Canara Bank RuPay Select Secured Credit Card Review
Author And Publisher: Gyro 3.oCanara Bank RuPay Select Secured Credit Card
Financial Expert Advice
Choose Your First (or Next) Credit Card Wisely
"Limit yourself to holding two credit cards A/C—one for daily expenses and auto-debits, and another reserved for emergencies.
Avoid chasing cashback, miles, rewards or Investments, as this can distract from sound financial management;
and lead to unnecessary debt. Focus on stability & discipline."
Canara Bank RuPay Select Secured Credit Card Review
Introduction
Premium Benefits Without Income Requirements
The Canara Bank RuPay Select Secured Credit Card stands out as an excellent option for individuals who want premium credit card benefits without meeting traditional income requirements. This secured card offers impressive features typically found in high-end unsecured cards, making it an ideal choice for credit-building or for those who prefer the security of a deposit-backed card.
Key Features & Benefits
Welcome Offer
- ₹ 500 Gift Voucher from Croma (Infiniti Retail Ltd.)
- Discount Coupon from Apollo Pharmacy.
- Snapdeal Offer - ₹ 100 off on first two transactions.
Airport Lounge Access
One of the card's standout features is its generous airport lounge access
Domestic Airport Lounges: 2 complimentary visits per quarter (8 visits annually)
International Airport Lounges: 2 complimentary visits per year
Reward Program
Earn Rate: 2 reward points for every ₹100 spent on POS and e-commerce transactions.
Redemption Value: Each reward point is worth ₹0.25
Redemption Options: Cashback (minimum 1,000 points) or merchandise (minimum 100 points)
Validity: Reward points are valid for 3 years from the date of accrual
Insurance Coverage
The card provides comprehensive insurance benefits:
Air Accident Cover: ₹8 lakhs for cardholder, ₹4 lakhs for spouse
Other Accidental Death: ₹4 lakhs for cardholder, ₹2 lakhs for spouse
Baggage Insurance: Up to ₹25,000 per incident
Purchase Protection: Up to ₹25,000 for items purchased with the card (valid for 60 days)
Fraudulent Transaction Cover: N/A.
RuPay Insurance Program: ₹ 10.00 lacs cover for Death due to Personal Accident and Permanent Disability.
Additional Benefits
Interest-Free Period: Up to 50 days on purchases
24x7 Concierge Services: Travel assistance and reservations
EMI Conversion: Easy conversion through Canara ai1 mobile app
Fuel Surcharge Waiver: 1% waiver on fuel transactions (maximum ₹100 monthly cashback)
Fees & Charges
Annual Fee Structure
- Joining Fee: ₹0 (Lifetime Free)
- Annual Fee: ₹0 (Lifetime Free)
- Inactivity Fee: ₹300 if annual spending is below ₹1,00,000.
Transaction Charges
- Foreign Currency Markup: 3% of transaction amount
- Cash Withdrawal Fee: 3% of amount (minimum ₹150 per ₹1,000)
- Interest Rate: 2.50% per month (30% annually) for secured cards
Struggling to keep up with mounting credit card bills?
Card Essential
| Type | Reward Points |
| Welcome Benefits | ₹ 500 Gift Voucher From Croma (Infiniti Retail Ltd) *. |
| Annual Fee | nill |
| Reward Structure | Rewards On SPENDS |
| Renewal Benefit | n/a |
Eligibility & Application Process
Eligibility Criteria
- Age: 18-75 years
- Security Deposit: Required as collateral
- Credit Limit: 75% of Fixed Deposit amount (KDR) or 75% of principal amount (FDR)
- Minimum FD Amount: ₹1,000 (based on Canara Bank's FD policy)
- No Income Proof Required: Major advantage for secured card applicants
Required Documents
- PAN Card (mandatory)
- Aadhaar Card
- Address proof
- Passport-size photographs
- Fixed Deposit receipt
Credit Limit & Usage
Limit Structure
- Credit Limit Range: ₹1,00,000 to ₹50,00,000 (based on FD amount)
- Cash Advance Limit: 50% of credit limit or ₹50,000, whichever is lower
Pros & Cons
Advantages
- No Income Requirements: Perfect for students, homemakers, or those with irregular income
- Premium Benefits: Airport lounge access and comprehensive insurance at no annual fee
- Credit Building: Excellent for establishing or rebuilding credit history
- FD Continues Earning: Your security deposit keeps earning interest
- Quick Approval: Faster processing compared to unsecured cards
Disadvantages
- Blocked Funds: Your FD remains locked as collateral
- Limited Credit Limit: Restricted to 75% of your deposit amount
- High Forex Markup: 3% on international transactions
- Inactivity Fee: ₹300 annual fee if spending is below ₹1,00,000
- Lower Reward Rate: 2 points per ₹100 spent (moderate earning rate)
Ideal User Profile
Ideal Candidates
- Credit Builders: Individuals with no credit history or poor credit scores
- Students: Those who don't meet income requirements for unsecured cards
- Conservative Investors: People who prefer deposit-backed security
- Frequent Travelers: Those who value airport lounge access
- Existing Canara Bank Customers: With existing fixed deposits
Not Suitable For
- High spenders seeking maximum rewards
- Those requiring immediate access to their deposit funds
- Individuals eligible for premium unsecured cards with better benefits
Final Verdict
Rating: 4.2/5
The Canara Bank RuPay Select Secured Credit Card is an excellent choice for those seeking premium credit card benefits without the hassle of income verification. While the FD requirement might seem restrictive, the combination of airport lounge access, comprehensive insurance, and lifetime free status makes it a compelling option.
Best For: Credit building, first-time cardholders, and those wanting premium travel benefits with guaranteed approval.
Bottom Line: This card successfully bridges the gap between basic secured cards and premium unsecured cards, offering substantial value for its target demographic.
Additional Tips for Potential Applicants
Tips for Maximization
- Maintain High FD: Consider keeping a larger deposit to maximize your credit limit
- Regular Usage: Ensure annual spending exceeds ₹1,00,000 to avoid inactivity fees
- Travel Benefits: Utilize the lounge access to maximize value
- Credit Building: Use the card responsibly to build a strong credit profile for future unsecured card applications
Application Strategy
- Apply online through Canara Bank's official website
- Consider bundling with other bank products for better relationship pricing
- Time your application when you have surplus funds for the FD requirement
Future Upgrade Path
After 12-18 months of responsible usage, cardholders can potentially upgrade to unsecured variants or higher-tier cards based on their credit profile improvement.
This card represents excellent value in the secured card segment, particularly for those prioritizing travel benefits and comprehensive insurance coverage at no annual cost.
- This review offers a clear and balanced overview of the Canara Bank RuPay Select Secured Credit Card’s strengths and limitations, helping readers make an informed choice about whether this card fits their
Spending Habits And Financial Goals.
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