Should I get a Canara Bank credit card?

Yes, a Canara Bank credit card is a great financial instrument to have at your disposal. The card comes with a number of attractive rewards and benefits. Some popular credit card offerings from the bank are: Canara RuPay Select Credit Card Canara RuPay Platinum Credit Card Canara RuPay Secured Credit Card Canara Bank Credit Card: Classic/Standard Canara Bank Gold Credit Card Canara Bank MasterCard WORLD Credit Card

No, annual fees need not be a bad thing. These fees can help the credit card issuer offer you a better credit card experience. A lot of the times, you’ll be able to get your annual fee reversed if your spends exceed the predetermined threshold.

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Canara Bank Credit Cards bring you various benefits that can mould perfectly to your lifestyle needs. These include rewards, privileges, cashback, and discounts. However, in order to make the most of these benefits, you must incur a few fees and charges associated with these credit cards. To name a few, you may have to pay a joining fee, annual fee, interest charges on repayment, withdrawal charges, etc.

What are the Different Types of Canara Bank Credit Card Charges and Fees

Here are the various types of credit card charges you might have to pay:

Interest Rate: This rate is charged against the outstanding balance on your Canara Bank credit card statement. This outstanding balance is the amount you must repay. In the case of certain credit cards, you may get an interest-free period of up to 50 days where your repayment is not charged with any interest.

Joining Fee: Some issuers need you to pay a particular amount in order to acquire your credit card. Once you pay this fee, your card is automatically pushed in line for activation. This amount can vary depending on the various benefits and features that the card entails. However, certain cards do not come with a joining fee.

Annual Fee: Slightly similar to a joining fee, the annual fee is paid to keep your card active. This fee could be requested from you on a yearly basis. If you fail to pay this amount, your credit card will be freezed. However, you will find cards on the market that do not ask you for a joining fee or annual fee. These are called lifetime-free credit cards.

Cash Withdrawal Charges: Canara Bank Credit Cards allow you to withdraw cash. You can do so at any ATM like you previously must have with a debit or ATM card. Certain fees and charges follow this feature and are usually applied to domestic as well as international ATM withdrawals. A specific limit is also applied to the amount that can be withdrawn in a single day.

Late Payment Fee: Credit cards allow you to borrow credit for a certain period of time which you have to repay within 50 days of the purchase date or in the form of Equated Monthly Instalments (EMIs). If you fail to do so, a late payment penalty is applicable. This penalty differs is set by percentage across all Canara Bank Credit Cards.

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The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort.

The information including interest rates or fees and charges with regard to any credit card, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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Are there any charges associated with Canara Bank credit cards?

Yes, certain charges are levied on Canara Bank credit cards. These include Canara Bank credit card annual charges, enrolment fee, cash withdrawal charges, interest charges on revolving credit, inactivity fees, etc.

What is the Canara Bank credit card annual fee?

The Canara Bank credit card annual fee is the amount levied against your card for maintenance. However, most Canara Bank credit cards do not levy an annual fee.

Are there any late payment fees for Canara Bank credit cards?

If you fail to clear your Canara Bank credit card bill by the payment due date, you will be charged a late payment fee. This will be 2.5% of outstanding balance plus GST.

What is the annual fee for Canara Bank Platinum Credit Card?

There is no annual or joining fee associated with the Canara Bank Platinum Credit Card.

What are the different types of Canara Bank credit card charges?

Some of the most common charges associated with Canara Bank credit cards include annual fee, enrolment fee, cash withdrawal fee, interest charges, and late payment charges. Please note that the charges that you may have to bear will depend on the credit card variant, issuer’s policies, your usage, etc. So, it’s best to get in touch with your credit card issuer to familiarise yourself with fees and charges associated with your card.

Are credit card annual fees refundable?

Credit card annual fees can be refundable sometimes. Oftentimes, you’ll be offered reward points and/or vouchers equivalent to the annual fee amount. Other times, your annual fee charge may be reversed if you cross a specified spending threshold. It entirely depends on the type of card you have, your credit card issuer’s policies, and your usage.

Will I have to pay any penalty if I don’t use my credit card?

Canara Bank does charge an inactivity fee on some credit cards if you don’t meet a predetermined spending limit. For example, you’ll have to pay ₹300 as inactivity fees if you spend less than ₹1,00,000 on your Canara RuPay Select Credit Card.

Are annual fees bad?

No, annual fees need not be a bad thing. These fees can help the credit card issuer offer you a better credit card experience. A lot of the time, you’ll be able to get your annual fee reversed if your spends exceed the predetermined threshold.