Canara Bank Mastercard Platinum Credit Card

The Canara Bank Mastercard Platinum Credit Card is one of the rewarding cards introduced by Canara Bank. With no annual fee, this is a lifetime-free card that rewards its cardholders for every purchase they make on e-commerce. It’s particularly well-suited for shoppers who frequently make purchases online.

One of the standout features of this credit card is its reward program. Cardholders earn 2 Reward Points for every ₹100 spent on e-commerce transactions. This means you can earn points quickly just by shopping online or at physical stores. Plus, redeeming those points is easy, giving you the opportunity to enjoy cashback or goods.

Cardholders also benefit from complimentary access to domestic airport lounges, making travel more pleasant. The card also comes with various insurance benefits that protect against fraud, baggage loss, and accidental injuries. In this article, we’ll explore the various features, rewards, and eligibility criteria of the Canara Bank Mastercard Platinum Credit Card. Whether you’re a frequent traveler or a casual shopper, this credit card has something to offer for everyone.

Product Details

• This is a lifetime-free credit card.
• Users receive 2 complimentary domestic lounge access quarterly.
• Insurance coverage is also included with this card.

Reward Rate

Users with the Canara Bank Mastercard Platinum Credit Card will earn 2 Reward Points for every ₹100 spent on PoS and E-Commerce transactions.

Reward Redemption

The Reward Points earned can be redeemed for goods and cashback. To redeem the Reward Points, cardholders need to visit the Canararewardz. The value of 1 Reward Point is ₹0.25.

Airport Lounge Access

Cardholders of the Mastercard Platinum Credit Card get access to domestic lounges twice every quarter for a relaxing waiting period. This card even allows users to bring a guest with them once every quarter.

Insurance Benefits

Fraudulent Charge Cover 

•   Protection against unauthorized transactions up to ₹5,00,000.

Baggage Insurance

•   Coverage for lost or delayed baggage, providing up to ₹25,000 for your belongings.

Purchase Protection Cover

•   Safeguards your purchases against theft or accidental damage, with coverage up to ₹25,000.

Accident Cover (Air Accident) 

If you have an air accident, it offers:

•     ₹8,00,000 for the cardholder.
•     ₹4,00,000 for the spouse.

Accident Cover (Other than Air Accident) 

In case of any non-air accidents, the coverage includes:

•     ₹4,00,000 for the cardholder.
•     ₹2,00,000 for the spouse.

Eligibility Criteria For Canara Bank Mastercard Platinum Credit Card

The eligibility criteria for the Canara Bank Mastercard Platinum Credit Card is as follows:

• The applicant should be 21 years old or older.
• You should have an independent income of at least ₹2 lakh gross per year.
• If you are a staff member, your minimum net take-home salary should be at least ₹4,000 per month, and your annual gross income should be ₹60,000.
• The applicant should have a decent credit history.

Documents Required

You will also need to submit a few documents while applying for the Canara Bank Mastercard Platinum Credit Card. These documents are listed below:

• Identity Proof: PAN Card, Aadhaar Card, Voter ID, Passport, or Driving Licence.
• Address Proof: Aadhaar Card, Voter ID, Passport, Driving Licence, Rent agreement, Utility bills, Municipal or property tax receipt, House allotment letter issued by central or state government
• Income Proof: For salaried employees – salary slip of last two months & bank statement showing salary credits. For self-employed individuals – Later ITR (Income Tax Return).

Canara Bank Mastercard Platinum Credit Card Review

The Canara Bank Mastercard Platinum Credit Card is a great option for frequent online shoppers. There are no joining or renewal fees with this card, and you get free access to domestic airport lounges, which is beneficial for travelers. It also includes various insurance benefits for added protection. However, the card has a high foreign currency markup and does not offer welcome benefits or dining or entertainment perks, which could be a downside for some users. If you value rewards for online shopping and travel perks without paying annual fees, this card is worth considering.