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.
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 A specific limit is also applied to the amount that can be withdrawn in a single day.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.
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.
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.
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.
There is no annual or joining fee associated with the Canara Bank Platinum Credit Card.
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.
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.
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.
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.