Canara Bank MasterCard Platinum Credit Card Review
Author And Publisher: Gyro 3.oCanara Bank MasterCard Platinum 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 MasterCard Platinum Credit Card Review
Introduction
The Canara Bank MasterCard Platinum Credit Card is positioned as a lifetime-free premium credit card that offers solid value proposition for users seeking essential credit card benefits without any annual fees. As part of Canara Bank's credit card portfolio, this card targets middle-income users who want access to premium features like airport lounge access and comprehensive insurance coverage.
Key Features & Benefits
Reward Program
Earning Rate: 2 reward points per ₹100 spent on all transactions
Redemption Value: 1 reward point = ₹0.25
Effective Return Rate: 0.5% on all spends
Validity: 3 years from date of accrual
The rewards program is straightforward but modest, offering a flat 0.5% return across all categories. Points can be redeemed through the Canara Rewardz portal for cashback, merchandise, or gift vouchers.
Airport Lounge Access
Domestic: 2 complimentary visits per quarter for primary cardholder + 1 guest visit per quarter
International: Not available
This is a valuable benefit for frequent domestic travelers, providing access to selected airport lounges across India.
Insurance Benefits
The card comes with comprehensive insurance coverage
- Fraudulent Charge Cover: Up to ₹5,00,000/-
- Air Accident Cover: ₹8,00,000 (self) + ₹4,00,000 (spouse)
- General Accident Cover: ₹4,00,000 (self) + ₹2,00,000 (spouse)
- Baggage Insurance: Up to ₹25,000/-
- Purchase Protection: Up to ₹25,000 for 60 days from purchase date
Credit Features
Credit Limit: ₹50,000 to ₹50,00,000/-
Interest-Free Period: Up to 50 days
Cash Advance Limit: 50% of credit limit (maximum ₹50,000)
EMI Conversion: through Canara ai1 app
EMI Conversion Charges: Min: ₹100/-, 2% of Transaction Value and Max: ₹200/-.EMI Rate: 13% p.a. for below 1 Year (3,6,9 months), 14% p.a. for 1 Year & Above (12, 18, 24 months)
Fees & Charges
| Fee Type | Amount |
|---|---|
| Foreign Currency Markup | 3% |
| Late Payment Fee | ₹250 + GST |
| Card Replacement | ₹300 |
| Charges on Revolved Amount | 2.50%p.m.(Annualized Percentage Rate 30% ). |
| Fuel Surcharge Waiver | Up to ₹100/month (conditions apply) |
Struggling to keep up with mounting credit card bills?
Card Essential
| Type | Reward Points |
| Welcome Benefits | n/a |
| Annual Fee | nill |
| Reward Structure | Rewards On SPENDS |
| Renewal Benefit | n/a |
Eligibility Criteria
Age: 18-75 years
Income: Minimum ₹2 lakh per annum gross income
Credit Score: Good credit history required
Employment: Salaried/Self-employed individuals accepted
Pros & Cons
- Lifetime free with no joining or annual fees
- Comprehensive insurance coverage including accident and fraud protection
- Airport lounge access for domestic travel (2 visits/quarter + guest)
- Flexible EMI conversion through mobile app
- Up to 50 days interest-free credit period
- Wide acceptance with MasterCard network
- Reasonable eligibility criteria for middle-income users
Cons
- Low reward rate of just 0.5% across all categories
- No welcome bonus or joining benefits
- High foreign currency markup at 3%
- No international lounge access
- No cashback offers or milestone benefits
Ideal User Profile
credit card users looking for a lifetime-free option
Occasional travelers who value domestic lounge access
Users seeking insurance protection without paying Premium fees
Canara Bank customers wanting to build credit relationship
Final Verdict
Additional Tips for Potential Applicants
- Apply online through Canara Bank website or visit nearest branch
Required documents: PAN card, Aadhaar, income proof, bank statements
Processing time: 7-10 working days
Card validity: 5 years with automatic renewal option
This review offers a clear and balanced overview of the Canara Bank MasterCard Platinum 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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