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Federal BankCanara Bank, being a popular and trusted bank in India, also offers great credit card services to its customers. One of the most basic yet advantageous cards issued by the Canara Bank is the Canara Bank Visa Classic/MasterCard Standard Credit Card. As suggested by its name, it comes in two variants namely Visa Classic and MasterCard Standard, but the features of both the variants are exactly the same. This card comes with a zero annual fee and hence is a choice for thousands of people who want to start their credit journey with a basic lifetime free card.
The card is very similar to the Canara Bank RuPay Select Credit Card, which is also a zero annual fee credit card and offers a similar reward rate. With this card, you can earn 2 Reward Points on every Rs. 100 you spend. Moreover, the Visa Classic/MasterCard Standard Credit Card also provides you with some complimentary insurance covers. For further information regarding this card, its features, and fees & charges, keep reading:
Canara Bank Visa Classic/MasterCard Standard Credit Card
Fees
Joining Fee
Renewal Fee
Best Suited For
Shopping |
Reward Type
Reward Points
Welcome Benefits
Movie & Dining
NA
Rewards Rate
2 Reward Points on every spend of Rs. 100.
Reward Redemption
The earned Reward Points are redeemable against a host of options at a rate of 1 Reward Point = Re. 0.25.
Travel
NA
Golf
NA
Domestic Lounge Access
NA
International Lounge Access
NA
Insurance Benefits
You get an air accident cover worth Rs. 4 lakhs, baggage insurance cover worth 25,000, and a purchase protection cover worth up to Rs. 25,000.
Zero Liability Protection
The cardholders won't be liable for any fraudulent transactions made via the Canara Bank Visa Classic/MasterCard Standard Card if the loss is reported to the bank in a timely manner.
Spend Based Waiver
NA
Rewards Redemption Fee
Nil
Rewards Redemption Fee
Nil
Foreign Currency Markup
3% on all foreign transactions
Interest Rates
2.5% per month or 30% per annum.
Fuel Surcharge
2.5% fuel surcharge waiver on all fuel transactions worth Rs. 400 or more. The maximum waiver is capped at Rs. 100 per month.
Cash Advance Charges
3% of the withdrawn amount subject to a minimum of Rs. 30 for every withdrawal of Rs. 1,000 (for Canara Bank ATMs) and different for other banks' ATMs.
Add-on Card Fee
Nil
- Lifetime free credit card.
- 2 Reward Points on every spend of Rs. 100.
- Complimentary air accident insurance cover.
- 2.5% fuel surcharge waiver on all fuel transactions.
- A Lower interest rate of 2.5% per month.
Canara Bank Visa Classic/MasterCard Standard Credit Card Features and Benefits
The Visa Classic/MasterCard Standard Card is a basic card offered by the Canara Bank. It can be listed among the best lifetime free credit cards in India as the card offers a decent reward rate with no annual fee. Other than this, the card has a few more features and benefits which are mentioned below:
Reward Points
With this credit card, you can earn 2 Reward Points on every spend of Rs. 100.
Reward Redemption
- The Reward Points earned through this credit card can be redeemed against various options available at the Canararewardz portal.
- 1 Reward Point = Re. 0.25.
Insurance Benefits
The following are the insurance benefits that the cardholders get with this credit card:
- Air accident cover worth Rs. 4 lakhs for the cardholder and Rs. 2 lakh for his/her spouse.
- Baggage insurance cover worth Rs. 25,000.
- Purchase protection cover worth up to Rs. 25,000.
Fuel Surcharge Waiver
- With this credit card, you get a fuel surcharge waiver of 2.5% on all fuel transactions worth Rs. 400 or more.
- The maximum surcharge waiver is capped at Rs. 100 per month.
Canara Visa Classic/MasterCard Standard Credit Card Fees and Charges
Some of the important fees and charges associated with this credit card are as follows:
- No joining/annual fee is charged for the Canara Bank Visa Classic/MasterCard Standard Credit Card, i.e, it is lifetime-free.
- The interest rate on this credit card is 2.5% per month or 30% per annum.
- The foreign currency markup fee of the Canara Bank Visa Classic/MasterCard Standard Card is 3% of the transaction amount.
- The cash advance fee for this credit card is 3% of the withdrawn amount subject to a minimum of Rs. 30 for Canara Bank ATMs and it may vary when the cash is withdrawn from other banks’ ATMs.
Canara Visa Classic/MasterCard Standard Card Eligibility Criteria
The eligibility criteria that need to be fulfilled in order to get approved for this credit card are as follows:
- The age of the applicant should be a minimum of 18 years.
- The applicant should have a stable source of income, i.e, the applicant should either be salaried or self-employed.
- The applicant should have a decent credit history.
Documents Required
The documents required to apply for the Canara Bank Visa Classic/MasterCard Standard Credit Card are as follows:
- PAN Card of the applicant.
- Identity Proof: Aadhar Card, Voters’ Id, Passport, or Driving License.
- Address Proof: Aadhar Card, Latest months’ utility bills, Passport, etc.
- Latest bank statements, salary slips, or audited ITR as proof of income.
How To Apply For The Canara Visa Classic/MasterCard Standard Credit Card?
Canara Bank provides its customers with the convenience to apply for a credit card via different methods. You can visit your nearest Canara Bank branch with all the required documents and fill out the physical application form there. You can also download the application form from the Canara Bank’s official website, fill it out at your convenience, and then submit the form along with all the documents at your nearest branch.
Bottom Line
The Visa Classic/MasterCard Standard Card offered by the Canara Bank is one of its most basic yet decent credit cards. The biggest advantage of this card is that it is lifetime free, i.e, the cardholders don’t need to pay any charges to avail of its benefits. Though the card doesn’t offer very exciting benefits over travel, dining, etc, it is still a great option for those who are new to the world of credit cards and want to start their journey with an entry-level card. You can earn a decent number of reward points on all your transactions and these points can later be redeemed via a dedicated portal against a wide range of options available there.
This was our review of the Canara Bank Visa Classic/MasterCard Standard Credit Card. Let us know your views on this in the comment section below!
