ₹12,000
- Inactivity Fee (If annual Turnover is not met): ₹100
- Fraudulent Charge Cover: Up to ₹2,00,000
- Baggage Insurance: Up to ₹25,000
- Purchase Protection Cover: Up to ₹25,000
- Accident Cover (Air Accident): ₹4.00 lakhs for self, ₹2.00 lakhs for spouse
- Accident Cover (Other than Air Accident): ₹2.00 lakhs for self, ₹1.00 lakh for spouse
- EMI Conversion: Easy EMI Conversion through Canara Saathi
- EMI Conversion Charges: Minimum: ₹100, 2% of Transaction Value, Maximum: ₹200
- EMI Rate: 13% p.a. for below 1 Year (3, 6, 9 months), 14% p.a. for 1 Year & Above (12, 18, 24 months)
- Other Offers: Seasonal Offers available on Canara Cards, Current Offers: GoIbibo Discounts for Domestic Flight Bookings (12%), Hotel Bookings (15%), Bus Bookings (9%), Outstation Cabs (10%)
Eligibility for Canara Bank – CLASSIC VISA INDIVIDUAL CREDIT CARD:
To discover if you qualify for this exceptional credit card, explore the eligibility criteria designed for both salaried individuals and self-employed professionals below.
For Salaried:
- Individuals need to have an independent income of at least Rs.1 lakh gross per annum.
- Staff members must have a minimum annual gross income of Rs.60,000 and a net take-home salary not less than Rs.4,000 per month.
For Self-employed:
- Individuals need to have an independent income of at least Rs.1 lakh gross per annum.
- Staff members must have a minimum annual gross income of Rs.60,000 and a net take-home salary not less than Rs.4,000 per month.
Fees for Canara Bank – CLASSIC VISA INDIVIDUAL CREDIT CARD:
- Enrollment Fee: None
- Annual Fee: None
- Card Inactivity Fee: Only applicable if card turnover during the card year is below Rs. 12,000 – Rs. 100/-
- Free Credit Period: Ranges from a minimum of 20 days to a maximum of 50 days
- Charges on Revolved Amount: 2.50% per month (Annual Percentage Rate: 30%) for all other credit cards
- Minimum Repayment on Revolving Credit (Minimum Amount Due – MAD): 5% of the total outstanding amount or minimum Rs. 100, plus applicable charges/fees/taxes, EMI, and over-the-limit amount (if any)
- Card Replacement Fee: Rs. 300 per card (both primary and addon)
- Markup for Foreign Currency Transactions: Up to 3% of the transaction amount
- Duplicate Statement: Rs. 10 per page
- Cheque Dishonor Charges: Rs. 50
- EMI Processing Fee: 2% of transaction amount or a minimum of Rs. 100/- and a maximum of Rs. 200/-
- Interest Rate on EMI: 13% p.a. for EMI periods of 3, 6, and 9 months, and 14% p.a. for EMI periods of 12, 18, and 24 months
- EMI Pre-closure Penal Charges: 2% of outstanding principal
- Surcharges: Vary for railway tickets and fuel purchases at petrol pumps
- Reimbursement for Fuel Surcharges: Maximum Rs. 100/- for the billing month, given certain conditions are met
- Cash Withdrawal Transaction Fee: 3% of the transaction amount, with a minimum of Rs. 30/- for every Rs. 1000 or part thereof
- Charge Slip Copy: Domestic Rs. 100/-, International US $10/- or equivalent
- Collection Charges for Outstation Cheques: Rs. 100 per instrument plus other bank charges if applicable
- Services Charges for Delayed Payment: Late payment fee of Rs. 250/- plus GST, additional to existing service charges
How to apply?
Click here to apply for the Canara Bank’s CLASSIC VISA INDIVIDUAL CREDIT CARD.
Note: The information presented here is sourced from publicly available data. We cannot be held responsible for any inaccuracies in the details. For the most current and accurate information, please visit the official website of the respective bank.