Canara Bank Credit Card Charges – Complete Guide & Fees Explained

Key Takeaways
 

• Customers must pay their full outstanding amounts by the due dates to avoid 2.5% monthly interest charges completely.
   
• Canara Bank's Visa Classic and Gold credit cards have zero joining fees and annual maintenance fees.
   
• Cash withdrawals attract 3% transaction charges plus interest calculated from the withdrawal date until full payment is made.
   

When customers understand credit card charges, they can make better financial decisions. Knowing about all fees and charges also helps cardholders avoid surprises on their monthly statements.

Meet Rajesh, a 28-year-old software engineer from Mumbai. He applied for a Canara Bank Credit Card last month. Rajesh chose the Visa Classic variant with no joining fee. He made a purchase of ₹15,000 on 5th March. 

His billing date was 20th March, with payment due 10th April. Rajesh paid only ₹5,000 on the due date, unfortunately. He now faces interest charges of 2.5% per month. His remaining balance of ₹10,000 will attract ₹250 monthly interest. 

Additionally, he must pay a ₹250 late payment fee plus GST. This situation could have been avoided with full payment.

This comprehensive guide explains all Canara Bank Credit Card charges.

Canara Bank Credit Card Joining and Annual Charges

Enrolment Fee

Canara Bank Credit Card enrolment fees vary by card type. The bank charges joining fees only for certain cards. Most Canara Bank Credit Card options have no enrolment charges. 

Only the Visa corporate main card charges an enrolment fee. All other Canara Bank Credit Card variants are free to join. Customers can select from a variety of no-fee card options offered on the Canara Bank website.

Annual Fee

Annual fees for the Canara Bank Credit Card are quite reasonable. The bank charges yearly fees only on specific card types. Most cards have no annual maintenance charges at all. 

Add-on Visa corporate cards charge ₹400 as an annual fee only. Classic, Standard, and Gold cards have no yearly charges. These free options make banking affordable for all customers. To see all available cards and their features, please visit the official Canara Bank website.

Canara Bank Credit Card Interest Rate Charges

Canara Bank Credit Card applies interest charges on unpaid balances. The bank charges different rates for various transaction types. Understanding these rates helps customers plan their repayments wisely.

Revolving Credit Charges
 

Cash Withdrawal Finance Charges
 

EMI Interest Rates
 

Important Information:

• Free Credit Period: Minimum 20 days to maximum 50 days available.
• Interest Calculation: Interest charges apply from the transaction date daily. The daily rate is calculated as the monthly rate divided by 30.
• Service Charges: Interest is compounded monthly on unpaid balances. GST at 18% applies to all interest charges levied.
• Interest-Free Period: This period is suspended if the previous balance remains. Making only minimum payments results in prolonged repayment with interest.

Canara Bank Credit Card charges a 2.5% monthly interest on balances. Secured cards enjoy lower rates at 2% per month. Paying full amounts by due dates avoids all interest charges.

Canara Bank Credit Card Cash Withdrawal Charges

Canara Bank Credit Card allows cash withdrawals at ATMs easily. The bank charges transaction fees for all cash withdrawals. Understanding these charges helps customers manage their expenses better.

Important Note: Using other bank ATMs attracts extra charges levied separately. These charges are applied by the respective banks directly.

Canara Bank Credit Card Late Payment Charges

Canara Bank Credit Card charges late fees for delayed payments. The bank applies these charges when payments exceed due dates. Understanding these charges helps customers avoid unnecessary penalty fees completely.

For Revolver and Non-revolver: Service charges of 2.5% per month (30% per annum) apply. These charges apply to the carried-over balance amount.

Canara Bank Credit Card imposes ₹250 plus GST for late payments. Service charges also apply to any outstanding balance amounts. Paying bills on time saves customers from these extra charges.

Canara Bank Credit Card Overlimit Charges

A late payment fee of Rs 250 plus GST will be charged. This fee is in addition to the current service charge of 2.5% per month (30% per year) on any carried-over balance.

Canara Bank Credit Card Other Charges

Canara Bank Credit Card applies various service charges for customers. These charges cover card replacement, foreign transactions, and other services. Understanding these fees helps customers manage their card expenses better.

*Approximate rupee equivalent is charged

Canara Bank Credit Card charges fees for various additional services. Customers should review these charges to avoid unexpected billing surprises.

Conclusion

Canara Bank Credit Card offers transparent fee structures for customers. Understanding joining fees, interest rates, and service charges helps manage expenses. Most card variants have no annual fees, making them affordable. Review all charges carefully before applying for your card.

Bonus Tip: The interest-free repayment period is between 20 and 50 days. This applies to both purchases and cash withdrawals.

FAQs

What are the eligibility criteria for Canara Bank Credit Cards?

Eligibility depends on the credit card you choose, but you usually need to be at least 21 years old and have a steady income. Your credit score and current financial commitments are also taken into account when you apply.

What benefits do Canara Bank Credit Cards offer?

Canara Bank Credit Cards come with several benefits, such as reward points, cashback, fuel surcharge waivers, EMI options, and airport lounge access for premium cards. You may also get extras like purchase protection and travel insurance.

How can I check my Canara Bank Credit Card statement?

You can view your credit card statement through Canara Bank’s Net Banking portal, the Canara Sathi app, or by reaching out to customer care. If you prefer, you can ask to have your statement sent to your email.

How do I pay my Canara Bank Credit Card bill?

You can pay your Canara Bank Credit Card bill using Net Banking, the Canara Bank app, NEFT or RTGS, by cheque, or at any Canara Bank branch. Third-party platforms like BillDesk or Google Pay are also options.

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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.