The Canara Bank RuPay Platinum Credit Card is one of the affordable credit cards from the Canara Bank that is aimed at providing cost-effective solutions with basic facilities to people. Originally introduced as an entry-level credit card, it does not have joining or annual fees and can be used by many people. This Canara bank credit card provides a very good combination of both the reward points earning and benefit features, such as earning 2 reward points per ₹100 of purchase, complimentary access to domestic and international airport lounges, and insurance benefits including air accident cover of ₹8 lakhs.
EMI conversion options, global acceptance, and an interest-free period of up to 50 days, in the case of the Canara Bank RuPay Platinum Credit Card they are ready additions for consumers who are frequent shoppers and travelers who do not want a fancy credit card with lots of facilities but rather a simple and cheap one, with the basic service offered by a good credit card.
Canara Bank RuPay Platinum Credit Card
Joining Fee:
Nil
Best Suited :
Shopping
Renewal Fee:
Nil
Reward Type:
Reward Points (2 points per ₹100 spent on POS/e-commerce)
Welcome Benefits:
None
Canara Bank RuPay Platinum Credit Card: Features and Benefits
- Interest-Free Period:
- Enjoy up to 50 days of interest-free credit on purchases.
- EMI Conversion:
- Convert purchases to EMIs via the Canara ai1 app with rates starting at 14% p.a for 1 year and above (12,18,24 months)
- Processing fee: 2% of the transaction amount.
- Lounge Access:
- 2 domestic airport lounge visits per quarter.
- 2 international airport lounge visits per year.
- Insurance Benefits:
- Air accident cover: Up to ₹4 lakhs for cardholders, ₹2 lakhs for spouses.
- Baggage insurance: Up to ₹25,000.
- Purchase protection: Up to ₹25,000.
- Global Acceptance:
- Accepted at domestic and international merchants.
- International transactions can be activated via net/mobile banking or branch visits.
- Forex Markup Fee:
- 3% on foreign currency transactions (lowest among peer banks).
- Security and Fraud Protection:
- Fraudulent charge cover: Up to ₹5 lakhs.
How to Earn and Redeem Canara Bank RuPay Platinum Credit Card Reward Points
How to Earn Rewards Points:
- Purchases:
- Earn 2 reward points for every ₹100 spent on Point of Sale (POS) and e-commerce transactions using the Canara Bank RuPay Platinum Credit Card.
- Eligible Transactions:
- Reward points are accumulated on both domestic and international purchases.
How to Redeem Rewards Points:
- Redemption Options:
- Cashback: You can redeem your reward points for cashback on your credit card account.
- Goods/Services: Use your points to purchase products or services through the Canara Rewardz portal.
- Redemption Process:
- Visit www.canararewardz.com to log in and redeem points.
- Point Value:
- 1 reward point = ₹0.25.
- Minimum Redemption Limits:
- For Cashback: A minimum of 1,000 points is required.
- For goods/services: A minimum of 100 points is needed.
- Validity:
- Reward points are valid for 3 years from the date of accrual, after which they will expire.
Canara Bank RuPay Platinum Credit Card: Fees and Charges
- Card Inactivity Fee: ₹200 (if the annual turnover is less than ₹50,000)
- Interest-Free Period: 20 to 50 days
- Interest on Revolving Credit: 2.5% per month (30% per annum) on the outstanding amount
- Cash Withdrawal Fee: 3% of the transaction amount (minimum ₹30 per ₹1,000 withdrawn)
- Foreign Currency Transaction Markup: 3% of the transaction amount
- Late Payment Charges: ₹250 + GST (in addition to the interest on carried over balance)
- Card Replacement Fee: ₹300
- Duplicate Statement: ₹10 per page
- EMI Processing Fee: 2% of the transaction amount (minimum ₹100, maximum ₹200)
- EMI Pre-Closure Charges: 2% of the outstanding principal
- Surcharges:
- Fuel Surcharge: 1% of the transaction value (minimum ₹10), with a reimbursement of up to ₹100 if fuel purchases exceed ₹2,500 during the billing month
- Railway Booking: ₹30 + 2.5% at counters, 1% for online booking
Canara Bank RuPay Platinum Credit Card: Product Details
- No joining, annual, or renewal charges, making it a cost-effective option.
- Earn 2 reward points per ₹100 spent on POS and e-commerce transactions.
- Enjoy 2 domestic airport lounge visits per quarter and 2 international visits per year.
- Flexible credit limit ranging from ₹50,000 to ₹50,00,000.
- Air accident cover up to₹8 lakhs, baggage insurance up to₹25,000, and purchase protection up to₹25,000.
- Up to 50 days of interest-free credit on purchases.
- Accepted at both domestic and international merchants, with the option to activate international usage via net banking.
- Easy EMI conversion is available through the Canara ai1 app, with interest rates starting at 13% p.a.
Canara Bank RuPay Platinum Credit Card: Eligibility Criteria
- Age:
- The applicant must be at least 18 years old.
- Income:
- Minimum gross annual income of ₹2 lakh for individuals.
- For Canara Bank staff members, a minimum gross annual income of ₹60,000 and a net take-home salary of at least ₹4,000 per month are required.
- Nationality:
- The applicant must be an Indian resident.
- Credit Score:
- A good credit score/history is generally required for approval.
- Existing Relationship with Canara Bank:
- Although not mandatory, having a savings or salary account with Canara Bank may enhance your chances of approval.
Documents Required for Canara Bank RuPay Platinum Credit Card
- Identity Proof:
- A government-issued ID such as an Aadhaar card, passport, voter ID, or driving license.
- Address Proof:
- Recent utility bills, rental agreements, or any government-issued document showing your address.
- Income Proof:
- Salary slips for the last 3 months, bank statements for the last 6 months, or income tax returns for self-employed individuals.
- Photographs:
- Recent passport-sized photographs (usually 2-3).
- Application Form:
- Completed credit card application form, available online or at the bank branch.
How to Apply for Canara Bank RuPay Platinum Credit Card
- Visit the official website: Go to the Canara Bank official website and navigate to the credit cards section.
- Select the card: Find the RuPay Platinum Credit Card among the available options and click on it for more details.
- Online Application:
- Click on the “Apply Now” button, which will redirect you to the online application form.
- Fill in the required personal and financial details accurately.
- Review and Submit:
- Review all the information provided to ensure it is correct.
- Submit the application form.
- Follow Up:
- You can track the status of your application through the bank’s website or by contacting customer service.
FAQs:
Q1. Is the Canara Bank RuPay Platinum Credit Card usable globally?
Ans. Yes, you can use the Canara Bank RuPay Platinum Credit Card outside India. However, you have to switch on the global usage through net banking through the mobile banking application or by visiting the branch. Further to the above, a 3% markup fee is charged when transacting in foreign currencies.
Q2. What are the consequences of not meeting the minimum annual turnover?
Ans. It is required that the account has an annual turnover of at least ₹ 50,000 But if this criterion is not met, an inactivity fee of ₹200 will be charged. This makes sure the card is frequently used and this is good, but there is a need to consider the spending so as not to attract this fee.
Q3. How can I use this credit card to convert my transactions into EMI?
Ans. All your transactions can conveniently be turned into EMIs through the Canara ai1 app. The EMI conversion charges depend on the transaction volume and the period chosen for the EMI plan, and a processing fee of₹100 is inevitable.
Q4. Is there a limitation on redeeming the reward points?
Ans. Yes, there are specific limits for redeeming reward points: the present cash back balance, which is earned as a reward, must meet a minimum of 1000 points for cash back redemption, while when spending the cash back to purchase goods and services, one must meet a minimum of 100 points. Moreover, the validity of accrued points is three years from the date of earning them.