Canara Bank Mastercard Standard Credit Card Review
Rewards & Benefits
Welcome Benefits
None
Milestone Benefits
Cashback Rate
Users will earn 2 reward points for every Rs. 100 spent on credit cards.
Value of 1 reward point = Rs.0.25. Effective cashback rate: 0.50%.
Movie Benefits
Dining Benefits
Other Benefits
Users will receive offers/discounts at select online and POS merchants provided by NPCI from time to time.; Users will get baggage insurance of up to Rs 25,000.; Users can claim accident cover (Air Accident)of Rs Rs 4 Lakhs for themselves, and Rs Rs 2 Lakhs for their spouse.
Lounge Access
Fees & Charges
Joining Fee
NIL
Annual Fee
Annual membership fee: NIL
Cash Advance Fee
Cash advance fee: 3% of the transaction amount subject to a minimum of Rs. 30 for every Rs. 1000 or part thereof.
Interest rate
2.50% monthly, 30% annually.
Late Payment Fee
Late payment charges: Rs. 250
Foreign Currency Transactions Fee
Foreign currency markup fee: Up to 3%.
Other Fees
Reward redemption fee: It will be displayed while redeeming the points. | Fuel surcharge: 1%
Cons
Low general cashback rate.
No welcome benefits.
No milestone benefits.
Reward system: Users will earn 2 reward points for every Rs. 100 spent on credit cards. Value of 1 reward point = Rs.0.25. Effective cashback rate: 0.50%.
Users will receive offers/discounts at select online and POS merchants provided by NPCI from time to time.
Users will get baggage insurance of up to Rs. 25,000.
Users can claim accident cover (Air Accident)of Rs.4 lakhs for themselves, and Rs. 2 lakhs for their spouse.
Rewards & Benifits
Welcome Benefits
None
Rewards System
International Forex Markup
Up to 3%
Welcome Benefits and Reward System
Special Features
No joining and annual fee.
Eligibility Criteria
Independent income with a minimum of ₹.1 lakh gross per annum for individuals.
Minimum annual gross income of ₹.60000/- and minimum net take-home salary of not less than ₹.4000/- p.m. for staff members.
Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
Online Application:
Visit the Canara Bank Website: Go to the official Canara Bank website.
Locate the Credit Card Section: Look for the "Credit Cards" or "Apply Online" section.
Select Mastercard Standard Credit Card: Choose the Mastercard Standard Credit Card from the available options.
Fill the Application Form: Provide the required personal and financial information, such as your name, address, income, and employment details.
Upload Documents: Upload the necessary documents, including proof of identity, address, and income.
Submit the Application: Review your application and submit it online.
Offline Application:
Visit a Canara Bank Branch: Go to your nearest Canara Bank branch.
Request an Application Form: Ask the bank staff for a Mastercard Standard Credit Card application form.
Fill the Application Form: Complete the form with the required information.
Submit the Application: Submit the filled form along with the necessary documents to the bank staff.
Contact Details
Call: 13 1800 1030
Account Opening and Procedure
Recommended Credit Cards
Pros:-
Change the text to include your own content. Adjust the font, size or scale to customize the style.
Cons:-
Reward system: Users will earn 2 reward points for every Rs. 100 spent on credit cards. Value of 1 reward point = Rs.0.25. Effective cashback rate: 0.50%.
Users will receive offers/discounts at select online and POS merchants provided by NPCI from time to time.
Users will get baggage insurance of up to Rs. 25,000.
Users can claim accident cover (Air Accident)of Rs.4 lakhs for themselves, and Rs. 2 lakhs for their spouse.
Low general cashback rate.
No welcome benefits.
No milestone benefits.
The card comes with low cashback rate. The value add features offered by the card are also below par.
The card comes with low cashback rate. The value add features offered by the card are also below par.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Fees & Charges
Joining Fee: NIL
Annual membership fee: NIL
Interest rate: 2.50% monthly, 30% annually.
Cash advance fee: 3% of the transaction amount subject to a minimum of Rs. 30 for every Rs. 1000 or part thereof.
Foreign currency markup fee: Up to 3%.
Reward redemption fee: It will be displayed while redeeming the points.
Late payment charges: Rs. 250
Fuel surcharge: 1%
Fuel Surcharge
1% of the transaction value with a minimum fee of Rs.10 and a maximum of Rs. 100.
Billing Cycle
Up to 50 days