Canara Bank is a centralised Bank owned by the Indian Government. It offers various services to make its customer’s banking experience pleasant.
Canara Bank Credit Cards: All You need to Know
Credit cards are payment cards. Canara Bank becomes the issuer of your card and you can borrow any amount of money (credit limit) from the company. Canara banks offer credit cards that suit the needs of individuals from all fields.
How can one get a credit card from Canara Bank?
Anyone who is eligible and wants to acquire a credit card from Canara Bank can do it by the following two ways:
1. Visit your nearest Canara Bank branch and inquire about the kind of credit card you’re interested in. The faculty at the Bank will guide you through the procurement process.
2. You can get your credit card online by visiting the Canara Bank official website. You can browse the “credit card” facility from the site. Fill in your personal and contact details , verify yourself through a KYC. A bank staff will get in touch with you soon after.
Eligibility for the Canara Bank Credit cards
The eligibility to obtain a credit card differs from individual to corporate, and depends on the needs of the customers. There are several cards offered by the Bank. The basic eligibility criteria is :
1.Age : 21-60 years
2.Income : Minimum 1,00,000 p.a. (Depends on the type of card you’re availing)
3.Nationality : The candidate should be a resident of India or a Non-resident Indian.
4.Credit history : The applicant’s previous credit history , his ability to repay debts plays an important role.
5.Documents required : Passport size photo, Copy of PAN card, income proof, Aadhar card, financial statements of the company (in case of a corporate card).
Features of Credit Cards by Canara Bank
Credit limit : Canara Bank offers a copious credit limit depending on your annual salary, age, employment status. You can get upto ₹25 lakhs credit limit. (T&C applied)
Centralized Bank : The Bank can be trusted and relied on because it is run by the central government and majorly focusses on welfare of society.
Insurance : Canara Bank offers Mediclaim insurance (M/s United India insurance company) complimentary baggage insurance (upto 25000) and complimentary accident insurance (for the candidate and their spouse)
Reward points : You can log into www.canararewardz.com and activate your reward points. You get 2 rewards for spending ₹100. Each reward point Is worth ₹0.25. These reward points are also redeemable.
Cash advance : Canara Bank allows you to withdraw 50% of your credit limit and enjoy the advance cash offered by the issuer of the card.
SMS alerts : Canara Bank allows the customers to be updated on their balance, bill amount, due dates,etc. regularly through SMS which are absolutely free of cost.
Globally accepted : Canara Bank also issues international cards which are globally accepted on special request.
Zero fees : Canara Bank charges no fees on credit cards. Only corporate credit cards have an annual charge of ₹400.
Protection from fraud : If you think that you have not transacted for any purchase, you can immediately report to the bank. You’ll be protected against paying for it.
Interest free : Canara Bank gives you 50 days interest free period to make your payment.
Types of Canara Bank Credit Cards
Canara Bank offers 5 different types of Credit cards:
1. CANARA BANK VISA CLASSIC CREDIT CARD: This credit card aims at meeting common expenses by customers. This is brought to the customers in association with VISA. One can credit ₹50000/day with this card. Insurance for accidents and accidental deaths is provided with this card. The candidate’s income should be ₹1 lakh p.a. to avail this card.
2. CANARA BANK GLOBAL GOLD CREDIT CARD: This card is made to meet a lavish lifestyle. It is a premium credit card and offers the customers to withdraw ₹50000/day. It provides higher insurance coverage. The applicant’s income should be ₹1 lakh p.a. to get this card.
3. CANARA BANK CORPORATE CREDIT CARD: This card is designed for corporate needs. The credit limit on this card can be extended upto ₹100 lakhs. It is issued to companies and businesses. The company can withdraw upto ₹5 lakhs/day.
4. CANARA BANK RuPay PLATINUM CREDIT CARD: This is a lifetime free credit card. The users get 300+ reward points on first usage. This card aims to make your daily transactions secured and satisfactory.
5. CANARA BANK RuPay SELECT CREDIT CARD: This is also a lifetime free credit card. This card gives you access to merchants. You can also be part of various exclusive clubs using this card.
Should You Opt for Canara Bank Credit Cards?
Every blessing comes with a curse. As important and beneficial the credit cards might seem, they always need to be regulated. The Canara Bank credit cards do make your life and purchases easy but they also advise you to repay on time and only take as much Credit as you can pay back.