This article provides a concise overview of the prominent features, eligibility prerequisites, and the application procedure for Canara Bank’s VISA CORPORATE CREDIT CARD.
Features of Canara Bank – VISA CORPORATE CREDIT CARD:
Main features:
- Get up to 50 days of interest-free credit.
- Withdraw cash from ATMs and access non-financial services.
- Make purchases at point-of-sale terminals in merchant outlets.
- Experience online shopping with exclusive discounts.
- Accepted domestically and internationally for your convenience.
Additional Features:
- Enjoy flexibility in transactions, including ATM cash withdrawal, point-of-sale purchases, and e-commerce, with the ability to control these features via net banking, mobile banking, or by visiting the base branch.
- Accepted both domestically and internationally.
- Monthly maximum credit limit: Rs 2,00,00,000/-
- Cash withdrawal limit: Up to 50% of the credit limit, with an overall maximum of Rs 5.00 lac. Each add-on card has a maximum cash limit of ₹25,000.
- Cash withdrawal charges: 3% of the transaction amount, with a minimum of ₹30/- per ₹1000/- withdrawn or part thereof.
- Interest-free credit period: Up to 50 days until the next Payment Due Date.
- Interest rate after the credit period: 2.5% per month or 30% per annum on the outstanding amount.
- Fees: Annual/Joining/Enrolment Fee of ₹ 400/-
- Lounge Access: Not available.
- Reward Points: Not applicable.
- Markup Fee: 3% on Forex Transactions (among the lowest compared to peer banks).
- Redemption Options for Reward Points: Cashback or Goods Purchase through (www.canararewardz.com).
- Expected minimum Annual Turnover on Card: Not Applicable.
- Inactivity Fee (If annual Turnover is not met): NIL.
- Fraudulent Charge Cover: ₹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.
- Other Offers: Seasonal Offers are available on Canara Cards.
- Current Offers: GoIbibo Discount Offer for 12% on Domestic flight Bookings, 15% on Hotel Bookings, 9% on Bus Bookings, 10% on Outstation Cabs.
Eligibility for Canara Bank – VISA CORPORATE 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 – VISA CORPORATE CREDIT CARD:
- Main Card Enrollment Fee: ₹ 250/-
- Annual Fee for Add-on Cards: ₹ 400/-
- Inactivity Fee for Main and Add-on Cards: None
- Free Credit Period: Ranges from a minimum of 20 days to a maximum of 50 days
- Charges on Revolved Amount: If using Revolving Credit, pay the minimum due mentioned in the bill; unpaid portions accrue service charges.
- APR for other credit cards: 2.50% per month (Annualized Percentage Rate of 30%)
- Minimum Repayment on Revolving Credit (Minimum Amount Due – MAD): 5% of the total outstanding amount (Min. ₹100) + all applicable charges/fees/taxes + EMI (if availed) + over-the-limit amount (if any)
- Card Replacement Fee: ₹300 per card (applies to both primary and add-on cards)
- Foreign Transaction Markup: Up to 3% of transaction amount
- Duplicate Statement Fee: ₹10 per page
- Cheque Dishonor Charges or Unsuccessful Payment Instructions: ₹50
- Surcharges:
- Railway Tickets (Railway Counters): ₹30 + 2.5% of transaction amount
- Railway Tickets (www.irctc.co.in): 1% of transaction amount + all applicable taxes
- Fuel Surcharges: 1% of transaction value with a minimum fee of ₹10 + applicable taxes for petrol and related products/services at pumps
- Maximum reimbursement: Up to Rs 100 in the following billing month if the card was used for a minimum of ₹2500 in purchase transactions during the billing month.
- Minimum purchase of petrol & petroleum products for inclusion: ₹400 per occasion (ticket size)
- Cash withdrawal fee at Canara Bank ATMs: 3% of the transaction amount with a minimum of ₹30 for every ₹1000 or part thereof. Extra charges apply for using other bank ATMs.
- Copy of Charge Slip:
- Domestic: ₹100
- International: US $10 or equivalent
- Original Charge Slip (if processed by our Bank): USD 2.00 (Approximate rupee equivalent charged)
- Original Charge Slip (if procured from another Bank): USD 6.00 (Approximate rupee equivalent charged)
- Collection charges for outstation cheques: ₹100 per instrument + other bank charges, if any
- Charges for notices/reminders to cardholders with overdue payments: ₹50 per notice
- Late Payment Charges:
- For Revolver and Non-revolver: Late payment fee of Rs 250/- + GST, in addition to existing service charges (2.5% p.m. i.e. 30% per annum) on carried-over balance.
- All charges listed exclude GST; 18% GST will be charged additionally.
- Additional out-of-pocket expenses incurred 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. Customers will be notified of modifications through SMS/emails, etc. Bills/statements will be generated only if there are billable transactions for the billing month.
How to apply?
Click here to apply for the Canara Bank’s VISA CORPORATE 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.