Canara Bank Credit Card — Benefits, Rewards & Apply Online

Key Takeaways
 

• Canara Bank offers 16 different types of credit cards; each credit card has its own specific features, benefits, and eligibility criteria.
   
• Canara Bank Credit Card offers different types of benefits such as reward points, lounge access, insurance coverage, fuel surcharge waiver, and merchant discounts.
   
• You also have to pay certain fees, such as a joining fee, annual fee, card inactivity fee, and card replacement fee for the Canara Bank Credit Card. 

A credit card is a financial tool that allows you to spend today and repay later in a structured way. Canara Bank Credit Cards are designed to give you convenience, security, and benefits across shopping, dining, travel, and bill payments.

Suppose Hemant purchases a smartphone worth ₹24,000 using a Canara Bank Credit Card and converts it into 12 EMIs at an interest rate of 14% per annum, and his monthly EMI will be about ₹2,155. 

Over 12 months, he pays a total of ₹25,858.69, which includes ₹1,858.69 as interest. This way, he spread the cost across the year without straining his monthly budget. In this blog, we will explore the main highlights, benefits, charges, eligibility, and process of applying for a Canara Bank Credit Card.

Key Highlights Of Canara Bank Credit Card

Canara Bank issues 16 multiple variants of credit cards, such as Visa, MasterCard, and RuPay. Each card suits different spending needs. Some of the common highlights are:
 

The above-mentioned highlights make Canara Bank Credit Cards suitable for both daily use and lifestyle expenses.

Benefits Of Canara Bank Credit Card

Canara Bank credit cards provide value not only through rewards but also with practical benefits. The following table highlights the key benefits of the Canara Bank Credit Card:
 

From the above-mentioned table, you can clearly see that the Canara Bank Credit Card makes your life easier. 

Bonus Tip: Did you know that Canara Bank’s Mastercard World Credit Card also provides free lounge access to your guests? In the case of the Domestic Airport Lounge, you have access to 3 self + 2 guests per quarter, while in the case of the International Airport Lounge, you have access to 2 self + 2 guests per year.

Canara Bank Credit Card Cashback & Rewards

Rewards and cashback are the biggest attractions of these cards. The rate of reward varies depending on the card type. For example, the Visa Platinum card offers 2 points per ₹100 on dining, and the value of each point is ₹0.25.

Suppose you spend ₹2,40,000 in a year, split across dining, travel, and online shopping. The following table shows the breakdown:
 

From the above-mentioned table, you can see that you can easily collect over 6,800 points in a year, which can be redeemed for vouchers or purchases.

Canara Bank Credit Card Fees & Other Charges

Like all credit cards, Canara Bank charges certain fees. If you know such costs in advance, then it can help you use the card wisely and avoid extra costs. The following table shows you the general fees and other charges related to the Canara Bank Credit Card:
 

From the above-mentioned table, you can see that if you withdraw ₹10,000 in cash, you will be charged ₹250 as a withdrawal fee plus monthly finance charges till repayment.

Late Payment Fee Applicable On Canara Bank Credit Card

Late payments bring penalty fees and rise in interest charges. Canara Bank applies late payment charges depending on the outstanding bill amount. The following section outlines late fee rules for Canara Bank Credit Card:

You must always try to pay at least the minimum due amount to avoid penalties and a negative impact on your credit score.

Canara Bank Credit Card Pros & Cons

Every financial product has strengths and limitations. The following table highlights the pros and cons of the Canara Bank Credit Card:
 

The above-mentioned table helps you compare both pros and cons of the Canara Bank Credit Card and decide which card suits your needs best.

Eligibility Criteria For Canara Bank Credit Card

Eligibility differs by card type, but general requirements are straightforward. The following list covers common eligibility for Canara Bank Credit Card:

• Age should be between 21 and 60 years.
   
• Applicants must be salaried, self-employed, or a business professional.
   
• Minimum monthly income requirement is around ₹25,000 (may vary).
   
• A clean credit repayment history improves approval chances.

If you fulfil this basic criterion, then it increases your chances of getting the right Canara Bank Credit Card without difficulty.

Required Documents To Apply For Canara Bank Credit Card

To get a Canara Bank Credit Card, you need to provide valid documents for verification. The following table highlights the documents generally required:
 

You must keep these documents ready to ensure a smooth approval process for your credit card application. You must make sure that all the documents are updated.

How To Apply For Canara Bank Credit Card?

The process to apply for a Canara Bank Credit Card is straightforward. You can apply in different ways:

1. Online Application: Fill in the details on the official website and upload documents.
    
2. Branch Visit: Submit documents and the application form at the nearest branch.
    
3. Through Representatives: In case of corporate tie-ups or promotional drives.
    

After applying, the bank will check your application and verify your information; after verification, your card will be approved, and the bank will dispatch your card within 7 to 10 working days.

Conclusion

Canara Bank Credit Cards are not just about spending convenience but also about enjoying rewards, discounts, and travel benefits. From EMI conversions to fuel surcharge waivers, these cards help you save while you spend.

There are 16 variants of Canara Bank Credit Card available to choose from, and you must choose the right variant as per your needs, pay on time, and redeem points wisely to make the most of your credit card experience.

FAQs
 

1. Can I transfer money from my Canara Bank credit card?

Yes, you can transfer through a balance transfer or cash advance facility.

2. How can I increase my credit limit in Canara Bank?

If you want to raise your credit limit in Canara Bank, then you can do so by contacting the bank on its toll-free number 18001030.

3. Can we withdraw money from a Canara Bank credit card?

Yes, cash withdrawal is allowed, but charges and interest apply immediately.

4. How do I cancel my Canara Bank credit card?

You can cancel your Canara Bank credit card by contacting customer care on toll-free number 18001030 and clearing all dues.

Apply for Loans Fast and Hassle-Free

Apply Now

About the Author

LoansJagat Team

‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.