Canara Bank Mastercard Platinum Credit Card offers eligible customers a maximum monthly credit limit of up to ₹50 lakh, with zero joining and annual fees.
The public sector bank also provides reward points, airport lounge access, insurance coverage and an interest-free credit period of up to 50 days.
The card is designed for customers looking for a credit facility without paying a joining or annual membership fee. However, zero annual charges do not mean that every transaction or service is free.
Cardholders must understand the applicable conditions, interest rates and other charges before applying.
Canara Bank Mastercard Platinum Credit Card: Key Benefits
One of the biggest attractions of this credit card is its maximum monthly credit limit of ₹50 lakh. However, this is the upper limit offered by the bank, not a guaranteed limit for every applicant.
The actual credit limit depends on the bank’s assessment and eligibility requirements.
The card comes with several additional benefits, including:
Zero joining, enrolment and annual fees.
Up to 50 days of interest-free credit, subject to payment conditions.
Domestic and international transaction facilities.
Complimentary access to selected airport lounges.
Reward points on eligible online and point-of-sale purchases.
ATM cash withdrawal facility.
Discounts on selected online shopping transactions.
Accident insurance coverage for eligible cardholders.
The card can be used for shopping at merchant outlets, online purchases and other permitted transactions. International usage can also be activated through the bank’s mobile banking or internet banking facilities.
Reward Points and Airport Lounge Access
Canara Bank provides reward points on eligible purchases made using its Mastercard Platinum Credit Card.
According to the bank’s published card features, customers earn two reward points for every ₹100 spent on eligible point-of-sale and e-commerce transactions.
These points can be redeemed for cashback or purchases through the bank’s reward redemption platform.
Airport lounge access is another benefit available with the card. The bank specifies access to selected domestic airport lounges, with a quarterly allowance of two visits for the primary cardholder and one guest visit.
However, lounge access is subject to the bank’s applicable conditions and the participating lounge network. Customers should check the latest lounge list and access requirements before planning their travel.
Canara Bank Credit Card Fees and Other Charges
Although the card does not have a joining or annual fee, several other charges may apply depending on how customers use it.
The bank’s published fee structure includes a ₹200 inactivity charge if the card’s annual turnover remains below ₹50,000 during the applicable card year.
Customers requesting a replacement card must pay ₹300 per card. This charge applies to both primary and add-on cards.
The foreign currency transaction markup can be up to 3 per cent of the transaction amount.
Therefore, international purchases may attract additional costs even though the card supports overseas transactions.
Cash withdrawals also attract charges and interest.
The bank’s published terms include a cash withdrawal charge of 3 per cent of the transaction amount, subject to a minimum of ₹150 for withdrawals through Canara Bank ATMs. Applicable charges at other banks’ ATMs may differ.
Cardholders should also remember that withdrawing cash using a credit card is different from making a regular purchase. Finance charges can apply from the date of withdrawal until repayment.
Interest-Free Period, Eligibility and Insurance Benefits
The card offers an interest-free credit period ranging from a minimum of 20 days to a maximum of 50 days. The actual period depends on the transaction date and billing cycle.
Customers who do not clear their outstanding balance within the prescribed payment period may have to pay interest.
The published interest rate for unsecured credit cards is 2.5 per cent per month, equivalent to 30 per cent annually.
The bank’s published eligibility conditions also specify an independent gross annual income of at least ₹3 lakh for individual applicants. Final approval and credit limits remain subject to the bank’s assessment.
Insurance protection is another feature of the card. The published benefits include air accident coverage of ₹8 lakh for the primary cardholder and ₹4 lakh for the spouse.
For accidents other than air accidents, the coverage is ₹4 lakh for the primary cardholder and ₹2 lakh for the spouse. The card also lists baggage insurance and purchase protection coverage of up to ₹25,000 each.
These benefits are subject to the bank’s applicable insurance terms, conditions and eligibility requirements.
Before applying, customers should compare the benefits with the charges and understand the conditions attached to reward points, lounge access and insurance protection.
Overall, the Canara Bank card offers a combination of shopping benefits, travel privileges and a high potential credit limit without a joining or annual fee.
However, customers should check the latest terms on the bank’s official website before making an application.
