This article provides a concise overview of the prominent features, eligibility prerequisites, and the application procedure for Canara Bank’s STANDARD MASTERCARD INDIVIDUAL CREDIT CARD.
Features of Canara Bank – STANDARD MASTERCARD INDIVIDUAL CREDIT CARD:
Main features:
- Access up to 50 days of interest-free credit.
- Convenient EMI Conversion via Canara Saathi and Canara ai1 app.
- ATM cash withdrawal and other non-financial services available.
- Purchase at Point of Sale (PoS) in various merchant outlets.
- Enjoy discounts while shopping online.
- Use domestically and internationally.
- No annual, joining, or enrollment fees.
- Earn reward points for every PoS or e-commerce transaction.
Additional Features:
- All transactions allowed, including ATM cash withdrawal, Point of Sale, and E-commerce, with the option to set limits or toggle On/Off via net banking, mobile banking, or at the base branch.
- Acceptance both domestically and internationally.
- Maximum credit limit per month set at ₹5,00,000.
- Cash withdrawal limit: 50% of Credit Limit or ₹50,000, whichever is lower.
- Cash withdrawal incurs a charge of ₹30 per ₹1000 withdrawn.
- Enjoy an interest-free credit period of up to 50 days until the next Payment Due Date.
- A 2.5% monthly interest rate (or 30% per annum) applies beyond the credit period.
- No annual, joining, or enrollment fees.
- Lounge access not provided.
- Earn 2 points for every ₹100 spent on POS or E-commerce transactions.
- Forex transactions entail a 3% markup fee, among the lowest compared to peer banks.
- Redeem earned points for cashback or goods through www.canararewardz.com.
- Expected minimum annual turnover on the card: ₹12,000.
- An inactivity fee of ₹100 if the annual turnover requirement isn’t met.
- Coverage of up to ₹2,00,000 for fraudulent charges.
- Baggage insurance and purchase protection cover up to ₹25,000 each.
- Accident cover for air accidents: ₹4.00 lakhs for self, ₹2.00 lakhs for spouse.
- Accident cover for incidents other than air accidents: ₹2.00 lakhs for self, ₹1.00 lakh for spouse.
- Easy EMI conversion through Canara Saathi.
- EMI conversion charges range from a minimum of ₹100 to a maximum of 2% of the transaction value, capped at ₹200.
- EMI rates: 13% p.a. for periods below 1 year (3, 6, 9 months), and 14% p.a. for 1 year & above (12, 18, 24 months).
- Seasonal offers available on Canara Cards.
- Current offers include discounts on GoIbibo for domestic flights (12%), hotel bookings (15%), bus bookings (9%), and outstation cabs (10%).
- All charges mentioned are exclusive of GST, which will be charged at 18% extra.
Eligibility for Canara Bank – STANDARD MASTERCARD 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 – STANDARD MASTERCARD INDIVIDUAL CREDIT CARD:
- Enrollment Fee: None
- Annual Fee: None
- Card Inactivity Fee: Applies only if the card turnover during the year is less than ₹12,000 – ₹100 annually.
- Free Credit Period: Ranges from a minimum of 20 days to a maximum of 50 days.
- Charges on Revolved Amount: Minimum due amount indicated in the bill required for Revolving Credit; unpaid portions will incur service charges.
- Interest Rate: 2.50% per month (Annualized Percentage Rate: 30%).
- Minimum Repayment on Revolving Credit (Minimum Amount Due – MAD): 5% of the total outstanding amount (min. ₹100) + all applicable charges/fees/taxes + EMI + over-limit amount (if any).
- Card Replacement Fee: ₹300 per card (primary and add-on).
- Foreign Currency Transaction Markup: Up to 3% of the transaction amount.
- Duplicate Statement: ₹10 per page.
- Cheque Dishonor Charges: ₹50 for unsuccessful payments.
- EMI Processing Fee: 2% of the transaction amount, ranging from a minimum of ₹100 to a maximum of ₹200.
- EMI Interest Rate: 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 (Counter/IRCTC): ₹30 + 2.5% or 1% of transaction amount + taxes.
- Fuel Surcharge: 1% of transaction value (min. ₹10) + taxes.
- Reimbursement: Up to ₹100 in the next billing month if the card was used for a minimum of ₹2500 in purchase transactions during the billing month.
- Minimum purchase for petrol & petroleum products: ₹400 per occasion.
- Cash withdrawal fee at Canara Bank ATMs: 3% of transaction amount (min. ₹30 for every ₹1000 or part thereof).
- Copy of Charge Slip: Domestic – ₹100, International – US $10 or equivalent. Charge slip processed by our bank: USD 2.00. Charge slip procured from another bank: USD 6.00.
- Collection Charges for Outstation Cheques: ₹100 per instrument + other bank charges (if any). Charges for notices sent to cardholders with overdue payments: ₹50 per notice.
- Late Payment Charges: ₹250 + GST, in addition to existing service charges (2.5% per month) on carried-over balances.
- All charges mentioned are exclusive of GST, which will be charged at 18% extra. Additional out-of-pocket expenses for services rendered will be collected in addition to the mentioned fees/charges.
- All fees/charges are subject to change at the bank’s discretion, with notification to customers through various channels. Statements will be generated only for billable transactions in the billing month.
How to apply?
Click here to apply for the Canara Bank’s STANDARD MASTERCARD 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.