CANARA BANK CREDIT CARD - FAQ's
What is a Credit Card?
A Credit Card is a plastic Card which permits payment settlement against the predetermined credit limit permitted to the cardholder.
How can I get a Canara Credit Card?
- An applicant should have good Credit history. The applicant’s name will be checked against the credit ratings of CIBIL.
- The applicant should have a minimum gross annual income of Rs.100,000.
- The applicant should have preferably an account with any branches of Canara Bank.
- The applicant should have satisfactory dealings with his branch of Canara Bank.
- The applicant should have a mobile telephone connection to receive SMS alerts on card usage.
- The applicant should have a PAN.
Where the Canara Credit Cards can be used?
- Canara Credit Cards can be used for emergency cash withdrawal at ATMs.
- Can be used for purchases at Merchant establishments.
- Can be used for purchases on the Internet.
- Can be used for purchases through Interactive Voice Response System (IVRS).
- Can be used for purchases through Mail Order / Telephone Order transactions.
What is the Billing cycle?
Normally the Credit card bills will be generated on the following days:
a) For Canara Card Visa Classic/ Visa Gold cards- 20th of every month and the payment due date is 10th of the succeeding month.
b) For Canara Card MasterCard Standard/ MasterCard Gold Cards and Corporate Cards- last working day of the calendar month and the payment due date is 20th of the succeeding month.
What is the Credit period?
Interest free credit period ranges from minimum of 20 days to a maximum of 50 days. However, fees / Service charges, as applicable, is payable for cash withdrawal / for usage at petrol bunks, Railway ticket booking, etc.
What is Rewards programme, how can I redeem reward Points?
Earn two reward points for every purchase transaction of Rs.100. Value of one reward point is Re.0.25. An exclusive web site www.canararewardz.com is available for registration, view & redemption of reward points. Earn more Reward Points under 'Maxgetmore' programme. Cardholders are required to activate their reward point account through registration by visiting the above website and get the log-in credentials. Reward points can be redeemed for purchase of wide range of products across categories such as apparalls, electronics, etc. and services such as mobile/DTH recharge, movie tickets, etc. List if Merchant outlets with details of goods and services are available at www.canararewardz.com (Cash withdrawals, disputed transactions, cancelled transactions, balance transfer transactions, foreign currency purchase, charges like interest, card fee etc. are not eligible for Reward points)
Complementary Insurance benefits:
Canara Credit Cards provide complementary insurance to the extent of Rs 4 lakhs against the risk of death due to accident while travel by air, Rs2 lakhs against the risk of death due to any other accidents,(The amount assured is doubled in case of Gold Credit card); Baggage Insurance cover up to Rs.25,000 and Purchase protection cover up to Rs.25,000.
Hassle free Mediclaim cover at reasonable premium: M/s United India Insurance Company in arrangement with Canara Bank issues Mediclaim policy to cardholder at a very competitive rate of premium. Cardholder can make payment of the premium with Canara Credit Card and avail interest free credit for 20-50 days.
It may be noted that the responsibility of Canara Bank is limited to payment of premium to the Insurance Company to the debit of Card account of the cardholder. The Bank does not hold any assurance about the quality of service of the Insurance Company and does not entertain any correspondence regarding any omissions and commissions of the Insurance Company in the matter of Mediclaim insurance policy issued by them.
How secure is my Canara Credit Card?
Payment settlement against Canara Credit Card is made only with the physical presence of the cardholder and the card. The cardholder shall sign the charge slip for having authorized the payment transactions. In case of transactions on the Internet and Interactive voice response service (IVRS), the Cardholder is required to give second level authorization by using his password, which is known only to him. Every transaction on the Card is informed by way of SMS alert to the registered mobile number of the cardholder.
How my Canara Credit Card dues are informed?
You will be sent a billing statement detailing the transactions on your Canara Credit Card well before the due date for payment of card dues. You are requested to ensure that sufficient balance is made available in the designated account for debit of the same on or after the due date. Where sufficient balance is not available in the designated account for debiting the card dues, the account will be overdrawn. The overdrawing is payable within 15 days. However, the overdrawn amount attracts interest at Clean Rate of Interest chargeable to the bank’s customer. No transaction on the card will be permitted until the overdrawing in the account is cleared in full along with applicable interest. Billing information is also made available by email if you have registered your email id with the Bank. You will also be informed by an SMS Alert about the billing amount and due date for payment of card dues.
What happens if my card dues are not paid by the due date?
You will not be permitted to use your Canara Credit Card until the card dues are paid in full. If the default is persistent, your name may be referred to Credit Rating Agency for inclusion in the negative list, which prevents any credit assistance from any financial institution. Legal Action would be initiated to recover the legitimate dues to the Bank.
Whether any charge is payable where card dues are not paid on the due date?
A service of charge of 2% + service tax on the balance outstanding plus applicable service tax is charged to the cardholder where card dues are not paid by the payment due date.
What is an add-on Card?
An Add on Card is a supplementary card issued to the immediate close relatives of the Canara Credit Cardholder at the request of the Cardholder. The transactions on the add-on card will be billed to the principal cardholder. It is cautioned that revolving the payment entails longer duration for clearance of the liability. For example Rs.5,000 paid under Revolving Payment system will take 62 months and interest payable would be Rs.3,424.
Are there any restrictions on Canara Credit Card usage?
In order to protect the interest of the Cardholder against run away usage of the card, in the event of loss of Card., the Bank has put a cap on the number and value of certain transactions depending upon the risk perception and incidence of fraud of the merchant category
What is skimming?
Skimming of a card is stealing the information embedded in the card. After stealing the information, a duplicate card would be produced by the fraudster and would be used without the knowledge of the cardholder. Hence it is advised that the cardholder should register his mobile number so that SMS alerts would inform him of the transactions on his card number. If the cardholder finds any transaction unauthorized, he should contact the Bank on 1800 425 0018 and request for hotlisting the card immediately so that no further transaction can take place on the cloned/skimmed card. Cardholder is requested not to handover their cards to any unauthorized person and as far as possible ensure that the card is swiped in the POS machine only in his presence. Cardholders are advised not to disclose their card No. CVV No. and PIN to anybody. It is found that skimming & cloning of cards are rampant abroad and as such when the cardholder returns from his trip abroad, he is requested to destroy his card and seek issue replacement of card, which would be done free of cost. Skimming is also noticed in ATMs. The fraudster would install an electronic camera to capture the PIN and magnetic stripe details. Cardholder is advised to inspect the ATM closely before using the card. If he suspects anything strange in the ATM, he is advised not to use his card there.